1. Mortgage Pre-Approval.
Many times, a prospective client will reach out to me and say “We saw this listing at 123 Main Street, can we go see it today?”
There is nothing wrong with this request but when I follow up with “Have you been pre-approved?”, almost always the answer is no.
I totally understand wanting to get your feet wet and just see what’s out there. Seeing the perfect house (aka the reward at the end) motivates you to get your butt in gear and secure financing.
Here’s the thing > > > Real estate in the GTA moves FAST – especially in a seller’s market where some homes could sell in less than a week.
The reality is there are serious, qualified Buyers out there ready to compete. They know what they can afford. They have a deposit ready on hand, a mortgage broker on call and the buying process has been explained to them prior to seeing the first house.
A pre-approval is the first step! Even if you’re just looking. It gives you all the financial information and sets your budget and criteria when it comes to buying a home. Trust me, there’s nothing worse than walking into a home you can’t afford or scrambling after to get your ducks in a row and then another, more serious buyer swoops in and secures your dream home.
Always reach out to me if you need a mortgage broker. I have trusted, reliable and service-oriented professionals who can help you with this crucial step!
2. Buyer Consultation.
Okay, so PSA to all the real estate agents out there:
This is also a step that is often missed and I can’t begin to understand why. When you meet with me, this is my opportunity to understand your buying criteria (so I can better do my job and help you find a great home!) AND it’s an opportunity for you to ask questions about the offer process.
Read that sentence above again.
Whether it’s on the phone, virtually or even in person, that first meeting with me is one of my favourite parts to buying a home. I love getting to know about my clients. Listening and learning about your lifestyle, where you work, where your family is based, what your future looks like, etc. All of this information helps me seek out properties that can work for your needs. When an agent takes the time to understand you, I promise the experience is ten times better than when they skip over this.
Also, there’s SO much to go over when it comes to writing an offer and closing out your home purchase. My goal is to take the time before seeing a home to explain all the little details so that if we do have to move quickly to secure a house, you’re not left feeling in the dark, uninformed and rushed.
I want “Hey YAH!” instead of “oh no….” memories for you!
3. Let’s go house hunting!
FINALLY!! You are set up for success and ready to tour some homes. We’ll start with a house search and new listings will be emailed to you daily.
Remember what I said about the market moving quick? If you see something, then let’s move sooner rather than later. If you are buying with someone else, discuss with them what both your schedules look like and when would be the best times to set up the viewings. I’ll book it and confirm it with you.
Homes present differently online. Photos and videos are just a snapshot of what the property has to offer. Sometimes something that presents poorly online may actually work for you once you see it in person. So keep an open mind when you’re just starting. Seeing at least 3-5 homes in one day will really help you get a feel for what you like and don’t like.
Actually, on that note, if you hate a house when you walk in….. don’t feel like you have to stay through the whole showing. I’m ok if we walk in and walk right out. I just always want to know why you hate it. So we can better tune into what you’re looking
for in a perfect home.
This part is a lot of fun!
4. Make an Offer.
So you’re ready to say yes to the address? Let’s put it on paper!
Truthfully, this process varies with each property. The offer itself is pretty straight forward but it will depend on the terms the seller needs in order to accept (like the closing date and price), the selling strategy of the listing agent and how many other Buyers come forward to offer.
Here’s a few freebie tips from me:
· The irrevocable is the time we determine the seller needs to give us an answer by and almost always, the listing agent will wait until just before that deadline. This is because they are looking for other Buyers to come forward during that time. That’s ok – they work for the Seller. But just keep in mind that there’s a waiting game and I suggest you leave your offer in my good hands and then continue on with your day. Keep your phone close but don’t countdown on the clock. Trust me, it’s too stressful!
· “Holding Offers” means the seller has decided on a date & time for every Buyer to come forward with their offer. Be ready to compete but don’t be discouraged in a multiple offer scenario
· The deposit has to be in within 24 hours of acceptance of your offer. So make sure you have those funds easily accessible.
· Sometimes, we might loose out if there are multiple offers on a property. AND THAT'S OK! I have seen first hand when a Buyer does secure a property and I really do believe that it was always meant to be. So even if we lose on one, let's get back out there and keep going!
If all the terms are agreed upon by you and the seller, then we will have an accepted offer in place!
5. Complete the Sale
Completing the sale could start with going through our conditions & terms depending on what was written in our offer. This could include a home inspection, a full mortgage approval for that property, revisits to the home and any outstanding items needed to finish the process.
One thing that I ALWAYS do is a final walkthrough. Usually 1-3 days prior to closing, we want to go back to the property and inspect it. Make sure that everything is in good working order for when it comes time for you to assume ownership.
6. Closing Day!
Did you know that I won’t close any home on a Friday? That’s because, in some instances, the property might not close on time. Don’t worry about this now…. But just in case, I want to make you more prepared than not and so, all my closing dates are written on a Thursday. That way, there is one extra business day in case there is any hiccups.
If it’s smooth sailing then all that’s left is for the funds to transfer over to the seller and for your real estate lawyer to release the keys.
Oh, and for us to cheers because we did it!!
What are you waiting for?
Burlington, Grimsby, Hamilton, Ontario – you name it. I’m ready to listen to your home buying criteria, search out hot properties on the market and secure you a dream home!
I gotchu ;)
Jana Rae Daly
Re/Max Real Estate Centre