I was out with a young couple from the U.K. this weekend who are relocating to Edmonton and it reminded me of a recent dinner I had with a former Calgary city planner, who relocated from the U.K. well over 3 decades ago. We talked about the major and minor differences in buying a property in Alberta versus the U.K.
For example, in Alberta we use the Torrens system of land registry. To many of you this will mean nothing but it means a world of difference in how we deal with titles and title insurance.
Another difference we discussed was the length of time it takes for the whole process to take place. Although both systems are based on English common law, transfers can occur much quicker here then there.
The discussion went on as usual until he laid “gazumped” on me. It makes me laugh now every time I’m gazumped.
Because of the time it takes to get things finalized in Geat Britain, another buyer can come along and gazump the first offer. We might refer to this as “sandbagging” the other offer.
Since that dinner earlier this month, I too have been gazumped. However, I have a slightly different application of the term. There have been a number of occassions when we have looked at a property with a buyer, we have taken our time to research, prepare our offer and review their options, and by the time we submitted the offers on properties we were gazumped by another offer.
So no matter where you are, no matter how things work, no matter the language it looks like there are the gazumpers and the gazumped.
Take your real estate classes but also take a basic accounting course, real estate law, any finance course and a course in public speaking. Don’t laugh, you will use all those courses through your career. Also start talking to various brokers and let them know you are taking classes. Whether taking college courses along with taking real estate classes from various real estate companies or independent real estate schools be aware of the market you are in. Also talk to lenders so you know some of what is needed for your buyers. Please learn about Title & Escrow as well. Once you hang your license make sure you become a Buyers agent first not a Sellers agent. When you start with buyers you will be learning along with your buyers some of the issues that can come up in a transaction. If you start on the Sellers side you will be on the losing end of every transaction as most seasoned agents know who is new, knows the contingencies that will let them get out of the contract and you will be left standing holding the bag. http://integrityluxuryhomes.com
Ask them about “Gazundering”, that’s where the seller changes to a lower price at the last minute.
I meant the buyer not the seller on the above.
I see we still have the old humdrum text on the header…
If I Photoshop you guys a better header will you use it?
Hey… maybe we could have a blog reader contest for the best ERB header?! Game on!
I put those photos of Edmonton up in your honour! Lol… if you can do something better send it over… but the text is there for the search engines not for looks
Ok, so we keep the text. Any other restrictions/preferences I should know a priori?
We have to be able to smell “gazumping”! Then through aggressive actions, defeat the gazumper!
Aloha,
Keahi
I thought the old header was fine. Not much of a fan of the new one, as it takes about 30% of the space “above the fold” without conveying much useful information.
Proof positive you can’t please everyone.