| There is one more tactic your Real Estate Agent | | | | signs it because the buyer becomes unaware of |
| could try to pull on you. It is a simple tactic to catch, | | | | what the document is really about! |
| but to the first time home buyers, it could prove too | | | | Now at this point, the scam is not yet finished |
| overwhelming and it will mean the end of your | | | | because the waiver still has to be sent to the seller. |
| financial stability. | | | | So how does the Agent trick the buyer into agreeing |
| Signing the waivers early | | | | to send the waivers to the sellers? |
| Waivers is a simple form that the home buyer signs | | | | Here's how: |
| to waive the conditions in the contract. The | | | | 1. The contract will expire in a week. So the Buyer's |
| conditions in the contract, which is usually conditional | | | | Agent only has a week to send the waivers to the |
| upon financing, home inspection and appraisal value, | | | | sellers. |
| protect the buyer from having to buy the house if | | | | The first thing the Agent does is calls the lenders and |
| the buyer conditions cannot be satisfied. The | | | | other parties involved early to see how the process |
| contract usually specified the conditions must be met | | | | to checking the contract conditions is going. By calling |
| within a week where the buyer uses that time to | | | | early, the lenders and other parties will not be able to |
| find a lender and home inspector to see if the home | | | | claim the property to be purchased is no good. In |
| satisfies the conditions. If and only if the conditions | | | | fact, more often than not, the lenders will actually tell |
| are met, should the buyer then sign the waivers. | | | | the agent there will always be a way to get the |
| Some sneaky agents will try to tell the home buyer | | | | money for financing. The lenders say that really just |
| to sign the waiver. The Real Estate Agent promises | | | | to comfort the Agent they he is in good hands. |
| not to deliver the waiver until the conditions are | | | | 2. Using this confirmation, the agent quickly tells the |
| satisfied. Now, this appears to be a stupid tactic that | | | | homebuyer, the lenders are ok and the house is |
| even first time home buyers won't fall for. So how | | | | good. The agent then ask if the buyer is would agree |
| does the Real Estate Agent trick even a smart buyer | | | | to waive the conditions now because the agent |
| to sign the waivers and even further, agree to send | | | | would be too busy later on claiming he is on an |
| the waivers to the sellers? | | | | educational course. |
| Here's how: | | | | 3. The home buyer trusst the agent and sees that |
| 1. The moment the home buyer selects a house to | | | | the conditions will most likely go through. So to help |
| buy, the agent will then have to proceed with several | | | | the Real Estate Agent, the home buyer agrees. |
| contracts to sign. | | | | Now, it is done deal. The Buyer's Agent now has the |
| 2. These documents are presented in a complex | | | | right to send the waivers to the seller's agent and |
| manner that confuses the buyer. The first couple of | | | | the contract is no longer nullable. The buyer must |
| contracts, the buyer must really sign. | | | | now buy the house. The home buyer may not even |
| 3. At this point of confusion, the buyer would | | | | know the house was overpriced. |
| eventually lose concept of understanding and pretty | | | | This happens. It happens in Ontario. I am releasing |
| much, will sign anything because it just appears | | | | this information because Canadians must know. Quite |
| everything needs to be signed, anyways. | | | | frankly, orea.ca may not even be aware of it or is |
| This the moment when the Agent quickly sneaks in | | | | not doing anything about it. |
| the waivers and the buyer without even knowing it, | | | | |