HOME BUYING PROCESS
The 7 Steps to Buying the Right Home
It all starts over a cup of tea or coffee; we get to know each other. Our goal is to find out exactly what you want and need in a home. We also walk you through the home buying process so when we do begin house shopping, you find it enjoyable and stress-free.
GET PRE-QUALIFIED FOR A MORTGAGE
Being pre-qualified helps us shop with confidence, as we know how much you can borrow in order to purchase a home. Should you need a referral, we will be happy to introduce you to a mortgage agent who will work with you to identify the best terms and mortgage options for your situation. Lenders take several factors into consideration as part of the financing process. Therefore, the lender will request you provide paperwork such as proof of income and funds for your down payment. This is an important step in the home buying process and also a powerful negotiating tool especially in multiple offer situations.
SHORTLIST PROPERTIES AND SCHEDULE VIEWINGS
This is when the fun begins, now that you are pre-qualified, it’s time to go shopping! At this stage in the process, we know, the type of home you are looking for, where you want to live and how much you can afford. You will start receiving listings for properties for sale from our team, which will most likely get you mentally moving in your furniture before we even view the property. As we start viewing properties, we ask that you:
- Keep an open mind
- Don’t be fooled by first impressions
- Ask lots of questions
MAKING AN EDUCATED OFFER
So, you have found the perfect home and is ready to make an offer, firstly our team will complete a comparative market analysis to identify an appropriate value for the property. This involves comparing similar properties that recently sold to the property you are considering making an offer on. Together we will decide on the best offer price, terms and conditions for your situation. Next, we will prepare the offer and present it to the seller and their agent on your behalf for consideration. There are three possible outcomes, the seller can accept right away or reject your offer all together, or they could come back to us with a counter offer. The process can continue back and forth several times in an attempt to reach an agreement. Remember, our team will be there for you throughout this process and we will arm you with all the tools to make an informed decision.
CONDITIONS AND ACCEPTANCE
Should the seller accept your offer with conditions, these must be satisfied within the timeframe agreed upon in the Purchase and Sale Agreement to finalize the sale. Our team will work closely with you and the other professionals such as the lender, home inspector, appraiser and lawyers during this period. Should you not have someone to provide the professional services you require during this phase, our team will connect you to the right team.
You are almost to the finish line. But first, your lawyer will review the closing cost with you such as down payment, land transfer tax and title insurance. Next, they will explain the legal documents, register the property in your name and transfer funds to the seller’s lawyer. Once this is all done, you will receive the keys to your new home!
Its time to celebrate!! We’ll be there making memories with you from the day you move in, because our clients are part of the Transitions Realty family.