Margie Chapman,
unlicensed partner

Steve Chapman,
Realtor

White Rock Real Estate


Chapman4RealEstate.ca

Serving Clients Since 1990

South Surrey / White Rock
604-538-8888

Main Photo: 16181 30TH Avenue in Surrey: Grandview Surrey House for sale in "MORGAN ACRES" (South Surrey White Rock)  : MLS(r) # R2103207 Live close to Southridge School. Bay Realty's listing information shows that this home is on 30th Avenue in South Surrey. Offered for sale at $3,980,000, is a 5,868 square foot, 4 bedroom and 6 bathroom home.
At this highly rated private school, Southridge, beyond British Columbia standards, Physics, History, Chemistry and Biology are also offered through the Advanced Placement program which provides college-level curriculum and examinations for high school students. Do you want to find homes in a different price range and size? Phone today for an appointment and I will help you locate every house available that meets your requirements. Check for more details on this property by clicking here.

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Although questionable for sellers, this change will provide a purchaser improved confidence in the integrity of the seller's Realtor when receiving the message that there's another purchaser also bidding on the same property.

The long term recommendation is to have a real-time multiple offer registry that purchasers can monitor to see if there are other offers that are made on the same property.  

Until then, the Independent Advisory Group (IAG) recommends that the Real Estate Council require that all offers received by a seller’s agent be quickly filed with that agent’s managing broker and be retained at the brokerage for review by the Real Estate Council on demand. 

The IAG states that they are "... aware of reports that some licensees are not disclosing all received offers to sellers, and favouring offers from particular buyers, in a manner that may compromise the licensee’s duty to act in the best interests of their client." In my many years of White Rock real estate experience, I have never heard of such inappropriate behaviour. Implentation of a simple process could eliminate this possibility.

The IAG is also aware of reports that "... claims of multiple offers, that in some cases may be exaggerated, are used by some licensees to encourage buyers to increase their offers."  

So, the  IAG recomends that brokerages be required to maintain records of all offers made during the sale process until a real-time multiple offer registry is in operation.

This is good news because it will enable purchasers to confirm that their offer has been submitted and it will confirm that there are indeed multiple bids that have been received on the property. However, there are times when it might be bad news for sellers, if it is the sellers request not to disclose multiple offers untill they are all received. Why? Because many purchasers will not submit an offer if they know that they will be competing against other purchasers in a bidding war.

 

Thinking of selling? Let's meet to discuss what's best for you.

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The Real Estate Council of British Columbia’s Independent Advisory Group recently released 28 recommendations that are expected to be implemented. One recommendation is that the Real Estate Council is to require licensees to fully disclose and explain their financial and non-financial incentive structures, prior to and on entering into a client relationship. The recommendation states "... that improvements to disclosure include an explanation of all commissions, fees, bonuses, volume incentives, rewards, and other forms of benefits and incentives, both financial and non-financial, that licensees receive by virtue of their participation in the transaction. Disclosure should also include how commissions may vary depending on the representations (for instance, double ending) and the ways that a licensee may be compensated by facilitating assignments of a contract for purchase and sale.
As a consumer, who wouldn't agree with this recommendation. However, if we are really focusing on the consumers best interests, why was there no mention of the discrepancy between Agent/Client disclosure for purchasers and the Agent/Client disclosure for sellers?
In addition to current disclosure requirements, sellers have listing contracts that are currently reviewed and agreed to that satisfy 90+% of this recommendation. Not so for buyers. Why? Because most buyers phone a Realtor because they want to look at properties, not to be locked-in to a contract to work with someone they just met.
It will be interesting to see how changes are implemented for purchasers because purchasers already sign client/agency and remuneration disclosure forms that disclose the difference between being a Client and being a seller's customer, and that we receive our remuneration from the seller based on a percentage of the selling price.
If purchasers object to this recommendation, it might drive purchasers to opt out of having their own Realtor in favour of being the sellers customer. And where's the purchaser's consumer protection in that?

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Need to Sell?

When selling your home, you need a REALTOR you can trust to assist you through every step of the process, to achieve your goal of a stress-free sale, within a reasonable time frame and for top market value. Learn how I can help you get more and better offers on your home.

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When thinking of selling, you will want to know the probable selling price of your home and meeting with me will give you an opportunity to decide if you would like to hire me as your REALTOR. I'll research and then meet with you to  review recently-sold properties that are comparable to yours. 

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB. 

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