Here are the basic steps you need to understand to get started on 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 advice and guidance from your first meeting right through 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'll both be wasting your time looking at homes you're not really interested in.
Arrange a Mortgage
Shop for a mortgage before you shop for a home. Getting a mortgage pre -approval is the smart way to shop for a home. It tells sellers that you're a serious prospect, and you know in advance the maximum mortgage you can afford. Make sure you get the commitment in writing!
A good Realtor brings to the table an in-depth knowledge of the current housing inventory in his or her area, and continually updates that knowledge by touring homes as they come on the market. This is to your advantage. 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 meet 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 immediately. Your Realtor has extensive experience in preparing contracts and negotiating. We will work with you in developing an offer price based on recent past sales of similar homes in the same neighbourhood. We will ensure you get just what you want for fair market value.
Once you have an accepted conditional agreement, traditionally, the property will be temporarily off the market until conditions are met. Conditions can include home inspections, financing, and other conditions specific to your circumstances and to the property you are buying. These final details are handled and inspections are performed to ensure the property is perfect for you. As each condition is satisfied you will be required to sign a notice of fulfillment of conditions.
When conditions are met the property becomes sold FIRM and binding. At this time all documents are forwarded to your lawyer. The next steps will be handled through your lawyer who will then prepare documents for closing.
Now it's time for you to start packing!