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09-04-2018, 01:31 PM
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#13026 | | My dinner reheated before my turbo spooled
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With large transactions shouldnt you have confirm the proper means of this goin smoothly with your banks and lawyer.
I hope you weren't trying for avoid the $7 service fee for a money order.
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09-04-2018, 01:43 PM
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#13027 | | Rs has made me the woman i am today!
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million dollar check 
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09-04-2018, 02:53 PM
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#13028 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
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Originally Posted by lowside67  To be clear... your lawyer gave you a cheque instead of a draft or guaranteed funds? Assuming that's the case, your lawyer is a moron - of course banks are not going to take a risk over a non-guaranteed cheque for an amount that is way higher than you normally deal with. It's common sense - the bank is taking risk on the transaction and if it ever went sideways, you don't have nearly enough to make it whole.
It might be frustrating, but that is absolutely why both your realtor will require YOU to provide your deposit in certified funds and also why any competent law firm will do the same back for you.
-Mark | I triple check with my lawyer because what he give was just a regular cheque. He ensure me that's fine because is from a lawyer office. At least I won't going with him again. Quote:
Originally Posted by Ludepower With large transactions shouldnt you have confirm the proper means of this goin smoothly with your banks and lawyer.
I hope you weren't trying for avoid the $7 service fee for a money order. | I even paid the $15 certifed fee to make sure is fine but it didn't lol.
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09-04-2018, 03:06 PM
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#13029 | | I subscribe to the Fight Club ONLY
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Originally Posted by Mr.HappySilp I triple check with my lawyer because what he give was just a regular cheque. He ensure me that's fine because is from a lawyer office. At least I won't going with him again. | Dafuq?! This lawyer really is an idiot.  | |
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09-04-2018, 03:08 PM
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#13030 | | RS has made me the bitter person i am today!
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Hope everything goes well.
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09-04-2018, 03:27 PM
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#13031 | | #savethemanuals
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Originally Posted by Mr.HappySilp I triple check with my lawyer because what he give was just a regular cheque. He ensure me that's fine because is from a lawyer office. At least I won't going with him again.
I even paid the $15 certifed fee to make sure is fine but it didn't lol. |
A cheque drawn from the lawyer's trust account is supposed to be as good as cash but sometimes banks will give you a hard time especially for larger amounts. But if you paid to have the trust cheque certified then he should have certified it.
I always ask if clients need the funds right away and if they do then they should have us get a bank draft for them.
Next time go to a different lawyer instead 
Last edited by Energy; 09-04-2018 at 03:36 PM.
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09-04-2018, 04:26 PM
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#13032 | | Rs has made me the woman i am today!
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Originally Posted by Energy But if you paid to have the trust cheque certified then he should have certified it. | In my experience, even if it is certified, on one bank's side. If it's with a different bank, it's as if it wasn't even certified. So you'd have to pay for your bank's certification too.
Or maybe it's just BMO being BMO ._.
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09-04-2018, 05:01 PM
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#13033 | | #savethemanuals
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If we are depositing money for a client with a bank draft and for some reason the bank says they will put a hold then we talk nicely with the manager or our contact at the bank and explain the situation and that is normally enough because of our relationship with them. Or if the client has a relationship with a banker then they can sort it out too.
Luckily most people are ok with waiting a few days and I haven't encountered the situation where a client needed money ASAP and was unable to access it.
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09-04-2018, 07:03 PM
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#13034 | | RS has made me the bitter person i am today!
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At RBC, they stopped doing the call to the other bank to verify funds. Although if you know a banker / branch manager, that seems to be the best way to bypass it.
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09-04-2018, 07:50 PM
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#13035 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
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^^ That's why I did call my branch manager and have the hold remove. If they haven't called me about this earlier in the morning I wouldn't even know and it would have been a really big issue next time.
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09-04-2018, 09:47 PM
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#13036 | | I subscribe to Revscene
Join Date: May 2001 Location: Vancouver
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I'd fire that lawyer.... Seriously wtf..
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09-04-2018, 10:20 PM
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#13037 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
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HE is semi retired anyways. From what I heard he will fully retire by end of this year.
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09-05-2018, 11:37 AM
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#13038 | | I *heart* Revscene.net very Muchie
Join Date: Apr 2001 Location: Van, BC
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Originally Posted by Hondaracer A suite VS paying strata is like a $18,000 a year swing into the red..
Imo if all things are equal and a detached with a suite is 100-200k more than a townhome (regardless of age really, you deal with the home) you are absolutely insane to not take the detached money maker. It makes zero sense long term to dump literally a hundred grand into strata fees over the term of ownership as opposed to making a hundred k in the first 4-5 years of rental income. | I agree from a financial point of view, having income generating options is preferable. But there are also factors to consider beyond just the finances, depending on your lifestage and preferences/values.
I also agree that like for like, similar area, aged, and sized townhouse vs a detached house with suite, even with a price delta of 250k, financially speaking you should absolutely choose the detached property. But even out in the Tricities, 250k extra isn't enough to buy into that sort of detached property. Quote:
Originally Posted by Ludepower Land is king.
Much more room for a detach to start running up in price again | I think that's questionable for the short to mid future, and even long term. The reason why condos are in the mess they are now is because detached have run way up past general affordability. With all the heat on real estate over the past years, who will be the ones to drove the next detached price run up? You can't depend on developers and buy-ups, because even those are more limited today due to less available financing and decreased affordability of new high density homes Quote:
Originally Posted by Hondaracer You can charge high prices and throw in virtually any addendum you want to feel secure with your tenant.
Then by higher rents and the lack of rentals you can hand pick and screen through dozens of tenants until you find the right one. It’s not just like you’re forced to take some crack head. | Through anecdotal reports, power still ultimately lies with the tenants via the RTB. So no, you can't just throw any addendum in expect it to stick if your tenant decides to pull RTB on you. Sure you can screen and hand pick tenants all you want, but once again these are things that take time and effort and never guarantees you'll be smooth running 100% of the time.
Personally we decided to be more conservative with our purchase at the time so we didn't have to rely on a mortgage helper, and also avoid the potential work and associated headaches to earn that rental income. Its the right choice for us but obviously won't work for everybody.
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09-06-2018, 07:49 PM
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#13039 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
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Just a curious question if I were to change the carpet in 2 bedroom to hardwood or engineered wood how thick of a underlay I generally need for apartments? Been trying to read the strata bylaws and I could not find anything but the strata manager is on vacation till the 14 so I can't get the info from her.
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09-06-2018, 08:15 PM
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#13040 | | I have named my kids VIC and VLS
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I’d buy the thickest, highest grade sound proofing possible. Not only to get to building standards but for my own peice of mind with sound transfer
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09-07-2018, 04:29 PM
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#13041 | | My homepage has been set to RS
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approved for mortgage today....now real estate broker says there has to be appraisal done on it now! Cutting it super close to next weds when our subjects need to be removed
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09-07-2018, 04:38 PM
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#13042 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
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Originally Posted by Nabatron approved for mortgage today....now real estate broker says there has to be appraisal done on it now! Cutting it super close to next weds when our subjects need to be removed | You still have a few days. It will be ok. I just hate it when everyone literally leave everything last minute. Like the lawyer I am going with to purchase my new place. I am suppose to go see her on Monday with the bank draft and if I haven't keep calling her for the last 2 days she wouldn't have given me the amount on how much I need to write on my bank draft. Good thing I got the number after lunch and made it to the bank to get a bank draft.
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09-07-2018, 04:44 PM
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#13043 | | My homepage has been set to RS
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yeah all these fuckers that u have to deal with to get shit done take their sweet as time event though theres things called deadlines that have to be met.
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09-08-2018, 09:16 AM
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#13044 | | My homepage has been set to RS
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the good .....financing is approved...the bad.....have to get a stupid appraiser to appraise the house!!!! hope this shit is done before weds causing stresssss to the max!
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09-08-2018, 12:17 PM
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#13045 | | Head of HR....have a seat on that couch
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As long as the price isn't out of line, you should be fine.
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09-08-2018, 12:19 PM
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#13046 | | Proud to be called a RS Regular!
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Yea. Im surprised they approved it then asked for appraisal. But as fliptuner said. As long as you didn't overpay at all then you'll be fine
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09-08-2018, 01:02 PM
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#13047 | | My homepage has been set to RS
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I think the place is under valued is what my realtor was saying. Also if for some reason the price is out line then what?
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09-08-2018, 01:05 PM
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#13048 | | Proud to be called a RS Regular!
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IThen the bank you at dealinv with won't approve the loan. You can then try getting your broker to find you another bank if youstill have time. But appraisals are a normal process for some banks from what I know
When your broker said undervalued, does he mean u are paying less thsn what the others in area are selling for?
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09-08-2018, 01:10 PM
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#13049 | | My homepage has been set to RS
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I think my realtor is saying the property should be worth more then the actual price we are buying it out is what I am getting from him.
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09-08-2018, 11:52 PM
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#13050 | | Even when im right, revscene.net is still right!
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Mortgage Broker chiming in here. What your broker meant when financing is approved is mostly a conditional approval, where it is still subject to various conditions such as docs review, employment verification and appraisal.
As others mentioned, unless your way over paid for the unit, the appraisal should come back fine. Worst case scenario, you'll have to come up with the difference as additional down payment. For example: Original approval amount was for 800,000 on a 1 million dollar unit(80% is max assuming you're not purchasing mortgage insurance). The appraisal comes back at 900,000. The max loan amount they'll lend you is now 80% of 900,000 which is 720,000, and the difference of 80,000 you will have to make up by making additional down payment.
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