Ask an Expert: Colleen Wilson a professional full time Realtor at RE/MAX Action Fort St. John since 1994. Colleen welcomes you to her site; and offers her expertise in Real Estate. Colleen has knowledge of the everchanging market conditions, and offers personal one on one service when selling your home or assisting you in purchasing a home. Welcome to the Ask and Expert section of my website. Here you will find frequently asked questions and answers to provide immediate information. If you have a specific question, please contact Colleen Wilson directly. What are the risks if I sell my own house? Here is a new twist; a recent for sale by owner with a "for sale sign" on her front yard fell victim to mortgage fraud when identity thieves assumed her identity. They forged her signature to sell her home to an accomplice, discharged her small mortgage and took out a new one for about $300,000. All without the homeowner's knowledge. They pocketed the money, defaulted on the mortgage and disappeared. The home owner victim first had to prove she was a victim and that banks did not do due diligence before making a claim to the provincial government's land title assurance fund, which is financed by land-title fees. It took her a year and $50,000 to get the house back! There are many more reasons to sell through Real Estate Professionals....be safe "Coll" a Realtor. Do I need my own lawyer to complete the Registration of a Sale? Each party to the contract must have their own lawyer to process Registration rather than both using one lawyer because it is a conflict of interest for one lawyer to process both the sale and the purchase of a Real Estate transaction. When are Realtors paid before or after a sale? The Realtor does not get paid until the property is sold and the property has Registered into the new buyer’s name. How much does it cost to buy through a Realtor? The Realtor is paid from the sale proceeds when the listed property sells. The buyer has his best interests looked after at no cost to the buyer; rather the Realtor is paid from the amount agreed upon between the seller and the Listing Realtor when the sale is complete. Do banks need an approved inspection to approve my financing? A building inspection is the buyer’s choice and is not a financial requirement for banks. When buying why would I want to buy through a Realtor? Having a Realtor means Knowledge. A buyer needs to know how much similar properties are selling for to make a knowledgeable decision about what property to purchase and how much they pay for a property. Realtors show a buyer many properties and the buyer will choose the best property for their needs and the money. Realtors will write a legal contract of purchase and sale and if accepted the buyer can remove subjects creating a firm and binding contract to complete on the agreed upon date. Sellers usually price their property at market value as their Realtor has made them aware of the market value of their property by doing a CMA. Why should I list my property with Real Estate? People buy through Real Estate for many reasons: Buyers don’t know the area Sellers will be leaving and need someone to network their sale while they are away there is a wide variety and quantitiy of Properties listed with Real Estate to choose from Buyers need a legally binding contract FOR MORE ANSWERS TO YOUR QUESTIONS email colleen@remaxaction.ca Colleen Wilson, RE/MAX Action Realty #101 - 9711 - 100th Avenue Fort St. John, BC, V1J-1Y2 Toll Free: 1-888-785-5520 | Fax: 250-785-2624 Email: info@colleenwilson.ca Website: www.colleenwilson.ca Copyright © 2007 Colleen Wilson, RE/MAX Action Realty. All rights reserved. Site Developed by Romeo Web Design