This article is not concerning the secrets of buying accommodations property for no money down and half the cost of the market value of the house. I am not Tom Vu or Don Lapre and I am not in jail.

In Canada, the no money down home did use to exist, but not anymore. Some banks and/or lenders were ready to lend you the 5% down payment so that you don’t have to pay a dime out of your own pockets to purchase a home. However, given the current financial situation with tighter lending restrictions, you will see no bank or lenders who can do that in Canada.

The buying home for half price did use to exist as well. At one point, foreclosures in Canada allows foreclosed homes to be sold at rock bottom prices. The new law, which has been in placed for several years now require the homes be sold at optimum price for foreclosed homes if not the lenders could possibly be sued. Hence, sometimes foreclosed homes sell higher because Canadians have the misconception that foreclosed homes certainly are a excellent deal causing it to get a reverse affect. There have been lots of people buying foreclosed homes believing they got a good deal and not performing a thorough check as to the actual value of the house.

Now, clearing out the quick money maker myths of buying homes, there are still many things you need to be aware of before starting.

If there exist ever a business with an increase of sneaky sales tactics and money motivated people, it’s got to the true Estate industry. realmove As a buyer, you could be dishing out $350 000 and everyone wants a bit. The Real Estate Agents want a piece. The lenders want a bit. The lawyers want a bit and the sellers want piece. No wonder there are so many scams in this industry.

The first thing to understand is the Real Estate Agent. AN AGENT is suppose to act on your behalf to buy or sell the house. Both the buyer of the house and seller of the home will have their own AGENT called a Buyer’s Real Estate Agent and a Seller’s Real Estate Agent.

In Canada, each Real Estate Agent gets an average of 2.5% and sometimes 2% for the commission of selling the house. Some Real Estate Agents provide cash return rewards. Canadian REALTORS gets higher commission than somewhere else. In United States, their Real Estate Agents only get 1% of the commission and their homes are in fact much cheaper. Even though REALTORS are the least educated of the parties mixed up in buying home transaction, they appear to be getting the biggest little bit of the pie.

Do not pay attention to their gimmicks on REALTORS are ethical. (http://www.howrealtorshelp.ca) Where do they get the idea any Real Estate Agent off the street is ethical. Their claim is based on these tests they pass to become a Real Estate Agent. Agents passing a test does not meant hey are ethical. It only means they are able to remember enough to pass the test.

One would believe it must be the Real Estate Agent’s job to greatly help the buyer ensure the home is of value. Rightly so, many buyers be determined by the Real Estate Agent to protect them and offer them advice and for me, the ethical AGENT should do that. However, the true reality is that Real Estate Agents do not make money unless if the home is bought. The reality is that the Real Estate Agent’s salary isn’t truly dependent on providing you advice. The Real Estate Agent’s job would be to get the buyer to buy a home through them so they can get paid!

Because of this, what eventually ends up happening, are two types of Real Estate Agents with variations in between. The first type is the honest agent with the belief “EASILY work hard and treat my buyer right, the customer will come back to buy more homes from me. The next type is the “I have to get the buyer to get a house quickly in order that I can move on to another buyer (sucker) so that I can maximize my time for profit.” The bottom line is that you are searching for the first type and you also want to steer clear of the second type.

We’ll call the first type, the Bad AGENT. We’ll call the next type, the Good AGENT.

So what kind of characteristics does the Good AGENT have that the Good Real Estate Agent does not have?

1. The first characteristic is Patience. Bad Real Estate Agents will try to sell you a house quickly to obtain the money quickly. Do not purchase a house without spending a lot of time looking at several different homes. Be cautious of tactics such as REALTORS claiming it’s the perfect and acting like a salesman rather than providing you information.