BUYERS DESERVE REPRESENTATION
Buyers now have the same rights as sellers and are able to hire professionals to protect their interests. It wasn’t always this way. Initially, everyone worked for the sellers’ best interests since they were the ones paying commission to their sales representatives.
Step 1 – Choose a Sales Representative You’re Comfortable With
Select your sales representative with care. You’re choosing a working partner who’ll be with you every step of the way to home ownership. We do our best work when we understand what you’re looking for and what your expectations are. It’s up to you to tell us! Before starting a search you should be confident that your sales representative knows exactly what’s on your shopping list, is fully aware of market conditions, can provide you with financing options and will work hard to negotiate a successful sale.
Step 2 – Understand Your Financing Options
Home shopping demands a budget. Pre-approval is key because it lets you know exactly what you can afford before you start your search. Get a second opinion. We offer a free, no obligation Mortgage Analysis that determines your needs and identifies options. Our in-house mortgage brokerage saves its customers money 95% of the time.
Step 3 – It’s Time to Go Shopping!
Home shopping takes discipline. Work with your sales representative to come up with a list of properties that match your selection criteria.
KEEP AN OPEN MIND Don’t eliminate categories of housing without investigating them first. If you’re looking for a house, you might also look at condos or townhomes. If you’re investing, take a look at pre-construction options or existing multiplexes. Your sales representative will lay out the pros and cons of each.
DON’T BE FOOLED BY FIRST IMPRESSIONS Sellers often spend a lot of money to stage their home. What you’ll see when you open the door is a beautifully decorated space. Your sales representative will help you look beyond the décor to its true investment value.
LOCATION, LOCATION, LOCATION Real estate often involves trade-offs. Buyers will have to carefully consider locations and neighbourhoods against the sizes and conditions of the housing stock. Your sales representative will help you weigh your options.
VIEWING PROPERTIES – THE GROUND RULES While you’re eager to start your search, remember that sellers and or tenants often ask for overnight notice to prepare the home for viewing. Some specify specific days and times. As a rule, extended visits of 30 minutes or more aren’t practical for the first viewing
Step 4 – Make an Offer
This is where the negotiating skill and steady hand of a real estate professional really pays off. These are the key elements of an offer and they are all negotiable.
PRICE Price is what you’re willing to pay for the property. Build in some negotiating room if you think it’s priced above market value.
CLOSING DATE Closing is the date on which the property’s ownership changes hands.
DEPOSIT This is the money you put down to show your good faith in the transaction. Your deposit is applied to the purchase price on closing. Deposits are typically 5% of the purchase price.
IRREVOCABILITY The irrevocability date on an offer is the time you give the seller to respond to your offer. The length of time depends on the availability of the seller as well as the length of time the property has been on the market.
CONDITIONS OR CLAUSES A clause is simply a statement of something you want to have happen. Examples include – financing, home inspection, provision of a status certificate.
Step 5 – Satisfy the Conditions of the Offer
These are the steps you have to take to complete the transaction. The most typical ones in residential real estate are financing, home inspection and the status certificate in the case of condos. Conditions are in the buyers’ best interests and protect them from the risks associated with entering a binding agreement