Very well put together ..I wish I knew all this when I was buying my house ..
In fact we were badly cheated by seller and realtor ..
I was told that if I withdraw the offer at last minute since i found that seller damaged the property it might go against me in court ..

Quote:

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Originally posted by rahul_singh23

Buyers have the Power
As a buyer, you must remember you are the one in control. You are the scarce commodity in the marketplace. The seller is one of many for you to chose from, and they are all desperate. They need you. You don’t need them. No matter who you buy from, you are going to leave all the other sellers disappointed because they are going to continue to be trapped in their homedebtor’s prison. You can’t please everyone, so focus on pleasing yourself
Sellers has too loose
Don’t become concerned with the sellers needs, wants and problems. Does it matter to you if this house is their entire savings for retirement? Do you care if a sale below a certain price puts the seller into bankruptcy? If these issues matter to you, ask yourself this, “Would you give them money if you were not buying their home?” Unless you are running a charity, you should not care about the consequences of someone else’s financial decisions. They created their own problems; it is not your responsibility to solve it by overpaying for a house

Pay the Lowest Possible Price
This may sound like common sense, but the behavior of knife catchers over the last couple of years shows otherwise. Don’t ask for or take any incentives, and pay your own closing costs. You are paying for this stuff, it is just buried in your loan. You will be paying interest on this purchase for the next 30 years, and you will be paying a 1% property tax on these costs for as long as you own the house. You are far, far better off lowering the price and foregoing the incentives and paying your own closing costs.
Your First Offer is Your Best Offer
This is the most counter-intuitive part of buying in a buyers market. Ordinarily sellers, or more accurately the seller’s realtor, try to create a sense of urgency to buy the house. They want you to think other people are looking, there is going to be a bidding war, you need to get your offer in today, etc. Remember, in a buyer’s market these ploys are all lies. You are the only buyer, and you can take as long as you want to buy the house. Your task in negotiating is to create a sense of urgency and panic in the seller. This is why you make your first offer your best offer.
Start with a bid at least 10% below asking price; however, it can be less if the most you are willing to pay is less. Lower your bid as follows:
• If you are actively bidding on the property, make your offers expire in 5 days. If you are still interested in the property resubmit a fractionally-lower offer after 7 days (make them sweat for 2 days.) Don’t make is so much lower as to lose consideration, but make it enough lower that the seller gets the message that they need to come to your price before it gets any lower.
• If the seller makes a counter offer, retract your offer and resubmit a lower one. Works the same as the time decay offer above. After you have lowered your offer a few times, the seller may panic and take your offer before it goes any lower. This is what you are after.
• Lower your offer $500 each time you speak with the seller’s realtor. Every time they communicate with you, they will pressure you to buy. Lower your bid each time they speak with you to send a message that their pressure is not working, and it is, in fact, hurting their client.
• Lower your offer $2,000 if the realtor uses one of the standard lies I mentioned above.
• If the realtor tells you there is another bidder on the property, immediately withdraw your offer and tell them to call you if it falls out of escrow with the other buyer. Since this statement from the realtor is almost certainly a lie, it will cause them to have to explain to their client why the only buyer around has pulled their offer.

Don’t Close the Gap
When the seller starts to counter-offer, it is very tempting to agree to their price to close the deal, particularly if they are below your original offer. Don’t do it. In a buyer’s market, the seller will come to you. You have the power. However, if they are below your original offer, and if you really, really want the house, you may raise your offer one time, but do not get closer than 1% to their counter-offer. The selling broker makes a 3% commission, and the realtor you have been dealing with probably makes 1.5%. By getting to within 1% of the seller’s counter-offer, the realtor can choose to give up part of their commission to make the deal. Since they are desperate as well, you should go ahead and squeeze them. A 1/2% commission is better than no commission.
After you have agreed on price
Just because you have reached agreement on the sales price does not mean you are finished making this deal the best it can be. Go through your inspection sheet and establish holdbacks for all repairs. Make the holdback amount 150% of the lowest qualified bid. Say you are doing this as an incentive for the owner to get this work done before move-in. Also, if there are decorative items you do not care for, use the same holdback procedure for these items. The time to get your granite tops is before you move in.
If you are really tough
For those of you with nerves of steel (and a desire to abuse your power,) I have a few additional suggestions for you:
• A week before closing, tell the seller or realtor you are considering pulling out of the deal because you have found another property you like. See if they offer you an additional discount.
• Three days before the closing, withdraw your offer and say you want an additional $1,000 off. Offer no explanation: You are only doing it because you can.
Conclusion
Not everyone has what it takes to implement all of these price-busting techniques. However, the more of these you put into practice, the lower the price you will pay for the home you want. You will never see the seller or the seller’s realtor ever again. It does not matter if you offend them.

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Growing Old Is Mandatory ..Growing UP is Optional

I was a seller and i know that you are at the mercy of the Relator and buyer. I am thinking of investing in property in India and just renting here.

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You know you are a desi when ........ You spew forth the virtues of India, but don't want to live there...............You've never had a tanning salon membership

1. It depends on the area. If its centrally located and not many properties are in the market in the area, then the seller will have a good chance.

2. I dont know abt Toronto, how cutthroat it is or how the agents are. At least in Ottawa, as I have observed (with three agents as friends), agents dont insult their compadres by making an offer that is less 10% of the listed price. After all, they have to cross path at some point in their career. If they think that the listed price is high , they dont bother to make an offer. Word goes around fast and reaches the sellers agent that the price is high and need to be brought down a bit, say 3-5%. Then there will be offers trickling in. Again some sellers think that they can hit the jackpot by lisitng at a high price. Well, no buyers even after 2-3 open house. Some sellers are adament, will wait for months. Still no luck. Some agents back off after the minimum period since they waste their time representing these type of sellers.

3. I would not sell on my own. Once bitten twice shy. 9 out of 10 who see the property are just wagabonds or are there to kill time. Some folks want to compare their property. Only one could be serious. If that person is Asian, expect an offer of at least 20% less than the listed price. They want to bargain just like our vegetable market. They dont bother to do some research abt the RE market in the area. When they see the seller is an Asian, the offer price drops big time, at least 20% less. I would rather pay the agent his/her commission than deal with wagabonds.

DIO

Quote:

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Originally posted by rahul_singh23

Buyers have the Power
As a buyer, you must remember you are the one in control. You are the scarce commodity in the marketplace. The seller is one of many for you to chose from, and they are all desperate. They need you. You don’t need them. No matter who you buy from, you are going to leave all the other sellers disappointed because they are going to continue to be trapped in their homedebtor’s prison. You can’t please everyone, so focus on pleasing yourself Sellers has too loose

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Quote:

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Originally posted by rahul_singh23
Don’t become concerned with the sellers needs, wants and problems. Does it matter to you if this house is their entire savings for retirement? Do you care if a sale below a certain price puts the seller into bankruptcy?

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Quote:

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Originally posted by rahul_singh23
Start with a bid at least 10% below asking price; however, it can be less if the most you are willing to pay is less. Lower your bid as follows:
If you are actively bidding on the property, make your offers expire in 5 days. If you are still interested in the property resubmit a fractionally-lower offer after 7 days (make them sweat for 2 days.) Don’t make is so much lower as to lose consideration, but make it enough lower that the seller gets the message that they need to come to your price before it gets any lower.
If the seller makes a counter offer, retract your offer and resubmit a lower one. Works the same as the time decay offer above. After you have lowered your offer a few times, the seller may panic and take your offer before it goes any lower. This is what you are after.
Lower your offer $500 each time you speak with the seller’s realtor. Every time they communicate with you, they will pressure you to buy. Lower your bid each time they speak with you to send a message that their pressure is not working, and it is, in fact, hurting their client.
Lower your offer $2,000 if the realtor uses one of the standard lies I mentioned above.
If the realtor tells you there is another bidder on the property, immediately withdraw your offer and tell them to call you if it falls out of escrow with the other buyer. Since this statement from the realtor is almost certainly a lie, it will cause them to have to explain to their client why the only buyer around has pulled their offer.

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Quote:

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Originally posted by rahul_singh23
For those of you with nerves of steel (and a desire to abuse your power,) I have a few additional suggestions for you:
•A week before closing, tell the seller or realtor you are considering pulling out of the deal because you have found another property you like. See if they offer you an additional discount.
•Three days before the closing, withdraw your offer and say you want an additional $1,000 off. Offer no explanation: You are only doing it because you can.
Conclusion
Not everyone has what it takes to implement all of these price-busting techniques. However, the more of these you put into practice, the lower the price you will pay for the home you want. You will never see the seller or the seller’s realtor ever again. It does not matter if you offend them.

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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/

I would suggest buyers and sellers to do some RE research of the area on their own. The prices are localised, most of the time, unless there is a overall change in trends across the city or province.

Just an example. I know a desi family in Ottawa where the guy made an offer for a house that was on sale (private sale). Our desi made an offer less than 20% of the listed price. Got rejected. Then he made it 19% less than the listed price. Got rejected. Third time, he made an offer of 16% less than the listed price. This time not only he got rejected, he was told in no uncertain terms not to bother to make an offer. He was told by the seller, even if our desi guy is ready to pay the listed price, the seller wont sell to him. He would rather wait for someone else. Our desi's wife spilled the beans as she also got frustrated with the behavior. May be our desi bhai thought RE buying/selling was like a vegetable market.

RE buying/selling in Canada is not like India where u can back out of contracts with dadagiri or worst case scenario all the ronadona. There is no system in India that's why things like that happen. If if there is system, no one will follow. Legalities take years of time to settle.


DIO

In matters investing you life's savings, one has two choices:

1)Listen to you neighbour, friend, colleague, family member or someone who bought a home some years/months/days ago (and their RE knowledge is restricted to that experience and transaction) or to someone who is simply pissed of that he cannot afford to buy a place even in this so called "buyers" market and therefore dissuades others to do the same

2) Listen to folks in the business, find an expert mentor, do your own research, look up to what other successful people have achieved and how they achieved it(Donald Trump, Warren Buffet, Bill Gates,....)

.....and for heavens (and you own legal protection) sake....don't listen to someone who relies on US websites to give advice ( http://kwoo.wordpress.com/2007/09/25/a-buyers-market/ ) ....or do so at your own peril. Laws & markets are very differerent on both sides of the border.

....And please don't bad mouth professionals who are helping millions of people every year. As a consumer you have a choice to choose your professional. Someone said, they got cheated by a Realtor.....Did you really? Or you just felt it because someone said so? If what you say is right, then what did you do about it? There are Lawyers who will take your case pro-bono....or did you even make a complaint against that REALTOR to the RE Board or RECO (if property is in Ontario)?

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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK

Rahul,

Copying and pasting information with no credit to the original owner (who himself sound's like a jerk) Plagiarism is voilation of copyright. http://kwoo.wordpress.com/2007/09/25/a-buyers-market/
At least CDs know your sources of invaluable information now.

Try visiting some good websites and make a positive impression on other people's lives.

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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/