Registraton Of Offers - suggested to reduce 'phantom' Offers

Stephen Ord — Fri, 20 Jun 2008 12:08:15 GMT

It has recently been suggested that all offers be registered with either a local Real Estate Board or provincially assigned agency.

The purpose is to reduce the so called 'Phantom' Offers. These are the 'offers' that a listing agent may tell you are coming in on a property just as you tell them you are preparing an offer, with the intention that you raise your offer. By making some of the details (not price or conditions) available to other agents will ensure that these other offers actually exist.

What do you think of this? Does it violate your privacy in making an offer or protect you?

Mortgage Broker or Your Bank ?

Stephen Ord — Fri, 20 Jun 2008 11:53:59 GMT

The days of the mortgage broker who charges an arm and a leg just to get you financing are gone. No longer is the mortgage broker a last resort source of financing.

So why would you see a mortgage broker instead of your family banker?

Lower rates - even if you know your bank's loan officer, a mortgage broker can usually get you a better rate.
Mortgage brokers can be more flexible and can try innovative financing for special occasions
Less running around. Your mortgage broker may even come to your home. Ever see a banker do that?
Although banks are open longer hours, mortgage brokers will often stay open just to see you.
The mortgage broker wants you to get a mortgage. In almost all cases the mortgage broker only get paid if you get a mortgage through them the banker is on salary and won't fight as hard for you.

Do be wary of mortgage brokers that want to charge you a fee (either upfront or in the mortgage). They get paid by the lending institution. It pays to ask first 'What a your fees to get me a mortgage?'

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Registraton Of Offers - suggested to reduce 'phantom' Offers

Mortgage Broker or Your Bank ?