Vancouver's Real Estate Market

[quasi]

Originally Posted by m4k4v4li

looking to sell my place
awkward question but do realtors get asked to split their commission often?
when I bought my place it was through a family friend which willingly did so, but he wasn't the greatest in terms of service.

am also looking to move / purchase, typically do people stick with their same realtor if they are looking somewhat simultaneously to buy and sell? (wasn't thinking of adding subjects but likely too difficult?)

I used same for both, quite honestly though I should have fired them for the buying end because on the buy end it wasn't my realtor helping me but his assistant which kind of pissed me off. The worst part was he wasn't getting me in all the houses I wanted to see and it wasn't because they were all sold, I seen some through open houses on my own after the fact.

When I put an email forward with my concerns they got all pissy with me like they couldn't take criticism that was actually justified I really should have just fired them at that point. I ended up sticking it out, end result is I'll never use them again or refer them to anyone else which is to bad because I think they did a decent job with the sale of my place and I did ultimately find a place I'm happy with.

[cdizzle]

Originally Posted by m4k4v4li

looking to sell my place
awkward question but do realtors get asked to split their commission often?
when I bought my place it was through a family friend which willingly did so, but he wasn't the greatest in terms of service.

am also looking to move / purchase, typically do people stick with their same realtor if they are looking somewhat simultaneously to buy and sell? (wasn't thinking of adding subjects but likely too difficult?)

I'm assuming you mean splitting their commission with you; probably happens more often with Chinese realtors. My in-laws recently used a realtor who gave them back around $7000 they said...

I recently used a realtor who offered us either an iPhone 11 or cash value; applied separately to both purchase and selling.

[6793026]

Originally Posted by cdizzle

I'm assuming you mean splitting their commission with you; probably happens more often with Chinese realtors. My in-laws recently used a realtor who gave them back around $7000 they said...

I recently used a realtor who offered us either an iPhone 11 or cash value; applied separately to both purchase and selling.

really depends on how expensive your house is. If you're selling a freaking 300k place and they are doing advertising on newspaper and cutting commission, then asking for 7k back is crazy.

If your place is at pt grey listed at 9 million, getting a iphone 11 might be not enough.

[cdizzle]

Originally Posted by 6793026

really depends on how expensive your house is. If you're selling a freaking 300k place and they are doing advertising on newspaper and cutting commission, then asking for 7k back is crazy.

If your place is at pt grey listed at 9 million, getting a iphone 11 might be not enough.

Yeah, that sounds fair.
But to be honest, I was never expecting splitting the commission...you can call me naive, stupid, whatever you want lol

[Hehe]

Asking for a buddy here.

He found a house that he'd like to purchase. When doing his DDs, he found that there's a permanent easement/RoW to the rear end of the lot for sewer mainpipe.

Is that something he should be concerned in the long term? He's upsizing as they are expecting a second baby now and would likely be their permanent home in the foreseeable future. If that makes any difference.

The house is also older, where my buddy is going to fix up most of the stuff to make it liveable for them. But ultimately, they are looking to tear it down and build a new one. Thus, with those things considered, would the mainpipe being there a problem? It looks like to be at the rear end of the property where the property line is (4fts in), although not quite on the line.

[Alpine]

Depends on large the easement is. I looked at a house that had a small hydro box at the rear lane and you would not be allowed to build within 10ft of the box. At the very least it will limit your friend's options in the future.

[Traum]

Can't comment on the sewage main pipe portion of this, and my terminology may not be correct, but as far as easement / right of way is concerned, your buddy's first order of business is to get his realtor to do the legwork for him, and find out who the owner / user of that easement / right of way is. The majority of time, the easement / RoW belongs to the city, some public utility company, crown corp, etc -- let's call these guys the easement owner for discussion's sake. If it is any of those major players, the practical implication of the easement is pretty minimal. 99% of the time they will not bother the property owner in any way. If they need to do any work related to the sewer main pipe, however, they have the access rights to that section of land, and they will do whatever they need to gain access to that sewage main pipe.

So if you have a vehicle parked there, they may tow it. When work needs to be done, they'll dig up the area and do their work. In essence, it just means they have priority over the property owner to access, occupy, and use that chunk of land.

IMO, easement ownership of that variety is not a concern. A few years ago when the water main along the whole street where my parents live needed to be replaced, CoV sent us the notice, kicked everybody's car out for like 2+ weeks (ie. no street parking there) while they did their work, temporarily patched the street up with gravel, then kicked everyone's cars out again for a few days while they repaved it properly. There was no easement on my parents' property per se, but they were kicking everybody's cars out anyway. So to me, that didn't seem all that different from having an easement / RoW on the property itself.

Now, if the easement / RoW belongs to some lesser known private company / person, then I would have more of an issue with it.

[6793026]

Originally Posted by cdizzle

Yeah, that sounds fair.
But to be honest, I was never expecting splitting the commission...you can call me naive, stupid, whatever you want lol

Honestly.. i'm a sales guy, you don't ask you don't get.
So if a realtor is going to split your commission.. THEN you can only expect that amount of service back in return.

Pros and Cons.
Say you don't split commission; the realtor will work extra hard for you to in negotiating the final price in YOUR favor + doing your leg work and heck.. actually reading the freaking minutes of your townhouse strata reports.
Heck, realtors now cut his / her commission JUST to close the deal (home owners aren't stupid, they will only lower their price of their home so much till they expect someone to bend over with their commission on the table).

NOW, if you DO ask for 1/2 commission; the approach is usually. "mr customer, this is the final price you have to pay, you take it or leave it. There is no room for negotiation since my commission is close to non existent (anything less than 4k commission is a wash).

The world is round, sheep skin grows on a sheep or whatever analogy / chinese proverbs you want to use... fast, good, cheap, you can't have all 3.

[JDMStyo]

Originally Posted by noclue

anyone remember how much presales at concord pacific the arc went for? quite a bit of listings in that condo.

we did 2 and I almost bought one myself.

440sq ft 5-10th floor went in low $500's

[JDMStyo]

Originally Posted by m4k4v4li

looking to sell my place
awkward question but do realtors get asked to split their commission often?
when I bought my place it was through a family friend which willingly did so, but he wasn't the greatest in terms of service.

am also looking to move / purchase, typically do people stick with their same realtor if they are looking somewhat simultaneously to buy and sell? (wasn't thinking of adding subjects but likely too difficult?)

Working with friends/family sometimes you get less because you are likely asking for 1/2 and more in reduction. Say realtor makes 1.2-1.5% on a $500K place and looking to split half and still pay monthly broker fees, you can't expect someone to do tons of commitments for $1500-2000 at the end of the day after all said and done. You get what you pay for.

__

On multiple deals - often times a realtor will do deal or rebate (i would) for clients. It's entirely your call - you don't get if you don't ask. Be upfront and firm, it's your decision and purchase after all.

Payment and remuneration is entirely transparent (there's even a real estate board form for that) and client (you) signs off on it. Realtors now are supposed to even say if they pay your friend for referral fees (cash or non-cash).

[Hondaracer]

440 sq ft..lol

[Gerbs]

Anyone have investment units in Langley, Pitt Meadows, Cloverdale, Surrey Central? How's the caprate and ROI? Are you cashflowing?

[Eff-1]

Originally Posted by noclue

anyone remember how much presales at concord pacific the arc went for? quite a bit of listings in that condo.

Proceed with caution. This building is getting HAMMERED with insurance rates.

[bcrdukes]

Originally Posted by Eff-1

Proceed with caution. This building is getting HAMMERED with insurance rates.

Any particular reason or drivers for this?

[yray]

every new build is basically insurance armeggeadon

[quasi]

Originally Posted by JDMStyo

440sq ft 5-10th floor went in low $500's

Communal Bedrooms and washrooms not included in that footage?

That's nuts, RIP to anyone getting in the market today.

[Blueboy222]

[B!tch]

Did you list and once have an offer start looking for your new place or did you find what you wanted and the made
the offer conditional to selling?

I should be well versed in this as I bought my first unit in the 90's but I have been homeless twice as dates didnt align. It's easy if you are going into a new build but I will be moving to a different part of BC. I should also point out I would NEVER make an offer without conditions.

[Tapioca]

No seller wants a subject to sale these days.

Refinance your current property or get a home equity line of credit. Once you have a sufficient down payment after your line of credit is secure, start making offers with as long of a close as you can (90 days). Once you have an accepted offer on your next property, secure financing using a down payment from your refinanced mortgage or your new line of credit. Then, put your property immediately on the market. If you're lucky, you can line up the closing date for the sale of your home prior to your closing date for the property you purchased, so you can use the proceeds of your sale to fund your new mortgage. If you can't line up the dates, you can at least carry two mortgages temporarily and get the keys to the new home without bridge financing.

[B!tch]

The financing isn't the issue. It's the dates NEVER line up.��

it is because "If you're lucky" The quote that applies to me would be " without bad luck, you would have no luck at all"

The last two units in my building sold in 59 and 19 days. There were issues with the first unit.

Guess it's time to finish the couple of projects on my list and then head out to do some recon.thanks!

[tiger_handheld]

Originally Posted by Tapioca

No seller wants a subject to sale these days.

Refinance your current property or get a home equity line of credit. Once you have a sufficient down payment after your line of credit is secure, start making offers with as long of a close as you can (90 days). Once you have an accepted offer on your next property, secure financing using a down payment from your refinanced mortgage or your new line of credit. Then, put your property immediately on the market. If you're lucky, you can line up the closing date for the sale of your home prior to your closing date for the property you purchased, so you can use the proceeds of your sale to fund your new mortgage. If you can't line up the dates, you can at least carry two mortgages temporarily and get the keys to the new home without bridge financing.

I thought new rules stated that dp cannot be used from borrowed funds (ie. LOC) - am i missing something?

Are you a broker because I'm thinking of doing exactly what you are saying but from I'm reading its not possible. would like to chat if you are broker...

[Ludepower]

Originally Posted by Eff-1

Proceed with caution. This building is getting HAMMERED with insurance rates.

Every condo is getting hammered with insurance rates. Be more specific why you should stay away from this building.

[Doubl3_H]

Originally Posted by Ludepower

Every condo is getting hammered with insurance rates. Be more specific why you should stay away from this building.

Aquilini built.

[Ludepower]

Originally Posted by Doubl3_H

Aquilini built.

Whats with you people leaving one liners with no first hand stories. Concorde Pacific the Arc literally has the name of the developer in it. Where do u get alquilini built? Or am I missing something.

[quasi]

Bridge financing is pretty reasonable, did it when I move in January was less than I thought it would be and surely less then fucking around with moving twice and storing your stuff.