The Home Buying Process
Find a Realtor You Can Trust The home buying process begins with finding an experienced professional Realtor you can trust to look out for your best interests. Look for a full-time Realtor who can give you guidance from your first meeting right through to possession and who will at all times put your needs first.
Determine Your New Home Requirements Before you begin shopping, it is important to first identify and then prioritize the features you want in your new home. Once you have a clear, detailed picture, make sure your Agent has the same picture. This communication is critical. Otherwise you will both be wasting your time looking at homes you are not really interested in.
Arrange a Mortgage Shop for a mortgage before you shop for a home. It is usually best to seek the help of a Mortgage Broker. They do not represent any one lending institution and will find the best mortgage to suit your needs. Furthermore, they receive their compensation from the lender. Pre-approval tells the Seller that you are a serious Buyer and you will know in advance the maximum mortgage you can afford.
Viewing Homes A good Realtor brings to the table an in-depth knowledge of the current housing inventory in their territory and continually updates that knowledge by viewing homes as they come on the market. If you are thorough in communicating your needs and what you can realistically afford, your Realtor can help you narrow down the list of prospective homes to those that suit your needs, saving you time and energy. On average, you will need to view 6 - 12 homes to find the right one.
Making an Offer When you find your dream home, it is advised that you present a competitive offer ASAP. Your Realtor has extensive experience in preparing contracts and negotiating. We will work with you in developing an offer price based on recent sales of similar homes in the same area. We will ensure you will get just what you want for fair market value.
Conditional Agreement Once you have an accepted conditional agreement, traditionally, the property will be temporarily off the market until conditions are met. Conditions can include financing, inspections, home insurance, title and other conditions specific to the property you are buying. As each condition is satisfied you will be required to sign a notice of fulfillment of conditions.
Successful Closing When conditions are met the property becomes SOLD FIRM and binding. The documents will be forwarded to your lawyer or notary a couple of weeks before closing. It is now time for you to start packing! After closing and the Title has been registered and money transferred to the Sellers lawyer, the Realtor will arrange for keys and hand them over on the day of Possession as spelled out in the Agreement of Sale.