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The rental and housing market has become increasingly competitive, making it easier for scammers to exploit unsuspecting tenants and buyers by using various tactics to deceive people and take their money. In this article, we will explore most common rental and housing scams and provide valuable tips on recognizing and avoiding them.

Phantom rentals posting an advertisement for a rental property that does not exist. The scammer will ask for a deposit or first-month rent upfront before disappearing, leaving the tenant without a home or their money.

Bait-and-Switch scams showing the tenant a different property than the one advertised. The landlord will offer a less attractive property or a different location than the tenants’ preferred option.

Overseas landlord scams. The landlord claims to be overseas and unable to show the property. They will ask for a deposit or rent upfront and provide a false excuse for not showing the property. The tenant later finds out that the property belongs to someone else.

False advertising scams, landlords falsely representing the property. They may use misleading pictures or descriptions to make the property seem more attractive than it is.

Tips on How to Stay Safe from Rental and Housing Scams;

· Research the property and landlord before signing a lease or paying any money to ensure they are legitimate.

· Deal with local agents and landlords with a physical address and a solid reputation.

· Unrealistic prices and offers. Be wary of advertisements that offer incredibly cheap rent or a considerable discount. If it sounds too good to be true, it probably is.

· Visit the property in person to ensure it exists and is accurately represented in the advertisement.

· Be skeptical and trust your instincts. If something seems off, it probably is.

Conclusion: Be Vigilant and Protect Yourself

Rental and housing scams can devastate those who fall victim
to them. However, by being vigilant and taking precautions, you can protect
yourself. Remember always to verify the identity of the landlord or seller,
never wire money or provide personal information unless you are sure it is
safe, and trust your instincts if something seems too good to be true. By
staying informed and acting, when necessary, you can protect yourself and your
finances.

Is buying a home all about the money? You may be led to believe this, but what about factors like conditions, personal offer letters, and the closing date? Sellers often need to consider things past finances when making the decision about which offer to accept.

The reality is, navigating the offer process for buyers can be stressful and putting in the highest offer doesn’t always guarantee the home will be yours. Under seller’s market conditions, when there’s more demand than inventory supply, it’s likely buyers will need to consider more than a full-price offer to increase its desirability.. With this in mind, let’s examine what else sellers look for when weighing the value of an offer.

“There have been several cases where our clients have won without submitting the highest offer, ” says Brett Stein, a REALTOR^® and salesperson at Stein Realty Group in Toronto, Ontario.

Pre-pandemic, when offer presentations were still taking place in person, Stein said he and his team prepared their clients as much as possible and showed up to the presentation with a certified bank draft and strong deposit in hand.

“Another offer we were competing with didn’t come with a bank draft, and we assumed they were at a slightly higher number than us. But because our offer was firm … and we were prepared to hand the bank draft over to the sellers to make the deal firm right then and there, we were able to win the property for our clients.”

Fewer or no conditions

“Fewer or no conditions in a climate where the interest rate is higher creates an environment where pre-approvals from the bank are harder to obtain,” explains Stein. “A buyer can set themselves apart by taking care of their financing ahead of time.”

Stein acknowledges this may not be possible for every buyer, but says “if it’s possible, it can give you a huge boost.”

Although conditions can be attached to just about anything, it’s not recommended to remove a home inspection clause, as a home inspection can identify major faults in a home that could lead to issues and unexpected costs down the road. These are some common conditions people attach to offers, and should be very thoroughly considered with a REALTOR^® before removing some or all of them:

• Financing condition—a clause in an offer that stipulates a period of time in which a buyer can finalize a mortgage approval for the home they intend to buy. If, for whatever reason, a buyer’s financing is denied or the terms are unsatisfactory to them, this condition allows them to walk away without penalties.
• Status certificate—a document only applicable to condominiums or townhomes managed by a condominium corporation. It contains the financial and legal health of the property. A lawyer should review this document, as it can be lengthy and complicated, to ensure the buyer is not investing in a high-risk building.
• Sale of property condition—a condition that hinges on the buyer selling their home within an agreed period of time, typically 30 days. If the buyer cannot sell their home in the specified time frame, the condition is not fulfilled, so the buyer can walk away with their deposit. An escape clause is an essential part of this condition for sellers as it allows them to continue showing the property during the conditional period and the right to accept another offer. The buyer will also typically have a 24 to 72 hour right of first refusal period.

A flexible closing date

Stein points out, in this real estate climate, some listings on the market are vacant homes.

“This means the owners are currently making their mortgage payments and carrying costs when they aren’t even living in the home or collecting any income on it.” He continues, “In this case, a quick close can give the buyer a huge advantage,” and is attractive to the seller who has a shorter timeline or who wants to essentially collect the money and go. “Some buyers have the ability to close within three weeks and if competing with another offer where the buyer must wait 60-90 days to close, this can win the buyer the property, even at a lower price.”

Although offering a quick close generally strengthens an offer, a flexible closing date can accommodate the seller, whether they want to close quickly or they require a little more time.

Another not particularly common tactic buyers adopt to strengthen their offer in the not-so-traditional market we’re in is to offer to pay part, or in some cases, all of the closing costs, traditionally taken on by the seller.

Write a winning personal offer letter

Many sellers have an emotional attachment to their property and appealing to those emotions through a personal offer letter is a great way to let them know you will love and look after the home as much as they have. Going into detail about how the home is as close to perfect as can be, whether it’s finally having a big enough yard for the kids and pets to play in, or the workshop that will support all your wildest arts and crafts dreams, can help sway the sellers in your favour.

Outside of having the highest offer, there are many creative ways buyers can garner positive attention in a seller’s market. Sellers are ultimately looking for a serious buyer and if you’re willing to prove you’re the one, using methods like the ones we’ve outlined, you can often make your offer even more attractive. Happy home hunting!

Spring is here, and now is a great time to get your home and
yard ready for the months to come. Even though the days are getting longer,
there’s still limited time each day, so these task are easy to accomplish on a weekend.

WASH WINDOWS/CLEAN WINDOW COVERS

Windows are a vital part of your home in the winter; it’s no
secret they take the brunt of inclement weather, building up dust and dirt during
the winter months. Kickstart your spring with a deep clean, both inside and
out, of your home’s windows.

After attacking the windows, clean your window coverings.
Wash or dry clean draperies, vacuum cellular blinds, or dust and wipe down wood
shutters.

CLEAN UP CLUTTER

We all love our belongings, but our homes can become pretty
cluttered during the winter months. Take a couple minutes to assess each area
of your home, and make a list of items that can be stored away until Autumn.
Put away heavy winter clothing; sweep, mop, or vacuum heavily trafficked areas,
and do a quick clean up of any items that are out of place.

The trees are budding and the spring bulbs are bursting through
the soil. Bring the beauty of the season inside with a vase of beautiful spring
flowers (allergies, children, and pets permitting).

Canadian home sales down again in June, but declines are getting smaller

Ottawa, ON, July 15, 2022 – Statistics released today by the Canadian RealEstate Association (CREA) show national home sales were down in June
2022.

Highlights
National home sales fell by 5.6% on a month-over-month basis in June.

Actual (not seasonally adjusted) monthly activity came in 23.9% below
the June record set in 2021.

The number of newly listed properties was up 4.1% month-over-month.

The MLS® Home Price Index (HPI) edged down 1.9% month-overmonth but was still up 14.9% year-over-year. The actual (not seasonally
adjusted) national average sale price posted a 1.8% year-over-year
decline in June.

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