Many people are left guessing, questioning, or lost within the complexities of buying a home. How do you avoid this? By hiring a reputable agent. This is a snapshot of what’s to come and may help you choose who is best for you.

Consultation - What exactly are you looking for and when do you want it? Where’s your office? Where’s the school? How far is the walk to the lake, coffee, trails, parks or restaurants? Meet and discuss your needs and wants with an agent. Get to know them. See if there’s a fit. Would you buy a car without seeing it first? Discuss what and where is best suited for your life now and in the future.

Financials - what does it take to get pre approved? Do you have two years T4 or T4A’s, mortgage statement, scan of your drivers license, bank statements, car or loan statements ready? Are you self employed? Are you aware of the advantages to a first time buyer? [CLICK HERE FOR FIRST TIME BUYER LINK] Let’s get this all together ahead of time so we’re ready and we know for what and where we actually can be looking.

Representation - There is a lot of paperwork involved. When it comes time for an offer things move quickly. Let’s discuss everything up front. I’ll provide you with samples of the paperwork to review and be ready for.

Property Search - Most agents start with this step and that is a waste of your time. Setting up a search to automatically send you properties that fit the above criteria. I like to keep it a little broad as life and criteria changes. This gives us the opportunity to see what’s out there and start to schedule showings. 

*An agent should be prepared not only with the MLS listing of the subject property, but maybe a very similar recent sale, the benchmark, average, and median price of the area, floor plans, when it was last sold and built, the agent should be calling ahead of time to discuss recent dates of the big items (furnace, roof, windows, etc.), and a list of upgrades. These are all VERY important in determining value and therefore, the details of the offer.

Making an offer - When we see the right place, and you’ll know, it’s time to dig in further to determine an approximate value of the property. An agent needs to discuss with the listing agent about any latent defects ie, water issues, the sellers situation, the closing date, and then NEGOTIATE. When it comes down to it, you are hiring an agent to negotiate on your behalf. An agent should be ready, willing, and able to walk you through every single line of every document. There is a lot know and understand. Please make sure you do.

*this is why it’s so important to use a fairly local agent with a good rapport with other agents. This can make or break a deal. After years in the business, an agent knows the idiosyncrasies of many agents and how they should best negotiate on your behalf.

Accepted Offer - Sometimes in our market there are firm deals meaning no conditions. When the offer is accepted it’s a done deal, the deposit is due, and we work towards closing. Typically and preferably, we have conditions in an offer like a home inspection or a financing condition. This would give us a few days (often 4 days inspection, 5 day finance) to fulfill the conditions.

Conditions - A few examples; This offer is conditional on - home inspection, financing, insurance, sale of your property, pool inspection, due diligence period for builds and major renovations, and so many more options. These conditions are to your “sole and absolute discretion.” Meaning, if you don’t like what you see then we sign papers to walk away and your deposit is returned in full.

DO A VIDEO WITH BRYAN ON AN INSPECTION OF YOUR HOME.

Deposit - The deposit is due the next day. If our offer is accepted today, the deposit is due tomorrow (unless banks are closed for a holiday or some Sundays). It needs to be a bank draft, money order, certified check, or wire transfer. This means the money needs to be ready and in your account. The money is removed and held in the listing brokerage’s trust account. Set aside at least 5% of the purchase price. A healthy deposit goes a long way. It shows we are financially committed and capable to close the deal. Measly deposits show the opposite. Big red flag. The deposit is then credited towards the purchase price on closing.

LINK TO DEPOSIT VIDEO

Get a Good, Trusted Lawyer -  If you don’t already have someone you know and trust then your agent should have at least one solid referral. A lawyer can cost around a grand and don’t go for a discount firm. A good lawyer will make your life much easier and will spot issues. Once you find a quote you are happy with, we lock it in and send them the paperwork. A few weeks prior to close a title search is done. Shortly after, a meeting is set to sign the closing documents. They will review the Statement of Adjustments - a balance sheet showing how much is owning and how much is owed to you.

Waiting to Close - This can be a busy period too. If we found something in the home inspection that we re-negotiated to be fixed by a specific date, we need to ensure it’s done on time, re-inspect if necessary, and/or amend the purchase price if it’s not done accordingly. Also, we generally have two revisits to the property. These are 1 hour visits and you can use them to show a friend or family, get quotes for renovations, measure furniture, or just to take another peak. Hint: save one for the final week to ensure everything is in good standing.

Closing - This is the date you get your keys and call it home! It is usually finalized in the afternoon or early evening. You will either pick up the keys from the lawyer or use the lockbox at the house.

*Note - If something isn’t working properly it is very difficult to get money back after the deal is done. The sellers would have to play ball and write a check personally. This is why we like to save a revisit for the final week or two. Sometimes things happen but don’t stress. If you’ve selected the right realtor, they’re there for you!