Buying Made Easy
If you have never bought a home before, the process can seem a little overwhelming. Here is a brief outline of how it all works, and what I will do to help you.
I am partnered with a professionally accredited mortgage broker who can quickly determine what your financing options are. This service is completely free. The mortgage broker will tell you how much you qualify to borrow and the terms that will apply, such as the interest rate. This will depend on your income, debts, credit score, and other factors. The general rule of thumb is that your monthly mortgage payment (including property tax) should be about 1/3 of your gross monthly income or less.
This is the fun part! Now that you know what you can afford, I will help you find that perfect home! As your Realtor, I can help you monitor and research homes that are listed for sale, and arrange access for you to view them. The help of a Realtor is especially invaluable during this process because quick-selling properties usually get sold before they make it to mls.ca or the newspaper. This is because Realtors know when a home is coming on the market before the general public does, so the good deals go to their clients.
MAKE AN OFFER
Once you've found the right home, I will draft up an offer on your behalf, and present it to the seller's agent. Your offer may be accepted, rejected, or countered. The offer and counter-offer process is conducted carefully and professionally according to provincial laws. Terms that will be negotiated include selling price, possession date, amount of deposit, and the chattels to be included. I will negotiate on your behalf to get the best terms possible. When an offer is accepted, you must submit a cheque as a deposit on the property. The offer will include certain conditions designed for your protection. This will allow you some time after an offer is accepted (usually 5-10 days) to conduct a professional inspection of the property, and to secure a mortgage.
WAIVE THE CONDITIONS
You now have 5-10 days to waive the conditions. I will help you hire a home inspector to do a thorough inspection of the property from top to bottom, so you can be satisfied of the condition of the property.
I will also provide the details of the property to the mortgage broker and secure a formal commitment from the mortgagor. If you are not satisfied with the results of the home inspection, or you are unable, for some reason, to get an acceptable mortgage on the property, then the deal dies, and you get your deposit back. If everything goes well, we "waive" the conditions within the specified time period, and the deal becomes firm.
HIRE A LAWYER
After the deal becomes firm, I will help you choose a lawyer to handle the title search and transfer. On the day you take possession, you will submit a cheque to the lawyer's office to cover the remainder of the down-payment (if any), the lawyer fees, and any other closing costs. They will give you the keys, and the home is officially yours!!!