Deciding whom to represent you is the most important decision you will make in the home buying process, next to actually choosing a home. As your Realtor® I will assist you in the following areas that are critical to achieving a happy real estate experience.
1. I will represent you, not the seller, in the real estate transaction.
2. I will provide counsel to you from start to finish regarding all matters concerning your purchase, such as:
- Where is the best location to buy?
- What taxes are payable if any?
- Guidance regarding conveyance lawyers, mortgage brokers and property inspectors.
3. I will make you aware of current issues that could affect land value.
4. I will negotiate the best price and terms for you that meet your needs and budget.
5. I will provide you with the most up-to-date listings in your price range and with the most recent “solds” in your chosen area(s).
6. I will preview homes with you.
7. I will prepare a reasonable binding offer.
8. I will put you at ease and answer all of your questions in an open and honest manner.
9. I will over see the whole completions process.
10. I will be available long after the sale has completed.
11. I will find you a wonderful home!!!
When it comes to buying a home, getting pre-approved for a mortgage is a very important step. Not only does it help you understand exactly how much you can afford to spend on a home, but it often allows you to lock in an interest rate for a period of time which could potentially save you thousands of dollars for years to come.
HERE ARE 4 SIMPLE STEPS TO A MORTGAGE PRE-APPROVAL:
1. Talk to a mortgage specialist.
Whether it’s your bank mortgage specialist or an independent mortgage broker — talk to someone with expertise who can help you compare rates and terms as there are hundreds of options to choose from.
2. Complete an application to find out how much you qualify for.
There are many factors that go into determining your eligibility for a mortgage. Two of the primary practices are calculating your GDS (Gross Debt Service) and TDS (Total Debt Service) ratios. These factors determine how much you can comfortably afford to spend based on your down payment, income and other financial obligations.
3. Gather your financial information to finalize pre-approval.
Your bank or mortgage professional will require documentation to support your application such as income and down payment verification to finalize the pre-approval process.
4. Get a copy of your pre-approval.
This is a powerful negotiating tool. It’s extremely frustrating for sellers to lose a sale because of financing. A pre-approved buyer means sellers have one less thing to worry about. Even though many offers are conditional on financing, the seller of your dream home will see you as a more attractive buyer when they know you are pre-approved.
Logically, the first step to finding the right home is to determine what you’re actually looking for. There are a lot of homes on the market at any one time, and looking at them all is not the best way to spend your time.
To make your home search more efficient, ask yourself these three focus questions:
1. Where do I want to live?
This is your first decision. What communities or neighbourhoods do you want to consider? Is it important to be near schools, shopping centres, recreation facilities, place of worship, hospitals, or other amenities? Will you require public transportation?
2. What type of home do I want?
What style of home is best for you? could it be detached, a semi-detached, a bungalow, a split level, a two-storey, a duplex, a townhouse, a condo – the options are endless! You may also want to consider your ideal lot size and the age of the home.
3. What are my must-haves & deal-breakers?
What are the most important features for you in a home? A basement? A garage? A pool or fireplace? How many bathrooms? Bedrooms? Do you have family members with special needs? What do you absolutely not want in a home?
You have found a house you love. Fantastic news! Here is how the offer process typically works:
1. Decide on price, terms and conditions.
Your agent will conduct a Comprehensive Market Analysis (CMA), complete with comparable active and expired listings, recent solds, and other historical data to determine the market value of the home. This is extremely helpful when it comes to negotiating a fair price. You also need to decide on a closing date and if there will be any conditions of the offer such as home inspection, appraisal, water tests etc. Your agent will guide you.
2. Prepare the offer.
Your agent will create a legal document (Contract of Purchase and Sale) that protects you, follows your instructions, and matches your schedule and needs. Of note, many tech savvy, eco-friendly agents today are using the convenience of paperless transactions. E-signatures are becoming more and more common today for their ease of use and online, secure document storage.
3. Review the offer.
Your agent explains the details and terms of the offer, and suggests options for specialty clauses so
that you know exactly what you are agreeing to.
4. Present the offer.
Your agent will present and negotiate the offer on your behalf.
What happens next? One of three things:
A. The seller accepts your offer. Congratulations!
B. The seller rejects your offer.
This isn’t common, but it can happen and your agent will work to find out why.
C. The seller countersigns.
Changing the terms of the offer, and presents the offer to back to you.
Your agent will continue to negotiate on your behalf to reach agreeable terms.
Your agent will also advise you if it’s clear that an agreement cannot be reached and it’s time to walk away.
Okay, you have agreed on a price and terms and now have an accepted offer in place. If you have subjects, now is the time to start the process of satisfying them in order to meet the deadline and firm up your purchase.
One of the most common subjects of an offer today is a home inspection. Home inspections allow you to scrutinize the details of the home and potentially save you from any unpleasant surprises.
HOME INSPECTION TIPS
- Choose a qualified professional. A member of an association can reassure you are getting an experienced, knowledgeable professional.
- Ensure the home inspector checks for visible issues with plumbing, electrical systems, roof, insulation, walls, ceilings, floors and windows, and the condition of the foundation. They can also check that the home includes chattels like furnaces and air conditioners, are in working order.
- Ensure your home inspector gives you a close and personal look at your new home. It takes about three hours to go through all the systems, and if there are any problems, you will see them with your own eyes. They will also give you maintenance tips and easy fix-ups, if necessary.
- Ensure that in the end, you receive a detailed report that summarizes the condition of your home
Typically you will have anywhere from 30 to 90 days before closing day. The exchange of money and title are normally done 2-6 days prior to the closing day. Your agent will arrange to get the keys for you.
Remember, this is an exciting time! Being organized well in advanced will pave the way for a much more enjoyable journey. Here are a few details to take care of before your closing date:
Legal Stuff and Paperwork
You and your agent will need to provide your lawyer with all the necessary documentation for your purchase. Your agent usually takes care of the agreement, waivers, survey and any other purchase documents. However, you may need to provide your lawyer with some additional information: insurance, down payment information, adjustment payments, and other signed documents your lawyer may request.
Make the necessary arrangements to have these funds available a week prior to closing or when the lawyer has requested funds.
Moving Arrangements & Change of Address
Whether you are using professional movers, renting a truck, or getting a bunch of friends together, plan and organize it early.
Property Insurance
Arrange for home insurance before closing and request a proof of insurance at your financial institution in advance. Provide your insurance agent with the listing information and details such as age of the house, pool or no pool, type and condition of the roof, condition of the furnace, electrical and type of exterior.
Utilities
Contact the local utilities to coordinate the change of billing on closing. Including phone, internet, cable, gas, electricity, water, and any rental agreements. Don’t forget to cancel the services at your old address.
Schools
Inform your children’s old and new schools about the move and arrange any necessary record transfers.