Buying a house - The realistic approach

This informative article is not about the secrets of shopping for a rental property for no money down and half the buying price of the marketplace value of the house. I'm not Tom Vu or Don Lapre and I'm not in jail.

In Canada, the no money down home did use to exist, however not anymore. Some banks and/or lenders were prepared to lend you the 5% down payment so you don't have to cover a penny out of your personal pockets to purchase a home. However, given the existing financial situation with tighter lending restrictions, you will see no bank or lenders who are able to do this in Canada.

The buying home for half price did use to exist as well. At one point, foreclosures in Canada will allow foreclosed homes to be sold at rock bottom prices. The brand new law, which has been doing placed for quite some time now require the homes be sold at the best possible price for foreclosed homes or else the lenders might be sued.

Hence, sometimes foreclosed homes sell higher because Canadians have the misconception that foreclosed homes are an excellent deal causing it to truly have a reverse affect. There has been many people buying foreclosed homes believing they got a great deal and not performing a thorough check regarding actual value of the home.

Now, clearing out the quick money maker myths of shopping for homes, there are still a lot of things you will need to keep yourself updated of before starting.

If there exist ever an industry with increased sneaky sales tactics and money motivated people, it has got to the Real Estate industry. As a buyer, you can be dishing out $350 000 and real estate agent in ingleburn everyone wants a piece. The Real Estate Agents want a piece. The lenders want a piece. The lawyers want an item and the sellers want piece. No surprise there are so many scams in this industry.