Home Buyers Guide

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1. Find the Right Real Estate Professional

Finding the right agent is the second most crucial part of real estate transaction. You need an agent that can answer all of your questions and fulfill your needs. Find an agent that will be dedicated to you and can access the tools and knowledge needed for finding you the perfect home. 

2. Knowing Your Budget and Mortgage Pre-Approval:

Find a Mortgage Professional that you are comfortable with. Your mortgage lender will determine how much you can borrow, and how much you can afford. Typically, a mortgage lender will require such:

• Credit Score: This helps determine if you are a credible candidate to a loan for such amount. Your credit score will show your credit history and habits. 
• Employment Record: Simply, your source of income. This reveals if you currently are employed, where your source of income comes from and what your annual salary stands at. Previous employment records are needed, as it shows any gaps of employment and if you are consistently employed.
• Assets and Debts: The lender will need to know your debt-to-income ratio and how much of a loan payment you can pay each month. This may require tax forms, credit card statements, car loans, etc. 

3. Finding the Right Home: 

Finding the right home is the most important decision. After you are approved for a mortgage, and find what your budget is, you can now start looking! Communicate your needs and desires to your Real Estate Professional and they will create a search criteria that fits your search. Typically (what I would do), is set up a search with your criteria, and find you a handful of properties that appeal to you. Some questions that will be asked for your search criteria to help narrow down the search: 

• Type of property - Condo, detached, bungalow, etc.
• Location
• How many bedrooms and bathrooms
• Size

4. Showings: 

Once your Real Estate Professional sends you the properties that fit your criteria, you can pick and choose which you admire and start taking tours of your potential homes. Find things that you love or hate and make sure you can see yourself living in the home. 

5. Offer:

You found the perfect match? Time to put in an offer! An offer can stand for a set amount of time, and prior to the offer closing time, the sellers can either accept or deny the offer amount. This is where the Real Estate Professional comes in play with the acceptance or denial:

• Acceptance: If the offer is accepted, you can proceed with fulfilling the conditions. The conditions may be a home inspection, mortgage approval, inclusions, etc. These conditions may be completed within the time period stated on the purchase contract. 
• Denial: If the offer is denied/rejected, you may make a counter-offer. Your Real Estate Professional will handle this, as he will discuss with you the counter-offer and relay the offer with a new purchase contract to the sellers. 

6. Home Inspection: 

Some offers may be unconditional, but having the home inspection condition is very important. This is beneficial to see if the property is as good as it looks. Sometimes it is, but sometimes you may find small or large issues that alter the integrity of the home as a whole. If there are any issues, then you can proceed with the Real Estate Professional to help remedy the issues with the sellers. Once the condition is waived, then you can proceed with the next steps. 

7. Prior to Possession: 

There are a few steps as a new homeowner that take place prior to possession. 

• Lawyer: Ensure that your lawyer has received your funds from the lender and it is in place to be transferred to the sellers lawyer by possession date. Please be aware of the additional costs that a lawyer includes.
• Purchase Home Insurance: If you have a mortgage on your property, homeowner's insurance is necessary. This will protect you and your new property, and the belonging inside. 
• Utilities: Ensure that there are no outstanding bills due to unpaid electricity, heat, water, gas bills from the previous owners. Once this is confirmed, you may proceed with the transferring of utilities to your name. You want your utilities to be on once you move in!
• Walkthrough: A few days prior to possession, you can decide if you want to attend a walkthrough with your Real Estate Professional to assure the property matches to the first day you saw it. 

8. Possession: 

Once your lawyer has ensured the funds are transferred to the sellers, your Real Estate Professional will confirm with the sellers Professional. After this, then the keys are released and welcome to your new home! Your Real Estate Professional should welcome you with a housewarming gift basket. I know I will!