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Aleem Peermohamed
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Great Mortgages Made Simple
Great Mortgages Made Simple

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For the Real Estate Industry - There was a BOMB that was dropped on the whole dual agency concept yesterday! A realtor can not sell his own listings anymore unless s/he doesn't have an agency agreement with the sellers

You know with the record breaking prices month over month this year, many people are thinking that Realtors must be loving it and are raking it in.

Not true, if you look at what is going on in the trenches. There was a note last week where 28 offers were placed on a home, and the home ended up selling for over 100k over its asking price. But 1 client won, and 27 others did not.....27 clients with 27 realtors....unsuccessful.

Now I have a client that I have been working with since December who has written about 8 or 9 offers - all of them have not been accepted. Her realtor has had to spend hours doing the background work and due diligence on 8 or 9 properties, for this one client, in the last 6 months. Imagine how many other clients the realtor has that require this much or more work before landing a successful bid.....

Let's not even get into the difficult conversations they must have with their clients about writing subject free offers, about going a certain amount over asking if they really want to be competitive.....

its starting to take a toll on everyone not just realtors....but bankers, brokers, lawyers, appraisers, notaries, inspectors.....every single occurrence or communication is labelled an emergency or urgent.

I've spoken to many realtors who have been having the busiest years of their careers, but far from the most productive, when it comes to earnings anyways.....

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Aleem Peermohamed commented on a post on Blogger.
I really like your "What's  your home worth" feature on your link. Well done!

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Aleem Peermohamed commented on a post on Blogger.
Great insight, enjoyed reading it. If this trend continues watch for increase in condo projects, something that could be of concern, leading to over-supply, which is currently what is happening in every major city in Canada.

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http://www.themortgagespecialist.com
What is a subject?
Mortgage Minutes Episode where local Mortgage Broker Aleem Peermohamed explains what a subject clause in a purchase contract is.

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