Share

Get the Docs!

When you are preparing to submit an offer on a property or have an accepted offer, you will receive a package of documents giving you detailed information about the property. One of the most important documents is the Property Condition Disclosure Statement.

What is it?

The Property Condition Disclosure Statement (PCDS) is a disclosure of what a Seller knows about their property. There are several versions of the document (see below) which has a series of questions for Sellers to give a potential Buyer a guideline of what the Seller knows about the condition of the property.

The Strata condo version asks condo specific questions such as parking stall numbers, locker numbers or whether the building has had water leaks, insect infestations, structural issues, etc

The Residential version for single family houses asks many of the same questions, but asks questions more relevant to this type of housing.

Why do Buyers need a copy of the PCDS?

The PCDS was brought into use in BC to allow Sellers to disclose defects they may be aware of with their properties. Buyers need as much information as possible about a property they are interest in buying so they can make an informed decision. A PCDS can be incorporated in and form part of the Contract of Purchase of Sale, which may (confirm this with your lawyer) provide a Buyer legal protections if a Seller does not disclose all known issues.

Is a Seller Required to provide a PCDS in BC?

A Seller is not required to provide a PCDS in British Columbia. If a Seller is not willing to provide a PCDS, they may not be disclosing a major issue with the property. The fact a Seller is not willing to provide a PCDS to a potential Buyer should be cause for concern to the Buyer. Proceed with caution!

Of less concern, very often Sellers of tenanted properties may provide a PCDS, but will scratch out all the questions on the document. Sellers will do this because they have never lived in the property or have not lived in it for a considerable amount of time and therefore do not know enough about the condition of the property to comment.

Don’t Rely On the PCDS

When buying a property, information in the PCDS should not be relied as all the necessary information a Buyer needs about a property. Furthermore it should not be seen as means to avoid the cost of getting a home inspection by a qualified Home Inspector. ALWAYS get a home inspection! Sellers very often have limited knowledge on the condition of their property and cannot be relied upon to give complete or accurate information. The PCDS should be a guide to further investigations on the property and your Realtor, Home Inspector, and lawyer should be able to answer any questions that arise. The PCDS should form part of a package of documents a buyer receives to allow the buyer to make an informed decision on buying the property in question.

I welcome questions and comments on this blog!

British Columbia Property Condition Disclosure Statement Strata Title Properties

British Columbia Property Conditional Disclosure Statement Residential

Share

Hiring a First Time Home Buyer Specialist in Vancouver

In Episode 2 of the Vancouver First Time Home Buyers Guide we talked about how to figure out where to buy. Once you have decided on neighbourhood, it’s time to select a Realtor.

How Much Will it Cost Me to Hire a Buyers Agent?

Nothing!? Yes, 9 times out of 10, a Buyers Agent is paid a finders fee by the Sellers Agent if the Buyer that is working with the Buyers Agent purchases the Sellers Agents listed property!

Furthermore, the Buyers Agent you hire is REQUIRED to disclose to you the Buyer in writing the amount they are getting paid by the Sellers Agent. To learn more, check out this great video on Buyers Agent Remuneration Disclosure

Looking for a Vancouver Buyers Agent? We Can Help!

My team of First Time Home Buyer specialists are focused on all neighbourhoods in the City of Vancouver and are available to help you with  your search for your First Home in Vancouver. Call 604-763-3136 or Email me to set a time to discuss your needs.

Interview Time!

Meeting a Realtor in action is very good way to interview. Visit an Open House held by Realtors you’re interested in is a great low pressure way to meet them and see if you click. Ask lots of questions!

This is what you should be looking for in a Realtor:

• Demonstrable Local Knowledge, experience, and results (i.e. Sales of Listings in the area)
• Professional – Complete Honesty, Integrity, and Reliability.
• Good Attitude – Answers calls and emails promptly & politely, has a good relationship with other Realtors and other colleagues
• Good Reputation – If you Google them or ask people in the know and bad things are said about the person you’re thinking of hiring, think again.
• Motivated – They should be keen for your business and work hard for it.
• Up to date web based research tools for Real Estate
• Works full time as a Realtor in the area of interest

Looking for a Realtor outside the City of Vancouver?

If you don’t find a Realtor with the above process or you don’t have time to find one, feel free to give me a call at 604-763-3136 or EMAIL ME.

I have a great network of good Realtors across Greater Vancouver that can help you with your search.

Check out the next Video!

Vancouver First Time Home Buyers Advice Episode 4 – How to Search for Properties

I welcome your questions and thoughts in the form of a comment down below!

Hi All,

Pretty much everyday someone asks me when prices in the Vancouver real estate market will hit bottom and everyday I say I don’t know.

I say I don’t know, because I don’t have a crystal ball and can’t see the future and as I licensed Realtor I can be liable if people take a hit relying on my predictions.

There are people out there who are saying they KNOW when the prices will hit bottom and they can tell when prices are bottoming as they are hitting bottom. Don’t trust these people!

What happens if prices stabilise and a bottom is called and then prices fall again? Nobody can accurately predict a market bottom and don’t trust those who say they can.

The market bottom can only accurately ascertained with 100% certainty AFTER it has been hit.

In making your decisions about buying or selling real estate and timing your transactions, do your own research. Read widely and speak to a variety of people with different viewpoints. Don’t rely on those who have simple answers that are too easy.

If something is too good to be true, more than likely it isn’t true.

Please leave a comment, I’d love to hear your thoughts!

If you’re selling a property in Vancouver right now there is a very good chance you have received or will receive a lowball offer. This video explains how to avoid a low ball offer and what to do if you receive one.

What is a lowball offer?

Have a look at my previously posted video on lowball offers

Why are lowball offers so common right now?

Real Estate prices in Vancouver are falling at present. Buyers are worried they will buy a property that will be worth less tomorrow than what they paid for it today. Lowball offers are common right now because it allows Buyers to get the best possible value and potentially get ahead of predicted declines in price.

How a can a Seller avoid getting a lowball offer?

DON’T overprice your property! If you want a good offer, you have to have a good fair price price based on market reality! A property that is priced according to market value will have a far less chance of getting lowballed. A Seller who prices their property were the market is at (not where it was 3-6 months ago!) will have more than one interested buyer and will have the market power to get a lowballer to come up or to wait for other interested buyers.

What should a Seller do if they get a lowball offer?

Don’t angry, get even with a good counter offer! A Seller should always give a counter offer to a lowball offer. Why do I say this? Because you as the Seller never know if the buyer is bluffing. If they are bluffing they are not serious and they will go away. If the Buyer isn’t bluffing there is a very good chance after some negotiation that they Buyer will accept a price that works for the Seller.

I’d love to hear your thoughts!

Lowballing Vancouver Real Estate

It’s a buyer’s market for Vancouver real estate these days and Lowballing is a great way for buyers to get the best deal possible. For sellers a Lowball is an opportunity to get an accepted offer in a time when these are scarce.

Many buyers are afraid to Lowball for fear of insulting the sellers. With a Lowball offer it’s like anything else in life, if you don’t try, you’ll never know!

I put a deal together at 2502-1483 Homer Street. The asking price was $1.1 Million and we got it for $975K in October of 2009. The last sale of a comparable was for $1.096 Million in August. Lowballs work.

What is a Lowball?

A Lowball offer is one that is significantly less than the asking price of a property.

What to Avoid when Lowballing.

Offering what you will pay. Your Lowball offer should intitally be below the amount you actually want to pay. The Lowballing Buyer wants to create the impression in the Sellers mind that the Seller has a good deal because they have got the Buyer to raise their offer price.

Walking away from a sellers counter offer. A Lowball offer allows a Buyer to assess the Sellers motivation. Some Sellers may be desperate, but try to create the impression they are not by responding to a Lowball with a high counter offer. If the Buyer doesn’t respond to the Sellers counter thats teh end of it. You can’t get anywhere in a negotiation if you’re not negotiating. Persistence pays when Lowballing.

How to make a Lowball Offer work in Vancouver.

Give the Seller something. If you are going to come in low on price, make sure to add a sweetener like a quick completion date or a short subject removal date. The seller may look more seriously at your offer if you add these sweeteners.

Make a good case for the low price. If you’ve done your homework and you have some documentation to support your offer you may find the seller comes around. A seller may not have known about a recent transaction that has impacted the market, if you let them know, they may go for your offer.

How to deal with a Lowball Offer if you are a Seller.

Don’t over price your listing! Have a look at this video on overpriced a listings. Check out my post on How to Avoid a Lowball Offers for Sellers of Vancouver Real Estate

Looking for advice on buying a property in Vancouver? Check out my First Time Home Buyer Videos!

If you have any questions feel free to drop me a line!

Hi All,

I’m a huge fan of open houses. They provide a low stress low anxiety atmosphere for potential buyers to see your listing. A lot of realtors don’t like to do open houses and feel they don’t do anything to sell a property.

THEY ARE WRONG!

Watch the video and let me know your thoughts.

Have a look at 3005-111 West Georgia Street. This is the suite I mention in the video.