When you buy a home the steps to a successful purchase are very important, after all this is your future home. Below I've organized what I believe to be 10 steps to achieving your desired result. Have a look and then feel free to call me with any questions.
1. Know What You Need And Be Ready Before You Start Shopping. Make sure that you are ready. Decide what your wants and needs are. Make a list of what your dream home will include, maybe a 5 piece bathroom suite. Perhaps you want 4 bedrooms, a pool and a back yard facing south for all the summer sun. Is your desired location urban, sub-urban or rural? List your "needs" along with your "desires." This way, you and I both have a clear understanding and when we start looking for your home the chance of settling becomes greatly diminished.
2. Don't Shop Without A Pre-Approved Mortgage. Get pre-approved; this speeds up your qualifying stage. How much will your bank lend you? This is very useful when there comes time for a bidding war with buyers who are not pre-approved. Make sure you get a firm commitment in writing from your bank otherwise the lender can back step!
3. Choose a Realtor That Is Perfect For You. I am a licensed professional and I can help you with all the information on properties that might suit you. I have knowledge and experience that comes from helping different types of buyers and sellers. In addition, with hiring me you are also hiring a large team of professionals to place at your disposal such as lawyers, lenders, inspectors and so forth. Once we start working together I will become an expert on your specific needs and tastes and we will work towards getting you there.
4. Let's Go Tour! Now that you've given me your dream list I can utilize all the tools available to myself as a Realtor to hunt for that perfect home. We may see something right away that excites you and we may not but you need to know that your home is out there and I will help you find it.
5. Lets List Your Home! List your current home. Not too many people can hold on to 2 homes, so lets sell the home your in now. See also my page on "Tips for Listing & Selling Your Home." We can make your offer conditional on the sale of your existing home.
6. The Comparative Market Evaluation. Once we find a home that suits your dream list, I will do a complimentary & detailed Comparative Market Evaluation. This is a list of active, sold and expired homes in order to determine whether the seller is asking a reasonable price in today's market.
7. You Have An Offer. Great! You've found a home that you want to make yours, congratulations. We will write the offer on the Contract of Purchase and Sale. I'll take it to the listing agent or seller and I will negotiate on your behalf to get the best price. You'll need a deposit, it's your way of saying your offer is serious.
8. The Contract of Purchase & Sale. We'll have clauses/conditions inserted which are important to you for example completion dates, inspection reports, your financial institution will want to appraise the home before they lend money. Once you've agreed to the terms and conditions you must fulfill the obligations and remove the subjects. The home becomes yours at this point.
9. Find A Lawyer. You need to find a lawyer to do your conveyance; it's where they transfer the title of the property to your name. Ask them how they structure their fees and get an estimate of all other costs you can expect. I encourage you to talk to me about Completion costs so you have a realistic idea of what’s involved.
10. Get Ready To Move! You move into your property at 12 noon on the possession date. To be prepared, have all your utilities and home insurance transferred.
Move In! Congratulations.
If you are thinking of selling your home, before you become overwhelmed at the task we need to discuss 10 steps that will help bring you the objective of making this process easier on you.
1. Determine Why And When You Would Like To Sell. Motivation plays a critical factor in determining what course of action you need to take. Spring is typically a faster paced season to sell and winter tends to be a little slower. Regardless, there are always people looking to buy and seasons are only one factor to consider. Give me a call. I will be able to help get you in the right direction.
2. Find a Realtor Who Is Right For You. Think locally as they will know your area. Don't be afraid to ask questions, interview the candidates. A good Realtor will know the market well, supply you with information on past sales, current listings and his/her background form previous clients. They should also provide a solid marketing plan which should indicate how much your home should go for. If you feel comfortable with me and that I have a genuine interest in helping you then you are on the right track.
3. Sign a Listing Agreement with Me. It authorizes me and my brokerage to market and sell your home. The agreement serves 3 purposes. a) It defines our relationship and every detail and limits of your Realtors authority. b) It provides detailed information on the home which can be posted the boards Multiple Listing Service. c) It forms a basis for drafting offers on your home, formal offers start with the Listing Agreement.
4. Set Your Price. You want to attract buyers, the right asking price will attract not deter. I know the factors affecting the market. For example: Your neighborhood may be under development with larger families and houses, there may be a large company opening up bringing jobs and a demand for housing in general, interest rates may be affecting people's willingness to take out mortgages. I will do a Comparative Market Analysis (CMA) to the homes recently sold, active and expired in your area and we will set the price.
5. Find A Lawyer. You need to find a lawyer to do your conveyance; it's where they transfer the title of the property to your name. Ask them how they structure their fees and get an estimate of all other costs you can expect. I encourage you to talk to me about Completion costs so you have a realistic idea of what’s involved.
6. Prepare Your Home For Viewing. Get your mop, vacuum, tool belt & paint brush and let's give your home a mini make-over. It's the little things you can do to attract an offer. Get rid of the clutter, clean everything, repair as much as you can within reason, add some beautifying touches like new door handles on cupboards and perhaps even paint.
7. Let Me Market Your Home; this is my expertise and this is where I can be at most benefit to you and your success. Please see 'My Value Proposition to You' page for more description. Here you will find step by step how I will help you achieve your goal. I will use combinations of marketing from traditional media to MLS, my own website and networking. Open House for Realtors and the public is also very beneficial.
8. Prepare Your Finances. Is your mortgage portable without any penalties? Can the buyer 'assume' your mortgage? Can you discharge your mortgage without any penalties? Does capitol gains tax apply to you? Talk with your mortgage broker and perhaps your accountant to see what applies
9. Offers! Let's Look At Offers. I will walk you through the process, you will see every offer. There may be some conditions you may want to change; we will discuss each and every detail. This is one of the most important tasks and reasons you have hired me, the negotiation skills. Don't be offended if your offer is well below the asking price. Instead, evaluate it for what it's worth and counter back. Successful negotiation is an art and because it's a highly emotional time and I'm here to guide you through with success.
10. Close The Deal! Excellent, negotiations are successful and we have time for the most vital steps now. A) Contact your lawyer and let them know an Agreement has been signed. B) Immediately begin satisfying any conditions that require your actions to complete C) Notify the lawyer and lending institution if the buyer is assuming your mortgage D) Contact utilities, telephone and cable companies about transfer or removal of service E) Call insurance agent and arrange cancellation or transfer of your homeowners insurance F) Call a moving company G) Send out change of address cards including Ministry of Transportation for your BCDL etc. H) Notify me immediately if there are any changes to your property or situation.
Congratulations!!! You have sold your house! I'm please to have helped you :-)