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Ben Sage, Moving Woodstock

For a First Time Buyer, what are the steps involved?

Posted on February 14, 2013 by Ben Sage in ABR, Buyer, First Time Buyer

Thinking about Buying?

Most people think about buying well in advance of actually purchasing a home.  Once you’ve decided that homeownership is in your future, here is a rough outline of the process:

Step 1 – Speak to a Lender

After gathering your financial details, such as verifiable income, assets, debts, etc, the time has come to pre-qualify for a mortgage. These days there are so many different choices as to where you get your financial advice.  You have several options for mortgage lenders.  You may go to your preferred bank and speak to their mortgage rep (not a bad first step).  This person will be able to advise you as to whether your income and debt levels are sufficient to qualify for a purchase, and what kind of value, approximately, you should be looking at.  You may also consider speaking to a mortgage broker.  Brokers have access to many different lenders, and thus can potentially negotiate lower interest rates, or different terms that may  be favourable, depending on your situation.  Above all, shop around, and make sure you’re confident in the expertise of your Mortgage lender (broker or banker).  For a list of who I’d recommend you call, click the “Thinking of Moving” button on the right side of this page.

For a good idea of what your up front costs of buying might be, try this handy tool! MyClosingCosts.ca

2. Call me with your “list”

Lets go shopping!!  After a private consultation discussing the in’s and out’s of making a home purchase, it’s time that we got in the car and went shopping!  For many home buyers, this is the best part.  Seeing the different options available, visualizing themselves in the home of their dreams, and making plans for the future.  I totally enjoy helping people with this part.  My role is to open the door, help you visualize moving in, and keep you informed on neighbourhood factors influencing value, and of course to point out any positive or negative aspects of the home that you may have missed.

3. Found THE ONE?

It’s time to write an offer.  I will assist you in drafting an offer with appropriate conditions, and enhance your bargaining position by utilizing strategies adopted through experience, and through ABR:Effective Negotiations courses.  My duties as your Representative involve protecting you as though you were an extension of myself, and my training as an ABR (Accredited Buyer Representative) guarantees a higher level of service during what will likely be one of the biggest decisions of your life.

Once the offer is submitted, I will be around to coach you on any counter offers, and basically assist with the negotiations from offer, to (hopefully) the accepted agreement stage, and through to closing!

4. Assisting with Conditions

Almost all offers have conditions attached, which means that something must happen in order to make the agreement “FIRM and BINDING.”  I will assist you with every step of satisfying your conditions, so that you will be protected from default, and so that you can feel comfortable that you are adequately prepared to complete the sale on the Closing Date.  I can provide you with names of trades to assist in inspections, financing, and quoting on any necessary repairs during this process.

5. After Agreement, Pre-Close

If you need assistance booking movers, or tradespeople to perform renovation work,  for example, I am always around to assist you.  As well, if a problem comes up, I should be your first call, as often, what seems like a large situation, is likely nothing unusual.

A few days to a week before you are set to take possession of your home, we will do a “final walkthrough” of your new house.  This is your opportunity to make sure that things are as you expect, and if any appliances are included with the property, for example, that they are still in the house, and still in working order.  You may also use this time to double-check some measurements, and select paint colours, for example.  Or bring the family through, if they haven’t seen it yet!

6. Closing Date

Although I don’t have much of a role on Closing day, I am available should you need me.  Any major problems should be dealt with by your Lawyer, at this point.

Once again, if you’re interested in hearing more about how I can assist in the Buying process, click the “Thinking of Moving” button on the right side of this page.

 


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