First Time Buyers

The basics for first-time home buyers.

 You are just stepping into the housing market and you’ve listened to all your friends and family as to what to do. Real knowledge comes from experts who will take the time to guide you through the process. This is where a Realtor can assist in ensuring that the correct steps are taken in the right order.

Buying your first home is exciting but can be fraught with many things that can prove to be very stressful.

The following are some basics that will support you in every step:

Be prepared financially

·       Do you have a down payment and does it meet lenders requirements

·       Ensure that you are pre-approved before you start viewing properties, take all your income statements, investment portfolio etc. to the bank or a mortgage broker (maximum disappointment for everyone in the process if you fail to get financing)

 

Choose a Realtor –

·       Choosing a Realtor is a very important step, interview 3 or 4 so that you are comfortable with your choice

·       Good Realtors will quickly be able to assess the requirements from what you say as to the type of property is in your sights

 

The viewing process –

·       At first this is a learning curve where you will start to establish your dream

·       Location, location, location is an old adage but very significant

·       Remember, always bear in mind that one day you will sell

·       Checking out different homes helps you to accept the things you can and cannot have

 

Writing the offer –

·       This is where your final decision comes into play

·       Again a good Realtor will negotiate in your best interests

·       Once an accepted offer is in place, you will be required to give a deposit

·       Then there is the fulfillment of the contract subjects (financing, building inspection, searching title etc). These tasks usually take between one to two weeks

 

Unconditional offer –

·       Once all the subjects have been removed (Yahoo!) it is just a matter of waiting for the completion and possession dates.

·       The Realtor’s office will forward all documentation to your lawyer or notary public

·       Close to completion you will get together with your legal person where all the necessary paperwork is signed

 

Possession day –

·       Your Realtor will have the keys ready to hand to you

·       The Realtor should do a walk-through with you to make sure that everything, appliances, window coverings and any other item(s) that was in the contract is in place

·       You are now ready to start the next steps in you life

 

There are other issues that have to be addressed, such as possible exemption from the Transfer Property Tax, finding a good building inspector, finding a good lawyer or notary public. All of this and more can be gleaned from a Realtor, as one I am here to assist you in the entire process in a knowledgeable and friendly manner that you will find to be of the highest expectations. Contact me at 250-715-6344 or email [email protected]

 

 

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