Immediately apply for your mortgage. The loan process may take up to 10 days to complete and hinges on your ability to provide all the required financial documents to your banker/broker. Once you have an approval amount, this will give your agent a good starting point. Define the price range, neighbourhood, and desired amenities. Remember to be flexible in these areas as this will increase your chances of locating a well chosen home.
Fully disclose your financial situation with your agent. This information will guide you to the home that best fit your parameters, thereby reducing the length of your purchasing process.
Your agent will meet you a predetermined location to escort you through the homes that match your criteria. Communicate your likes and dislikes to your agent. Don’t be shy! This will assist your agent in helping to locate the perfect home in the shortest amount of time.
Details leading up to a Formal Offer Discuss with your agent your preferences pertaining to price, closing date, conditions for a building inspection and financing clause, as well as any inclusions/exclusions of chattels (chandeliers etc).
Your agent will prepare a written Agreement of Purchase and Sale. All Buyers will sign the contract and your Agent will present the Offer to the other Agent. Included in the contract will be an irrevocable time which all parties must adhere to. Counter offers will be negotiated by both sides until a firm offer is agreed upon. Counter offers require all changes to be initialled by the Buyer’s with a new irrevocable time until one party accepts the offer.
After execution of the contract, a deposit check will be required. The check will be given to your Agent will be held “in trust” until closing. The deposit check will be due within 24 hours of acceptance of the Agreement of Purchase and Sale.
Debbie Gibbons © 2011