Multiple Offers – Durham Market

Well I cannot believe the prices some of these homes are selling for?   Please, please, please make sure when you are purchasing a home to use a LOCAL agent … they know the neighbourhoods and the comparables.   When you use an agent who is from another area, they don’t.   People are paying ridiculously high prices for homes which in my humble opinion aren’t worth it.

I understand there is a shortage of listings but does that mean Buyers are to be pressured into paying some of 

these crazy prices… I say NO !!  I have told my clients on many occasions, walk away !

People are going in firm on homes that clearly have issues with no inspection conditions.  I have been in numerous houses and after inspections found mould in the attics, faulty wiring, etc.   Make sure you know what you are getting into and that your agent knows the age of the property etc.  

It is great to win in multiple offers and see your happy Buyer’s face but make sure you are doing it for the right reasons.   I always say, “If I meet you at the local grocery store or park, I don’t want to run and hide because I feel you overpaid.”   People hire Realtors to protect their interest and from some of the shananigans I have seen lately, I have to wonder.

If you are a Seller, this clearly won’t mean much other than you are going to get TOP dollar for your home right now.  But if you are Buyer, choose wisely.   Choose someone who knows the market and is diligently working on your behalf to protect your interests and your money.  

Ok my rant is over … just looking at some of the sales the past few weeks and shaking my head. I hope the market continues to stay strong but if it doesn’t, I hope you have a lot of equity in some of these homes because if the market drops … they won’t even be able to sell them and get their initial downpayment out of them.

All I am saying is GET REPRESENTATION that you TRUST.  Yes it is great to win but at what cost 

Good luck to all the buyers out there and to all the sellers… who are getting top dollar for their homes.  If you are thinking of selling – TRUST ME, now is the time to sell.  I have never seen a market so busy and desperate for listings.

To your success !!!  

If you have any real estate questions, please feel free to call me or email me … I love what I do and will be only too happy to answer them.  Cheers !!!

OREA wants a Grow-Op Registry – I agree !

OREA renews call for grow-op registry – taken from REM Magazine.  I have also added my opinions in red.  🙂

Front Page Jan 7, 2013 – Ninety-six per cent of Ottawa residents agree they want to know if the home they’re planning on purchasing was formerly used as a marijuana grow-op (MGO) or clandestine drug lab, according to a study by Ipsos Reid for the Ontario Real Estate Association (OREA).  I absolutely agree that this should be disclosed to any potential buyer even years after the fact. 

The poll found that almost one in four (24 per cent) of Ottawans report seeing or knowing of homes in their neighbourhood that have been used as MGOs or drug labs.  Whenever buying a home, it is always a good idea to talk to the neighbours, (you would be surprised what they know about what is going on in the neighbourhood) and also do a couple drive-bys.

“The prevalence of these homes in Ottawa is quite frankly, alarming,” says Pat Verge, an Ottawa area Realtor and member of OREA’s Board of Directors. “Homes used as grow ops and/or clandestine labs pose significant health and safety risks to individuals, families, and communities all over the province.” Agree again.  The health issues are significant.  Mould certificates must be obtained and alot of mortgage companies do not want to mortgage these homes.

Locally, the City of Ottawa approved a recent bylaw regarding the prohibition, inspection and remediation of former marijuana grow-ops. The bylaw mandates the registration of work orders on the title of a property used as a former grow op. The bylaw would allow home buyers to find out if the property was a former MGO by doing a title search before they complete the purchase.  Great idea !

Verge says: “Eighty eight per cent of Ontarians support the creation of a province-wide registry of former MGOs and clandestine labs. As consumers they have the right to know anything and everything about the home that they are planning on purchasing – especially when not knowing could put themselves and their family at serious risk.”   This is no different than disclosing a murder or a suicide in a home.  Buyers are ENTITLED to know the history about the home they are purchasing.  Always GOOGLE the address as well before you do an offer.  Sometimes you will be surprised what you will find out.

Exposure to mould and toxins associated with MGOs and clandestine drug labs can cause serious health problems, including allergic (immunological) reactions, toxic effects and infection. Toronto Public Health says that MGOs are distinct from typical types of premises contaminated with mould in that they have been used for criminal activities that may have resulted in the creation of environmental hazards, as well as electrical and structural hazards. The potential presence of known hazardous, toxic and flammable substances associated with clandestine labs presents an immediate and continuing risk to anyone exposed to these substances, says Toronto Public Health.

This is a great article.  I hope OREA is successful with this registry and I will defnitely be on board.  This is one reason it is important to hire a fulltime professional Realtor to represent your best interests and do their due diligence … I have NEVER seen anyone I have listed or sold a house to that I would be embarassed to walk up to in a store or mall or wherever and catch up !  Why?  Because I always treat my clients like I would want to be treated.  Integrity !!!  Honesty !!!  It is the only way to do business.  If you have any questions about real estate, feel free anytime to contact me.   Have a super day !  Cheers xo