How much minimum carry home Salary needed to buy home 300-325K
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Never sign a contract as a buyer. It's more like a seller's side to sign contract. Remember Realtor works for seller more than buyer if you see open house, mls listing, nice printouts and some paper work even before bringing house on sale.
In this market, buyer is a king and vulture.
1. If you have budget of 320K then you say you limit is 300K. Realtor always shows you 10K-20K more expensive home.
2. Taking out money from other's people pocket is not easy job. So remember Realtors are very very smart people and they deal with tons of people like us. So as a buyer/seller you must be fully prepared with all the info. You are only one who can think about your financial investment.
3. Realtor like to make good ( not best) deal for you, another realtor and seller as for him it's business and he likes to keep everyone happy. You never know that sellers will be his client in future. Remember you best deal is always bad deal for other party.
4. Never tell Realtor how much u are approved for as Realtor always try to hit that number. As a buyer it does not matter how much u are approved but important is how much you can afford as a conservative investor.
Quote:
Originally posted by sville
Usually you sign a contract with REA. Something like you hire the agent. That contract is for short period of time - 3 months, 6 months.
As I understand, till that contract is valid, the REA has a right to claim his commission on any house you purchase with anybody.
So, if you are planning to change REA, you should fire him. Written notice or an email .. something that shows that you fired that REA before signing the purchase agreement with some another REA.
Location: carl sagan's universe
Posted on: 30-01-09 07:16:38
Quote:
Originally posted by pratickm
Quote:And by theirs, you mean ours, right?
Originally posted by investpro
and to boot the govt has tranferred those loans from our books to theirs- hot dog!'
Well, we gotta have a bubble every 5 years so what's next?
I mean, what's the fun of capitalism without a nice, juicy, bubbly bubble every 5 years.
Dot Com, Oil, real estate it's a fun ride, innit?
Yeah ours finally in the end
Actually based on current data that the mortgage loans on the lenders' books are extremely sanguine, I don't mind that they are transferred to the govt. (our) books, which means that there is less pressure on lenders' tier ratio which leads to extra lending and perhaps even rate reduction.
A Trust company that had its mortgage loans transferred to the govt books (at least they have a pledge that all will be transferred- it is being done in stages) just reduced its lending rates on RRSP loans, because its ratio got better and it was able to borrow at a better rate thus passing on some of the savings to clients- which is spurring the RRSP business.
Yeah and the roller coaster ride is exhilarating for many but not for those a kiss away from retirement.
Location: carl sagan's universe
Posted on: 30-01-09 07:21:47
Quote:
Originally posted by amit kalia
The principle, "As you sow, so shall you reap" is proving itself to be true in the markets out there.
Have a nice day!
So true!
And now is the time we are sowing the seeds for the next market boom!
In the meantime, I have gone back to Forex and hey so far so good!
I had re-entered the markets in Oct and pulled out early Jan making a small profit, but it was nerve wracking.
But you know something I have actually invested some bread in long term equity mutual funds. Since the mind set is long term on this- I ain't too uptight about everyday fluctuations
but we are deviating from the original intent of the thread- but then that's always the case.
Nice points Rahul ,
Over all this is turning out to be quite an informative thread . On this very board , I d read a realtor post that the final buying is an "emotional" decision for the buyer and hence the price is negotiated that way ....
Never let emotions come in picture while deciding on the final price as realtors know this ............. make your parameters clear and do not come under influence from any party ........ its your money and your investment and your liability ..........
Nice point to know that one should not disclose the approval limit to the realtor ....
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Fido.
can the moderators make this topic a sticky?...
Quote:
Originally posted by investpro
Actually based on current data that the mortgage loans on the lenders' books are extremely sanguine, I don't mind that they are transferred to the govt. (our) books, which means that there is less pressure on lenders' tier ratio which leads to extra lending and perhaps even rate reduction.
If that's the logic being used by the banks and govt., then why not eliminiate several layers of middlemen and have the govt lend directly to the home buyers?
What's the point of having a lending institution, a mortgage broker, CMHC, title insurance company, lawyers and a whole bunch of other people in the middle?
Only for the govt (aka tax payer) to buy up all the mortgages later?
Just create a govt dept. that handles all this.
Much cheaper and less riskier for the tax payer in the end?
Quote:Oh so we cure a problem with more of the same?
A Trust company that had its mortgage loans transferred to the govt books (at least they have a pledge that all will be transferred- it is being done in stages) just reduced its lending rates on RRSP loans, because its ratio got better and it was able to borrow at a better rate thus passing on some of the savings to clients- which is spurring the RRSP business.
Just keep the debt rolling.
That will only make people get more into debt and further increase the risk of massive inflation with all this pent-up money in the financial system.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Quote:
Originally posted by Fido
Nice point to know that one should not disclose the approval limit to the realtor ....
The REA should NEVER ask you about your approval limit.
If he asks you, yes, that's your RED flag.
He or his work, nothing concerns the approval limit.
Knowing that the range your mentioned does not go beyond the approval limit should be fine for him
Never assume that the REA will show you 10K-20K above your limit.
If he shows you LIMIT+20K, well, yes, that's your another RED flag.
What part of "320K is my LIMIT" can be misunderstood by any REA?
Again, have your range narrow and tight.
320K-340K means MAX 340K.
If you assume you will be shown houses for 350K, yes, that's your mistake. It's not your REA's fault.
If He shows you 350K, it's his mistake. But if you don't speak up, well it's your mistake. Don't blame REA for your "chal jayega" attitude.
And trust me, if you don't know/show your MAX limit, the REA will create that limit for you.
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