The Buying Process
Once you have decided that you are ready to buy a home, you may ask “what now?” It’s an exciting time for most but there are things that you need to know to make sure you are well protected. Let’s face it, your house will be your home, but it will also likely represent the largest investment you will ever make. You will want to make wise decisions and make sure your interests are well protected every step of the way. We are here to make sure your home purchase is a smooth and successful one. We’ll be with you every step of the way!
Let’s take a look at the various steps of the Buying Process.
First, Determine What You Can Afford.
Purchasing a home involves certain one time costs and monthly expenses. The largest one time cost is the down payment which typically equals 5% – 25% of the total purchase price. Buying a home with less than 20% down will mean that you need to have Mortgage Insurance. Your Lender will help you with this.
Get a Pre- Approval
If you haven’t already done so, now is the time to get a Mortgage professional working for you. If you don’t know of any highly qualified, service oriented Mortgage Specialists, just ask us. We will happy to provide you with the names of excellent people in the industry.
A pre-approved mortgage protects you against mortgage rate increases while you are shopping for your home and confirms the price point that you can afford. This puts you, the home buyer, in a much better position when it comes time to putting in an offer. The last thing you want to have happen is to find a house you want to purchase and then discover you can’t afford it.
Hire a Professional Realtor
Things have changed in Real Estate. Years ago, all Realtors were working directly for, or as, subagents for the Seller. Today that is not the case. Today, Buyers can have their own representation which protects their interests instead of the Sellers’. By hiring a Realtor to represent you, a client relationship is formed. A client relationship creates the highest form of obligation for a Realtor to a consumer. This relationship is established with the use of a Buyer Representation Agreement. A Buyer who chooses not to be under contract with a Realtor is a customer and does not benefit from the same level of service provided to a client. Of course,ALL Buyers are treated with honesty, integrity and fairness. Realtors have a disclosure obligation to a customer and must disclose material facts known to the brokerage that relate to the transaction. We will explain all of this in detail when we start working together.
As your Realtor, we will work with you in exploring different neighbourhoods and styles of homes to ensure you find the right house to suit your needs. We will do research on your behalf, show you homes that may be a good fit while pointing out benefits and / or potential problems with each property. We will make sure the value of the property can be justified. No one wants to pay too much for their home!
Making an Offer
Once you have found the right home we will prepare an offer on your behalf making sure that you are well protected in every way. We will use our negotiating skills to make sure you buy your home for the best price possible. The major elements of an offer include price, deposit, conditions, inclusions and exclusions, closing date and other terms. When both Buyer and Seller agree with all the aspects of the offer, the property will be conditionally sold.
Next comes the home inspection. We recommend every home be inspected by a qualified home inspector prior to making the deal firm. This will give you added confidence that you have made the right choice and will avoid any possible unpleasant and potentially expensive surprises after moving in. We are there with you for the inspection and can offer solutions to problems if they arise.
Once all the conditions in the offer have been met and removed, the purchase will be firm. While you are celebrating the purchase of your new home, we will take care of getting all the documents and paperwork to your lawyer.
Every step of the way we will be with you- from making an offer, right through and beyond closing day!
Congratulations! You bought a home!