excited about moving. Buyers may begin second guessing their choice. A casual statement about the house “really being too small for a growing family,” or “the schools are going through some changes” might be enough innocent chatter to squash their interest. This scenario is where agent-to-agent communication is key.
Underestimating Closing Costs
Many sellers only consider the money they are selling their home for (the purchase price). They don’t appropriately calculate all the costs associated with the sale and overlook the following items: • Legal Fees — amount depends on purchase price and lawyer (approximately $1,800 for a $500,000 sale in Winnipeg) • Realtor Commission — if you use an agency/real estate professional to sell your home. • Adjustments/Prorated Costs for Annual Expenses — includes property taxes, condominium fees, and utilities • Possible mortgage penalties
Spending Earnest Money Given to You
Don’t believe that deposit money given at the time an offer is accepted is yours until the deal has closed and possession has occurred. In Winnipeg, buyers must provide a deposit to the seller with the offer of purchase being made unless otherwise stated on offer. Effective February 15, 2016, the minimum down payment for new mortgages have been modified. The new breakdown is as follows:
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