Let’s buy a house… Steps to buying.

It’s finally time! You’re doing it! You’re ready to buy! Let’s talk about the steps between here and there.

Qualification: The very first thing you need to do is talk to your lender or mortgage broker and determine what your budget is in real dollars. Work out your payments and closing costs and don’t forget to ask them about the first-time home buyers program. Once I receive a letter or email from your lender confirming financing approval, or proof of funds if buying in cash, we can start seriously looking at properties and booking viewings. Upon acceptance, a deposit of earnest money between 10% and 5% of the purchase price will need to be wired or delivered to the brokerage the next day. It is best that the money is set aside and accessible in case you have a sudden acceptance, you want it to be ready to move.

Determine needs: You and I will sit down and have a thorough discussion about your wants and needs. I want to know everything about you. Aside from how many bedrooms and bathrooms you need, do you like to garden? Play music? Do you have pets, kids or grandkids? What are your future goals? Would you like to get into woodworking or painting, or start a home business if only you had the space? Would you like to add a secondary dwelling at some point? Are you looking ahead planning to age at home? Tell me about your style? Modern or vintage? How much work do you want to do to make it truly yours? Do you need move-in ready, or are you planning to fix it up slowly while you live there? Countertops and wall colour can always be changed, but finding a space that supports your best life is the bottom line. The final decision almost always boils down to how it feels. Does it feel like home?

Search: I will set you up with a custom search. Properties that meet your criteria will arrive in your inbox right when they are listed. You will have your own portal on mls where you can like and comment on the listings you receive. The feedback shows up on my end and together we can zero in on the right house for you. If you find a for sale by owner you are interested in, let me know and I can set up viewings and negotiate with the seller. When you find one you like, tell me right away and I can book a viewing for you as soon as possible. The market moves fast and so do I.

Offer: We found one! It feels right, has room for the studio you want, is within budget and you want to put an offer on it! Luckily you have your financing approved and your deposit ready to go so it’s time to write your offer. I will advise you on an appropriate offer amount based on the list price, market conditions, and recent sales in the area, the final price decision will be yours as it’s your money of course. We will discuss closing dates and specifics of the property that you would like to include or exclude from your offer. Such as outside sheds, appliances or even pieces of furniture — it never hurts to ask. We all know it’s a seller’s market right now, so it may take a few attempts to land the right house. Two or three offers before an accepted one is about average these days.

Subject removal period: The offer has been accepted but has some conditions to be satisfied before it becomes finalized. These conditions, also called subjects can include financing, home inspection, the ability to ensure the property, title review etc. In the case of a strata property, time to review all documents including rules, bylaws and minutes from the strata meetings. If there are tenants in the property, notice needs to be served and other provisions need to be made. This period is typically two weeks. Once subjects have been satisfied, they are removed on or before the deadline and your contract is finalized.

Pack up your stuff, it’s time to move! There will be two dates on your contract. The completion date is when the money changes hands, contracts are finalized, and the property legally becomes yours. The next day will be your possession day. This gives me a little time to get the keys from the selling realtor and buy you a housewarming gift. We will meet at your new home together to do a final walkthrough to make sure there are no surprises.

It’s time to start the next phase of your life!