Feel free to browse through common questions we find our clients asking. For any questions not listed here, please reach out and get an answer from Dennis!
Question about selling
How does real estate commission work?
In British Columbia, both the Buying Agent and Selling Agent’s commission are paid by the Seller. While there is no standard rate for REALTOR® commission, in Greater Vancouver area, the common rate is 7% on the first $100,000 and 3% on the balance, which is split between the Buying and Selling agent.
What is Dennis's rate for selling a property?
Dennis is a Full Service REALTOR® and charges 7% on the first $100,000 and 2.5% on the balance. For properties over $2M, Dennis charges a flat rate of 2.5% of sale price. Rates are negotiable by legilsation but we believe for the service we provide is justified by our commission.
What is the difference between being prequalified and preapproved for a loan?
If you’re prequalified it means that you POTENTIALLY could get a loan for the amount stated to you, assuming that all of the information you provide to the bank is accurate and true. This is not as strong as a preapproval.
If you’re preapproved, it means that you have undergone the extensive financial background check, which includes looking at your credit history, previous tax returns and verifying your employment – and the lender is willing to give you a loan, basically meaning you’re approved!
You will usually be provided an accurate figure which shows the maximum amount that you are approved for. Most sellers prefer buyers that have been preapproved because they know that there will not be any problems with the purchase of their home.
How much Commission does Dennis charge for acting as a Buying Agent?
In British Columbia, Buyers are not required to pay REALTOR® fees. This is a major reason for using an agent. Some people believe purchasing through the Selling Agent can save them money, however, we believe having an agent to look out for your interest is most important.
How does "For Sale by Owner" work?
“For Sale by Owner” as you might guess, means an owner selling their own house. We do not recommend doing so unless an owner is seasoned and experienced in contract clauses and negotiations.
What is a Managing Broker?
Real Estate Agents require to operate under a Managing Broker in British Columbia. The role of a Managing Broker can vary but are in place to ensure each individual REALTOR® are in compliance with rules and regulations. Dennis began his career with Oakwyn Realty then later changed to Royal Pacific Realty because of joining Global Projects Group.
How much is the First Time Home Buyer Loan?
The First-time Home Buyer Loan offered by BC Housing will match 5% of your downpayment for properties under $
all purchasers Canadian Citizens or Permanent Residents for the last five years?
Have all purchasers resided in British Columbia for the past 12 months?
Are all purchasers first-time home buyers?
Will the home be located in British Columbia?
Will all purchasers live in the home as their principal-residence?
Is the total household income for all purchasers $150,000 or less per year?
For a calculator on the relationship between your Down Payment and the Purchase Price visit: https://www.bchousing.org/housing-assistance/bc-home-partnership/bc-home-partnership-calculator
Should I use a REALTOR®?
Consider this: Chris Voss, former hostage negotiator of the FBI, used an agent for publishing his book and said “an agent is important for understanding terms and conditions…”.
Good REALTORS are knowledgeable and updated with real estate products, market trends, price, legislations, local developments, etc. Furthermore we help you clarify terms and conditions, negotiate as well as avoid fraud and disputes. In addition, having a network in the industry can often lead to VVIP for presale projects and exclusive listings.
If you have the above skill set, you can definitely consider DIY real estate.