Category: Ask John Carle


Why Did You Sell My House?

Friday, July 23rd, 2010

Hi John;

Not to sound ungrateful because we really are happy that you sold our house, but I have a business related question for you. How did you do it? We’ve had 2 other agents try to sell this place but you didn’t seem to have any difficulty when they couldn’t do it in 6 months of trying. What’s your secret?

- Name Witheld

Hello ______,

Thanks for the compliment, I think. *laugh*

Yes, you did have a bad run of it for a while there. I’m glad that my team and I were able to take care of the sale for you. Maybe that’s my secret, my team is awesome. They work better and harder than anyone I know. I’ve spent the last 10 years of my career trying to put together the “perfect team” and I think I’m darned closed.

But the results of this team are the reason your home sold. We have a more reliable system for staying in contact with buyers, so finding the buyer for your home was that much easier… we already had their email address!

We do things differently, more focused, and never take our eye off the reason why you hired us. To sell your home. Nobody on my team will be trying to sell you Amway, junk jewelry, or miracle cure makeup. We sell real estate, and that’s all we do. No side businesses.

But I am glad that we sold your house. You handled the process beautifully; you had every right to be a LOT more stressed out than you were. I know I would have been! But you kept your composure, so I think you have every reason to be proud of yourselves.

Thanks again for having me as your Realtor!

John Carle
ReMax Real Estate
www.knock-knock.ca
(780) 701-9090

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Seller Cash Back – Ask John

Saturday, July 3rd, 2010

Hi John,

We’ve heard that some sellers are willing to accept a higher price on their home and give a rebate to the buyer so that the buyer has a downpayment and can therefore buy the house. It sounds ideal! Is this something you can help us with?

- Steve

Steve,

That’s also called “mortgage fraud.” Don’t do it.

John Carle
ReMax Real Estate Edmonton
www.knock-knock.ca

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Do We Need An RPR? Or Will Title Insurance Do?

Friday, June 25th, 2010

Ben Officer on the team recently had an excellent question posed to him by a client that’s selling their home.

Ben,

Do we need to have an RPR ordered, or will Title Insurance be sufficient? We really don’t want to spend the $600 that an RPR will cost us.

- name witheld

Dear client;

In theory Title Insurance is perfectly fine. It’s been in existence for so long, as has become very widely used throughout the nation. It’s a reasonable vessel for closing a sale. However Alberta is one of the last marketplaces to accept Title Insurance and an RPR is still the “common practice” in this province. So while Title Insurance is perfectly fine, there are still people who are scared away by the idea of not having a formal surveyors report on their new home.

I’ve never met anyone who won’t accept a RPR, but there are people who won’t accept Title Insurance.

Given that your home is worth in excess of $550,000 I think it’s a small price to pay to order the RPR for the home. I’d hate to lose a solid buyer in this competitive real estate market over something as silly as an RPR.

- Ben Officer
ReMax Real Estate (Edmonton)
www.Knock-knock.ca
(780) 701-9090

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The Home is Pending. Can’t We Just Offer The Seller More?

Wednesday, June 23rd, 2010

John;

If the house is pending, can’t we just offer the sellers more money?

- Ms. X.

Hi Ms. X.

We can offer the sellers whatever we want, but the current offer is in place and cannot be bumped out of the way by anything we can do. They have until their condition day to satisfy their sale and complete their purchase. If they don’t remove their conditions (aka subject-to’s) then we have an opportunity to buy the home.

The most proactive thing we can do on this home is to submit an offer as a “backup offer”. This way, if the current buyer doesn’t remove their conditions then we are in position to purchase the home ahead of anyone else. Think of it as a “right of first refusal”.

- John Carle

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When Can I Get My Keys?

Saturday, May 15th, 2010

Hi John;

I’m wondering what time on possession day I can get my keys? I want to book some cleaners to go into the house before we start moving in. I was reading the contract, and it says noon. So would it be safe to book the cleaners for 1pm?

- Diana

Hello Diana;

I don’t recommend booking anything for possession day. There are so many factors that can delay the possession, none of which I have any control over. But I can tell you that there’s a very important Murphy’s Law in real estate:

“If you book something for possession day, there will be a major delay.”

Couriers could run late, lawyers can make mistakes, the other Realtor could be busy and not call me with key release, the seller could have a delay getting out of the home, land titles could run behind, etc. etc. etc.

My advise would be to book your cleaners for the day after possession, and move in the following day. It’s just safer that way.

- John Carle
ReMax Real Estate
www.Knock-Knock.ca
(780) 701-9090

Nice Agents for Nice People

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Washers and Dryers in Condos

Saturday, May 8th, 2010

Hi John;

Can I install a washer/dryer into the condos that we are looking at? Insuite laundry is something I really want to have, but the price I can afford doesn’t seem to give me that feature. There are some “all in one” machines that I’ve heard about, and I would like to put one into my new condo. What are your thoughts?

- Jonathan

Hi Jonathan;

Insuite laundry is definitely a plus. I understand exactly where you’re coming from.

There are a few things to consider when thinking of installing a machine like that. Here’s a short list off the top of my head:

1. Condo approval
You’re going to need permission from the condo association to do this. Many won’t allow it because of the possible water damage and general hassle of dealing with them. It’s a major can of worms!

2. Electrical Consumption
These machines draw a lot of power. Make sure the electrical systems in the condo can handle the extra load, or the machine will just annoy you too much.

3. Cost
At the end of the day, is it really worth it? Look at your budget, cost of the machine, installation costs, utility bills, etc. as there’s a lot  to consider when installing a machine like this. Is it really worth it?

4. Water and Power
Just because you have a storage room where you can install the machine doesn’t mean you can put one in. You have to make sure that you can get water to the machine, there’s electricity to run it, and a drain for the dirty water to go down.

I’m sure there’s more concerns, but this is probably a pretty good starting point. The best idea would be to talk to the condo association when we make an offer on a condo, and inquire with a home inspector about how to go about installing it.

Talk to you soon;

John Carle
ReMax Real Estate
www.Knock-Knock.ca
(780) 701-9090

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Will We Miss The Market?

Saturday, May 1st, 2010

Hello John;

We’re thinking about selling our home, but there’s work we want to do to it before it goes onto the market. We’re worried that if we take too long, then we’ll miss the spring market. What should we do?

- Jack & Susan

Hello Jack and Susan;

Yes, the spring market is definitely the most active market of the year. There’s no doubt about it. BUT that doesn’t mean prices are higher in the spring. It just means more buyers are out there, and more houses are for sale, and we Realtors aren’t getting a lot of sleep.

If you wait into the summer (or fall!) you will be in a quieter marketplace. There will be fewer buyers. But there will also be fewer houses for you to compete with. It all balances out.

But before you start renovating, I should come over and have a look at the property for you. Many people’s renovation ideas don’t actually return a higher sales value. They just cost you money. It may be that you won’t need to do those reno’s, which will save you a lot of time and money. It’s also possible that I’ll recommend other renovations that may actually help return a higher price or make the home more salable.

All the best,

- John Carle
ReMax Real Estate
www.Knock-Knock.ca
(780) 701-9090

“Nice Agents for Nice People”

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Buyer’s Agents?

Sunday, April 25th, 2010

Hi John;

I noticed that you have 2 agents working under you, I’m wondering how their licenses work in relation to yours. They’re buyers agents, right?

- “Calgary Realtor”

Hello Calgary Realtor;

Ben and Sarah both work on the Knock-Knock real estate team, but they aren’t “Buyers Agents”. In my opinion, a Buyers Agent isn’t allowed to list property and is an employee who take orders from another Realtor. That’s not the case here.

Ben and Sarah both have listings, service sellers, and are fully licensed and respected Realtors in their own right. They aren’t subordinates, employees, or pee-ons. They carry the exact same license as I do.

They’re part of this team because they see the value in the systems, education, and marketing that I’ve created through the Knock-Knock.ca model. They, and I, benefit from the exposure we’ve created and the large volume of buyer inquiries and leads that come to our properties.

But they are not buyers agents, limited in their licensing, or subordinates to anyone.

I hope this clears things up for you. Let me know if you have any other questions.

- John Carle
ReMax Real Estate
www.Knock-Knock.ca

“Nice Agents for Nice People”

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Can We Price It Higher?

Friday, February 12th, 2010

hi John;

Thank you for meeting with us the other day. We liked what you presented and your marketing approach. But we had another agent in who told us she would price the home $45,000 higher (15%) and see if a buyer would be willing to make us an offer. She also said that she would reduce the commissions to help us save some money.

We are having troubles making a decision, because we know you’re the better Realtor but $45,000 is a lot of money… can you match what she’s offering us?

- Name withheld

Hello {name}

Thank you for the email, I appreciate your honesty here.

You’re right, $45,000 is a lot of money. A whole lot! It’s also a lot of money to the buyers out there, who are comparing your home directly against your competition.

If you recall from our meeting, we looked through the active competition and recent sales. We agreed together that your home was worth a certain amount, not based on what we would LIKE to get, or what sounded really nice, but based upon what real buyers are willing to pay for similar homes to yours. The numbers, to be blunt, didn’t lie.

The link below will give you access to the homes you’ll be competing with at the higher price point. As you can see, they’re larger than yours with more features, and in many cases significantly newer than yours. Realistically, you can’t possibly compete with those homes. They’ll slaughter you and you won’t sell at that price. As we move into the spring market, competition is going to increase; which isn’t good for a home that’s over priced.

{link removed}

Even if we were to find a buyer willing to pay $45,000 more for your home, the banks would never appraise it at that value. Which means the sale wouldn’t complete even if we managed to put a sale together! The only possible buyer is someone with 100% cash to buy your home, and no intelligence to notice that you’re over priced. I’ve noticed that people with that kind of money aren’t usually the type who over spend; which is why they have that much money.

The danger of over pricing your home is very real. Realistically, once buyers have “written off” your home, they won’t reconsider your home simply because of a price reduction. Remember that you have the most buyers for your home in the first 3-4 weeks of being on the market, after that the only people who will consider your home are the new buyers coming into the market. That’s a significantly smaller number of buyers, probably only about 5-10% of the buying population.

By over pricing your home, the other agent is achieving a simple goal for herself. She’s “buying your listing” with the hopes of reducing the price at a later date. But that price reduction will have to be significant to attract buyers, and will likely result in a lower sales price than if you price it properly to begin with. Unfortunately, you’re bound to a contract with her by then and as such she’s guaranteed the sale when you do reduce the price.

As for the offer of a reduced commission, I have a lot to say about that point. None of it complimentary.

1. If she’s reducing the buyer agents’ commission, she’s slitting your throat. Offering a reduced commission results in fewer showings. If you’re going to over price your home, you’re going to be desperate for showings. Cutting the agents’ commissions means that you’re less likely to get those rare few showings.

When over pricing a home, you should actually offer out a larger commission. Bribe the agents into showing it, and writing offers. You might get lucky.

But a reduced commission on a home that’s over priced means that the agents have no motivation to show your property; neither a big commission nor value for their clients to make them want to show the house.

2. If she’s willing to cut her commission significantly, what’s she going to use to market and advertise your property? Again, you’ll get less activity because she can’t afford to get your property out there in front of the buying public.

If the Realtors won’t show your home, and the public don’t know about it because of a lack of marketing… where are you going to get a buyer?

Finally, there’s the desperation factor. The promise of a higher price and lower commission are often a sign of an agent who’s desperate to “do a deal”. I don’t know who this agent is, but I’ll bet that if you look at her inventory and recent sales you’re not going to see much. She’s very likely desperate for this sale, and will promise anything for a chance to make a commission. Be very careful who’s negotiating your sale. Are they looking out for your best interests or their own?

One of the reason I have such a high average sale price is not only because of the extensive marketing and advertising that I do, but because I negotiate for my clients’ best interests more than to just put a quick sale together. While I have expenses and need to earn commissions to stay in business, I’m not desperate for the next sale in the hopes of avoiding a foreclosure of my own home or grocery money. Again, know who your agent is working for!

I realize this is a long email, but I hope it’s been helpful in explaining the position you are putting yourself in, either with me or with the other agent. Either way, I wish you the very best of luck and success with the sale of your home. I’m sure that whatever decision you make it will be because you feel it is the right thing to do.

All the best,

John Carle
ReMax Real Estate
www.Knock-Knock.ca

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Is This the End of MLS?

Wednesday, February 10th, 2010

For some time now, the real estate industry has known of the Competition Bureau’s dislike for the MLS system. They feel that Realtors do not allow for other business models to exist (ahem, Comfree? WeList? Canadian Tire Orange Signs?) and thrive.

Unfortunately, I feel that the Bureau’s hunger for MLS blood will result in a lot of blood being spilled. Specifically these “alternate business models” will be forced to compete with already giant companies like ReMax and Century 21 without the MLS system to balance the playing field. Specifically, ReMax will be free to engage the marketplace in any way they see fit and will literally rip these smaller companies to pieces. Why? When buying a home, people will only go to the companies that offer large inventories of homes to show them. Small offices of 3-4 agents won’t have nearly the volume of homes listed, and the public won’t come to them for buying property because of the limited inventory available. Without an MLS these small brokerages won’t have access to the properties being marketed by ReMax or other large brokerages, access which they currently enjoy.

Further, the demise of the MLS will have little-to-no negative impact on these larger brokerages. In fact, it will eliminate the levelling effect that exists now. Currently, you can list your home for sale with a small brokerage and have equal exposure through the MLS as I can provide with ReMax. But when the MLS dies, these smaller brokerages won’t get the business. Why? Because the public will go to known brands like ReMax and Century 21, and small companies won’t be able to compete with the existing brands and massive marketing budgets that these companies can leverage. Simply put, the non-franchise companies will cease to exist. Large brands will have less competition as a result and will be able to control the market even further.

Agent recruiting will become almost impossible for these small brokerages. “Come work with us, and you can show our 8 Edmonton real estate listings to your clients.” vs. “Come work with ReMax and show our 1,500 Edmonton real estate listings to your clients.” That’s pretty powerful stuff. ReMax and C-21 will see swelling agent populations as small brokerages fizzle and go bankrupt.

Smaller companies will be left with few agents, to sell no inventory to non-existent clients. Consumer choices will shrink, and ironically the remaining giants will be able to demand a higher price for their services as a result of fewer competitors.

That’s anti-competitive, and will be caused by the specific actions of our own Canadian Competition Bureau. Isn’t that ironic?

Should ReMax increase my desk fees dramatically, and I have no alternative but to pay them, I will either have to reduce service to my clients (not good) or increase my pricing to cover the extra cost (also not good).

Personally, I’m a ReMax Realtor. I like this company and I have no intention of changing brands. I know that part of what makes this company great is that it competes fairly in the market with small brokerages, and must maintain pricing that is competitive with these small companies. But once the Competition Bureau is done with my industry, it won’t matter because I won’t have any other options. The small brokerages will simply not exist.

CREA Disappointed By Bureau Tribunal Filing

OTTAWA, Ontario – February 8, 2010 – The Canadian Real Estate Association (CREA) learned today that the Competition Bureau filed a Notice of Application with the Competition Tribunal against CREA.

“CREA views the Commissioner’s decision as surprising and disappointing,” said Dale Ripplinger, President of CREA. “We do not agree with the Bureau’s position that certain CREA rules are anti-competitive, either as a matter of fact or as a matter of law. CREA’s rules allow for innovative business models and provide a broad range of choice for consumers.”

In good faith, CREA engaged in settlement negotiations with the Competition Bureau for several months in an effort to arrive at a consensual resolution. Unfortunately, the parties were unable to reach an agreement. This is very disappointing, since CREA has consistently indicated – right from the outset – that it has always been prepared to work with the Competition Bureau to revise its rules to clarify the way the rules operate.

Last week, CREA advised the Commissioner of Competition that CREA had made the business decision to move forward with rule changes to address the issues raised by the Bureau, whether or not a settlement with the Bureau could be reached.

“In making these clarifications on a proactive basis, CREA believes that it is fully addressing the Competition Bureau’s concerns, while ensuring the accuracy and quality of MLS® information that Canadians have come to trust and REALTOR® compliance with a code of ethics” said Ripplinger.

The Commissioner’s press release states that CREA’s rules restrict consumer choice and prevent innovative business models. That is simply false. CREA is disappointed that the Bureau would make this statement in view of the months of discussions about CREA’s rules and CREA’s consistent position that its rules are not intended to and do not restrict any business models.

The real estate industry in Canada is highly competitive and thrives on small businesses with independent agents, brokers and franchises conducting a wide variety of transactions every day. CREA currently has more than 98,000 members operating independently across the country to compete for consumer business, offering a wide array of services and pricing structures.

“CREA’s interest and that of its members is to ensure consumers have choice, that they are protected during one of the most significant transactions they will undertake, and that the integrity of the MLS® system is preserved for the benefit of REALTORS® and the Canadian public” added Ripplinger.

About The Canadian Real Estate Association

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 98,000 real estate Brokers/agents and salespeople working through more than 100 real estate Boards and Associations.

For more information, please contact:
Alyson Fair
613-237-7111 or 613-884-1460
Email: afair@crea.ca

Ray Sapiano
613-237-7111 or 613-290-8902
Email: rsapiano@crea.ca

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How Do Realtors Qualify Buyers?

Saturday, February 6th, 2010

The question below was sent to my via FACEBOOK, by a great client.

So I’m curious about the ads on TV about benefits of having a realitor: that they screen prospective buyers. How is that done? What info do you get?

- Loretta

Hi Loretta;
It depends on the context and the Realtor, to be honest. Many agents will show homes to anyone anytime anywhere.

Personally, I screen prospective buyers on my own listings by asking a series of questions. For instance:

- Do they have a Realtor already?
- Have they been pre-approved?
- Are they currently renting (with a lease end date) or do they need to sell a home?
- Why are they buying?
- What is it about the specific property that interests them? (Why do they want to see it).

If it’s a buyer that I’d be showing multiple properties to, I ask similar though not exactly the same questions. Unfortunately, when the buyer is represented by another Realtor, my ability to control the buyer and qualify them is obviously limited. That’s where my past experiences with that Realtor come into play.

I’m sure that you don’t recall me qualifying you when we first met, but we did talk about most of this stuff before we went to look at the condos in downtown Edmonton. I just roll it into the conversation, to make it less intrusive.

I hope that answers your question!

John

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Professional? Really??

Sunday, January 17th, 2010

As a Realtor, I take the professionalism of my industry very seriously. It’s OK to have fun, be jovial or light hearted. Let’s enjoy this business! But I do believe that we have to be professional, respectful of our clients’ information and privacy, and represent them well.

Which brings me to my soapbox.

I recently heard of an agent who was using their real estate contacts and database to send out invites to join a pyramid scheme. Seriously! They used the contact information to attempt to sucker their clients into joining one of those ridiculous scams.

It’s unethical. Using a person’s email/phone/Facebook/SMS/etc. to try to sucker them into a pyramid scheme should be fairly self explanatory. It’s a scummy way to act. Common sense would dictate against doing this; but I guess if common sense were more common these scams wouldn’t exist. Heck, I couldn’t even sell knives to family members when I was in university; I didn’t feel comfortable with it!

“Welcome to this lovely 3 bedroom home. It has a finished basement, 2 car garage, and great neighbors. If you buy today I’ll include a free membership to get you some great deals on some Amway products.” Maybe I’m being too critical, but I don’t think that’s very professional. We get paid to sell you home; not to sell your potential buyer some dish soap or scalped concert tickets!

As it turns out, it’s also illegal. I checked. The Canadian privacy laws don’t allow the gathering of people’s contact information for one purpose, and using it for another. By sending sleazy solicitations out to these people, this agent has breached these laws. As Realtors we can only contact the person for things relating to real estate; not pyramid schemes. If I ever received a call or email like that from my lawyer, doctor, or accountant I’d fire them… and probably contact the Privacy Commission in Ottawa to file a complaint. (So if my lawyer, doctor, or accountant are reading this… DON’T DO IT! You’ve been warned!!!)

But the big question is this: does this agent really need money so badly that they’ve been sucked into one of these scams? How comfortable would you be knowing that your Realtor, who’s giving you advise on what house to buy and where to spend 100’s of thousands of dollars, is desperate for money? Do you think their advise would be somehow influenced by that position? “BUY THE HOUSE! I NEED THE MONEY!” Yikes; I think I’d be running from that agent pretty quick. Which is why RECA, our governing body, watches bankruptcies very closely. If an agent goes bankrupt, their license gets reviewed. Why? Because desperate people shouldn’t be giving advise on financial decisions.

Let’s not forget that agents who do this make our entire industry look bad; an industry that is filled with really great people whom I enjoy working with on a daily basis. People who do this; they’re making us all look bad.

So there it is; I’m climbing down off of my soapbox.

What are your thoughts on all of this? Am I over reacting, or do you agree? Please leave your comments below, I’d like to hear from people on this one.

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Is it the Right Time to Buy Edmonton Homes

Sunday, January 10th, 2010

Hi Mr. Carle.

I have a question for you. I stumbled upon a blog where you were giving advice to someone, and it sounded pretty reasonable, so I thought I would seek your advice also.

Currently I own a house in Spruce Grove. It is occupied by renters, and has been since I bought it in 2005. My question is whether or not it would be beneficial to purchase a second house at this time?

Mortgage rates are great apparently right now and as first time home owners there is apparently no better time. I say 1st time homeowner because my last house was purchased without a mortgage, so I think I still qualify for a first time homeowners plan.

Having said that however, it seems probable that the prices on houses will likely drop a bit further, and perhaps waiting is the ideal plan.

Well, that is my dilemma, if you can offer any advice, I would appreciate your opinion. Please email me at ……… if you find it convenient to reply.

Sincerely,

Kristy

Hi Kristy;

Thank you for your email! I’m glad to hear that you’re enjoying my blog at www.knock-knock.ca

Deciding if it’s time to buy a 2nd house is a personal decision, and heavily influenced by your own circumstances. So please keep that in mind when making a buying decision.

But in terms of the current Edmonton real estate market; I think it’s an excellent time to buy. Let’s face it, interest rates are ridiculous! That makes for some serious housing affordability. Likewise, prices are the lowest they’ve been in several years.

Ideally, people want to buy at the bottom of the market, when prices are the lowest. Well I think we’re darned close to the bottom. Sellers who have been trying to sell for 12+ months are very wiling to negotiate with you, there’s no doubt about it. Combine that with the current interest rates… well, you get the picture. The market is ripe for the pickings.

I hope this helps. Let me know if there’s anything I can do to be of help.

- John Carle
www.knock-knock.ca

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Ask John Carle – Sellers Lawyer

Wednesday, November 25th, 2009

Hello Mr. Carle;

The builder of the house is suggesting that we use their lawyer to complete the sale. Isn’t this a conflict of interest? Or is it OK?

- Kevin

Hi Kevin;

Yes, it does create a conflict of interest. You’re probably OK though, as the conveyancing process is relatively simple. Just keep in mind that if there is a problem you’ll have to get a different lawyer to resolve it because the current lawyer won’t be able to stay impartial.

Also, watch for anything that makes you uncertain or uncomfortable. You may want to seek independent advice on those issues, as the current lawyer probably does a lot of business with the builder.

All the best,

John

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Ask John Carle – Why Are They Appraising My House?

Wednesday, November 18th, 2009

Hi John;

You left a message for us today at the house, about an appraiser coming to the house tomorrow. We’ll have the house ready, but I have a concern. I thought the buyer was pre-approved and their financing wasn’t an issue. Should I be worried about this?

- Steve

Hi Steve;

Because the buyer won’t be using CMHC insurance, the bank wants to make sure that they’re financing a home that’s worth the price. This isn’t reflecting negatively on the buyer’s ability to complete the sale, the bank is just being cautious. Which is what banks do!

Appraisers use the same MLS historical data that we used to pick your asking price. As such, they’re likely to come to the same conclusion as we did; the home is worth the $563,000 that the buyer is paying for it. I have very rarely seen the appraiser come in under the sale price, so I don’t really worry about it. Neither should you.

All the best,

John Carle
ReMax Real Estate
www.Knock-Knock.ca

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