Geraldine Santiago's Archives
Question: Monday, May 12, 2008
My son a first time home buyer, did a walk through with his real estate agent on possession day. The movers that the former residents hired spilled hot coffee on the basement carpet, the day before the move. There is now a huge stain on the new carpet and the real estate agent is telling my son to take the former owners of the home to small claims court. Shouldn't my son's real estate agent be offering some assistance to get the matter resolved?
Question: Thursday, March 13, 2008
Thank you for the opportunity to ask a RE question. We enjoy reading your responses. We have recently paid off our primary residence and are thinking of purchasing an investment property. We would like to determine what type of property is appropriate for us - detached home, townhouse, apartment. Can you suggest some considerations that would help us with this decision? We have 100K and can take a mortgage up to 350K. I don't want 450K to be the determining factor as I feel rather hesitant about taking out such a large mortgage, unless purchasing a detached home is really preferential over the other choices.
Question: Friday, March 07, 2008
We are helping our daughter by a condo in Kelowna. We have gifted the funds for a 20% down payment to her and applied for a mortgage for the balance. The Mortgage Broker has requested that my husband be listed on the mortgage as the Primary Applicant - Guarantor and her as: Secondary Applicant. Because my daughter is a first time home buyer will she still be entitled to the Property Transfer Tax Exemption and the annual Home Owners Grant offered by the Province of B.C.?
Question: Tuesday, February 26, 2008
My wife & I have an apartment, currently valued around $240,000.00 and a mortgage of $110,000.00. We are contemplating on selling and have my 2 kids purchase a house as first time buyers. We would put down 25% on a house but would like to be on the title as well. I would like to port my mortgage and bridge it. Firstly can we at 60yrs. be on title as well as the kids and still have first time buyer advantage or would we save more by canceling the mortgage of 4.3% and stand as guarantor for the kids? How do we protect our investment in this situation? We don't plan to retire until at least 70, but who knows what the future hold in store for us.
Question: Wednesday, January 16, 2008
My sister and I are looking to purchase a first home. We have been pre-approved for a $300,000 mortgage with 5% down over 40 years. I balk at the thought of such a long amortization period. Should we wait a few years and save a larger down payment and keep renting (separate residences, she lives with her boyfriend, and I, with my young son; this first home would be my primary residence and would be investment for her). My fear is that by the time we save up enough to qualify for a shorter amortization, we will be totally priced out of the market. We live in the Metro Vancouver area and would prefer to either purchase a condo in North Vancouver or Vancouver. Do you think prices will come down after the Olympics, stay the same, or continue to go up, if so, at what rate? Also, right now, we would sign into a 5 year closed interest rate of less than 6% but I'm concerned that if we don't buy now interest rates will go up in the next couple of years. Currently, the condo I rent is underpriced and great value. I have no problem affording my rent right now and it fits my needs well, however, my rent will continue to increase by 4% each year I live here. If we purchase right now, I will surely be downsizing into a smaller place and will have to look at purchasing a larger home in the next few years to accommodate my growing child. Any insight would be very much appreciated.
Question: Monday, January 14, 2008
I'm a 21 year old trying to get into something big. See I don't currently have a bank account and I haven't finished school. But I got about 50,000$ and I want to do something with it. I don't want to spend it and if it sits there, it don't grow interests. I really don't know what to do and I don't know where to start.
Question: Tuesday, November 13, 2007
I am 23 years old and am currently living at home rent-free. I have been saving for a few years now and was ready to buy about 2 years ago but didn't find anything I really wanted. Now I have found a few condos around $200k near the Brentwood and Lougheed areas. Would you recommend buying now or waiting?
Question: Tuesday, October 30, 2007
Here in Calgary, I recently attended a 3 hour session by one of the companies (Robert Allen) similar hype to the shows which appear in the wee hours of the morning that talks about creating wealth from RE not using any of your own money. In the 3 hour 'appetizer' I heard for the first time about pre-foreclosures and hard money. What are your thoughts on these types of courses? Are they for real? P.S. About 10 people (not me!) forked over $3500 for the 3 day training program immediately following the presentation. I'm doing more research.
Question: Tuesday, October 23, 2007
I am in the process of trying to buy a home and what was listed as being included in the home and the negotiable items were listed in the ad and now the seller wants to keep some of the things that were to go with the house such as washer, dryer and fridge. I don't think that is fair but I let him cross them off the purchase of agreement and now I am kicking myself because I don't think he should be allowed to do so. Can you tell me if he can do that or does he have to include what was said in the ad was included. The negotiable things I had added 2 of 4 items but I said he could cross them out off list but with the price I offered I expected to have the washer dryer and fridge. Can you answer me back as quickly as possible. Also if I have my financial person have an appraisal done of his property that I wish to buy and its much less than what I offered can I still back out of the deal? Thank you. PS. this is in Kemptville area, Ontario.
Question: Tuesday, October 23, 2007
I am thinking about investing in a 1 bedroom condo at Brio in Abbotsford. Is this a wise choice for investing in my first place and do you see potential in Abbotsford?