By: Dan Balm

Top 10 Rules Of The Game That Are Hard To Hear

Tags: Balm Real Estate, Dan Balm, Toronto

There are no deals
I’ll temper this by suggesting that everyone has their own interpretation of the term “deal”.  But if you are looking to find some kind of “bargain” that only YOU have access to whereby you are buying a home in Toronto at ten cents on the dollar – it doesn’t exist.  
You can have everything you want, as long as you pay for it.
You want to live downtown?  You will need to sacrifice space.  You want space?  You will need to move further out of the core.  Want both?  The price will increase.
“Sellers Are Greedy” 
Seller’s aren’t greedy, they’re just looking to secure funding for their next purchase, have money for their children or pad their retirement.  And when YOU go to sell, you will try to get as much money for YOUR home as YOU possibly can too.
There are no shortcuts in lending.  
The banks require financial documents.  The government requires tax documents.  Both parties cross reference the information.  Making up documents (ie fudging pay stubs, lying about your income etc) won’t get you further ahead.
If you cheat the government, you will get caught.
The most common cheat move is for a buyer to identify themselves as a “First Time Homebuyer” for the RRSP and land transfer tax programs.  My advice?  Don’t.  The government WILL find out and the interest payments and penalties will crush your wallet and your soul.
There is no “pass/fail” when it comes to home inspections.
It doesn’t work that way.  Nobody is going to tell you “the house is fine”, or “its a pass”.  Think of an inspection as a report card, and 
Bidding Wars or “Holdbacks” are unpredictable.
Sometimes it looks like Game 7 of a Stanley Cup party on your street, sometimes everyone sits back and waits.  What your real estate agent does next is where the magic happens.
If you keep changing what you want, where you want it and when you want to move in, a realtor can’t help you.  
And if you ghost, they are even less helpful.
When you want X% over market value, you have to have a reason.
If for nothing else, just for strategic purposes. 
On your phone the whole time?  You won’t be successful.
Data suggests that being on your phone leads to forgetting distinguishing characteristics between properties and disconnecting from your spouse’s nonverbal reactions to the houses.