Home Buying Process1. Reach out to the Cam Sullivan Team
- Find a realtor that is an expert who will successfully guide you through the process.
- You'd be surprised that most people with a real estate licence actually have another full time job and do real estate "on the side". Make sure your realtor is full time and has successfully helped dozens if not hundreds of buyers before you!
2. Get a mortgage pre-approval from a mortgage specialist
- All mortgage specialists are not created equal. As with your realtor, you want to make sure your mortgage specialist is an expert who can give you the right advice.
- Remember to account for "Closing Costs" in your financial calculations. These are things like: lawyer fees, inspection, title insurance, land transfer taxes, etc.
- It's not always about getting "the lowest rate possible". There's many other questions you'll want answered from your mortgage specialist, for example: is the mortgage portable, what is the fee to break the mortgage early, should I get mortgage insurance, etc.
3. Meet with a Realtor from the Cam Sullivan Team for a Buyer Consultation
- Meeting with your realtor for 30-60 minutes before seeing any home can save you hours down the road!
- Your realtor will have an opportunity to ask questions about what is really important to you in a home purchase and it will give them insight into exactly what you're looking for and why.
4. Start looking at homes online
- Your realtor will set you up to receive properties that meet your criteria
- With your realtor, pick the ones you like best and arrange for a time to view them
5. View homes in person
- Looking at 4-5 per day is a good number. Any more than that and it gets challenging to remember the pros and cons of each one.
- With your realtor, decide what home best fits your needs, while understanding that no home is perfect.
6. Make an offer & negotiate
- It is here that the quality and skills of your Realtor become very important. You need an expert who will prepare you and help you make the strongest, most compelling offer possible.
- If your offer is accepted, then within 24 hours the buyer will need to provide a "Deposit" to the listing brokerage. The amount of the deposit varies, however 5% of the purchase price is a good estimate. This amount is held in trust until the Closing Day and becomes part of the buyer's down payment.
8. Conditional Period
- In a "Balanced" or "Buyer's" market, it is common to make an offer conditional upon certain factors: getting a firm mortgage approval, an inspection of the property, review of condominium documents, etc.
- In a "Seller's" market, it is more challenging to get a conditional offer accepted, so speak to your Realtor about strategies to protect yourself as a buyer and still make a compelling offer to the seller.
9. "Firm Up"
- Again, in a "Balanced" or "Buyer's" market, the buyer usually has a week to complete the conditions, and if everything looks good then they're ready to "firm up" on the purchase and officially make the home their own!
- After firming up, there is typically a 30-90 day "Closing Period" before ownership changes hands and you move into your new home!
10. Prepare for your move!
- A good Realtor will be able to help you prepare for your move and let you know all the things that need to be done: booking movers, setting up utilities and insurance, etc.
- Typically buyers are allowed to visit the property 2-3 times during the Closing Period. These visits are used to take measurements for furniture, show the home to family, plan paint colours, etc.
12. Meet with your lawyer
- Buyers meet with their lawyer typically on the week of closing to sign all the closing documents. This is when the remainder of the funds will be due for your down payment, as well as payment of lawyer fees, land transfer tax, title insurance etc.
13. Closing Day
- Buyers receive the keys for their new home once all the funds have been received by the seller's lawyer. It usually happens in the afternoon of the Closing Day.
- When you get your keys, go over and take a look at your new home!
14. Move in and enjoy!
- Start making memories!