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buying a home for a very first time
In the current housing market and after taking the important decision to buy a home let me help you with information about what to expect during the process.
The first and most important is to get your mortgage pre-approval and understand what you and your family can afford.
The second step is to choose the location as per your budget - where you and your family will be comfortable and convenient with all amenities, schools, access to public transport, hospitals, distance from work etc., and everything you and your family need.
After choosing the location you have to decide a type of home you need- bedrooms, washrooms, garage, parking spaces, finished basement, second separate entrance to lower floor, pool, patio etc. All that your family will need.
The next very step is to choose your agent. The agent should be knowledgeable, able to provide you with information that you will need to make the right decision. You have to be comfortable sharing your financial situation with your real estate representative and to have a relationship build on trust and knowledge. The agent should be able to provide you information about current housing market in the area, discuss with you your needs, and provide you properties matching your budget. Agent duty is to protect you and work for your best interest and to guide you step by step through the process, negotiate with seller agent on your behalf, and fully to complete all paperwork – accurately and to ensure all deadlines do not go overdue.
As your agent, I will likely be a great source of advice on financing, because the financing is the most important part of the process of buying a home, and to avoid a difficult situation you should know the price range you can afford. Getting pre-approved, having an understanding of how much your down payment will be will help the Real Estate Agent to advise you properly. Hiding financing information from you real estate professional will be a big mistake that can cost you money and time. Hiring the right agent, and sharing information with him/her will save you future headaches. The pre-approval from the bank based one you income and expenses (you and your partner have) will give the idea of the price range of the property that you are able to afford and purchase.
The Down payment is also part of the equation for the pre-approval. The Down payment is a percentage of the total cost of the home that you will need to pay.
I will send you daily emails with available properties. Review those emails and choose properties that you like and let the agent to book you showings. Sign BUYER REPRESENTATION AGREEMENT with your real estate advisor, this agreement is for certain period of time and protect both of you (the buyer and the agent).
Go on max. three showings per day, more than that is not recommended, because you want to stay focus and understand what is included or excluded in the home, what is rental and what is owned, what was repaired, and what is old – new/ old roof, missing shingles, HVAC system, HOT WATER TANK-new vs. old, rental vs. owned, lighting, plumbing, windows condition, pay attention to any water leakage or soggy areas around the yard etc. As part of my previous experience designing and building buildings as a Mechanical Engineer, I will help you investigate any future problems.
After finding the right home for you and your family…
We have to act extremely fast to PUT AN OFFER on this home, because we don't want to be ending in "Multiple offer" situation. As your agent I can advise on a reasonable price based on market research, and Comparative Market Analysis that I will provide, base one latest sales in the area and closer to the type of the property we are putting an offer.
I don’t recommend my clients to put unreasonable lower offers, because if the seller’s agent is good can use our low offer to get much higher offer from another buyer (keep in mind the price in the offers are confidential and agents are not sharing this information, but they share very loud when offer is registered, to get more buyers involved).
When our offer is registered and presented to the seller- It will either accepted, rejected it or make a counter offer based on price, closing date or other conditions. While receiving a counter offer may be unsettling, know that My Negotiating skills may come into the game to help you.
I will do all in your best interest. AND… Our offer is accepted.
There is still much work to be done: All conditions in our offers shall be satisfied and later waved or fulfilled. We have specified the days that we need to check and satisfied – mortgage approval, home inspection etc. Some times to make the offer stronger the price is not the only one to be considered. No Financing condition or sooner closing can help us in the negotiation of the deal. BE PREPARED HAVE YOUR MORTGAGE PRE-APPROVAL DONE BEFORE STARTING THE PROCESS.
I strongly recommend a HOME INSPECTION- a home inspection is a must to save you from some unpleasant surprises later. The home inspector is a licensed professional, at the buyer's own expenses. The inspector should check your future home and confirm there is no structural damage; any problems in the building systems- Heating and cooling, plumbing and electrical systems, the roof, attic, walls, ceilings, floors, windows, doors, foundation, basement and more. Also, will provide us report.
MORTGAGE TO BE APPROVED- financing the home is time-consuming and I will recommend you to have your bank start working on your mortgage RIGHT after the offer is confirmed to save you all stress because the time is limited to the closing date… If you have any questions I will be happy to assist you, or even advice a professional to help you.
LAWYER is the legal professional and will review all legal documents, will do a property title search, will check does the home complies with current building and zoning codes, ensure utilities and property taxes are paid up, review the mortgage agreement, and get all the paperwork ready for closing
It is the date that you will become an owner of your new home but there are some Closing costs to consider. These fees need to be paid by or on the closing day and include mortgage application fees, legal fees, insurance, registration and more.
All closing documents and closing fees will be arranged from your lawyer and you have to meet him/her to GET the KEY for your new home.
CONGRATULATIONS you are A HoMe Owner!!!
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