Cell: 604-855-2521 |

Property Assessments

It's Property Assessment time, and we would just like to remind everyone that if you are not satisfied with the assessment, there are steps you can take to have it re-assessed.


Act quickly If you feel you've been unfairly assessed in comparison to your neighbors, you'll have to act quickly, as the deadline to appeal is Thursday, Jan. 31.


B.C. Assessment says most complaints get resolved through discussions between property owners and staff. Complainants should contact B.C. Assessment through its website, in person or by phone at 1-866-825-8322.

If your concerns still haven't been resolved with an appraiser, the next step is to go through an appeal process. You'll have to submit a written request to a B.C. Assessment office no later than Jan. 31, 2019.


To appeal or not to appeal? Expert advice for dealing with your new property assessment The ministry has created a video outlining how to prepare for your hearing and what evidence you will need to support your claim. Hearings are open to the public and typically lasts 30 minutes.


During that time, you will have to provide evidence that your property assessment notice is inaccurate. The panel will likely ask you questions and you are allowed to ask the panel questions.


To read the full article click here: https://www.cbc.ca/news/canada/british-columbia/how-to-appeal-bc-assessment-1.4964053 If you are planning on appealing your property assessment and you would like to discuss the strategy or find comparables to back up your case, then call or email me, I can help.


Tibor Bogdan

*Personal Real Estate Corporation 
Sutton Showplace Realty 
cell: 604-855-2521 
TF: 1-877-858-2408

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What is a pre-sale?

Example scenario: When the developer intends to build an apartment building and applies for financing, the bank will grant financing under certain conditions. One of them will likely be a certain percentage of pre-sales the developer will need to secure before receiving the funds.
It is common practice for a developer to approach several real estate investors and offer them an opportunity to purchase units of the non-existent building at a discounted price, and on good terms.

Once the number of pre-sales is accomplished, the developer goes ahead with the construction, which will likely take two years or longer to complete. During construction, their marketing team offers the remainder of the units for sale at market value to the public.

If you are a RE investor, you know that it is preferable to be buying at the pre-sale prices, not market value prices.

The question is, how do you get the invitation to buy a pre-sale?
In the past many years, investors have made substantial income by buying at wholesale prices and selling at retail prices even before they needed to complete their purchase. I saw many of them lining up and sometimes even camping overnight in front of the sales center to get a chance to buy at lower prices, but not everyone was lucky enough. You needed to be well-connected to get an opportunity, and you had to act fast.

Today is a bit of a different story. Several projects in the Lower Mainland and Fraser Valley offer really good prices and incentives to secure a unit now and complete the purchase two or three years later. The list of incentives varies from one project to the next. Besides attractive prices, you can get low deposit amounts (5-15%), low or no assignment fees, free updates, a mortgage rate buy-down program, extra parking and more.

A month ago, I helped a few of my clients purchase a presale in Surrey that sold out in 2 days, and I know of another good developer that will be offering a few units for sale as well.

If you would like to know more about these opportunities, I would encourage you to call or email me, and I’ll be happy to send you details on those projects.
 
Kind regards,
 
Tibor Bogdan
Century 21 Creekside Realty Ltd.
45428 Luckakuck Way #190, Chilliwack, BC V2R 3S9
cell: 604-855-2521
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