How to Buy An Abandoned House

An abandoned house is a vacant property. The folks at The Bennett Property Shop Realty are experienced in how to go about buying an abandoned house in Ottawa. Abandoned houses are most often the result of the fact that the house’s former owners ran into financial difficulties and “lost” their property ownership to their mortgagor and the former owners have had to move out. Other abandoned houses are tied up in legal red-tape with one level of government or another. Abandoned properties are sometimes neglected and in need of repair; and they are also sometimes in the process of foreclosure. Banks often take over ownership of houses and leave them abandoned and unoccupied for a while.

Buying a Ottawa house is often a strategic investment because these properties usually have very low - and usually below-market - prices.

The steps to buying an abandoned house are:

1.     Preparing your finances.

2.     Researching the property.

3.     Making a realistic offer.

The begin with, you first want to make sure that you can actually afford to buy a new home. Although they are generally cheaper than Ottawa houses for sale in the normal re-sale marketplace, abandoned houses can still have large price tags. Unless you already have the cash, you will need to qualify for a mortgage.

Do Your Research

When looking around for an abandoned house to buy, you might want think about certain unoccupied or ill- or sporadically maintained houses that you drive by on a regular basis. If you do not have a particular house in mind, you can look in real-estate listings. However, if the owner is absent, or if a legal entanglement is involved or if a foreclosure is in process, there might not be any listings for that house. This is precisely when an Ottawa real-estate agent can help you find an abandoned house to buy.

Determining who the owner of the house often requires dedicated and well-informed research. Check county deed records if you do not already know the name of the owner of the property you are interested in. These records will also provide information on liens and whether all of the property’s land taxes are in arrears or up-to-date.

Once you learn who owns the property, have your agent contact the owner in order to make an offer on the abandoned house. Interestingly, owners of properties that are going through the foreclosure process are often surprised to find out that they still have rights to the property (especially if it has been abandoned for some time), if the foreclosure process has not been finalized yet.

If the house has already been foreclosed, talk to the bank or lender as they are the current owners of the property. This information will also be listed in the deed records. It is important to know that banks are well-known to delay foreclosures and to move slowly when it comes to selling an abandoned house.

Because abandoned houses often have many technical problems, make sure to have the target in appraised and inspected. These reports and estimates will give you a good idea of the home's value as well as its likely repair costs; and this information will greatly help you to determine how much to offer and what other conditions to put into your offer to purchase the house.

Make an Offer

Once you have done your research and planned your offering strategy, you are ready to make your offer to the owner or the lender. In formulating your offer, the experts at The Bennett Property Shop Realty remind you that you should always consider the additional costs - such as closing costs, fees, land transfer taxes and repair costs. As a basic starting-point strategy, you should bid lower than the value of the house as you can usually “up” your offer – but can rarely reduce your offer.

Once your offer is accepted, schedule a closing date, and begin preparing for renovations and moving into it or renting it out.

Visit www.bennettpros.com for all your real estate needs.

Steps to Take Before Buying a House in Ottawa

The Bennett Property Shop Realty understands that Ottawa home ownership is a big dream and a huge step for many people. Turning this dream into a fact or a reality requires a lot of dedication and effort and anyone who wants to realize it has to both financially and mentally commit to the project because buying a house requires one to spend a lot of time and energy both when hunting for that Ottawa home and afterwards when maintaining and managing it and paying off its mortgage.

Since the vast majority of home-buyers use the services of lenders, this article will assume that the reader will borrow some money to buy their home and explains what actions a buying borrower needs to do to better their borrowing success.

Strengthen Your Credit

The first step towards home ownership is to strengthen your credit. The better your credit, the better (i.e. the lower) the interest rate your will qualify for. Make sure to pay off your credit cards and settle up any credit delinquencies or disputes.   Even if you cannot pay off a card’s entire balance make sure that you pay the stated minimum payment by the due date indicated on your monthly statement.  Also, get a credit report so that you can evaluate it and understand what the lenders will be looking at and basing their lending decision on before you approach a lender for a loan.

Determine What You Can Afford

Figure out how much you can afford for a house and how much you will be able to borrow. Most people taking out loans for home ownership are expected to put down 10% to 20% of the appraised value of a home. For example, if you have $30,000, you can make a down-payment for a home that is worth $300,000 (with a 10% down-payment) or $150,000 (with a 20% down-payment).

You also want to calculate your projected housing expenses. Determine the average annual costs for insurance, natural gas or oil, electricity and real-estate taxes in your area. Add that to the price of the home you want to buy and also add how much you are estimated to pay in closing costs (lawyer fees and land transfer taxes etc.). You can either use an on-line mortgage calculator or make a spreadsheet to calculate the total. If you find that the total is above 28% of your gross annual income, then it is probably not a good time to get a mortgage.

Get Pre-approved

Now you are prepared to seek the actual amount of money that you will need to borrow for your new home. When you do apply to various lenders, submit all of these applications within the span of a two-week period so that your inquiries do not alter your credit report as repeated credit report requests (other than ones that you request for yourself; and obviously each possible lender  will request) have a negative effect upon your credit rating. So that you have a realistic idea of what money you will have and therefore what price range you can afford, make sure to do this before you get in touch with a real estate agent. If you do qualify for a loan, make sure to look at first-time buyers' programs - which usually have lower down-payment requirements. These are sometimes offered by various lenders and/or by various levels of governments.

Start House Shopping

To get a sense of all your options, make sure to check out as many Ottawa homes for sale and open houses and housing styles as possible.  Do not make any rash decisions. In order to help with this process, sign a buyer representation agreement with a well-known local real estate agent, they can then sign you up for the Multiple Listing Service (MLS), which is an “Alerting” service that helps you search for properties in your desired areas by letting you know when a property becomes available in an area in which you are considering buying.

Also, find a real-estate agent who is knowledgeable about your target area to represent you and work with you in your search process. Make sure to provide him or her with every “must have” or “Must not have” detail of the home you are seeking: such as the number of bedrooms, bathrooms, the size of the yard, whether you want a garage, the overall layout (bungalow, duplex, town-home, split-level), traffic and population densities, etc.

Scout out the area in which you would like to live by visiting it at different time of the day and week.  Check out its proximity to shopping, schools, public transportation, and other amenities that you want. Also take note of the amount and the speed of vehicular traffic, available parking, noise levels, and business and general activities in the area and whether the neighbourhood is being up-graded by new residents or its overall maintenance is drifting sideways or downwards. Once you have assessed all these factors, then you will be far better informed as to how much and what sort of house or in what neighbourhood you can afford and wish to make an offer to buy.

Visit www.bennettpros.com for all your real estate needs.

Buying Country Property

Whether you are buying a country property for the first time or the tenth, you will realize that there are some differences when you buy a property with features such as a well. Your Ottawa real estate agent will help you understand the different things that you have to check before you have the property transferred to your name.

One important thing that you will need to do is check the Offer to Purchase Agreement drafted by your real estate agent. It is vital that it includes a clause that allows you to test the water supply of the property. This will help in determining if the water is safe for usage and human consumption. Your agent will advise you against buying property in areas surrounding Ottawa that are known to have water problems.

Ground water can easily become contaminated. Different human activities lead to undesirable substances being added to the water. Such substances when left on or under the ground cannot be moved and are added to the water supply through the ground. 

Ground water has been proven to cause the spread of the effects of spills and dumps to other regions far beyond the original site of contamination. There are two ways in which ground water can be contaminated: either through point sources or through non-point sources. 

Point sources include leaking septic tanks, landfills, accidental spills and leaking gasoline storage tanks. Industrial waste disposal sites and municipal landfills are two of the most significant sources of this type of contamination. Non-point sources include any type of infiltration from farms that are treated with fertilizers and pesticides.

You might also want to test the water supply for a high content of sulphur, salt and iron. Your real estate agent will help you find the best water testing companies in Ottawa. You will also need to test the flow of water that is available for your family’s use.

If the property you are buying has a septic tank, it is again of utmost importance that you have it inspected by a professional engineer who deals with such systems. You might think that the inspection is costly, but it will save you thousands of dollars in replacement or upgrading the system in the future. 

You do not have to go about getting the tests and inspections done yourself before purchasing. If you are buying a property that has a septic tank or a well, you can leave all these things to your Ottawa real estate agent. The agent will offer you the best care that is available and will give you details at every step.

Visit www.bennettpros.com for all your real estate needs.

Ottawa Real Estate Agent Wins Prestigious North American Business Award

Ottawa Real Estate Agent Wins

Prestigious North American Business Award

TORONTO – [Aug 19/14] – Marnie Bennett, a Broker of Bennett Property Shop Realty, Ottawa, Ontario, was awarded the prestigious “Daniel Passante Entrepreneurship Award” in a ceremony at the Toronto Hilton on Saturday, August 16 by Craig Proctor Coaching International.

ABOUT THE WINNER

An admitted workaholic, Bennett was #1 for Keller Williams International in 2010 (besting more than 80,000 other Keller Williams’ sales reps worldwide), before starting her own boutique agency in 2012; and has consistently ranked in the top one per cent of salespeople in North America for the last several years. She has a bachelor’s degree in law and economics, and even back in 1981, in her first year of real estate, she was one of the top agents in Canada.

While Bennett’s drive took her far on her own, her real estate business more than doubled when she aligned herself with Craig Proctor Coaching. “I went to my very first Craig Proctor Super Conference in Los Angeles in May 2010,” said Bennett. “At that time, I was on target to be the #1 Agent for Keller Williams International - but if the truth be known, I was mainly using - but was far less than happy with - the “old school” real estate systems that just didn’t fill our brokerage’s unique needs. But I had done a lot of research into methods and systems that were being used by large and successful brokerages and discovered that the common denominator of the most successful agents in my market place was that they were all Craig Proctor students.”

Over the last four years, by gradually implementing and integrating Proctor’s Quantum Leap Real Estate Success System with some of her brokerage’s existing systems, and ultimately after joining Proctor’s elite Titanium Coaching group, Bennett rapidly grew her business doubling her sales after opening her own boutique brokerage in a beautiful heritage office building in downtown Ottawa. “We now have 40 people on our team; and in one of the toughest markets that I have ever experienced, we have grown our resale numbers by 58% over last year,” said Bennett.

“If Marnie doesn’t inspire you,” said Proctor, “you’re tough to impress. We selected Marnie as the recipient of the Daniel Passante Entrepreneurship Award from among the brightest and best real estate agents from across North America because she exemplified the same huge energy, intelligence, entrepreneurial spirit, and dogged perseverance of the superb agent after whom the award was named.”

“I was completely taken by surprise and am thrilled and honoured to receive such a prestigious award and for being recognised for all my hard work and dedication. For the last 33 years, my goal has always been to offer the highest quality professional real estate services and to build the best real estate brokerage which provides my clients with what we call “5-Star Service” and I appreciate receiving this award as it shows that my colleagues recognize how successful we have been in taking care of our clients’ needs,” said a grateful Marnie Bennett.

ABOUT THE AWARD

The Daniel Passante Entrepreneurship Award was created in May 2012 in memory of an exceptional business leader and an inspiring Craig Proctor coach, Daniel Passante, who tragically passed away on March 25, 2012. The award is presented annually to the most innovative, inspiring, and successful team leader. Past winners include Realtors Len Wong in 2012 and Rick Brash in 2013.

Craig Proctor Coaching is an International Real Estate Success Coaching organization that has shaped the lives of over 30,000 Real Estate Agents across the globe. Founder and CEO Craig Proctor designed the Quantum Leap Real Estate Success System that underpins his coaching programs for his own highly successful real estate business, only recently devoting 100% of his time to coaching other agents worldwide. While an active agent (not a broker), Proctor consistently sold over 500 homes a year for annual GCI of almost $4 Million. He was twice named the #1 agent in the world for RE/MAX®, and was one of the top RE/MAX® agents in the country for 15 years. As a Real Estate Trainer, Proctor has coached more agents to Millionaire status than any other trainer. For more information, visit www.ProctorRealEstateProgram.com 

ABOUT THE BENNETT PROPERTY SHOP REALTY, BROKERAGE

The Bennett Property Shop Realty is a one-of-a-kind international boutique brokerage in Ottawa, Canada whose business philosophy is based on exceptional personal service, leadership and industry-leading and innovative policies and practices. Bennett is an award-winning marketer and has become one of Canada’s most highly-regarded Real Estate marketing and sales consultants and strategists because her company provides a full scope of integrated services that are customized to produce the highest possible degree of success for each client. With a team of 25 elite sales representatives who routinely go above and beyond the call of duty, the Bennett Professionals have built a steadfast reputation for excellence in the nation’s capital where their clientele includes Ottawa’s buyers and sellers, countless investors (including Ottawans buying outside of Ottawa and foreign nationals investing in Ottawa properties), as well as local and international developers. Turning this business into a one-stop-real-estate-shop has proven to be no small feat for the Bennett team, but a challenge which Marnie Bennett and her team enthusiastically take on. With over 9,000 sales, and $3.1 billion in real estate sales, the Bennett Property Shop hands down is the number one choice among discriminating home sellers and buyers and real estate developers.

MORE ABOUT MARNIE BENNETT

Marnie Bennett is one of the capital’s most prominent businesswomen, entrepreneurs and media personalities. Marnie’s personal life experiences have given her the ability to address women with insight, empathy and compassion, along with her trademark frankness.

From the beginning of her real estate career, Marnie’s sales numbers were among the highest in Canada – which results confirmed that this was the right fit for her particular gifts.

Recognizing that there was an ignored by critically-important niche to fill in the Ottawa housing market, Marnie began her own boutique marketing and realty firm in 1994 – a company that rapidly became a “one-stop shop” for numerous local real estate developers, builders, property managers and investors. Her passion for encouraging women has found expression as she coaches her team members to develop and expand their talents, and as she mentors private clients to take control of their financial futures. But most rewardingly, she’s watched confidence levels steadily rise among clients who have taken part in her “Women on Wealth” (WOW) workshops, learning skills that help them to make the most of their hard-won earnings.

On the media front, unhappy with the “boys’ club” attitude of the local real estate radio show, Marnie began the first of two radio shows. In the first, Marnie offers real-world, practical and inspiring information and advice that is easily understood to a broad range (by both age and financial savvy) to listeners from different walks of life. In the second show, Marnie interviewed various local entrepreneurs to elicit their secrets for success and to inspire other would-be entrepreneurs “to get their ideas in motion”.

She’s also a frequent columnist in local newspapers and magazines, offering fresh, down-to-earth advice that often specifically addresses women home buyers at various stages of life.

In 2008, Marnie was named Ottawa’s Businesswoman of the Year.

In 2010 Marnie was named #1 Realtor Worldwide with Keller Williams Realty International distinguishing herself among 93,000 other sales representatives.

In February 2012, Marnie and her family opened a boutique real estate brokerage in downtown Ottawa - just steps away from Parliament Hill – The Bennett Property Shop.

The Bennett Property Shop is a unique real estate firm that provides their clients with “white glove 5-Star service” and meticulous attention to detail.

For further information, photographs or to set up an interview with Marnie Bennett, please contact:

Jo-Anne Suitor

613-670-0164

jo-anne@bennettpros.com
www.bennettpros.com
www.facebook.com/BennettRealEstatePros
Twitter: @BennettPros