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Realtor

3 min read

https://www.reddit.com/r/PersonalFinanceCanada/comments/xnlz5x

Want the optimal property? Do not use a realtor.

Scared of being scammed by the listing agent or private seller?

  • Your realtor’s only primary goals is are maximum commission as quickly as possible. They Most will say anything to get it achieve them and they most won’t think twice about scamming you.
  • Your lawyer protects you from being legally scammed, not your realtor.
  • Add a condition in the offer that allows your lawyer to review it.
  • If you are in a bidding war, a house inspection condition likely won’t be an option anyway.
  • Include a house inspection condition if you can but keep in mind that house inspectors aren’t held accountable if they miss something and they always will. It’s still a good idea but there are many potential problems that don’t assess.

Negotiate cash back from the listing agent.

  • Listing agent doesn’t provide any service to you when you’re finding your own properties
  • Mutual representation is fundamentally impossible. Listing agent is not helping you negotiate the best deal because it would reduce their commission.
  • Let them make more than listing commission and they will ALWAYS convince the seller to accept your offer ( completely unfair to the seller but that’s another topic).
  • E.g. Listing commission is 40K. Ask for 5K. You pay yourself $10K for finding your own property. Win-Win.
  • Selling agent unfortunately will not communicate such an arrangement to the seller. Another example of bad realtor ethics and why no one should use realtors.

Been looking at properties with your realtor but the choices are limited?

  • A great property likely exists but if your realtor can’t make full buyer commission, they will never let you know about it, make up fake reasons to avoid it, or if you insist on an offer, never submit your offer to the seller.
  • Need proof? Read This: www.cbc.ca/amp/1.6209706

Always request # of offers confirmation from RECO (in Ontario) after closing.

  • Link: https://www.reco.on.ca/complaints-enforcement/want-find-many-offers-made-property/
  • Selling agents use ghost offers to influence your offer and maximize their commission.
  • ASK SELLING AGENT TO CONFIRM # OF REGISTERED OFFERS IN WRITING SO YOU HAVE EVIDENCE.
  • It is illegal for them to even hint at the possibility of another offer if it hasn’t been registered.
  • It will take many months but if you have evidence, the agent will be disciplined, The conviction will be displayed on their RECO profile ( search link below ).

If you can’t be convinced to buy/sell real estate without a realtor, at least search for their convictions on RECO and hopefully that will convince you!

  • Link: https://www.reco.on.ca/RegistrantSearch
  • Most people using realtors don’t check or report them which explains why their may be no conviction records for your realtor. This needs to change.

From u/that_was_funny_lol/: don’t use any suggested vendors from the realtor. Find your own vendors, assume everybody is out to fuck you.

From u/Juliuscesear1990/: contact your local property tax department and find out what the taxes are and what the assessment is, the number they tell you (if they do) might be WAY off.

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