This article is not about the secrets of buying a rental property for no money down and half the price of the market value of the home. I’m not Tom Vu or Don Lapre and I’m not in jail.

In Canada, the no money down home did use to exist, however, not anymore. Some banks and/or lenders were ready to lend you the 5% deposit so that you need not pay a dime out of your own pockets to purchase a home. However, given the current finances with tighter lending restrictions, you will see no bank or lenders who is able to do that in Canada terra hill.

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

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

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

The first thing to be aware of is the Real Estate Agent. A Real Estate Agent is suppose to act on your behalf to buy or sell the house. Both the buyer of the house and seller of the house 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 typically 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 anywhere else. In United States, their REALTORS only get 1% of the commission and their homes are in fact much cheaper. Even though REALTORS will be the least educated of the parties mixed up in buying home transaction, they seem to be getting the biggest piece of the pie.

Do not listen 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 that they pass to become a AGENT. Agents passing a test does not meant hey are ethical. It only means they can remember enough to pass the test.

One would believe it must be the Real Estate Agent’s job to help the buyer ensure the home is of value. Rightly so, many buyers depend on the Real Estate Agent to safeguard them and provide them advice and in my opinion, the ethical AGENT should do that. However, the true reality is that REALTORS do not make money unless if the home is purchased. The reality is that the true Estate Agent’s salary is not truly dependent on giving you advice. . The Real Estate Agent’s job is to get the buyer to buy a home through them to allow them to get paid!

As a result of this, what ends up happening, are two forms of Real Estate Agents with variations in between. The initial type may be the honest agent with the belief “If I work hard and treat my buyer right, the buyer will come back again to buy more homes from me. The next type is the “I need to get the buyer to get a house quickly so that I can move on to the next buyer (sucker) so that I could maximize my time for profit.” The end result is that you are searching for the first type and you also want to avoid the second type.

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

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

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