| First-time buyers are a lot of fun to work with. | | | | supply some comparable properties that have |
| Being in the business for as long as I have I often | | | | recently sold and also some currently for sale to |
| forget the excitement of what it's like to be in | | | | compare to. |
| the process of buying a first home. How grown | | | | 2. Second you're going to pick a completion date |
| up we feel when we say, "I am no longer a | | | | (the date you will pay for the property) and |
| renter!!" Well in a sense we are still renting | | | | possession date (the date you will move in to |
| because now we pay the Government to use | | | | your new home; typically a day or two after |
| their land, ha-ha. Anyways. So how do we buy | | | | completion). |
| our first home? Well it goes like this. | | | | 3. Third you will add some conditions to the |
| Sitting around at our kitchen table we say to | | | | contract. These may include but not limited to the |
| ourselves, "I think its time get into this market. | | | | offer being subject to Financing, a Property |
| I've got approximately 5% saved up for a down | | | | Inspection and/or Approving a Title search of the |
| payment". While browsing the Internet you do a | | | | property. |
| search for local Realtors or maybe a friend or | | | | After the offer is presented to the seller, it may |
| family member recommends one to you. So now | | | | be countered by them, with the price, dates and |
| the phone call is made or email is sent and the | | | | conditions altered. Once both parties have agreed |
| first meeting is set up. Now you're at your | | | | to everything in the contract we go to the next |
| meeting and the questions start getting asked to | | | | stage, which is the "subject removal period". |
| you: "what's important to you about buying a | | | | Typically the subject removal period is anywhere |
| home?" More space, a new neighbourhood, a | | | | from 5 to 10 days starting after acceptance of |
| yard, view of the ocean or simply making an | | | | the offer. This period is agreed upon in the |
| investment are all very common reasons people | | | | contract. The subjects (conditions) in the offer |
| have for buying a home. It's a very important | | | | are now dealt with such as financing being |
| question you need to ask yourself and when you | | | | obtained from your bank or mortgage broker or |
| find an answer you need to ask yourself again | | | | getting the property inspected by a Professional |
| and then again until all the obvious reasons are | | | | Home Inspector. If any of the conditions are not |
| behind you and the almighty core-value is | | | | met, for example, the inspection reveals serious |
| revealed. | | | | problems with the home or your bank will not |
| Phew...now that the tough stuff is out of the way | | | | provide the necessary financing you expected, |
| the home search can begin. Normally you will be | | | | then you would not remove the conditions from |
| set up on your own personal website where | | | | the contract and the offer now becomes null and |
| home listings will be uploaded for you after your | | | | void. The good news though, if everything goes |
| Realtor screens them to make sure they fit your | | | | smoothly, you remove conditions from the |
| chosen criteria. After an initial list is sifted through | | | | contract and you've just acquired your first home |
| its time to set up some appointments and get | | | | (on paper, because you still have to pay for it on |
| out and look at some properties in person. | | | | the completion date). Congratulations! |
| Depending on logistics, your Realtor normally will | | | | Easy right? Now you make your appointment |
| be the chauffeur; picking you up and driving you | | | | with your Lawyer or Notary Public to sign all your |
| to all the showings as per a preset schedule. This | | | | "transfer of title" papers on the completion date. |
| routine may continue for a period of time until | | | | Oh yeah, don't forget to schedule a moving truck |
| you find a home you're truly interested in. And | | | | for all your stuff. |
| when you find that right place...its "offer | | | | Well that's it in a nutshell. Obviously there are a |
| time"...yayyy. | | | | few more fine details than that but the |
| The offer stage is very intimidating to most | | | | Realtor® you choose will take care of |
| first-time buyers...even seasoned ones. The good | | | | everything and you'll have very little to do except |
| news is it doesn't have to be. Your offer consists | | | | making some key decisions that he/she will coach |
| of three main parts: | | | | you with. Happy home hunting! |
| 1. First you determine a fair price. Your agent will | | | | |