Great Deals Realty

03/28/2023

03/06/2023

بلا تعليق….

Astronomically high Toronto home prices may have fallen a bit since the Bank of Canada started hiking interest rates in March, but purchasing prope...

02/28/2023

Commercial in Belleville, Ontario

large Commercial Office Building Measuring Approximately 12200 Square Feet Suitable For Medical, Diagnostics, Professional Offices, Education, Or Training Centers. Located On A Busy Corner Lot With Floor To Ceiling Windows. 12 Foot Ceiling Parking ,Great Location
For more info:
Musbah: 905-598-3222
Reem:647-678-3332

02/28/2023

Congratulations to my client 🥳

Good luck with your business 🙏

09/02/2022

“power of sale”
when the homeowner defaults on their mortgage. The bank then sells the property in order to cover the amount still owing on the mortgage.

People are often attracted to power of sale properties because they expect to get a deal on the purchase. But it’s not a “fire sale” type of situation. In fact, banks are obligated to get market value for the property.

The bank also won’t be able to provide assurances about the condition of the property because they don’t have detailed knowledge about it. Typically when you work with a seller you can negotiate with them to repair certain issues as part of the transaction. But when you’re buying a power of sale property, it’s sold “as is.”

That doesn’t mean it’s not worthwhile to purchase a power of sale property. In fact, there are steps you can take to make sure you understand what you are buying.

As always, I highly recommend a home inspection from a qualified home inspector, engineer or contractor. They can identify underlying problems with the home’s major systems.

It’s also a good idea to seek legal advice when buying a power of sale home, especially if the owner or tenants are living in the property. Your lawyer will also perform a title search to identify potential issues, including liens against the property, and will review the lengthy documentation that the bank will provide.

Finally, you should be aware that the offer process may take a little longer than normal because the bank has processes to follow and their staff typically only handle offers during business hours. The bank may also retain the right to call off the deal if the owner catches up on their mortgage payments before the deal closes. Although in practice banks rarely cancel a sale

05/18/2022

Good news 🎉

It may have been hard to believe real estate experts when they predicted that the ridiculous Toronto housing market would cool down this year, but ...

05/11/2022

I’m buying a fixer-upper property to renovate and sell. What should I know?

Buying a home to refurbish and sell for a profit can be appealing, but it is also a significant undertaking and risky in a hot seller’s market. Before you dive in, here are a few things to be aware of to ensure you’re making the right choice:
# Conduct a thorough financial analysis to weigh the pros and cons. The money you may potentially save buying a fixer-upper can easily get spent on repairs and renovations, depending on how much fixing up you do and the price you might get when you sell it.
Assess whether you’re comfortable carrying these costs for an uncertain period of time.
# If you choose to hire contractors to do the work, do your research first.
# Set a realistic budget that you’re comfortable with. Account for the price of the home, applicable taxes (HST and income tax on profit), cost of repairs and renovations, permit application fees, professional fees, real estate commissions and staging.
# Leverage your real estate agent’s expertise and services. Your representative can help you find suitable properties and provide a comparative market analysis of the home’s value and market trends in your area.
# Consider a home inspection.
# Consult with a lawyer who is insured to practice real estate law. Check if any major renovations you’d like to do are in line with the local zoning bylaws and what renovations may require building permits from the municipality.
# Last, but not least: You may want to consult with an accountant. They can help you with the financial analysis and any applicable income tax and capital gains tax considerations.