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