By: Darcy Wintonyk and Lynda Steele, ctvbc.ca

Date: Tuesday Apr. 24, 2012 9:26 AM PT

By Michele Lerner | Bankrate.com

If you rented out your home to a tenant instead of selling the house during a slow market, you might be ready

now to put it on the market. The effort to sell a home can be complicated by the presence of a renter.

While many real estate agents recommend waiting until your lease expires and selling your home without a renter

in residence, not all landlords can afford to have their home vacant for a few months during the transition. In

addition, local regulations can impact the process of selling an investment property.

"The first thing any landlord should do is to check out the local tenant-landlord rules," says Patricia Kennedy, an

associate broker with Evers & Co. Real Estate in Washington, D.C. "The rules vary from one jurisdiction to

another. For instance, in D.C., tenants have the right of first refusal when a home goes on the market and again

when an offer comes in."

Kennedy suggests that homeowners start the sales process by communicating clearly with the tenants and

asking if they want to buy the home.

Ben Hoefer, a Realtor with John L. Scott Real Estate in Seattle, says, "There are some exceptions and some great

tenants that keep a place in good condition and are cooperative. But in general, having a tenant can have a

negative impact on a home that's on the market. Normally, the home drops in value because of the condition of the

home and the lack of access for agents and prospective buyers."

Kennedy says many real estate agents are reluctant to show buyers a tenant-occupied home because they expect

resistance to allowing visitors into the property and assume the condition will be less than optimal. "Smart tenants

can hold up a sale for as long as year if they don't want to move," she says.

Selling a vacant home has some drawbacks as well, including a lack of rental income while the home is on the

market.

"An empty home can be staged with some furniture and plants," says Donald Marcy, a Realtor with Coldwell

Banker Residential Brokerage in Madison, N.J. "The bigger issues are the lack of income and the fact that the

homeowner will have to pay utilities. Depending on the location of the home, there may also be concerns about

security and about things like pipes freezing."

Tenant cooperation

For those homeowners who do choose to sell with a tenant in residence, Marcy says landlords need to

communicate clearly and try to get the tenant to cooperate.

"It's one thing if the tenant already wants to move, but a tenant who doesn't want to move can be hostile," Marcy

says. "The owners need to explain what they are doing and why, and they need to set up a protocol for how and

when the home will be shown."

Marcy says tenants should be told the keys won't be just handed out to anyone who wants to see the place, and

that an agent or the owner will accompany prospective buyers.

Anyone who has sold a home knows the stress involved with keeping the home constantly neat and clean, along

with vacating whenever a buyer wants to see it, but at least homeowners have the incentive of making a sale.

Realtors suggest providing an incentive to tenants to get them to cooperate.

"Money always talks," says Liz Sidorowicz, a broker with Re/Max Signature in Chicago. "You can offer to give the

tenants 50 percent off their rent for a month if they'll keep the place clean and let in prospective buyers and their

agents."

Marcy recommends offering something such as a gift certificate for dinner for two during each month the home is

on the market. "You need to ask the tenants to keep the beds made and dishes out of the sink, but you also need

to remind them to keep cash, jewelry, firearms, prescription drugs and anything embarrassing out of sight of

prospective buyers," he says. "Giving them some type of incentive should encourage them to cooperate with

buyers."

Kennedy says reassurances about the safety of the tenants and their belongings should be given along with an

incentive such as a rent rebate at settlement. "Landlords need to recognize that the tenants see the property as

their home, not a commodity," she says.

Hoefer recommends offering a free hotel room for the renters on the weekend of an open house or some other

perk that might make life easier for them.

"Rental rates have gone up in many areas, so offering to pay the difference in rent for a couple of months or finding

them a rental agent and providing recommendations can also encourage cooperation," Hoefer says.

By Michele Lerner | Bankrate.com

It's not always easy to find a mortgage lender. The first step, naturally, is to check mortgage rates on

Bankrate.com. But that's not the final step. Selecting a mortgage lender should be based on more than just the

lowest rate. Gather a few rate quotes, and then follow up with some research and interviews before you choose

the lender who is right for you.

"You want to sit down with two or three lenders to make sure you find one who's a good fit, the right match for you

as a borrower rather than a product pusher," says Michael Jablonski, executive vice president and retail production

manager for BB&T Home Mortgage. "Mortgage lending should be a collaborative process."

A good lender can qualify you for a loan and offer advice on ways to improve your credit and should talk to you

about mortgage payments in context with the rest of your financial plan.

Asking friends, family and co-workers for lender referrals can be helpful, along with checking with a local bank,

suggests Arlene Allert, vice president and regional manager of Wells Fargo Home Mortgage in San Francisco.

Reputable real estate agents can give recommendations, too.

Brian Martucci, a senior loan officer with GetLoans.com in Washington, D.C., says consumers should check on a

lender's reputation for getting loans to completion and their experience in addition to comparing mortgage rates.

If you are happy with your bank or credit union, you might want to check on their mortgage loan programs, but

Martucci says you shouldn't expect special treatment such as a lower mortgage rate or discounts on fees. Some

banks offer incentives to their customers and others don't, Allert says.

Lender interviews

"You don't have to apply for a loan to ask questions," says Cindy Tessier, assistant vice president at Navy Federal

Credit Union in Vienna, Va. "You can find out a lot by simply calling to ask about loan programs. If the loan officer is

hard to reach or gives you a hard sell, you may not want to work with that lender."

Allert says: "Ask if they can explain in language you understand what each option means for you, not just today but

for the long term. You also need to find someone who will agree to set expectations upfront, including how long

the loan process will take, how often you'll communicate and how you'll communicate -- such as by email or

phone."

One of the most important questions, Martucci says, is about turnaround time because so many mortgage loans

today are delayed.

Tessier recommends asking who will service your loan because if your loan will be sold, it might be more difficult

to track someone down later who can help you with any issues.

Michael Astorino, field mortgage manager at Navy Federal Credit Union in Vienna, Va., says, "You should ask what

happens if the appraisal comes in too low or your rate lock expires before closing or there are other problems at

the last minute, because your lender should be able to help you set expectations and commit to getting you to

settlement."

Astorino says consumers should expect the lender to ask questions in return about long-term plans for

homeownership and overall financial goals. "You want someone who focuses on you, not on your loan," Astorino

says.

Comparing mortgage loans

"Every lender handles things slightly differently, but you should be able to get a written statement or spreadsheet

that gives you a side-by-side comparison of different loan programs," Allert says.

To simplify loan comparisons, Martucci suggests asking only about the interest rate and points on a loan along

with the lender fees. "You don't need to ask about taxes and insurance because you can do that later, and that isn't

likely to vary from lender to lender," says Martucci.

Astorino suggests that consumers focus first on overall goals such as paying off the loan in a certain number of

years or keeping the monthly payments as low as possible, then zeroing in on the lender's fees and the annual

percentage rate, or APR.

The ultimate goal, getting to the settlement table with your financing in place, should be met as long as you have

chosen a lender who communicates well and offers a consultative approach, Allert says.

Prepare for buying a home

 

By Dana Dratch | Bankrate.com

 

Before you make an offer on a house, it pays to ask a handful of questions. While the answers

might scare you off or make you rethink your bid, they could make you feel more confident that

you're making the right move on the right house.

 

As you prepare for buying a home, here are seven questions to ask before you make the offer.

Are foreclosures in your neighborhood?

Six hotels and a trade and exhibition centre

BY ANDY IVENS, THE PROVINCE

Richmond Mayor Malcolm Brodie unveiled $4 billion in development projects Tuesday that will add density to the

city centre and transform the northwest waterfront into a destination for international travellers.

The centrepiece, although still on the drawing board, is a propos-al called Vancouver International Plaza at Duck

Island.

If it gains approval, it will rejuvenate a large tract of industrial land on Duck Island that formerly was the site of

Lehigh Cement Ltd., walking distance from the Bridge-port Canada Line station and bordering the River Rock

Casino.

The concept calls for six luxurious hotels and a total of four mil-lion square feet of development, which Jingon

International Development Group calls a "major entertainment and commercial destination for the region."

Public amenities will include a riverfront walkway and plaza, and piers reaching into the Fraser River, as well as a

park, sports courts and gardens, a dock for ferries running to destinations up the Fraser River and a 450,000-

square-foot trade and convention centre.

"It's a spectacular location," said Gary Pooni, president of Brook Poo-ni Associates, the Vancouver-based project

manager and planning consultant for Jingon's proposal.

"It really comes out of the City of Richmond and its post-Olympic legacy," said Pooni.

"Richmond is now known as an international city and an international destination.

"The infrastructure through the airport and the Canada Line and an international local population, for us, makes

the timing right."

Pooni compared the concept with developments in Los Angeles, Australia and Singapore, adding there's nothing

like it in Canada.

"They become office, hotel, entertainment, retail, restaurant and a convention centre . . . an international

destination," he said.

"It becomes another reason to visit Metro Vancouver and Richmond.

"It will also be for the local people of Richmond who just want some-thing to do," he said.

It's early in the planning process, he noted. If all goes smoothly, construction could begin in late 2013 and take

years to build out.

Brodie also revealed an innovative way to get a station built on the Canada Line without any money coming from

TransLink, the cash-strapped regional transit authority.

"We do need the station, but TransLink has no money to build it," he told a luncheon gathering of the Richmond

Chamber of Commerce.

His plan involves buyers of the 6,600 units of housing to be built in the area around Capstan and No. 3 Road to

deposit $7,800 each into a fund for the station.

From that money, $25 million would be used to build the station.

- Affordable housing is a priority for Vancouver residents according to annual TD Canada Trust Condo Poll -

VANCOUVER, April 18, 2012 /CNW/ 

Attracted to an urban lifestyle in one of Canada's most expensive real estate markets, nearly two-thirds (62%)

of Vancouver condo buyers say their main reason for buying a condo is that it's more affordable than a house.

Another third (34%) say they believe owning a condo may be cheaper than paying rent according to the 2012

TD Canada Trust Condo Poll, which surveyed Vancouver residents who recently bought or intend to buy a condo.

More than one-quarter (28%) of Vancouver condo dwellers say that their monthly strata fees make it feel like they

are still paying rent, so they are saving up to buy a home without set monthly maintenance fees.

"Purchasing a condo allows you to build equity rather than continuing to pay rent as you save for a house," says

Brett Currah, District Vice President, TD Canada Trust. "At the same time, determining what makes the most

sense financially is not just a straight comparison of your monthly rent and some utilities to a monthly mortgage

payment and condo fees, so it's important you talk to a mortgage expert before making the decision to buy a

condo."

According to the poll, Vancouverites tend to be conscious of monthly maintenance fees. Vancouver condo buyers

say they understand that monthly fees can increase at any time and have a plan: 28% have a buffer built into their

current budget and 36% say they could cut back in other areas in the event of an increase.

Vancouver condo dwellers may be wise to prepare their finances for the possibility of a maintenance fee increase.

New regulations announced last year under the Strata Property Act will impact depreciation reports and

contingency reserve funds. Some corporations may need to contribute more to their contingency reserve fund to

better manage the future maintenance of common property and it is possible that this could result in higher strata

fees for their residents. For people buying condos, these changes may help to budget - as it will help predict the

likelihood of a strata fee increase if they're considering a strata unit that is older or currently has unusually low

fees.

"The possibility of a fee increase can be a little unnerving," says Currah. "While there's no way to 'lock-in' to a

monthly fee like you can with a mortgage, you can prepare for a fee increase by building a buffer into your monthly

housing budget, as some Vancouverites have wisely done. That way if fees go up, it won't be a major shock to

your cash flow. If they don't increase, you have extra money to put aside in savings or towards your mortgage. You

can also explore flexible mortgage options that allow you to pay more towards your mortgage when you can, then,

upon an approved application, ease off on payments when you need to. This can be a useful feature in the first few

months of transition to a fee increase."

Top features Vancouver residents look for in condos

According to the poll, condo buyers think the most important features when deciding on a condo to buy are:

1. Low condo fees (97%)
2. Good building security (96%)
3. Attractive interior design (95%)
4. Energy-efficient building features (93%)
5. A balcony (92%)

Nationally, women are more likely than men to look for a building with a balcony (92% versus 87% of men) and

environmentally-friendly features (86% versus 79% of men), while men are more likely to say finding a brand new

condo - not a resale (56% versus 46% of women) - is important to them.

Condos as investments

Almost one-third of condo buyers (31%) in Vancouver say the main reason for their condo purchase is that it is a

good investment. Recent housing forecasts do not seem to have fazed most buyers. Only 21% of condo buyers

inVancouver say recent forecasts have made them less likely to buy a condo.

"Recent housing forecasts have predicted that an over-supply of condos will cause a drop in prices. How this

affects your decision to purchase a condo comes down to your goals at that time" says Currah. "If you are buying a

condo and see it as a source of rental income that you'll move into when you are ready to downsize, this drop in

value will likely not have a big effect. On the other hand, if you see a condo purchase as a way to build equity as

you save up to buy a home, you need to consider the potential effect of a decreased price when you sell on the

money you will have towards a down payment for a house."

Of those who are buying condos that will not be their primary residence, 39% think they are a good investment to

buy and sell at a profit when prices have gone up. But - that is not the only way Vancouver residents see a condo

purchase as an investment. More than half (55%) see them as a long-term source of rental income and 37% see

them as a source of rental income for now that they will move into later when they are ready to downsize.

TD hosts an online community for homebuyers at www.tdcanadatrust.com/homeownership. The online

community allows home buyers to learn from each other's experiences, share stories on a wide range of home

financing topics and pose questions to TD expert, Farhaneh Haque, Director of Mortgage Advice.

About 7,800 new units will be launched in first six months of year, says MPC Intelligence

BY BRIAN MORTON, VANCOUVER SUN

Concrete condo sales are heating up in Metro Vancouver, but only for the right projects in the right location - near

rapid transit.

That's the word from Jeff Han-cock, a senior manager with real estate market firm MPC Intelligence, who said

presales of concrete condos in the right location and at the right price point continue to escalate with Asian

investors largely driving the market.

"It's not market-wide," he said. "It's more spotty. If you are 10 out of 10, you'll do well. That means a great location,

welldesigned, priced appropriately and definitely [served] by transit. Other projects are having to struggle a bit."

Hancock said an MPC forecast earlier this year that 8,000 new units in concrete towers would be launched in the

first six months of 2012 has been down-graded to about 7,800.

He said about 3,800 new concrete condominiums across 19 projects have started presales since Jan. 1 and that

60 to 65 per cent have been sold, "an impressive metric."

Hancock cited last month's sellout of 415 homes at Marine Gateway and the Telus Gar-den's 428 condos as

examples of strong sales in the sector. Two other condo towers in Burnaby - Silver by Intracorp and The Met by

Concord Pacific - also sold extremely well in presales over the past two weeks, he added.

Hancock noted that the market has been driven by Asian investment segments, most for long-term investments

but also for family use. "End user groups have also been active, specifically in North Vancouver, New

Westminster, Burnaby North and downtown Vancouver."

He said the resale market for concrete condos has not been as strong as the market for new units, possibly

because investors buying a presale unit like the idea of having a year or two to complete the purchase.

Cameron Muir, chief economist for the B.C. Real Estate Association, characterized overall condo sales in Metro

Vancouver as "moderate," with no significant change in activity over last year and little pressure on prices.

He said some areas are under-supplied, while some areas, like Langley and Surrey, have a significant amount of

inventory.

"In certain areas, particularly close to downtown, the inventory has been drawn down. And condo projects well

located to transit are doing well to date.

"But that's the exception rather than the rule. We're still facing headwinds due to the overall economy."

bmorton@vancouversun.com

FRANCES BULA Vancouver— Globe and Mail Update

As wheels continue to come off the TransLink bus, Vancouver’s mayors have voted to suggest cancelling transit

improvements that had been planned for 2013 and 2014 until there’s a way to pay for them.

A letter issued late Thursday by TransLink mayors’ council chair Richard Walton said the mayors voted at their

monthly meeting this week “for the two-year, $30-million in property tax funding for TransLink’s latest expansion

plans to be cancelled, until alternative funding sources are determined.”

Those improvements – a rapid bus along Highway 1 and the new Port Mann Bridge, another rapid bus down King

George Boulevard in Surrey, 615,000 extra hours of service throughout the region, and some station upgrades –

were meant to assure taxpayers that everyone was getting something out of TransLink’s three-year plan for

expansions.

If the plans to cancel go through, the Evergreen Line – funded by a two-cent-a-litre gas tax increase that kicked in

April 1 – will be the only part of the improvements package. That was their response to a letter earlier in the week

from Transportation Minister Blair Lekstrom, turning down all three suggestions the mayors had made for

alternatives – a vehicle levy, another gas-tax increase, or a regional carbon tax.

The vote was not unanimous.

City of Langley Mayor Peter Fassbender said three mayors from south of the Fraser, where most of the

improvements would have occurred, voted against the call to cancel.

“It took us a long time to get these enhancements,” he said. “It would be ludicrous not to have buses on the new

Port Mann Bridge. We are adamant.”

The mayors of the Township of Langley and of White Rock were also opposed to any cancellation. Surrey Mayor

Dianne Watts was out of town, and Councillor Marvin Hunt voted to support the cancellation in her absence.

The motion was another blow for TransLink management in a series of them this year.

It has already in the past two months seen some mayors lead a charge to have an audit, heard Premier Christy

Clark order one while turning down any possibility of a vehicle levy to pay for new services, gone through a media

grilling about bonuses for managers, and received the news Tuesday that Transportation Commissioner Martin

Crilly would not allow fares to be raised more than the inflationary rate allowed.

All of that has meant the agency is being asked to come up with $45-million a year by running the billion-dollar

service more efficiently – something that its planners are not sure is possible.

While they’ve said they believe TransLink is already on track to improvements, as a result of ongoing work to

reduce less productive bus routes, tighten up administration costs, and streamline other services, they say there

might not be $45-million worth of savings. That would mean cutting services to make up the differences.

In a statement released an hour after Mr. Walton’s letter, TransLink CEO Ian Jarvis said: “In the past few days, we

received two decisions that impact our business: the Commissioner’s decision to reduce our proposed fare

increase and the recent Mayors’ Council motion to eliminate reliance on property tax to fulfill the Moving Forward

Plan. We need time to review the information and understand what these decisions mean for TransLink, our

customers and the public we serve.”

It’s still unclear how part of the transit-improvement plan could be cancelled legally.

The mayors’ council also asked for a new audit on the agency, but quite a different kind from those previously

suggested.

Instead, they would like to see one done on whether the efficacy of TransLink’s new governance model introduced

by then-transportation minister Kevin Falcon in 2007, which took away the mayors’ power to control the agency

and gave it to an appointed board.

TransLink was the first regional transportation authority to be created in North America with the power to plan

finance and manage all transit, as well as regional roads and bridges.