[This Blog Post originally appeared in Blog Brampton Real Estate Info as The Home Buying Process on 19 July 2015 and written by Asharpal Singh, Salesperson with Century 21 Green Realty Inc., Brokerage]
SELECT A REALTOR YOU CAN TRUST
After you have made the decision to buy a Home, you should interview Few Realtors to find the one you can trust and whom you are comfortable working with. The Knowledge and expertise that a Realtor brings to the table would make the whole process stress free and easy for you.
DISCUSS YOUR REQUIREMENTS AND ESTABLISH A SEARCH CRITERIA
Start by jotting down your requirements such as Price, Location, Neighborhoods, Types (Detached, Semi-detached, Townhome or Condo), Interior and Exterior Finishes, Amenities, Transit, Malls, Schools, Community preferences, and many more.
Your Realtor can help you in selecting neighborhoods based on your requirements and your budget. And don’t forget always decide on the price based on your discussions with mortgage lenders and your affordability.
SIGN A BUYER AGENCY AGREEMENT
Signing a Buyer Agency agreement with a Realtor gives a concrete form to whatever requirements you have and the commitment of your Realtor and you to work together in finding you a home. Various terms and conditions of this agreement are negotiable. Also a Buyer Agency agreement would enforce the Fiduciary duty of a Realtor to take care of your Best Interests.
MEET WITH A LENDER TO GET MORTGAGE PRE-APPROVAL
A pre-approval from a lender can give you the maximum amount you should spend on a home based on your income, credit score, downpayment and other criteria. Armed with a pre- approval you can supercharge your home buying process and be ready in case of multiple offer situations.
Also make sure to fine-tune your search criteria based on the pre-approval.
SEARCH HOMES AND SELECT ONE
While searching through all the available homes meeting your requirements make sure that you jot down major features or benefits that you like or dislike. This will help you in shortlisting a few homes out of which you can make a selection. Be mindful of the fact that you can always do modifications to the finishes easier than any major structural change and that the actual livable space and layout is what matters most.
PREPARE & PRESENT OFFER
Once you have made a selection your realtor would prepare an offer for that property after carefully discussing with you the Price trends and can advise you if you decide to go over asking price in multiple offers. The various terms of the offer such as closing date, deposit money, conditions, and title search are equally important so make sure you are aware and understand completely before you go ahead with the offer.
NEGOTIATE & ACCEPT TERMS
After negotiations between both seller and buyer and acceptance of the offer and its terms by all parties, the next step involves providing the deposit money as the case may be depending upon the terms. The time now starts for the conditions if any to be fulfilled or waived before the deal can become firm.
PERFORM A HOME INSPECTION
After your financing is in place, I always recommend to my clients to have a condition to inspect at property to uncover flaws / defects if any. It’s better to be safe than sorry. If any defects or issues are found, those can be negotiated with the seller to see if they will fix them or sometimes a monetary adjustment is made in the purchase price based on estimates to fix the same problem.
Call at 416-220-6000 for More Information or to Search for your Dream Home
SOLD – IT IS FIRM NOW.
When an offer to purchase becomes unconditional or in other words all the conditions in the original agreement are either removed or waived the transaction is said to be firm and the home is now officially bought by the buyer.
PREPARE FOR CLOSING
In preparation for the closing it is advisable to call and confirm with the utility companies that your accounts are in place to make sure there is no breakage in service. Make your moving truck bookings well in advance because often times it is hard to find one on a short notice. Start packing a little bit each day so you don’t have too much to do on the moving day or the closing day. Finally meet with the Lawyer to sign the Final papers for the transfer of the property into your name.
On the closing day it is normally late afternoon or early evening time when you get the keys for your New home. The first thing you should do after taking possession is to do a thorough inspection of the home checking electrical bulbs, switches, appliances and walls among other things to make sure there is no damage and everything works fine.
And now you are a Proud owner of your Dream home, probably a bit tired from all the moving but it all pays well when you have a place to call home at the end of the day.