So finally, the house gets sold.
But when is the money coming?
It’s not until the whole transaction is completed, and that takes a lot of steps.
Meanwhile, a seller needs cash for some things.
The money may go to a downpayment for a new home, moving out, renovations on a new property, or to settle an outstanding tax obligation.
This is where BC Condos and Homes hopes to help.
The real-estate marketing platform has announced an incentive for home sellers listing their property on the site.
It comes in the form of a $25,000 loan.
The incentive appears in the midst of a sizzling real-estate market.
On November 3, the Real Estate Board of Greater Vancouver (REBGV) reported that home sales in the region totalled 3,687 in October 2020.
The transactions represent a 29 percent increase from the 2,858 sales in October 2019, and a 1.2 percent increase from the 3,643 homes sold in September 2020.
The REBGV noted that last month’s sales were 34.7 percent above the 10-year October sales average.
Meanwhile, the Fraser Valley Real Estate Board reported 2,370 sales in October.
This number means an increase of 48.9 per cent cover 1,592 sales in October of last year, and a 6.2 percent increase from the 2,231 sales in September.
IT and marketing solutions expert Varinder Kainth is a partner with BC Condos and Homes.
Kainth noted in a phone interview with the Straight that for a lot of people, especially in Vancouver, their money is locked in with their homes.
When they decide to sell, they do not always have cash lying around.
“They don’t have the funds until the property sale is completed,” Kainth explained.
Kainth is a partner with well-known realtor Les Twarog with BC Condos and Homes.
Twarog, for his part, works with a number of associates under his leadership. Kainth is not a realtor.
In addition to the $25,000 loan, sellers listing with BC Condos and Homes will also get marketing support from Pixilink Solutions, a media company owned by Kainth.
Kainth also owns fisherly.com, a real-estate information that provides information about property sales.
To get in touch with the BC Condos and Homes team, click here.