5 Important Things to Know About HST Rebates When Buying a New Home
1. All new homes are subject to HST in Ontario.
2. Does the Price Include HST Net of Rebates? In most new home purchases, the Builder will include the HST in the purchase price net of applicable HST rebates. In this respect the builder has credited the qualifying rebates to the buyer by way of a reduction in the transaction ...
Posted by Eugene Pilato
on December 28, 2011
57% of people with a Line of Credit Don’t
Before a property goes on the market, it’s essential to assess the seller’s equity or ownership interest in a property. This is calculated by taking the property’s value and subtracting mortgages, penalties and other registered liens. If the amount of debt against the property exceeds the sale price, the seller may not be able to transfer ...
Posted by Eugene Pilato
on December 28, 2011
The primary reason for buying a home, cited by 27% of recent buyers, was simply the desire to own their own home. Job change and relocation was 2nd, while the desire to be closer to family and friends was 3rd.
A detached, single-family home remains the primary choice for the majority (about 77%) of home buyers.
Choice of neighbourhood varies considerably, yet the top three factors influencing ...
Posted by Eugene Pilato
on December 28, 2011
What is most important to a Real Estate Sale?
Many would say location and they would be close to correct
You see, location certainly falls within the top influences to a successful home sale. Yet one could have a highly desirable location and still not attract a buyer to the home. Oh the home could attract a large number of people to open houses and might garner oodles of positive comments, but ...
Posted by Eugene Pilato
on December 14, 2011
The Dream of Home Ownership
Ever since Maria and Robert Sanchez immigrated to Canada, they dreamed of owning their own home. To that end they scrimped and saved their money so they could have a downpayment. Their REALTOR® now set them up with a mortgage broker to see what they qualified for.
From Maximum Price to Making an Offer
On reviewing their income, credit and savings, the mortgage ...
Posted by Eugene Pilato
on December 14, 2011
Market Overview of Single Family Homes to Nov. 30, 2011
The number of listings for single family homes is down by -2% in the Niagara Region.
Regionally, sales are down by -4.3% YTD compared 2010. November sales were up 373 vs. 341 for the month of Oct.
To Nov. 30-11
Average Sale Price
%'age
Area
2011
2010
Change
12-Month Average
NOL ...
Posted by Eugene Pilato
on December 14, 2011
A Lender uses a two-step process to approve a mortgage:
First they qualify and approve the buyer based on credit worthiness, employment, income and other criteria);
Second they qualify and approve the property (based on location, condition and purchase price as it relates to value, as well as other factors.
In most cases, the mortgage lender verifies the price paid through a certified property ...
Posted by Eugene Pilato
on December 14, 2011
A 2nd Mortgage Can Attract More Buyers There are times when a home seller will entertain holding a second mortgage as an incentive to attract more buyers.
However, here is an important but often overlooked aspect of deciding to hold a 2nd mortgage. The 1st mortgage lender will want to insure that the payments for both the 1st and 2nd mortgage fall within the buyer’s ability to pay. If not, ...
Posted by Eugene Pilato
on December 14, 2011
What happens when two inspectors disagree?
The buyers’ licensed inspector reported that the septic tile bed was deficient. The buyers asked that the cost to correct, about $5,000, be taken off the purchase price.
The seller flinched and argued that his septic system worked fine. To prove his point the seller engaged another inspector who declared the septic tank in good working order.
After ...
Posted by Eugene Pilato
on December 14, 2011
Are first impressions important to selling a home?
I remember reading the following from somewhere:
“In a television commercial, we’re told the sale is made or lost in the first 3 or 4 seconds. In a print ad, tests have shown, 75% of the buying decisions are made at the headline alone. In a sales presentation, data have shown us, the sale is made or lost in the first three minutes.” ...
Posted by Eugene Pilato
on December 14, 2011