Monthly Archives: February 2009

MLS.ca is the multiple listing service where you will find most Toronto homes that are for sale, infact this is where you will find most of the homes for sale in Canada. Mls.ca recently moved to a new site location realtor.ca, with this move there was an increase in search options. There are now four different ways to search for properties on mls.ca, those include: mls number lookup, quick search, interactive map search, and advanced search. I would recommend the quick search option.

1. Enter the url mls.ca or realator.ca into your browser

2. On the main page of mls.ca select Residential Properties

3. Type in the street, neighbourhood, City or MLS Zone of where you want to search. Try to be as specific as possible. If you know which part of the city you want to live in type it in i.e. Rosedale. If you have no clue than keep it general i.e. Toronto

4. Fill in the other drop downs that are applicable for your particular property search. If you are looking for a broad range of matches leave as many fields as possible blank. If you wish to narrow it down type in specifics (price range, detached house, minimum number of bedrooms etc.). Keep in mind if you are too general and there are more than 500 results than the system will require that you narrow it down.

5. Once property matches are generated you can either navigated through the results on the map or click on each individual listing on the right hand side organized from lowest to highest priced properties. If you do not like the map you can also click gallery view or thumb nail view in the upper right hand column. This will change the view so that the map does not dominate the page.

A few tips that I like to use include: – Be sure to enter in a lowest price (this will eliminate getting matches on properties that are for lease etc..) – Zoom in/out on the MLS map on the area you are searching, this will help you get to know the location you are looking in. – If you find a property you like check out all the details (does it come with parking, what is the size of the lot etc – Contact your Toronto real estate agent with the mls number to get their opinion

One important note that I tell all of my clients is that the publicly available mls.ca is not necessarily up to date. Often Toronto real estate agents find that when they upload a new property it will take a couple of days for it to become available on the public mls.ca. It does however become immediately available on the mls.ca that is reserved for real estate agents.

To get the best of both worlds I register my clients to receive automated emails from the agent only mls.ca. This allows them to receive by email all of the properties that matches their search criteria as soon as they are loaded into the system. This is also something that I gladly provide any prospective clients regardless of whether they hire me or not. Please contact me to start to receive these automated emails.

A considerable number of decisions have to be made when you are remodeling your kitchen. You need to think about the colors, the placement of the appliances and cabinets, the type of cabinets and fixtures. You will have to consider the type of wood for the cabinets-cherry, maple, or pine for example. Part of your decorating decision will be the style of cabinet-modern, colonial, glass doors, and solid wood to name but a few choices. Of course, the amount of money you can allocate for this remodeling job is of prime importance.

In addition to all of these decisions, you must also decide what type of counter top you will put on top of your cabinets. Not only will you need to think about color, but the material the counter top is made of. Currently, granite has come to be used quite often because it has many advantages. Among these advantages are:

Durability- Granite is one of the hardest stones and will last a long time. If you expect your kitchen will be heavily used, granite is ideal because of its hardness and durability.

Beauty- Nothing is more striking than the natural beauty of a stone kitchen top. It’s like bringing a striking piece of nature right into your home.

Uniqueness- no piece of stone is the same so your countertop will be unique and different from any other countertop used in other kitchens. And stone is much more interesting looking than something like a plain white countertop.

Health Benefits: No matter how careful you are in the kitchen, your kitchen is a breeding ground for bacteria because it is a warm and moist environment. That is why it is so critical to keep your counter tops clean while you are working, particularly if you are cutting raw meat and then switch to chopping vegetables. Granite has a huge advantage over other counter tops. A great many scientific tests have uncovered the fact that granite retains far fewer quantities of bacteria than practically any other building material you could choose for your counter top.

Cost: There are a variety of cost options open to you when you purchase granite kitchen counter tops. Your first impression might be that that granite is more expensive than other counter tops. However, after shopping around, you will realize that granite kitchen counter tops are not any more expensive than counter tops made from other materials.

It is always helpful to look at home decorating magazines and even remodeling magazines to get an idea of what your finished kitchen will look like. Look pictures of kitchens with granite counter tops-some may even have photos of granite similar in color to your first choice. Photos will help you imagine more clearly what your remodeled kitchen will look like. The Internet is another great resource for photos of granite kitchen counter tops. Browsing is part of the fun involved in remodeling, so enjoy the journey. Remodeling can be lots of fun.If a store is located nearby, you have a huge advantage. You will be able to see the granite and touch it. That experience is far superior to photographs. You will also have the advantage of being able to talk with an expert in the showroom who can answer all your questions, and perhaps even come to your home and take measurements. This would help you price out the project more accurately.

If you are building a new home, you have a unique opportunity to do something to help the environment, and your energy bills. While you are making choices about your home, be sure to include energy saving systems in the home. It is far more affordable to do this now as you build the home than to upgrade at a later date when you are ready to make a difference on your utility bills, and you may even receive a tax credit for doing so.

The Best Systems to Consider When you are considering the systems that should be the most energy efficient, focus first on your HVAC system. Make sure the unit is properly sized for your home. A unit that is too large will use too much energy, and a unit that is too small will have to work hard to keep up with the need in your home. Make sure that the contractor considers all aspects of your home, including the typical climate of your area, where your home is positioned in relation to the sun, the heat loss or gain in the home, and the air leakage that is common in new homes such as yours.

Choose a heater and air conditioner that are backed by the Energy Star label. This will ensure that it is as energy efficient as possible. If you do, you will notice a difference on your energy bills when compared to the home you are currently living in.

Seal the Ducts One part of the HVAC system that can lead to energy loss is the duct system. Make sure that the system is designed to properly heat and cool the home. Vents should be in areas of the room where they will circulate air well, and every room should have a return vent.

If your duct system has a leak, you are losing money in the same way that you would if you had a drip in your faucet. Make sure that the contractor pays special attention to sealing the ducts when your house is built. Ask the builder how the ducts are sealed, and if you are not happy with the answer, insist on a better technique. Duct systems can be permanently sealed with mastic or UL 181 tape.

Consider a Humidifier One way to get more out of your HVAC system is to install a whole-house humidifying system. A humidifier will help the house feel warmer in the winter, and dehumidifying in the summer can help it feel cooler if you live in a humid area. This means you can adjust your thermostat slightly, saving even more energy. Installing a whole-house unit when you build the house is a far better option than trying to attach one after the HVAC system has been installed.

Don’t Forget the Windows Your windows are the place that you will lose the most energy, so make sure you choose the right ones. This is a place to splurge a little on your budget. Pay extra to get Energy Star windows that will not let out as much of your heating or cooling energy. Make sure the windows are sealed properly as well, because even the slightest leak on a window will make a tremendous difference on the amount of energy that is lost.

Making these decisions when you build your house will make a bigger impact than retrofitting the house to be more energy efficient later. It will also be more affordable to do the job now than to do it after the home is complete. Talk to your builder to find out what energy efficient systems are available for your home.

Car insurance is a necessity whether you like it or not. So with that in mind, here are a few things to take into consideration when looking for a new car insurance policy.

Make sure you understand what the policy does and does not cover. Does the policy meet your needs? If not, then ask your insurance provider to come up with a new policy quote. While you are required to have car insurance, you also need to make sure the insurance coverage will take care of you in case of an accident or vehicle breakdown.

New vehicles that were purchased with a loan require full insurance coverage. This is not an option, and often the insurance policy is needed before the loan is awarded. So if you want to purchase a new vehicle, make sure you a insurance policy worked out first.

If you own a home or have life insurance, bundle your policies. That means you purchase all your insurance policies from the same provider. This can provide significant savings on all your insurance policies, and it simplifies your life because you are dealing with one insurance provider for all your needs instead of several insurance providers.

The location of your residence heavily influences your rate. More expensive vehicles need more expensive policies, especially if they are parked in large metro areas where the chance of theft or vandalism is much higher.

If you have teen drivers in your family who need car insurance, this creates a new set of issues. Teens are considered high risk drivers due to their inexperience behind the wheel. It can be very expensive to add a teen driver to your car insurance policy. However, if your teen is a good student, ask your insurance provider if they have good student discounts. Good students are viewed as responsible, which helps lower the risk in the eyes of the insurance provider. Your teen could also enroll in a basic or defensive driving course to help lower their insurance premium rates.

Insurance providers also offer many other discounts for senior citizens, veterans, and women. Certain organizations like the AARP, also sometimes qualifies you for a cheaper premium.

Finally, ask around and get several car insurance quotes. Another provider could possibly offer you better coverage at a lower premium. Providers are competitive, so they also might be willing to lower their rates if they know you are shopping around for a deal. It never hurts to ask.

Regardless of your car insurance needs, contact a qualified insurance provider. They can examine your situation and answer whatever questions you may have before tailoring a car insurance policy that meets your needs and provides the coverage you want.

First National Bank is one of the options you have when taking out a new home loan. The team of qualified professionals is ready and willing to assist in any questions or concerns.

Before you start looking for a home, examine your budget and figure out how much you can afford. You will need to think about insurance, maintenance and repair costs as well as the home loan capital and interest. All of these expenses are figured into the cost of the monthly home loan installment payment.

Your credit report is the first place to start. What is your credit like? If it?s strong and solid, you will get a loan. If it?s poor or inconsistent, the chances of receiving a home loan may be bleak.

You will also need to have money in the bank in the form of two or three months? worth of loan payments, called reserves. You also want to have cash set aside for a down payment, usually eight to 10 percent of the home?s total cost, as well as funds to cover loan closing expenses. Ask your home loan provider for their specific requirements, which vary from lender to lender. If you are having trouble coming up the money, take a look at your budget again and see what expenses you can cut. You could also borrow money from retirement accounts or life insurance policies.

Lenders also require you to document your income and assets, providing paperwork for anywhere from three months to six months. Ask the bank exactly what type of paperwork they need. Gather the paperwork quickly and submit it to the bank. Doing this process quickly will reduce the wait for acceptance.

Home loans range from fixed rate loans to variable rate interest loans. Individuals find each type of loan desirable depending on needs and income. Which type of loan suits you best?

Study and research all the home loans available. This will help you decide which loan is best for you and your family. Ask questions and never sign any contracts when you are still unsure of anything.

When you are looking for a home, make sure you speak to a qualified home loan provider. They can answer questions, look at your current situation and help design a home loan that is affordable and meets your needs. Buying a home can be intimidating, but with a qualified home loan provider with you every step of the way, buying a home can be a truly rewarding experience.

Real Estate Owned or REO’s refer to properties that are repossessed by the bank after foreclosure.

When buying in the post foreclosure phase, the bank or the lender is the owner of the property by either through a pubic auction or an owner agreement during before foreclosure proceedings.

There are several ways to avoid foreclosures. One is thru Short Sales. A Real Estate agent listed and value a property they feel right for the new buyers and wait for the bank to determine the actual price..

Most of the time, the property is sold for less than the full amount due, and the owner accept the proceeds from the sale as payment in full.

When you buy a foreclosure property, you almost always agree to buy it in the “as is” condition and you agree to inherit all tenants currently living at the property and other liens against the property.

Most often, a property is sold at a foreclosure auction at a much lower rate. After foreclosures, the bank repossess the property.

It always pay to have good contacts especially in the real estate world. No matter how good you are, you need help from professionals to help you go thru the process.

This rule applies to every property being sold.

You already have a bond so what do you need a second one for? Simple, you have ideas of expanding or renovating the property and you once again need assistance from the bank. Banks are always willing to help, just know that they will likely charge a high down payment once again.

Banks want to lend money. In fact, it’s one of their primary ways they stay in business and a founding pillar. Holding bonds allow the bank to make a long-term profit. It also allows the bank to own property until the lender has fully paid off the loan.

If you are interested in taking out a mortgage, you first must be able to make a down payment, commonly known as a deposit. This deposit usually should equal at least 30% of the net worth of the property. This down payment ensures the bank that you plan to pay off the debt and have the necessary funds to begin with.

The only difference is the bank will need to find out the exact reason you want a second bond. With the first bond it was simple, you wanted to own a house or start up a business. With a second bond, you are adding something in addition to your first bond. The bank needs to know your intentions.

When considering such a request, the bank will follow the procedures that they would do when granting a new mortgage, but with one or two minor differences. If you plan on renovating your current property and just need help via a loan, the bank will request you submit estimates from professional contractors. Banks are much more inclined to grant the money if professionals will work on the renovation and not yourself.

Bonds are intended for the long-term, with a minimum of ten years required, and generally running more in the twenty to thirty year period. People who apply for mortgages for the first time must display a steady employment and pasty financial stability for at least a few years.

Banks who issue bonds are entitled to ask for banks statements and details of income. Banks prefer to see bond repayments be no more than one third of the joint net salaries of the buyers. They will never admit this openly, but banks need to have this type of verification.

If you meet the bond’s criteria, have a stable job and ample income, the bond is probably only a signature or two away. Just make sure allow the bank plenty of time to examine the bond request and you think it through intensely.

When a property went through the foreclosure process and become unsuccessful, the bank take possession of the property, thus the name bank REO or Real Estate Owned.

Foreclosed houses are real estate properties that have been foreclosed by the lending companies or the government because of the failure of the owner to pay their loans or mortgages.

One advantage of buying an REO is buying the property below market value.

REO homes are being auctioned more frequently .The bidders have to be careful in bidding these the properties. These bidders must properly analyze the properties and check their maintenance costs involved in them before going for final bid.

You may prefer to purchase a property owned by lenders to take advantage of getting the property below the current market value.

To lessen the expenses of keeping a property, the bank will likely accept your offer to get their hands off a property quick and fast.

In most of these REO homes auctions the bidders have upper hand and are gainers as they always buy at lower cost and resell them to interested parties at higher value to gain profits on it. Although REO homes auctioning business have added to the woes of the borrowers of the bank it has undergone a rapid and major profitable business for Real estate agents.

It’s no surprise that the foreclosure market is at an all time high as it seems that more and more properties continue to face home foreclosure. Because of this increased volume over the past few years and the resulting opportunities the need for a real estate investing guide in foreclosures is tremendous.

Real estate agents all agree that there are certain things that may be improved in a home, or in a manner of how it is marketed, to make it sell much quicker on the market. This is great for homeowners who need to move out fast, or need the money that a home provides with haste. Whatever the case, there are methods in which to follow to make a home more appealing.

The first step in selling a house is deciding on whether or not to sell a home and bypass real estate broker fees, or to opt with a broker and agree to pay a fee. To sell a home quicker, it’s recommended to opt for the latter option, as real estate brokers will be able to market in newspapers, magazines, on television, and over the Internet. Those who decide to sell their home by their own self soon find that putting a sign out in the yard doesn’t always attract the attention they would prefer.

Renovating a home is the best option in making a home more appealing, as well as raising its value in turn. The biggest additions in value come from adding rooms or sheds to a property- but also remain to be the most expensive. Even small projects such as adding a garden or fenced yard will greatly raise the interest that others have in the home, and can add value equal to the amount spent on the upgrades.

If a home isn’t in the best shape, don’t fret. There are those who will still buy it in order to renovate it and sell it again. If that’s the case, talk to a broker about putting the listing in other forms of media that will get it seen by entrepreneurs or even those who don’t have the budget to buy a newer home outright. Using politically correct terms like TLC, or tending lover care, will help positively market it.

Families tend to go for larger homes when trying to find an affordable home. This is a poor prospect for sellers with smaller homes, as this discounts most buyers from looking at their home. Just like with dilapidated homes, real estate brokers can market smaller homes just as easily to get attention. By putting emphasis on its energy-saving qualities, a good neighborhood, and a crime-free location, families will have more interest in the property.

There are many books and published materials on the subject of selling a home fast. If you think that the home you currently are trying to sell should be selling faster, consider buying a few books to read more on the subject.

Closing Comments

From this point forward, investigating brokers and making small home improvements is a good idea. Talk to a few brokers in the area and ask for pricing, statistics, or other information that shows they are competent in selling a home.

What is an REO? REO means Real Estate Owned. Everyone is talking about REOs these days. But before you consider buying one, there are a few things you should know about REOs. These properties are generally owned by banks, credit unions, mortgage companies and sometimes private companies.

News and reports about foreclosed properties are becoming common nowadays and the opportunity to market REO are increasing dramatically. Almost everyone is trying to get their hand on an REO and tries selling them.

It’s good to purchase REO as they are priced lower than the market value. However, you need to work your way in order to get your hand on these properties and avail a much lower purchase price.

It’s more likely for a buyer of REO property to get a lower price during pre-foreclosure or auction stage. After the foreclosure process, the REO owner is not allowed to make a profit.

This time can vary from state to state. The process of the bank taking possession of a property is known as foreclosure. A foreclosure property is put up for sale in an auction known as a Public Sale. If the property does not sell or is selling for too low the bank will bid on it and keep possession of the property.

After the foreclosure process, the property becomes an REO and the lender, mostly banks, take hold of this. Since banks are not in the business of selling properties, they would likely want to sell the property a lot sooner.

REOs are sold AS-IS. This means that what you see is what you get. You will need a qualified home inspector to guide you with this step of your REO purchase process. Only a qualified inspector will be able to reveal latent flaws or issues that you will need to consider before you purchase the REO. You will need to factor in the costs of potentially repairing, replacing or rehabilitating the necessary sections of the property into the price you will be paying.

A more efficient way to acquire REO properties is to purchase them from private real estate investors who specialize in purchasing bank owned property portfolios. These investors buy in bulk at wholesale pricing and can pass their savings along to you.