Realtor Team Specializing in South Winnipeg

Your Home is Sold… Now What!?

Congratulations!  You’ve made it from listing to SOLD!  But now what?  I’m going to cover some points that I often go through with my clients once their home sale firms up. 


In my opinion, the hardest part is over.  You have triumphed through showing-after-showing, multiple open houses, some harsh feedback, along with all of the other stresses that come with the sale. Or perhaps you consider the physical packing and moving of your items to be the most stressful.  Either way, things are moving forward and it is best to be mentally prepared!


All of the paperwork that you need to sign with me is now complete.  That's right, you no longer have to see my face.  Unless of course you want to.  Then the feeling is mutual!  But I will not be needing any more signatures on anything at this point, unless you and the buyers agree to amend something in the contract, for instance a possession date.

What you will still need to sign are the land transfer and mortgage discharge documents, etc. usually done with your lawyer a few days prior to possession.  I will have already forwarded all of the paperwork on to your lawyer, so they should have everything they need for your file, apart from your signing hands (and survey certificates if you have them and keys)!  The lawyers will usually get in touch with you about a week prior to possession. So do not be alarmed if you don’t hear from them immediately after the sale.  You only need to give your lawyer one set of keys.  The remainder of the keys can be in the home for the new owners.  The purchasers just need to be able access the home on the date of possession.


Moving Checklist WinnipegThe lawyer will also ask for final meter readings, particularly the water meter reading.  This should be done the day prior to possession.  The lawyer will usually give you instruction on this.  If you do not provide the water meter reading, sometimes the lawyers will do a holdback of funds (usually around $1000), until they receive confirmation from the City that your usage has been confirmed and paid. So it is important to get this reading done prior to possession.  You should also read the hydro and gas meters as well.  For any meter reading, I encourage you to take pictures of the meters, especially with something that shows a date. The purchasers are instructed to take their own meter readings upon possession as well, and then Hydro tends to take the average of your reading and their reading to arrive at a number they feel is fair for final billing.  So far, I have only encountered honest buyers and sellers, but I'm sure there are some that lack scruples and may report inaccurately (hence the picture recommendation).


Other items to keep in mind: It is time now to cancel your insurance.  BUT I would cancel it effective a few days AFTER possession.  Just to be safe.  I've heard horror stories of people showing up for possession and the house having burned down and there being some dispute over when the fire started.  So better safe than sorry.  The extra cost for a few extra days is worth the peace of mind, in my opinion.  


Make sure to change your address on everything (Credit Cards, Schools, Bank Institutions, etc). You may want to look into mail forwarding with Canada Post.  They have options for mail forwarding for several months up until a year.  I have found that there is always some mail that may slip through the cracks (Costco rebate cheques that only Celebrating your home sale in Winnipegcome once a year!).  So if you are feeling paranoid that there is something you may miss, I recommend setting yourself up for mail forwarding.  The Canada Post Website can be found here: https://www.canadapost.ca/cpc/en/personal/receiving/manage-mail/mail-forwarding.page


And my last instructions are to go celebrate.  This one was tough on you guys, but you championed through and you deserve some time to celebrate! CONGRATS!





Jennifer Queen Team - Top Winnipeg Realtors

#AgentJen


Jennifer Queen

Phone: (204) 797-7945
Email: Jennifer@JenniferQueen.com

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The Real Cost of Purchasing a Property

Thinking of buying a house? Most buyers already know there are costs associated to purchasing a home (apart from the obvious purchase price) but what are those costs exactly?


In the real estate world, we refer to these costs as “closing costs”. These closing costs account for all of the extra fees, taxes and more that are required at the time of closing to ensure the property transfers ownership. On average, we tell our clients to set aside 2-2.5% of the total purchase price of the home to cover these closing costs. What this means, is that if you are purchasing a home for $350,000.00, with a 20% ($70,000.00) down payment you would need to have $8750.00 aside PLUS your down payment to close on this property. If this comes as a little bit of a shock to you, don’t worry, you aren’t the only one! Good news is, after reading this article you will be an expert in what to expect when it comes time to writing that big, scary cheque on possession day!


Just a tidbit of advice before I get started, mortgage lenders will usually want proof that you have the amount needed for closing prior to approving your mortgage financing, so having a rough idea how much you will need will help you understand how much you can afford.


THE BREAKDOWN:

Lawyer Fees:

This is the most variable cost of all of the closing costs. Lawyer fees well vary depending on which lawyer you use, the amount of labour needed, what documents are required and much, much more. The majority of real estate transactions go pretty smooth once they are with the lawyers (we have already done the majority of the back and forth!) and if this is your case, you should be budgeting for roughly $800-1200 for these costs.

IMPORTANT NOTE: If you are NOT using a real estate agent to write the offer, these costs will be significantly higher.


Title Insurance:

We have spoken about title insurance in the past but here is a quick summary once again. Title Insurance is required by most lawyers and lenders when closing on your property. This insurance has replaced the need for a survey of the property. It covers you for encroachments, easements and building permits that were not disclosed to you prior to you purchasing your home. Buyers MUST do their due diligence to ensure this information was not readily available to them prior to them purchasing the insurance. Title insurance will cost between $250-$400 depending on which provider you use.


Land Transfer Tax

This is the big one. This is a provincial tax that is calculated as a percentage of the purchase price of your home. The calculation is a little complicated as it depends on the price of your home. As the purchase price of the home increases, the percentage paid increases as well.  If you would like to see a more accurate calculator you can go to ratehub.ca and go to Land Transfer Calculator and input your information. In Manitoba there is also a registration fee for $70.


Property Tax

Depending on what time of year you are taking possession, and how the previous owners were paying their taxes, you will have to reimburse the sellers for the amount paid already. If they are part of the TTIP program, you will only be reimbursing them for the portion of the taxes they paid for that MONTH after the property transferred. If they paid their taxes in one lump sum in June, you will need to reimburse them for the portion of the YEAR after the property transferred to you. As you can see, this amount can be substantially different depending on how they paid and when. Therefore my advice to you is be prepared to have to pay as though they made one lump sum and there will be no surprises!


Commission

Normally, the buyer does not pay any commission to their real estate agent. The price of the commission has already been built into the purchase price and is paid by the sellers. There are situations where the sellers are not willing to pay commission, when that happens, there is a fee agreement drawn up between the buyer and agent for an amount or percentage agreed to by both parties. This is very rare but does occasionally happen.


Mortgage Default Insurance

This one is an honorable mention, this is not technically a closing cost but it is something to be aware of when purchasing a home. Mortgage default insurance is associated with any mortgage where the buyer has put down LESS than 20% (also called an insured mortgage). This mandatory insurance is tacked on to your mortgage, thus not an upfront cost.


Other costs:

We have covered the fees that will be required on the day of possession but I just want to touch on a few others that may come up during your move!

-          Moving Truck

-          Boxes

-          Internet/Cable set up

-          Renovations 

-          Locksmith

-          Cleaning companies/supplies

-          Storage Locker (depending on when possession is)

-          Painting


Like I had said at the beginning of this article, this may all seem a little overwhelming and not mention expensive. Being aware of the costs to be expected will hopefully take away some of the surprise and prepare you for the realty for what it cost to buy. 


Buying a home in Winnipeg#AgentAshton


Ashton Augert

Phone: (204) 781-1767
Email: Ashton@JenniferQueen.com

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June marks my seventh year in real estate!  This is hard to believe, as it feels like just yesterday when I received my letter from the Manitoba Securities Commission!  Although in this time I have had two babies, received my MBA in Marketing from the University of Manitoba, bought and sold my own home, become an aunt two times over, and got my broker’s license.  So I guess more time has passed than I realize!  Anyways, to commemorate this anniversary, I thought I would put together a list of the seven things I have learned in my seven years in real estate:

 

1. Real estate is a relational business, not a transactional business

People truly don’t care what you know, until they know that you care. For the first few years of my career, I was so focused on being professional.  Rigid would be a good way to define my personality in the early days. Sorry to these clients, it must have been very boring to work with me! Realizing that you can be professional while also being personable was a game changer.  Now, sharing my life with my clients, as they share their lives with me has made my job much more enjoyable, and resulted in many long-lasting relationships!

 

2. There are two ways to build the tallest building in town

I know, this sounds weird, but there are two ways to look at business: 1. You can tear down all of the businesses around you to become the tallest building, or; 2: You can just build the tallest building.  This can be a tough industry as my colleagues or friends within the business are often my competition, and an industry set up such as this can lead to dissension amongst peers and sometimes downright dirty tactics to obtain clients.  But karma exists. Always choose to build the taller building.

 

3. Build a solid team around you

Amy started with me after my first year in the business.  It helped that she had some knowledge and experience already in real estate.  However, had she not, recruiting her still would have been an easy decision.  You see, I truly believe that anything can be taught.  However, character cannot be learned. So build your team with quality people that want to see you succeed, and the rest can be figured out as you go! As we have continued to grow the team, and form partnerships with others, this strategy has remained at the forefront and it has not steered us wrong yet!

 

4. Communication is Key!

There is a lot that goes on behind the scenes.  A lot of the time silence is mistaken for inactivity.  Whether it be good news, bad news, or even no news, keep in touch with your clients! Sometimes it may be uncomfortable, but people will appreciate you for making the call.

 

5. Honesty is the best policy

For most people, a home will be the largest asset they ever own.  So be honest in your dealings with the public.  Throughout the buy and sell process there are a lot of questions and decisions that will come up, so delivering truthful information is key so that buyers and sellers can make informed decisions.  Sometimes the truth isn’t what people want to hear, and delivering it can be painful.  But your clients and fellow Realtors will thank you for it in the end.

 

6. Education is paramount

Goodness, the things that I didn’t know when I started are scary to me.  But the only way to learn is to latch onto every education opportunity you can find.  Whether it be following a home inspector around, to tricking other Realtors to go for lunch with me so that I could pick their brain, to enlisting in webinars from other Realtors, to reading a new book, to enrolling in courses (online and offline), or to deciding to take up an MBA in marketing mid-career, there is an abundance of things that we can all learn.  Always be willing to share your knowledge and education with others as well. 

 

7. Trust that life usually works intelligently

Over prepare then go with the flow. If things don’t seem to work out at first, there is usually a good reason for it. Things will inevitably go sideways.  Buyers will get declined for financing, home inspections will fail, you will have clients get outbid on a property.  But after doing this for several years, I have learned that if it is meant to be, it will be.

 

 

Looking back, it all seems like it went by so fast!  It has been quite a ride, many happy and hilarious memories have been made, and many life milestones achieved. I wouldn’t have it any other way and can’t wait to see what the next seven years will bring!

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In the days of the do-it-yourself mentality, many home owners are making the decision to try and sell their homes themselves.  At the end of the day, it really comes down to the question, "What's the best way to sell my home in order to put the most money in my pocket?".  The following questions may help you decide if selling FSBO (For Sale by Owner) is right for you:

  1. Do I know how to price my home so that it is competitive in today's market?
  2. Can I be unbiased about my property's value?
  3. Do I have time in my schedule to market and show my home (This includes weekdays, weekends, and evenings)?
  4. Can I show my home during the day if a buyer wants to see it the same day?
  5. How much money am I willing to spend in marketing and advertising costs up front before I switch to a REALTOR?
  6. Do I know how to effectively market a property?
  7. Do I know the profile of buyer that my property's floor plan, neighborhood and style will attract and how to market to that demographic?
  8. Do I know what wording to use to attract my target market to my property?
  9. Do I have experience and skill in selling a home?
  10. Have I sold before?
  11. Do I know how to pre-screen prospective buyers so that they won't waste my time?
  12. Can I be impartial when showing my home if someone does not like the floor plan, decor, street, price, or they have an abrupt personality?
  13. Do I know what to say and more importantly what not to say to a prospective buyer?
  14. Do I know how to protect myself from liability or misrepresentation when talking directly with a buyer?
  15. Do I know how to protect myself and my home against theft or crime?
  16. Am I current on the latest trends and lender programs when buyers ask?
  17. Do I know what to say to a REALTOR who has legitimate buyer inquiries?
  18. Do I know how to negotiate my property's value in today's market?
  19. Do I know how to write an offer and the wording to use for all the terms and conditions so that a savvy buyer cannot take advantage of me?
  20. Do I know how to handle multiple offers properly?
  21. Do I know what to do if anything goes sideways?
  22. Do I have an experienced person I can call for advice if an issue arises?
  23. Am I the best person to represent my home in today's competitive market?

 

By asking yourself these questions you will be better prepared to know whether or not you can handle the sale yourself.  The list sounds daunting, mainly because it is.  As a REALTOR, I have been trained to handle all situations that may arise during the sale of your home.  Feel free to ask me any question you may have about your home.  Remember, market evaluations are always FREE!

 

Jennifer Queen

RE/MAX Professionals 

(204) 797-7945

My Phone is ALWAYS on[:)]

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