Lenders are more frequently asking for an appraisal of a property just prior to closing. If the appraisal is less than what the buyer paid for it, then the lender may either reduce the amount of the mortgage loan or just cancel the loan altogether. Just because you are pre-approved for a mortgage does not mean you will get the full amount. Make sure that your lender has completed its appraisal before you waive any financing condition.
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Greater Toronto Area (GTA) REALTORS® reported 10,182 sales through the TorontoMLS system in May 2013, representing a dip of 3.4 per cent compared to May 2012. Sales of single-detached homes in the GTA were up by almost one per cent compared to the same period last year, including a three per cent year-over-year increase in the City of Toronto.
Read MoreGood morning everyone and my apologies for the break in weekly communications. It has been busy both in business and in family affairs.
Read MoreWhen you sell a home that has been in the family for many years, it can be very emotional for everyone involved. It becomes even more difficult if the buyer plans on demolishing the home. Please read the attached case to see what happened when a seller changed their mind about the sale of their parent’s home after learning that the home was to be completely gutted after closing.
Read MoreI’m sure all of you had planned to come visit me at the Scotiabank in Yorkdale Mall for Realtor Day. Unfortunately we got bumped last minute for a corporate fundraiser event. Please stay tuned and I will communicate the next event in the June time frame.
Read MoreThe elderly or infirm are often the targets of con artists, who seek to take advantage of the situation for their own benefit. If the scam is not found out in time, these victims can in many cases lose their life savings.
Read MoreIt has been a busy time in the market and spring is in full effect. The weather as of late has been glorious and the upcoming week is forecasted to be spectacular. Next week I will have the April numbers to share with you but I expect the same overall results, in that transactions are down versus same time period last year but the average sale price is up.
Read MoreThe attached case raises interesting issues related to outstanding open work permits and how they might be handled on closing. In this case, the buyer purchased a renovated home, but learned that there was still an open permit that was not finally inspected and approved by the Building department.
Read MoreLakefront cottage purchases have many challeges, particularly with respect to who owns the land at the water’s edge. Please see the attached article, which discusses the range of issues when buying or selling a lakefront property and the importance of understanding whether a 66 foot shore allowance applies to the property and whether it has been properly closed by the municiplity and transferred to the owner. Otherwise, you could have a situation where the cottage is built on land that is not owned by the seller.
Read MoreIt has been a very busy few weeks as quality inventory is still quite low. The slow start to spring weather has also translated in many sellers holding off on placing their homes for sale. I am currently working with several buyers and it has been tough to locate and secure a suitable home for their needs. A few of them have properties to sell but don’t want to list until they know that have bought a home and have somewhere to go.
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