Sellers

Frequently Asked Questions

Answering your most common real estate Selling questions – a few you probably haven't even thought about yet.

The three page PDS is a form filled out by the seller disclosing what they know about their property. The PDS itemizes potential problems such as asbestos insulation, unauthorized rental suites, renovations were done without a permit, and unregistered easements or encroachments. This document has a series of questions that allows the sellers to disclose any latent defects (a fault in the property that could not have been discovered by a reasonably thorough inspection before the sale).

In sellers’ markets, increasing demand for homes drives up prices. Here are some of the drivers of demand:

  • Economic factors – the local labor market heats up, bringing an inflow of new residents and pushing up home prices before more inventory can be built.
  • Interest rates trending downward – improves home affordability, creating more buyer interest, particularly for first-time homebuyers who can afford larger homes as the cost of money decreases.
  • A short-term spike in interest rates – may compel “on the fence” buyers to purchase if they believe the upward trend will continue. Buyers want to make a move before their purchasing power (the amount they can borrow) gets eroded.
  • Low inventory – fewer homes on the market because of a lack of new construction. Prices for existing homes may go up because there are fewer units available.

If the built-up equity in your current home will be applied to the down payment on the new home, naturally, the former will need to be sold first.
Some home buyers decide to turn their current home into an investment property, renting it out. In that case, the current home will not need to be sold. However, your loan advisor will still need to evaluate your risk profile and credit history to determine whether making a loan on a new home is feasible while retaining title to the old home.

The date agreed on by both parties to a real property transaction for the adjustment of property taxes, rent, interest, and other items.

Any changes to an original offer are counteroffers. A counteroffer rejects the initial offer as written, but an indication that you would be agreeable to a new offer if specific changes or additions are made and accepted.

There is no limit to the number of counteroffers that can be proposed. During negotiations, there may be several rounds of counteroffers as each party gets closer to a final offer that will satisfy both parties.

You only get one chance at a first impression, and nothing could be more true in a competitive real estate market like Vancouver. With new properties available all the time, professional home staging has become a vital part of the home selling process. Not only does it help to reveal the true potential of your home, but it can also help to achieve a higher sales price and shorten your listing time to boot!

In the case of multiple offers, we will carefully review each offer in detail and explain the advantages and disadvantages of each so that you can make the best decision possible. Identifying the best offer is about more than just price.

Once you have an accepted offer, a subsequent offer that arrives can be accepted as a backup offer. The offer must clearly include a seller’s subject clause to protect you from accidentally selling your property twice. We will be able to assist you in handling a backup offer properly.

A few of the things we like to consider when we value your property are:

  • Location and neighbourhood
  • Size of building and land
  • Age and condition of the building
  • Number of rooms, bathrooms, layout
    construction materials used
  • Features and amenities (i.e. pet-friendly space, fireplace, hot tub, pool, recent renovations, views)
  • Access to public transportation, parks, public areas, waterways, recreational biking/hiking, etc.

This is the most common type of contract between sellers and Realtors. It is highly recommended for maximum exposure because the property will be listed on the Multiple Listing Service (MLS®). In this arrangement, commissions are shared between the seller’s Realtor and the buyer’s Realtor and their respective brokerages.

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