Home Buying Process
YOUR STEP-BY-STEP GUIDE TO BUYING A HOME!
A Step by Step Guide to Buying a Home PRE-APPROVAL The most important first step to the Home Buying process is to contact your Bank or Mortgage Specialist. They will sit down with you and figure out how much house you can afford, what your payments will be etc. remaxyql.com MORTGAGE BROKERS It costs you nothing to meet with a Mortgage Broker. We have worked closely with many Mortgage Brokers and have had great customer feedback from the following:
MOST COMMON ASKED QUESTION
The most common asked question Buyer's have: Do I have to pay my Realtor? The answer is NO! Our fee typically comes from the Seller side. Occasionally the Seller is offering less than our fee, in this case we will make it a part of the offer to purchase. If the seller won't offer the full fee, we will discuss options at that
Now you are READY! Based on the list of Wants/Needs, we will pick homes to look at. We may look at only a few before you find the perfect home or we may look at many. We will look until we find the RIGHT home !
NOTES If we look at alot of homes, they can all blend together in your memory so we recommend taking notes - what did you like or didn't like about the home etc.
You may have found the one! If there is a home you just can't stop thinking about, it might be time for a second look! Want someone's opinion? Bring them along! It's always great to have fresh eyes!
WRITING AN OFFER
You think you've found the home you want to write an offer on. We will look at comparable homes to find out what other properties have sold for. This gives a good idea of what to offer. Now its time to put an offer togther! We will do this together!
DETAILS IN THE OFFER
Many factors go into putting an offer together. Are you currently renting? This will factor in to when you take possession of your new home. Part of the offer is a deposit. This forms a part of your downpayment at closing and can be anywhere from $2000 and up. The deposit is due upon acceptance of an offer, and can be a cheque, bank draft and in some instances e-transfer, so be prepared to have that ready. *The deposit is refundable in almost every scenario if you are unable to complete the deal.
CONDITIONS OF AN OFFER
We specify all conditions in our offer. We set the date for when we will have all conditions met. The most common conditions set out in an offer are:
- Financing - once an offer is accepted, we send all paperwork to your bank/Mortgage Specialist so they can get the ball rolling! If you can't get financing, we collapse the deal.
- Home Inspection - We ALWAYS recommend having a home inspection done. Home Inspections cost about $500. The purpose of a home inspection is to ensure there are no costly defects in the property - Roof, Furnace etc. If there are defects in the home that are potentially costly, you have the option to back out of the deal, renegotiate the deal or continue with the deal as it is.
- Home to Sell - if you have a home that you need to sell before you can close on a new home, this can also be a condition of the sale.
- Condo document Review - if purchasing a Condominium, you will want to have a document review and approval condition. Condo documents are provided at the Seller's expense. If you find anything in these documents you don't approve of, you can back out of the deal.
- Once we submit our offer to the Seller's Realtor, the Seller will likely come back with a counter offer. We then negotiate until we come to an agreement or can't agree on a price or terms. If we can't agree on price or terms, we can then move on to another property.
WE HAVE A DEAL! ... NOW WHAT?
- Now it's time to get to work. We will get the accepted offer to your lender of choice, and give you some recommendations to fulfill the rest of the conditions - Property Inspectors etc. We will coordinate a time for the Home Inspection with the Sellers. We will be with you every step of the way!
- Property Inspections cost about $500-$600
- OK! We have removed all conditions! CONGRATULATIONS! You bought a home. We are still here for all the next steps! It's time to pick your lawyer. If you don't have one, We have a few we work with on a regular basis, and would be happy to recommend one! We also have a checklist of your next steps - Utilities, moving tips etc.
- Legal fees can be between $1200-$1500
- You can also expect a Property Tax Adjustment this varies depending on the time of year and is something you will discuss during your appointment with your Lawyer
We will be in touch with you prior to Closing Day! We will schedule a time for our walk through - the purpose of the walk through is to ensure the home looks the same as it did when you wrote the offer and that all unattached goods that were included are there.
Moving in - Keys are generally released between noon and 1:00 pm, BUT there are some cases where it's later. If you have scheduled Movers please don't schedule them until later in the day. Delays can happen so having them scheduled for later in the day can help avoid alot of waiting around and stress!
We look forward to helping you find your way home! I Our team prides itself on being able to determine our clients needs and make the home buying process as stress free as possible!
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