The Real Estate and Mortgage Show

How To Avoid Bidding Wars While Buying a House

In this episode of The Real Estate Mortgage Show, we have none other than Walter Montiero. He is the team leader of the Maximum Results Team affiliated with ReMax real Estate Centre in the waterloo region. Walter Monteiro is an experienced agent that works with his wife, Karen Monteiro. Walter and Karen grew up in Waterloo Region. Their combined 36 years of real estate and mortgage knowledge will ensure a seamless transaction and investment. Walter Monteiro can help you sell or buy properties, specializing in all commercial and residential listings. Walter will find you the home of your dreams.

Standout Quotes:

• "What happens when a home hits the market? These days most sellers are underpricing them. They're underpricing them because they're trying to create a real frenzy on the property, getting a lot of people to come and look at it and create multiple bids."
• "Buyers that are competing against you are trying to make their offer look the best. They do that by taking all contingencies out of the offer -No condition on financing, no conditional on inspection, no condition on the sale of property, that's all gone. Unless you're willing to get your hands dirty and compete against these people, that's what you're up against."

Key Takeaways:

• It is possible to avoid bidding wars. Of course, this means buying a house no one wants. You won't prevent a bidding war if you buy a house through the MLS system and the property is decent because only properties nobody wants to sell without bidding wars. Overpriced homes, homes in wrong locations, and properties in need of substantial rehabilitation. These properties don't cause bidding wars.
• When a home is listed on the MLS, it is also listed on realtor.ca. On an annual basis, realtor.ca receives over 1.7 billion visits to individual property pages. As a result, numerous eyes are scanning that system for available real estate. That is why you are entering such a competition, knowing that realtor.ca serves as the backbone for over 10,000 different real estate websites.
• When a house is put on the market nowadays, the seller typically states that they will not consider offers for the first five to seven days. It creates a frenzy of people interested in purchasing the property, reaching 5 10 15 30 40 50 people.
• The best way to avoid bidding wars is to use the services of a real estate agent. Contract with that agency for buyer representation. Because once you do, you will be exposed to homes currently on the market and to potential off-market properties.
• What do those agents do to find non-listed properties? They start by looking at the old data. They scan the expired listings database if they can't find a home on the MLS due to inventory shortage. Your agent may contact prior owners to see if they would consider selling.
• Agents search the database for sale by owner properties. You could do that on your own, but you have an agent who is talented and knowledgeable about the market and who can contact these sellers on your behalf and ask for permission to show your property.
• Your agent will hunt for rental properties. The majority of rental properties are actively seeking tenants. Occasionally, we'll contact a landlord who may be tired of being a landlord and discuss the possibility of selling the property. As a result, your agent can bargain on your behalf and arrange for a private join. And you are suddenly without competitors.
• Look for homes that have been on the market for a more extended period than the average time required to sell a home. That is often less than seven days in today's market. Solicit your agent's assistance in locating houses that have been on the market for more than 14 days, 30 days, 60 days, or longer. We don't want to end up buying a house that nobody wants, but you may come across a seller who is at their wit's end. They are simply looking to get rid of the residence. They're fed up with the process, and your agent has secured a terrific bargain for you with no competition.

Episode Timeline:

[00:13] Is there a sure way to avoid bidding wars?

[01:53] How does a home end up on the realtors.ca website?

[02:20] Why do they delay offers?

[02:35] What are unconditional cash offers?

[03:25] Should you get a real estate agent?

[03:54] What’s the expired database all about?

[04:22] What’s the owner’s database all about?

[05:04] Should you look for houses for rent?

 

Learn more about Walter Monteiro at:

Website: http://www.waltermonteiro.com/

Twitter: https://twitter.com/waltermonteiro

Phone: 519-240-0360

The Phenomenon of Blind Bidding in The Real Estate Market

In this episode of the Real Estate and Mortgage Show, our host Walter Monteiro talks about the phenomenon of blind bidding in the real estate market. Today, Walter explains everything there is to know about blind bidding and how it impacts both the buyer and the seller.

Standout Quotes:

• “You would strictly be putting yourself at a disadvantage, you'd be giving away all the cards, and you’d be given the advantage to the buyer.”
• “Who wasn't being good to sellers, back then buyers, buyers were nasty.”

Key Takeaways:

• Justin Trudeau has decided to enact laws to eliminate blind bidding in the real estate market.
• Unreserved, an Ottawa startup, appears to have some kind of website with an open bidding platform, so you can buy real estate, you know, people put their homes on this platform.
• All of a sudden buyers are demanding that they need protection from these greedy sellers.
• Federal government has no jurisdiction over real estate. Real estate is mandated on a provincial level.

Episode Timeline:

[0:15] Eliminating Blind Bids

[0:54] Real Estate is shaking up

[1:58] Blind Bidding System

[2:52] What’s Unfair?

[3:29] Market in Real Estate

[4:11] Federal Government

[4:47] Reach Out to Walter

If you have questions about buying real estate and finance, Feel free to call Walter Monteiro at 
5192400360 or visit https://waltermonteiro.com

Walter Interviews a Young Real Estate Investor | Maximum Results Team

In today’s episode of The Real Estate and Mortgage Show, we have invited David Sandhu. He is the CEO of TiLt Ventures, an investment company that focuses on real estate, stocks, and sports betting and aims to educate others on how to navigate the world of big-ticket investments. The company is dedicated to bringing new commerce opportunities to Prince Rupert, British Columbia. Even though David is just a starter in real estate investing, he still has many insights to share. And today, he will be tapping into some of his secrets on how he raises money.

 

Standout Quotes:

• “The next project always has to be in something that’s making money.”
• “There’s so much overhead that you cannot win in rent. You win in the appreciation and the leverage.”
• “Crypto is a large part of the future.”
• “It’s through real estate that you can be new with your generational wealth and change through giving back.”

 

Key Takeaways:

• There’s not much growth in Commerce other than big corporations coming into town.
• David did not spend his 20’s at parties and didn’t have his teenage years gambling up until the morning.
• One benefit of a private deal is you don’t have the pressures of many competitions on the deal.
• David’s day is dedicated to his children, but he is still on the phone and answering e-mails.
• David and his company know when to jump into the premiums.

 

Episode Timeline:

 

[00:35] David’s location

[03:11] About TiLt Ventures

[06:52] Does David tackle his projects on his own?

[09:19] Raising Capital

[13:14] How David Finds Properties

[17:04] The Endgame

[18:00] A Day in the Life of David Sandhu

[20:30] Networking

[23:20] David’s Instagram Account

[27:02] IS David in the Crypto Space?

[29:08] David’s Message

 

Learn more about David Sandhu

Instagram: tilt_ventures

E-mail Address: davidsandhu@hotmail.com

Selling Real Estate and Open Houses

Our host Walter Monteiro talks about selling real estate and open houses.

Standout Quotes:

• "I don't like the idea of an open house as there are screened qualified people by a real estate professional to avoid scams." [Walter]

Key Takeaways:

• It is still too early to hold open houses because a large portion of the community is still unvaccinated.
• Because real estate sales continue for 18 months, an open house is ineffective.
• Several companies have taken the position that they will not hold open houses as a company.

Episode Timeline:

[00:22] Open House during the pandemic

[0:59] Open house and real estate sales

[1:51] Companies' Stance

[2:06] Marketing Ideas

[2:23] Contact us

 

Learn more about Walter Monteiro and the Maximum Results Team at:

Website: https://www.maximumresultsteam.com/

Email: walter@maximumresults.ca

Phone: 519-240-0360

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Selling before you Buy. Don’t!

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June 2021 Market Update

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Episode 119: Pick Your Buyers Agent Carefully