Do it Yourself - Toronto

Doing Everything yourself Could save you money, usually it is time consuming and nets a poorer result. http://SellinginToronto.ca

Family Law Court in Ontario is CLOGGED with unrepresented litigants because of the expense of using lawyers.  with that comes a lack of proper process, forms, disclosure, obligations and the ever present; I didn't KNOW I was supposed to do that! 

Can you imagine how our legal systems would be clogged with Self negotiated real estate transactions, private buyers and private sellers neglecting time lines and waiver needs.  Did you cancel that contractor?   Did you pay cash for that roof repair?

At some point DIY and Home Handyman Have some strings attached.  






I'm just reading an article here from Legal Matters, the fact that everyone wants to do everything themselves. I was very surprised, Very Surprised to learn, that in Family Law in Ontario, 75 to 80% of all the work done in court is self represented.

Unrepresented Applicants and Respondants

It makes me understand why long term career lawyers like Stan Gelman [in Mississauga] have opened up "do it yourself" assistance programs.

So we're trying to save money everywhere; by doing everything ourselves.

In the family law case everything is delayed, claimants argue they didn't know, Financial Statements are not done properly, things are handled in a ... [SLOPPY] fashion.  They are not paying attention to the timelines; they are always in trouble with the court. The Judge has to adjudicate the merits of each case that is delayed before they get to mediation or a decision. Transcripts are need and typed. [DARP]

Now WHAT IF  we were to apply those same standards to each and every real estate transaction in Toronto. Let's have every house Sold " For Sale By Owner" and Every Buyer is a By Owner Purchaser, and they are all out on their own arranging their financing, inspections and insurance.

..and Mortgage.

Can you see what's happening here?

There are claims right now that lowest interest rate available is 1.99%. Thats a variable rate that's very exciting..  but there are conditions involved.  There are indeed some strings attached to the  1.99%   Variable Rate program at IG 

There is always "Some Strings Attached".  If you would like to have a candid conversation;

Give me a call.  I'm available at 647 218 2414 
Or of course, You could do all of it yourself.

David Pylyp Sales Representative
RE/MAX Realty Specialists Inc., Brokerage






   

Sorry that you were misrepresented on that Rent to Own

Was it presented to you as a good deal? 

This Rent to Own program that gains favour from time to time.  I ranted about this extensively during the 2008 Credit Crisis when all the North American markets CLENCHED shut for about 6 months into January of 2009 when [Obama] the AMERICAN GOVERNMENT released the Bail out Money. People  will try to take advantage of others misfortune.

http://eleganthomesinwesttoronto.blogspot.ca/2008/09/lease-to-own-housing-plan-leaves.html

Those very same factors are in play right now in Ontario [the Toronto west GTA] with Tightening Credit Criteria from CHMC, shortened amortizations and stricter verification to qualify for a mortgage processes.

This program is especially appealing to those who have strong cash flow but less than stellar credit.   It has value in the fact that you can afford a "DEPOSIT" in addition to the First and Last Month's rent on the Rental, and Money will be added to your deposit on a monthly basis at $200 or $300 from the over inflated amount paid.  Well thats the way you planned it and understood it to be.

This contract usually has a fixed selling price for a future date or an OPTION to Purchase.  These must be clearly spelled out in the contract.  If the market adjusts; you need to have an out, but what about the payments you have already made, Will you get those back? WHO will finance an over priced purchased because you have a fixed closing date?

Risky Business
Toronto real estate lawyer Bob Aaron said all sellers take that risk, when they sign up for rent to own.
“There’s a fringe of investors all over the country who make money teaching courses and putting buyers and sellers together with rent to own,” said Aaron. “The biggest problem is: how do you get rid of a bum [tenant]?”
Real estate professionals said tenants also risk losing the money they put toward a purchase. http://www.cbc.ca/news/canada/british-columbia/story/2013/02/08/bc-renttoown.html
“There’s no accountability with this kind of system,” said Samantha Gale of the Mortgage Brokers Association of B.C. “You don’t have some kind of standards which are adhered to and you don’t have any kind of recourse.”Because operators like Burnett are not licensed or regulated, when deals go south, consumers have no recourse but to launch court battles.

The article points out potential pitfalls from the unsuccessful negotiation of a "deal".  I work with a Credit Repair Counsellor [Veronica Thompson] who is also a licensed Mortgage Broker to interview and help prospective purchasers secure a property.

If you are not dealing with the underlying issues that make you candidate for Rent to Own, a lack of financial records, low credit score,  poor job stability or divorce...   what makes you think that in 5 years your credit will be better to instantly qualify for a mortgage based on a future value.

Have you ever changed your mind after a few years?

What do you think?   Is rent to own your only option?