Avoid Costly Buyer Errors

AgentSold01.jpgShopping for a new home is an emotional experience. It’s also time consuming and  comes with a myriad of details. Some buyers, however, caught up in the excitement of buying a new home tend to overlook some items. Their home purchase turns into an expensive process. These errors generally fall into three areas:

  • Paying too much
  • Losing a dream home to another buyer
  • Buying the wrong home

When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase:

Bidding without sufficient information
What price do you offer a seller? Is the seller’s asking price too high? Is it a deal? Without research on the market and comparable homes, you could lose thousands of dollars. Before you make that offer, be sure you have researched the market. A professional realtor, can offer an unbiased opinion on the value of a home, based on market conditions, condition of the home and neighborhood. Without knowledge of the market, your offer could be too much. Or worse, you could miss out on a great buying opportunity.

Buying a mis-matched home
What do you need and want in a home? Sounds simple. Yet, clearly identifying your needs and bringing an objective view to home shopping, leaves you in a better position. Sometimes, home buyers buy a home that is too large or too small. Perhaps they didn’t consider the drive to work, the distance to school, or the many repair jobs waiting for completion. Plan ahead. Use your needs list as a guideline for every home you view.

Unclear title
Before you sign any document, be sure the property you are considering is free of all encumbrances. As part of their services, a realtor can protect your interests and make sure you have the correct clauses in your offer to protect your interests. 

Outdated survey
Before the purchase is completed, an updated survey is necessary if available.   This report will indicate boundaries and structural changes (additions to the house, a new swimming pool, neighbour’s new fence which is extending a boundary line, etc.).  Don’t worry, if the Seller doesn’t have one, now with Title Insurance, we will make sure your investment is covered.

Unexpected repairs
For $300 – $500 a professional inspector will conduct a thorough inspection of the home. This way, you’ll have an idea of the cost of future repairs. Make the final contract subject to a favourable report.

Shopping without pre-approval
It only takes a few days to get financing pre-approval. When you are shopping for a home, this gives you more power. A seller is more likely to consider an offer from a serious buyer.  I have mortgage brokers I can refer you to for a quick and easy over the phone pre-approval.

Need help to find your dream home?  I would be happy to assist you and make the process both enjoyable and profitable.  Call Michelle Makos 416-300-3004 or visit my Durham Homes For Sale Website.

What Every Home Buyer Should Read !

WHAT BUYERS NEED TO KNOW !

Most people are familiar with hiring a real estate agent to sell a home, but fewer are aware that as buyers, they are also able to hire an agent to work diligently, protect their interests and find the best possible property for the best possible price. Many people assume that the best person to call when interested in a property is the listing agent, when this is not the case!
Buyers often approach the task of finding a new home by calling the number on “For Sale” signs, searching real estate magazines & newspaper ads and using web sites such as Realtor.ca. What they may not realize is that by contacting the listing agent directly (the name on the “For Sale” sign or the ad), they are actually calling the agent who’s first and foremost responsibility is to protect the interests of the seller!

This is not to say that you cannot buy a home from a listing agent …. they are licensed professionals and are obligated to work with a buyer in a fair, honest and ethical manner as their customer, but they do not necessarily owe buyers the fiduciary duty that they owe their client, the seller. Without a signed Buyer Agency Agreement, anything that you disclose to the listing agent about your budget, motivation or otherwise, can and will be used to benefit the position of the seller during negotiations.

What is a buyer to do?

Hire your own Buyer Agent! You can interview potential buyer agents and choose the one who you feel will work the hardest for you, has the best track record, and whom you feel comfortable with. Furthermore, a buyer agent’s services are almost always paid out of the gross commission that the seller has paid to their listing brokerage!

When you have found the sales representative that you want to work with, you will sign a contract called a “Buyer Agency Agreement” which legally obligates your agent to provide you fiduciary duty, confidentiality and to protect your interests and motivations. In return, you agree to work solely with your agent for the time period stated therein, and allow them to collect their commission from the sale of the property that you purchase.

Once you have chosen your Buyer Agent, you will be in a much better position to find the best property for you. Many listings are sold before the “For Sale” sign ever goes up and there is a time lag between realtor’s MLS and the public MLS website, so your Buyer Agent is able to notify you about a hot listing before it hits the public portals. Once your agent understands your preferences, they will also keep their eyes open for you as they inspect properties daily. Remember that during the day, while you’re at work, your agent will be out inspecting and comparing properties to find you the perfect fit! In addition to helping you find a property, a good agent will also be able to help you with things such as mortgage pre-approvals, lawyers, insurance, and home inspector referrals.

Buying a home can be an intimidating task. Hiring a Buyer Agent to guide you through this process is one of the best ways to ensure that you will be prepared to make a confident and informed decision when the time comes to place your offer.
For more information, please call Michelle Makos at 905-831-3300 or 416-300-3004 or email at michelle.makos@rogers.com

Thinking of Buying A Home? Think About This !

Thinking of Buying a Home?

When buying the most important purchase in your life, why leave it to chance.  Find a professional Realtor who will put your needs first.  

New or Resale … you NEED a Buyer’s Agent



Buyers should be aware of their options so they are better able to protect their positions in a transaction. The role of the Realtor has been undergoing tremendous change over the past several years. Prior to 1991, all Realtors worked for the Seller in a Real Estate transaction. A buyer can now choose to retain representation with a Licensed Realtor and receive the same legal relationship that Sellers have received for nearly 100 years.

A buyer who understands their options will typically want to sell their Real Estate representative EARLY in the transaction in order to avoid potential conflicts of interest should they be making many calls to various Realtors (typically listing agents representing the Seller) or if shopping New Home sites (representatives are not necessarily Realtors – thereby having no accountability to the Buyer through RECO* or REBBA**).

With the advent of the Internet, many Buyers are conducting tremendous research on their own before looking at homes or contacting a Realtor. It cannot be understated that part of the research conducted from a buyer’s perspective, is the careful selection of the Realtor to represent their interests in the acquisition of property. A skilled Buyers agent will add tremendous value to the buyer during the drafting of the contract, during negotiations, and overseeing the contract to completion. If you’re going to spend the next 25 years paying for your new home… shouldn’t you spend a few minutes finding the right person to help make it all happen?

We know your rights … do you?

You have the right to remain silent anything you say while un-represented could be used against you during negotiations;

You have the right to be REPRESENTED

If you choose NOT to be represented;

Then all Realtors will work on behalf of the Seller during negotiations.


To find out more, please feel free to contact me, or book a complimentary private consultation to discuss your Real Estate Goals. My services are guaranteed to ensure your complete satisfaction!

Here is a little video from the Toronto Real Estate Board about the important of signing a Buyer Representation Agreement and let them look after your best interests !