Successfully Closing a Real Estate Transaction in a Shifting Market | Episode 50

Congratulations to David & David for hitting the magical 50th podcast episode!! The gents were all smiles as they celebrated a landmark in the history of this ground-breaking real estate podcast! For today's episode, David & David returned to their origins of two Davids talking everything real estate. With a shifting real estate market, learn today how to successfully close your real estate transaction. Agenda: Recent changes: - Ban on foreign buyers - Increased interest rates - War in Ukraine - Media influence - Post-Covid inflation How these changes have impacted the market. What can agents do to ensure the transaction closes at the time of accepting an offer: - buyer pre-qualification - asking the right questions - obtaining a mortgage preapproval letter - if buyer is putting 20% down, try to get the majority of the funds committed as a deposit - ask for a further deposit or deposit on removal of conditions - minimum rule of thumb is 5% of purchase price for deposit but more is always best - best price is not always the best offer Constant and consistent communication with co-op agent and solicitor's office is crucial. Everybody needs to be kept in the loop if anticipatory breach is expected from buyer. Solicitor communication is essential to getting the deal done. Full disclosure should be given to the solicitor. More emphasis should be placed on closing the deal. - work with closing extensions - further deposits - don't be hard on buyers that cannot close. Work with them to ensure the closing happens instead of hindering the process by imposing heavy fees. Be practical, not penal. Act in good faith with clean hands. What happens if a buyer refuses to close? What options does the buyer have if the property that they purchased does not appraise and the buyer needs more capital to close the deal? ____________________________________________________________   Join us as we explore the ins and outs of the real estate market, and dive deep to understand the issues affecting buyers, sellers, investors and businesses. If you love real estate as much as we do, sit back, relax and gain an insider's edge to the exciting world of real estate. David Gorski is a broker and the owner of Sutton Summit Realty—a boutique brokerage providing guidance to over 230 realtors, and David Korman is a partner at Kormans LLP—a boutique law firm focusing on residential and commercial real estate transactions    STAY CONNECTED:   🔗 Get a free consultation: https://linktr.ee/KormansLLP   ✔ INSTAGRAM: https://www.instagram.com/kormansllp/  ✔ TIKTOK: https://www.tiktok.com/@kormansllp  ✔ TWITTER: https://twitter.com/kormansllp  ✔ FACEBOOK: https://www.facebook.com/kormansLLP  ✔ LINKEDIN: https://ca.linkedin.com/company/kormansllp