STEP 1: FIND A REALTOR WHO IS RIGHT FOR YOU AND AGREE TO WORK EXCLUSIVELY
98.4% of people get help from a REALTOR when buying a home. Did you know that only 20% of REALTORS do 80% of the sales? When selecting a REALTOR you want a professional and successful REALTOR who has experience.By understanding your needs/wants we will take this information and interpret into search criteria, tailored specific to you. By creating a search unique to you, this provides you with only information and homes relevant to your personal buying experience and doesn’t overwhelm you with irrelevant information.We notify you the moment a great opportunity comes available allowing you to pounce on a good deal.
STEP 2: MORTGAGE PRE APPROVAL
What Does it Cost to Own a Home?
• Down Payment• Legal Fees• Inspection Fees• TaxesMonthly Costs of Owning A Home?• Mortgage• Utilities• Maintenance• Insurance• Property Taxes• Condo FeesHow Much Can You Afford?
Knowing your true budget is very important when buying a home. Focus on the monthly number. If you have a figure you can spend each month on Mortgage, Taxes and Condo fees, work with that to ensure that you are comfortable every month.
Make as big of a down payment as you can. Don’t leave yourself short; set aside some money for moving expenses, repairs, renovations and perhaps some new furniture.
We can recommend excellent Mortgage Brokers who can help you with this very important step in the home buying process.
STEP 3: SELECT HOMES TO VIEW WITH YOUR REALTOR
We will be in contact with you to help select the homes to view. We will discuss the best matches and choose up to 6 homes to view at a time. Anymore and it’s home hard to distinguish between them.
STEP 4: FIND THE RIGHT HOME AND WRITE AN OFFER
You found a home, Congratulations! Now, to make it yours you have to make an offer that the Seller will accept.During The Offer Process We Will:
• Do background research to make sure that nothing is left out and you have all the information necessary to make an informed decision.
• Prepare the offer. This protects you and we will follow all your instructions to ensure your needs are met. We recommend reviewing the contracts in our package before writing an offer so you are familiar with them and can ask questions prior to the time of writing.
• Explain all the details. We will give you all the options and ensure you know what you are agreeing to.
• Present and negotiate the offer. You have signed all the papers, now we will do our best to get you the home you want at the price you are comfortable with.
STEP 5: NEGOTIATE THE OFFER
THE SELLER CAN ACCEPT YOUR OFFER
Perfect, congratulations!THE SELLER CAN REJECT YOUR OFFER
It is not common for an offer to be completely rejected. If this happens we will follow up and see I there is anything more we can do.THE SELLER CAN “SIGN BACK” OR COUNTER YOUR OFFER
This is common. The seller may want to change some part of your offer, most likely the price.
STEP 6: DUE DILIGENCE
At the final stretch, there are closing payments that need to be made. These costs can include mortgage application fees, legal fees, inspections. Once you jump through those final hoops you can finally take comfort in knowing you have purchased a new home.This is where we work through any conditions written into the offer. Typically, these will be Financing and Home Inspection. With a condo there will also be Condo Documents to inspect.Your lender will need to see a copy of the Contract and you will work closely with your Mortgage Broker or Lender to ensure that they can approve the financing.Home Inspection: This is your biggest purchase and a few hundred dollars spent on an inspection can save you from unpleasant surprises. We can recommend several home inspection companies to choose from.GO WITH A LICENSED PROFESSIONAL
JOIN THE INSPECTION
Get up close and personal with your new home. The process can be up to three hours. If any problems are detected, you will see them right away and learn some maintenance tips from a pro.YOU’LL GET IT IN WRITING
Their report will summarize the condition of your home. If there’s anything that needs work the home inspector will provide guidance and suggestions for any items of concern.NO SUCH THING AS “PERFECT”
Even with a brand new home there will be some minor defects (and even some not so minor). Every home will have some minor deferred maintenance and issues that will come up. We will work through these to decide which are serious and need to be fixed and which can we live with.
STEP 7: ANOTHER FORM TO SIGN - THE WAIVER
Only after you gave done all the diligence on your new home you will finally decide if you would like to complete the purchase. Once you sign the waiver of Conditions and we send it to the Seller, the sale is considered “firm and final”. There is not backing out and the property will be marked sold.
STEP 8: MEET WITH A LAWYER
You may have already chosen your lawyer, if not, now is the time. Once you have a lawyer chosen, and we can recommend several, they will need all the required paperwork. This is usually handled by us to ensure they get absolutely everything they need.You will meet with the lawyer a few days before you take possession and will need to provide your insurance information, the balance of your down-payment, fees and any adjustments for taxes as necessary. The lawyer will send you a statement of everything with a balance owing. You will make an appointment to go in and sign all the paperwork and finalize everything before you own the home.
STEP 9: THINGS TO DO BEFORE YOU MOVE IN
MOVERS - If you are using professional movers, book early.MAILING ADDRESS - Gather all your bills, statements, tax information, healthcare information and anything you make automatic payments on. Sit down and make a list of these things early, because you don’t want to forget any. It’s time to start giving out your new mailing address. You might want to have your mail forwarded through the Post Office.UTILITIES - When you take possession of your new home, it is very important to change your utilities over to your address in advance. This includes your phone, cable, internet, power and gas services. Also, don’t forget to cancel the utilities at your previous residence.PROPERTY TAXES - A phone call to the City or a quick look on their website will give you the information you need to make sure that your property taxes are set up in your name.
STEP 10: MOVING DAY
Finally, the day we have all been waiting for.We will receive a call once the money has transferred and keys are releasable. This is usually around noon, but may be later. We advise to not book movers, cleaners, etc right at Noon in case there is a delay.If there are any problems keys will still change hands, however the seller will be responsible to take reasonable action to remedy the problem or be in breach of the contract and the buyer can pursue legal remedies accordingly. The lawyer will give you advice if anything is a miss.
You will be extremely excited and emotions are running high. Having a REALTOR who has done this multiple times will ensure that things are done correctly and make sure nothing is missed during this exciting time.