I found the house that I want to buy! NOW WHAT?!

I found the house that I want to buy! NOW WHAT?!?!

Congratulations! It’s a great feeling to find the home that is a great fit for you! Now the fun begins...

Offer Process

Tell your REALTOR® that you would like to write an offer on this property

Things that you will need to include in your offer:

Offer Price –Ask your REALTOR® to provide you with comparable SOLD homes, so that you understand what fair market value is. (TIP: Be careful not to offend the seller and to offer a fair price. Negotiation tends to go a lot more smoothly when both parties are reasonable)

Inclusions – Think of everything in the home that you would like to include in your offer.

Some examples: fridge, stove, washer, dryer, mini barn, curtains, snow blower, etc.

Conditions – Your offer will (typically) be conditional. You will have a short time frame to remove these conditions (usually 7 business days from accepted offer). Once you have removed all conditions, the home is considered SOLD. Remember, you do not take possession until the closing date.

Here are a few of the typical conditions: home inspection, insurance inspection, financing, the sale of your own home, etc.

Closing date – This will be the date that you take possession and GET THE KEYS!! Yippee!

The closing date will have to be a business day, when the lawyer’s office is open and ready for business.

 

Will they just accept my offer?

The REALTOR® will share your offer with the listing agent, who will then present your offer to the seller.  The seller then decides whether to accept, counter or reject your offer.

 

If they counter my offer, do I have to accept?

No. You have the option to accept or reject the counter. If you reject the counter, you can submit a new offer.

 

What happens if I accept their counter, or they accept my offer?

Once you and the seller reach an agreement, you have an ACCEPTED OFFER! Terrific!

Does this mean that the house is now yours?

Not just yet….

You now have to work on removing those conditions.

Tell your mortgage specialist that you have an accepted offer and the name of your REALTOR® (Your REALTOR® will send all of the necessary paperwork to them). I recommend Centum Mortgage Partners  or Anton Mikhaliov at Generations Financial as great choices for your mortgage - they can negotiate the best rates on your behalf and find solutions for all kinds of financial health (and their service is paid for by the bank, so it is at no cost to you!).

Call your lawyer and tell them that you have an accepted offer and the name of your REALTOR® (Your REALTOR® will send all of the necessary paperwork to them)

Call your home inspector to arrange a time within your deadline to inspect the home. Your REALTOR® will confirm this with the seller’s REALTOR® (tip: have this done as early as possible, so that you have time to digest all of the information that you receive). My Island Inspector is a great choice for your home inspector.

Call your insurance company tell them you have an accepted offer and the address of the home. They may want to come out to inspect the property, or they might just have a few questions regarding furnace, sump pump, oil tank, woodstove, etc.)

Once you have confirmation from your mortgage specialist that everything is officially approved, the go ahead from your insurance company, the home inspection report that you deem satisfactory…YOU CAN WAIVE ALL CONDITIONS! Congratulations! The home is now SOLD to YOU!

Now of course, there can be other conditions: if you have a home to sell, or a custom condition.

I am just giving you a typical example of how the process would take place.

I hope that this makes sense. If you ever have any questions or want to chat about the process in more detail, please contact me: Erin Gibbons 902 394 7937 or erin.gibbons@century21.ca

 

I am always happy to help! :)

 

Century 21 Colonial Realty - Charlottetown, PE - PEI Real Estate Experts
 

 

 

 

 

 

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