Michele Weselake

Call Direct 780.901.4770

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1.Step one -Chose a professional Realtor ® you like and trust , perferably  accredited

Click for the BBB Business Review of this Real Estate Agents in Edmonton AB

 

Did you know?:            you can work with Your Own Realtor ® for your selling needs and seeing All properties ?  

Did you know?:            YOU DO NOT HAVE TO CALL EACH HOUSE ?  Your Agent should do this For You .

Did you know?:            not all agents are Realtors®

 

2.Get  an agent that will do a Proper Consultation with you 

http://www.micheleweselake.com

                                                                              

Did you know ?:         Not all agents do a  consultation process

You don't have to find things out the hard way or attempt to find that  home  the hardway -driving all over the city, making copious  calls, phoning every listing, attempting to read every single newspaper..  you can work with one agent you like and trust to look after your best interests someone willing to take the time to listen who will help you get  what you want.  

 

Did you  know?;          There are very important Questions you should be discussing  so you can get what you want   

1.What are your absolute must haves?  

2.What are you not willing to have in your home? 

3.What is your budget?

4.What is your desired neighborhood?

5.When do you wish to be moved in by?

6. Why do you wish to purchase? 

 

Did you know?:          You should be informed about paperwork  CREA Identification ,Agency, Buyers Brokerage agreement,  Offer to Purchase and Removal of conditions documents and so on, beforehand , so when the time comes you are prepared and know what it is you are signing.

 

Did you know ?          Not all agents do things the same way .  

 

 Even seasoned purchaser s are well served to spend  the small  time investment to ensure awareness of current trends 

 

3.To Get the Home YOu Want  Get a True Preapproved  Mortgage Rate Before you go shopping .

Did you know?:          If you don't  know of or have a mortgage lender we have several great choices for you to choose from.

YOU WILL NEED TO GIVE THEM ALL YOUR PAPERWORK IN ORDER TO HAVE A TRUE PREAPPROVAL

-NOTICE OF ASSESSMENT S

-LETTERS OF EMPLOYMENT

-BANK STATEMENTS

-PAY STUBS

-COPY OF SEPARATION AGREEMENTS OR DIVORCE

-90 DAYS OF BANKING MINIMUM SOMETIMES A COUPLE OF YEARS

-GIFT LETTER PROOF OF WHERE FUNDS CAME FROM

- PROOF OF CLOSING COSTS 1.5% IN YOUR BANK ACCOUNT

 

See your lender BEFORE  you make an   Offer to Purchase . This will aid in a better chance of you getting the home you love instead of losing out to someone else who is prepared and preapproved.  

Your lender will verify (and update, if necessary) your financial information and put together what’s needed to complete the mortgage application. Your lender may ask you to get a property appraisal, a land survey, or both. You may also be asked to get title insurance. Your lender will tell you about the various types of mortgages,terms, interest rates, amortization periods and, payment schedules available.

Depending on your down payment, you may have a conventional mortgage or ahigh-ratio mortgage.

 

 

4. Be Prepared !    Your Realtor ®   Can Help

 

Did you know?:          You should be prepared for  All your costs , Closing , move in - Before you move

 

Home buyers closing costs

a. CMHC or Genworth Financial Canadainsurance

A conventional mortgage is a loan for no more than 80% of the appraised value or purchase price of the property, whichever is less. The remaining amount required for a purchase (20%) comes from your resources and is referred to as the down payment. If you have to borrow more than 80% of the money you need, you'll be applying for what is called a high-ratio mortgage.

Here's how it works:

You must have at least a 5% down payment when you buy a home. Any purchase where the down payment is between 5% and 19% is considered a high-ratio mortgage, and the mortgage must be insured by the Canada Mortgage and Housing Corporation (CMHC) or Genworth Financial Canada. The insurer will charge a fee for this insurance. The amount of the fee will depend on the amount you are borrowing and the percentage of your own down payment. Typical fees range from 1.00% to 3.25% of the principal amount of your mortgage. This amount can be paid up front or added to the principal portion of your mortgage. A Mobile Mortgage Specialist can help you determine the exact amount.

b. Land transfer taxes

Most provinces levy a one-time tax when you buy a home (subject to change). The tax is based on a percentage of the purchase price of the property, and varies from province to province. In Ontario, for example, the rate is ½% on the first $55,000 of the purchase price, 1% on the next $195,000, 1.5% on the next $150,000 and 2% on the remainder.

c.Legal/notary fees

You should be represented by a lawyer or notary during the purchase and mortgaging of the property, and you are responsible for paying the lawyer's or notary's fees and disbursements.

d. Firehouse  insurance

You are required by the mortgage lender to have fire insurance effective at the time you legally take possession of your new home. Some insurance companies may demand proof of a home inspection or may not insure certain types of dwellings. Make sure that you enlist your insurance agent early.

 

 

5. Shopping for a home 

 

Did you know?:          You can save a ton of time, money ,stress and not miss out on properties  consulting with your own agent.

Together you and your Realtor ® go  through your must haves, must not haves and properties good for you to see so you don't miss out on anything and you have great opportunity to put in offer with little or no competition walking away with an impressive deal on the property of your choice.    Your agent can save you valuable time , money and stress in this process and will set up all the appointments For You.  YOu can relax.   Let the shopping begin! 

 

Making an Offer to Purchase

 

Did you know?:          A deposit check accompanied with the offer is customary in Alberta   Sellers will be expect this deposit 

 

After you have found the home you want to buy, you need to give the vendor anOffer to Purchase (sometimes called an Agreement of Purchase and Sale). It is very helpful to work with a realtor ®(and/or a lawyer/notary) to prepare your offer. The®Offer to Purchase is a legal document and should be carefully prepared.  Your realtor ®is trained to do this. 

These items are typically included:

  • Names
    Your legal name, the name of the vendor and the legal civic address of the property.
  • Price
    The price you are offering to pay.
  • Things included
    Any items in or around the home that you think are included in the sale should be specifically stated in your offer. Some examples might be window coverings and appliances.
  • Amount of your deposit  - Did you know you need one to accompany the Offer?  Ask me about this.
  • The closing day
    The closing day is the date you take possession of the home. It is usually 30 – 60 days after the date of agreement. But, it can be 90 days, or even longer.
  • Request for a current land survey of the property.
  • Date the offer expires
    After this date the offer becomes null and void — that means it’s no longer valid.
  • Other conditions
    Other conditions may include a satisfactory home inspection report, a property appraisal, and lender approval of mortgage financing. This means that the contract will become final only when the conditions are met.

What Happens After You Make an Offer to Purchase?

Imagine that your realtor has helped you prepare an Offer to Purchase. This offer includes all the details of the sale.  Your Realtor is trained in Offer to Purchase documents and your realtor presents the offer to the vendor. What can you expect to happen next? There are three possible responses.

  • Response 1
    The vendor accepts your offer. The deal is concluded and you move on to the next steps in the buying process.
  • Response 2
    The vendor makes a counter-offer. The counter-offer might ask for a higher price, or different terms. You can sign the offer back to the vendor, offering a higher price than your original offer, but lower than the vendor’s counter-offer. If the vender accepts this counter-offer, the deal is concluded.
  • Response 3
    The vendor makes a counter-offer, asking for a higher price or different terms. If a counter-offer is returned to you at a higher price, ensure that you know exactly how much you can afford before you start negotiating. You don’t want to get caught up in the heat of the moment with costs you can’t afford. You reject the counter-offer because the price is still too high, or you can’t agree to the conditions. The sale doesn’t go through, and your deposit is returned.

 

6.   Home Inspections 

Did you know:?          Home inspections are critically important to get to know your home you are purchasing

Did you know:?          If you don't know of an inspector we can provide you with some excellent ones. 

 

A Home inspection is invaluable investment to get to know your home .  Your Realtor® sets that up for you so you can spend some time usually a few hours gettting to know your home before it becomes yours.  Fees apply and vary.    This inspection happens Before the Removal of Conditions document.

 

7.  Removal of Conditions 

This is the document  you would sign  stating the house is Sold to you . This document states  You are removing the conditions you placed on the property while in process of purchasing.   When this is signed by the buyer the home is sold.  

Typically the conditions put on an offer are : subject to financing and inspection.  If it is a condominium, it will likely include subject to approval of condominium documents.   Your agent will explain this to you. 

 

8. KEYS !   Move in Day....  

Your Realtor ®  will walk you through how this works on this exciting day.

 

Congratulations !   You are the Proud new Home Owner of the house you chose! 

 

 

Your Realtor ® 

Michele 

http://www.micheleweselake.com

 

Contact me with Any questions you have

 In my career I do this everyday. It is my pleasure to serve you as your real estate professional. Google+

 

Click for the BBB Business Review of this Real Estate Agents in Edmonton AB

 

Things Not to Do  When Purchasing a Home

 

Don’t quit your job

Don’t change your job

Don’t buy large ticket  items for than 5 dollars

Don’t  talk direct to sellers  you will give yourself away and can hurt yourself and you will not get the best deal

Don’t wait to get your gift letter Notice of Assessments or Bank statements for funds . Get them ALL  to your Lender Now !  If you don’t have one we can connect you to great ones.

Don’t’ hide r spousal situation , child support, alimony, wage garnishments or any other payroll deduction

Don’t get advice from other buyers or sellers who have not done so within the last month you wouldn’t believe how fast things change

Don’t trash home in front of sellers

Don’t call other agents on for sale signs

Don’t call builders without me

Don’t attend open houses or builders without me

Don’t  forget to tell me if you have a house to sell

Don’t delay handing in paperwork to mtg company because you are irritated at the running around

Don’t  find on line lenders that promise the moon probably too good to be true

Don’t  wait for the perfect house not gonna happen

Don’t cosign anything

Don’t change your name during mortgage process

Don’t hide information from lender or me

Don’t speak inside the house presume you are being recorded

Don’t  post your deal on internet 

Don’t fail to get an inspection

Don’t  believe HGTV  We will show you the real world out there in Edmonton

Don’t fail to tell me what is the very most important thing to you

Don’t call at last minute to cancel appointments or show up late

Don’t use an attorney that does not specialize in Residential Real Estate

Don’t go window shopping and let people pull your credit

Don’t look at short sale if wishing to move immediately

Don’t die before closing really messes things up

 

 

 

 

 

 

 

 

 

 

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Michele Weselake, RE/MAX Real Estate
10805-120 Street, Edmonton, Alberta T5H 3P9
Tel: 780.901.4770 Fax: 780.760.3781
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