Frequently Asked Questions
How much does do I charge for buyer's agents' services
My REALTOR® services for home buyers is $0. My compensation comes from the commission set by listing agents when you as a buyer purchase a home. This is also why real estate agents get a bad reputation for rushing their clients through the process as we get paid when you buy.
In the event that you do not purchase a property with me, but I have provided “real estate services” you will have no obligation for remuneration as the home buyers. If you are unsatisfied with my services, it’s as simple as sending me a text to terminate the service agreements
Why do I need a Buyer's Agent? Why can't I just write an offer with the listing agent and maybe get a discount?
I can understand keeping costs low but like I said previously, my services are free for buyers agents.
“If the listing agent double end’s the sale, can’t they cut the commission and give me a discount?” In theory, yes. if you’re the only offer of that property and are really well-versed in the real estate world. How many homes do you know that didn’t have at least 2 offers in the last 6 months? Do you have the knowledge of home prices and the understanding of how much properties are actually worth? Do you have access to the home sales data to ensure that you’re not over-paying for the houses that you see on Real estate websites?
In Manitoba listing agent’s have the fiduciary duty to have the best interest of their SELLERS in mind, and you can’t have the best interest in mind for both the buyers and sellers at the same time as it is a conflict of interest.
Buyer’s agents have the contractual obligations to have the buyer’s best interest in mind and ensure that you’re safe during the purchasing process.
How much money do I need in my bank account for a down payment?
The minimum down payment in Winnipeg, MB is 5% of the total purchase price. Now this comes with a few stipulations.
- Closing costs are extra: this includes: land transfer taxes, Lawyer fees, Home Inspections, Appraisals. You should allocate anywhere between 2-2.5% of the total purhcase price
- Default Insurance: When you purchase a home at 5% down, there is a default insurance premium that is tacked on to your mortgage to protect lenders from borrowers from defaulting on their mortgage. If it is a 5% down, lenders attach a 4% premium.
How do I know if a home is prices fairly?
If you decide to work with me, I will always do a comparative market analysis for the subject property to ensure that you’re fully aware of what the market averages are for that specific home type, style, location, and house spec.
How long does it take to purchase a home?
Truly it depends on what you’re looking for and what time of the year it may be.
Typically its as follows:
- 1 day- 14 days: getting pre-approved
- 1-4 months of property viewings
- 1-7 days of satisfying conditons
- 21 days- 90 days closing.
In total, it can be as short as 2 months while others can take 6 months or even later if you’re not finding what you’re looking for.