Blog Archives
Selling Your Own Home?
I have a friend that is selling his house. He wants to sell it on his own and has a verbal agreement with a neighbor to purchase it. He wants my help to help him find a new home. I am more than happy to be of service. My friend wants to know what to do to hold a home he has viewed and in which he wants to make his future home. I have asked him, as I have in the past, if he will need a mortgage and the answer was yes. I asked if he had a purchase agreement written up for the home he is selling. He said no. The verbal agreement is more than two months old! I asked when conditions will be met. He said he does not know, but the home inspection was completed last week and the neighbor has not yet looked at it. Basically, my friend is in terrible limbo and is in no position to even think about buying a new home. This is an example as to why it is a good idea to have a Realtor represent you in a real estate transaction. When somebody wants to purchase a […]
Buyer Disclosures
In the past you may remember contacting a Realtor to help you find and purchase a home. It is most likely that there was no contract or any written disclosures. The Calgary Real Estate Board has been encouraging Realtors to use Buyer Brokerage Agreements. These agreements have language that disclose all of the Realtors duties to the buyer and what is expected of the buyer in the relationship. It also outlines that the buyer acknowledges that the Realtor is working for them and that another Realtor would not be in the mix. Like all contracts these forms have expiry dates and ways to terminate the agreement, but most importantly, there was language to protect the buyer! I personally fully agree with Buyer Brokerage Agreements. It opens up important discussions regarding representation and duties that may otherwise go unspoken. Unfortunately these agreements have not been embraced by many industry members and the public as a whole is reluctant to sign them because they are not mandatory. As of mid-late 2013 the Real Estate Counsel of Alberta will be releasing mandatory written service agreements between Realtors and buyer clients. These contracts will have the option of being exclusive contracts with one Realtor or an open contract. […]
The MLS: Active and Conditionally Sold Designations
It used to be that when your home went conditionally sold you had to mark the listing as “P” on the MLS system which meant there is a contract on the home and the home is pending or conditionally sold.. Some sellers felt that this was unfair and that they had a right to continue to market their home on the MLS until they had a firm purchase contract. As a result, this past Spring, the rules changed. Sellers no longer had to disclose their property as pending. This meant that unsuspecting buyers would see an “A” on the MLS system which means that a home is active and not under contract when in reality it may have been under contract. If asked, seller’s agents would have to disclose the conditional sale, but only if asked. This new scenario made it very frustrating for buyers. Buyers felt they were being duped and many Realtors felt the same way. In early June this has brought about a new rule and designation for not reporting conditional sales. If a seller’s home is under contract and the seller does not want to disclose it, the listing will be marked “U”, basically meaning that the […]
The Truth About Multiple Offers
It can be very frustrating as a buyer to be making an offer on a home only to discover that you are competing with another buyer. Buyers sometimes wonder if there really are competing offers at play or is the seller’s agent just trying to get a better price for their client’s home. In Calgary it is illegal to make up such a farce in order to obtain a better price. We must be able to provide to all the buyer’s representatives the names and brokerages of the representatives of all of the buyers. These buyers must check out or the listing agent will be in trouble with RECA (Real Estate Counsel of Alberta). I have been involved with competing offers while representing a buyer. It is upsetting to clients, but as a sellers representative I do everything I legally can in order to create a multiple offer situation. In fact, I let my buyer clients know that this agent is doing an excellent job for their client. In such a situation a buyer must either put their best foot forward on the offer to purchase and hope they get the home or walk away. It is a fact that a […]
Home Inspections
I would never let any of my clients purchase a home without a home inspection. While a home inspection does not eliminate risk, it certainly decreases your risk substantially. Always use a qualified home inspector. I have a couple of home inspectors to which I refer my clients. A good home inspector will look at a myriad of items in a potential home for your purchase. The roof and the foundation are important items. The furnace is another important item as is the electrical and water systems in the home. Home inspectors will tax the water systems within the home heavily to ensure there are no leaks or deficiencies. I prefer to use home inspectors that utilize thermal imaging. This is a terrific technology for checking for hot and cold zones and are great for checking electrical systems, roofing, insulation, as well as detecting moisture. In fact, a good home inspector will check even minor issues such as drawer pulls, etc. There is no perfect house, but if you can get a good home and avoid any major or expensive issues, then it is money well spent on a good home inspection! Thanks for reading! By Patrick Murray Join me on […]
Real Property Reports
A Real Property Report (RPR) is a plot done by a surveyor of one’s property complete with locations of buildings, decks, fences, concrete pads, overhangs, etc. It shows where everything is located on the property and if there are any issues in relation to your neighbor’s property. A current and up to date RPR, with compliance stamp, is to be presented by a seller to a buyer as per the purchase contract. It must also have a compliance stamp on it from the city denoting that the report is accurate. If, for example, you have recently built a garage or a fence, then you need a new RPR with compliance stamp. Generally, it is important for sellers to have the up to date RPR prior to listing. If it is not completed, I usually put clients in touch with their real estate lawyer to get the ball rolling. As a Realtor, I like to see the RPR so I know if there are any unresolved issues. A major issue, for example, would be if you built a garage and it was overhanging onto your neighbor’s property or if you had an addition to your home which was on your neighbor’s property by a foot and […]
Calgary Bucks National Trend
While the national media has been talking about a decline in the real estate market, in reality it mostly relates to Toronto and Vancouver. I have included the link below which shows the Calgary real estate statistics and discusses just how well our local real estate economy is performing! Enjoy and thanks for reading! The monthly statistics package is available here
Patrick Murray Luxury Homes
Recently I left Sotheby’s International Realty Canada and returned to MaxWell City Central. There was not one specific reason for this move, but rather many. The one that affects my clients the most is the commission structure. I found that for me to make a living and pay Sotheby’s their share of the commissions I had charge my clients more. Now I can take what I have learned at Sotheby’s and further apply those principles to my current real estate practice, and not charge my clients expensive fees. My exciting news is the release of my new brand (under MaxWell City Central), Patrick Murray Luxury Homes. This brand will allow me to take my knowledge of luxury home sales and apply it to clientele wishing to buy and sell real estate in the luxury home market. Please know that Patrick Murray Luxury Homes services all real estate needs! My new website may or may not be active as you read this blog. It is www.isellforyou.ca and it is going through a complete overhaul. Please also like me on facebook. Look up my business page under Patrick Murray, MaxWell Realtor. I look forward to servicing your real estate needs! Thanks for […]
Working with a Realtor and Agency Relationships
One of the first things that should happen when you work with a Realtor in Calgary is a discussion about agency and being given the Agency Relationships Guide. Agency is a type of representation where one party represents another in a transaction, such as when one is represented by a lawyer or when a person is represented by a Realtor. This document is not a legally binding document, but it is an acknowledgement and your understanding of the document is important for real estate purposes. There are three choices as discussed below. The first is “sole agency”. This is when a Realtor from one brokerage represents you and will only help you with the purchase or sale of a property with that is represented by another Realtor from another brokerage. The second choice is “sole agency that may lead to transaction brokerage”. This is a type of representation that may end up being sole agency in the end or may end up being a transaction that is represented by the same Realtor or the same real estate brokerage on both the buying and selling side. This type of agency increases your chances of selling or finding the home of your dreams, but you must understand that the representation, […]