Frequently Asked Questions

Frequently Asked Questions

FAQ: Buyers
FAQ: Sellers

Frequently Asked Questions for Home Buyers

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. 

  1. 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
  2. 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.

Frequently Asked Questions for Home Sellers

How long will it take to sell my house?

Right now, the industry average is 7 days on market, but it does come with a ton of prep.

  • Light or Heavy Cleaning
  • Staging
  • Photos and Video

I would say prep takes 1-2 weeks, and if we’re priced correctly, it can we can be sold within a week!

 

What are the costs of selling my house?

There are a few costs for the sellers to consider when selling their home.

  • professional cleaners (if needed, “price depends on the severity”)
  • Staging (if needed “1100 sq ft house cost my clients $3000” but it was worth it)
  • Real Estate Agent Commission (industry standard right now is 4%)
  • Real Estate Lawyer (depends on the lawyer, but $1000-$2000)

 

This will all be discussed during a sellers consulation 

How long does closing take after we accept an offer?

Closing can take as little as 2 weeks but you also need to account for any conditions that buyers may have like a “5 day home inspection condition” or a “5 day financing condition”.

I would say 21 days between an accepted offer and possession is the minimum number of days for most cases to close.

Should I buy my next house first or sell my current house first?

This really comes down to what you feel most comfortable with.

Scenario 1: Sell first

If you sell your home before buying your next one, the benefits are that you know exactly how much money you’ll have to work with. The risk is that if you don’t find your next home right away, you may be left without a place to live for a short period of time. If you’re fine with staying with family or renting temporarily this can be a safe and low stress option.

Scenario 2: Buy First (with Bridge Loan)

In this scenario, you purchased your new home before your current one sells. If your existing home has a confirmed offer with all conditions removed, your bank can provide a bridge loan to cover the gap between possession dates. This allows you to move into your new place without waiting for the sale proceeds from your old home.

Scenario 2: Buy First (without Bridge Loan)

This is where things can get tricky. If you buy first but your current home doesn’t sell quickly, or at the price you need, you wont qualify for a bridge loan. That means you could be responsible for paying 2 mortgages at the same time, which can be financially stressful.

How to avoid the stress:

Before you start house hunting, it’s important to get a realistic evaluation of your current home and estimate your net proceeds. Building in a $20,000-$30,000 buffer gives you flexibility in case your home sells for less than expected. My role is to give you an honest picture of what your home can sell for in today’s market and to put us in the best position for a smooth transition.

So knowing these scenarios, which approach do you feel would work best for you?