Real Estate Talk:
With or without a broker?
How shopping with a broker compares to shopping without a broker
By Joseph Marovitch
I was contacted a while back by a man who had an argument with his wife. The man explained that he and his wife had sold their home for a good price. To achieve the good price, they agreed to an early possession date thinking they would have their money sooner and that it would not be difficult to find a new property quickly. The man explained to me that they were having the worst time finding a home and did not know where they would go with all their belongings if they did not find a property soon.
I asked what they were looking for and the man explained that he searched online for a two-bedroom under five hundred thousand dollars. The problem was that whatever they looked at either had only one garage or one bathroom or was too close to a train track or school. Everything they looked at had some of what they wanted and a lot of what they did not want. Finally, the man’s wife told him to call a broker for assistance.
I found this couple both extra time to move and a new home.
Not everyone is familiar with the real estate brokerage act but realtors are supposed to be. Therefore, realtors are aware of what is legal and required and what is not when buying or selling a residential property.
The offer they received for their home was an all-cash offer. The couple did not use a broker to sell their home and neither did the buyer to purchase. I asked if the buyer has provided proof of cash yet, as is normally required to prove the buyer has the necessary funds to make the purchase. The answer was no. Upon permission from the man and his wife, I contacted their buyer, explained who I was and that proof of cash was required. The buyer explained he required a few more days to acquire proof of cash. On behalf of the couple and with their permission, I agreed, provided my client could have an extra week before signing. The buyer agreed.
I then narrowed the couple’s search to the number of bedrooms, bathrooms, parking, location, budget and any other criteria required. To everyone’s relief, the buyer did provide proof of cash.
Everyone in Quebec is subject to the rules of the real estate brokerage act, which is a part of the civil code of Quebec. Not everyone is familiar with the real estate brokerage act but realtors are supposed to be. Therefore, realtors are aware of what is legal and required and what is not when buying or selling a residential property.
A realtor has the tools, knowledge, and experience to narrow and pinpoint the search and guide the process. Time and money are saved and in today’s pandemic, the process will be safer as precautions are in place and legal issues are avoided.
‘Unless the buyer is trained in real estate brokerage, shopping for a home or selling one is like navigating a boat through shallow water with tons for rocks. It can be done but luck is a serious factor. A trained broker does not use luck if they know what they are doing.’
There are hundreds of rules in the act describing what must be indicated and verified when selling. Then there are structural issues that can be detected by the broker. The mandatory OACIQ forms a broker uses, such as the promise to purchase, are streamlined and decisive in providing the terms and deadlines of a deal. Any deviation and/or variant of the terms in the forms can lead to a sale or purchase failing.
Unless the buyer is trained in real estate brokerage, shopping for a home or selling one is like navigating a boat through shallow water with tons for rocks. It can be done but luck is a serious factor. A trained broker does not use luck if they know what they are doing.
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Next article: Timing between selling your last home and taking possession of your next one
State of the market
As we enter the month of September and schools reopen, Montreal remains in a seller’s market with high demand, less inventory and low interest rates. The hot market continues to be the Laurentians in the mid-price range. Condos in St. Sauveur, St Adele, St Jerome, and other towns are receiving multiple offers and sell as quickly as they are listed. In the higher price-range waterfront properties are selling almost as quickly.
‘As we enter the month of September and schools reopen, Montreal remains in a seller’s market with high demand, less inventory and low interest rates.’
Now that schools have re-opened, in fourteen days from now we should know where we stand in terms of infection and death rates from COVID-19 and this will determine which way the real estate market moves.
Cross your fingers and pray we all do not let our guard down and we do remain cautious.
Have a good week and stay safe.
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Joseph Marovitch has worked in the service industry for over 30 years. His first career was working with families from Westmount and surrounding areas, hosting children between the ages of 6 to 16 as the owner and director of Camp Maromac, a sports and arts sleep away summer camp established in 1968. Using the same strengths caring for the families, such as reliability, integrity, honesty and a deep sense of protecting the interests of those he is responsible for, Joseph applies this to his present real estate broker career. Should you have questions please feel free to contact Joseph Marovitch at 514 825-8771, or firstname.lastname@example.org