Buying a home should always be a fantastic experience, whether you’re a first time buyer, looking for something bigger, or downsizing.
So it’s crucial to have a clear understanding of your needs and wants before the search begins.
Your priorities may change a bit once you are looking at properties, but having a list to start with is the most effective way to begin your search.
A good plan is the key to a successful purchase!
Can you budget for:
-utilities (heat, hydro, water)
-condo fees (if applicable)
-savings for general maintenance & repairs
-closing costs & legal fees
Choosing a Mortgage Lender
Credit unions, banks or mortgage brokerages are all good choices. FYI we have an in-house mortgage broker to help you out. Brokerages get lenders to compete for you, but using a bank you like is fine too.
I recommend that you get pre-approved with your chosen lender to avoid surprises and disappointment. Nothing is worse than losing out on a house because your financing wasn’t in place. Pre-approval requires proof of employment, income and debt verification and a consumer credit check. You will also negotiate and discuss the terms and conditions of the mortgage that you are applying for.
Lock in your Rate!
When you are pre-approved, you lock in the
current lowest rate available to you, usually for 120 days. If rates decrease, you’ll have a new low rate. If rates increase you’re locked in and protected. You can house hunt with confidence.
Getting To Know You
Finding you the perfect place requires insight. Knowing what matters to you really helps. I’ll have lots of questions for you, and I’m sure you’ll have plenty for me.
It’s important to be on the same page. Work on the exercises in this guide individually and then discuss any differences you may have, so that everyone is happy.
Searching With Your Criteria
Viewing a selection of properties is crucial to your financial well being. Getting a first hand education this way is essential for establishing value.
Protecting your financial well-being is everything, and I know homes like the back of my hand. I write solid contracts and I’m very good at catching other peoples’ omissions and mistakes.
I’m tenacious and don’t give up. But I’m not afraid to walk away either, and this often causes sellers to reconsider. I will not jeopardize your financial position to get a deal done.
After The Offer
I’ll make sure that deadlines are met and conditions are fulfilled. If needed, I’ll renegotiate to protect your financial well-being. And I’m not satisfied until you get your keys and are happily moved in.
Learn a little about the offer process
Determine Market Value
Researching comparable recent sold properties is important. The location, size, condition of the house, and days on market also play a big role.
Preparing The Offer
An offer is not just the price. Conditions such as financing and inspection matter too. A closing date needs to work for everyone. Sellers don’t want complicated and risky offers. Sometimes a lower priced offer will win because it has fewer conditions than the competition.
Once the offer is written up, I’ll present it to the other side. Depending on the circumstances I’ll either present directly or electronically. My buyers really appreciate the convenience of Docusign if a counter offer happens.
Once everyone is satisfied with the offer, both parties sign in acceptance. But there are usually conditions that have to be met, and the home is only conditionally sold at this point. The most common examples are home inspection and arranging buyer financing. The buyers typically have 5 business days to meet the conditions or walk away. If the conditions are met to the buyers satisfaction the home’s status is then changed to sold firm!