The Buyer’s Guide
Offers comprehensive insights to aid your purchasing decisions.
At Savemax Global Realty, it is our goal to provide our customers with the information, skills, and individualized attention they need to make wise decisions and realize their real estate dream.
We strive to achieve outstanding results and create value for our clients, our team, and our community through our creative approach, unshakable dedication, and tireless pursuit of perfection.
Just a few Steps to find a right home
Finding the appropriate home involves several important steps to ensure you make a well-informed decision.
Step 1: Mindset
Congratulation on thinking about buying a house for yourself and our loved ones! This step is the major step towards buying a home. Once your mindset is right, the house will be yours.
Most common questions to ask yourself while thinking to buy a house.
Step 2: Find an Experienced and Professional Realtor:
A Professional is very important to bring the mindset on the papers and help to make the right decision. Always choose the full time expert who is working in the field and who can be available for you when you need. Part time realtors have their other jobs and thus they have their own availability. Hence, come out of the emotions, relations and friendship circle and find a right person who can get the right home for your hard earned money.
Step 3: Set a Realistic Budget
A Professional is very important to bring the mindset on the papers and help to make the right decision. Always choose the full time expert who is working in the field and who can be available for you when you need. Part time realtors have their other jobs and thus they have their own availability. Hence, come out of the emotions, relations and friendship circle and find a right person who can get the right home for your hard earned money.
<Step 4: Get a Pre-Approval for the mortgage
Why Do we Need the Pre-Approval?
Getting pre-approved for a mortgage offers several key benefits that can enhance your home-buying experience:
- Strengthened Buying Position: Pre-approval shows sellers that you are a serious and capable buyer, which can make your offers more attractive. It signals that you have the financial backing to close the deal, which might give you an edge in a competitive market.
- Clear Budgeting: With pre-approval, you’ll know the maximum loan amount you’re eligible for, helping you set a realistic budget for your home search. This can prevent you from falling in love with homes that are out of your price range.
- Faster Process: Pre-approval speeds up the buying process because much of the financial vetting is already complete. When you find a home and make an offer, your lender can process the mortgage application more quickly, which might help you close faster.
- Identifying Issues Early: The pre-approval process involves a thorough review of your finances. If there are any issues—like credit problems or income discrepancies—you’ll know about them early and have time to address them before you’re ready to make an offer.
- Better Negotiation Power: Sellers are more likely to negotiate with buyers who are pre-approved, as it reduces the risk of the deal falling through due to financing issues. This can give you more leverage in negotiating the price and terms of the sale.
- Informed Decision-Making: Pre-approval provides a clearer picture of what you can afford and the types of loans available to you, allowing you to make more informed decisions about which mortgage products best fit your financial situation.
Overall, pre-approval can make the home-buying process smoother and more predictable and increase your chances of securing your desired home.
Steps to consider for Pre Approval
1 Find an experienced Mortgage Specialist
There are many mortgage experts, some are working with the banks and the others are independent mortgage brokers. In the Global realty, we provide you with an option to choose an experienced and professional mortgage broker who will help you throughout the mortgage process.
2 Check your Credit Score and Report
You can get the Credit report from Equifax (most banks accept Equifax Canada credit report). Our mortgage broker will help you getting the report and assess that for free for you to check for any issues that may arise later during the mortgage process and help them correct if required.
3 Gather the Documents
As Suggested by the mortgage broker, make a file of the docs:
– ID (Driver’s License or passport)
– Proof of Income
– Bank Statements
– Employment Verification
– Debt Information (Credit Cards, Line of Credit, Car Loans, student loans etc.)
4 Submit a Pre-Approval Application
The Mortgage Broker will help you to fill out the pre-approval application and submit the documentation to the lender.
The lender might check your Credit Report and score to assess the amount you are eligible to get in the mortgage.
5 Receive the Pre-Approval Letter
The lender will issue you a pre-approval letter. This letter will outline the loan amount you are pre-approved for, based on your financial profile. The pre-approval letter typically includes details like the maximum loan amount, interest rate and any conditions that need to be met.
6 Maintain Your Financial Status
After getting pre-approved, avoid making significant financial changes, such as taking on new debt or making large purchases, as these could impact your final loan approval
Step 5: Research and Decide about the Location
A Real Estate professional can guide you through the process and help you with this decision
Step 6: Visit Potential Homes:
When you have decided about the location and your have the budget (Mortgage Pre-Approval Amount), ask your real estate agents to send you some listings based on your criteria. Shortlist the properties in that area and With the help of your real estate professional, Schedule visits to properties that interest you
1 Prepare for the Home visits The real estate agent can help you schedule the appointments at your suggested days and times or you can visit the houses in your desired area during open houses.
2 Explore the exterior of the house Heck for the condition, siding, roof etc. and the proximity of the schools, parks and shopping plazas etc.
3 Explore the interior Overall condition of the house, signs of wear and tears if any, Room layouts, and natural lights and ventilations to assess if the layout meets your needs.
4 Examine the key areas Kitchen, Bathrooms, Basement features, furnace and Plumbing and Electric systems, Locks and Alarms etc.
5 Ask Questions Ask about any known issues and/or recent repairs. Also ask about the average utility costs and any associated fees if any. Future Resale Value can also be considered to discuss.
6 Follow Up Visits After visiting and comparing a few homes, if you start considering a home, schedule a second visit to see the home at different times of the day. Ask the Real Estate Agents if they have any additional information of the house.
Step 7: Visit Potential Homes:
1 Your realtor will help you determine the Offer Price
The Realtors at the Global Realty will prepare the CMA (Comparable Market Analysis) for the area you are buying the house which will help you to determine the offer price.
2 Drafting and submitting the offer
The offer is the formal document that outlines the offer. We will draft the offer on your behalf and explain all the offer conditions to you. You will be going over the offer document before signing the documents. Those documents usually include the price you are willing to pay, the terms
and conditions and deposit amount. After Signing, we will send the offer
to the Listing Agent.
3 Submitting the Offer and Negotiations
The Listing Agent will present your offer to the seller, and they might either accept the offer as is OR respond with a counteroffer, which involves the change in price or conditions. You can accept the
counteroffer or continue the negotiation with the help of the realtor until the price and conditions are met by both the parties. –> Your offer can get accepted or rejected. If it is rejected, start a new house search (We will find out the reason and share with you)
4 Offer Acceptance/ Agreement
Once both the parties agree upon the offer, you will sign the purchase agreement. This contract (APS) outlines the final terms of the sale, agreed upon price, closing date and other possibilities.
Congratulations!!! The Seller has accepted your offer
Step 8: Satisfying the conditions in case of Conditional Offer
We must have sent the offer with the Home Inspection Condition which is mostly 5 days condition. In this case, we at the global realty help the clients to arrange for an experienced, knowledgeable and certified Home Inspector (If the client does not have any).
- Home Inspectors and qualified and experienced professionals who take their time (3-4 hours) to check for the visible issues; plumbing, electrical system, the roof, insulation, walls, ceilings, floors, windows, foundations, chattels (AC, Furnace etc).
- Home Inspectors will prepare and provide you with the detailed report that run through the condition of your home.
A real estate lawyer plays a critical role in the closing process of a home transaction
- Contract Review: The lawyer reviews the purchase agreement and other related contracts to ensure all terms are clear and legally binding.
- Title Search: They conduct a title search to verify that the seller has clear title to the property and that there are no liens or encumbrances.
- Prepare Documents: They prepare or review closing documents, including the deed, settlement statement (HUD-1 or Closing Disclosure), and other legal documents required for the transaction.
- Legal Requirements: The lawyer ensures that the transaction complies with all local, state, and federal laws and regulations, including those related to property transfers.
- Execute the Transfer of Ownership
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- Deed Transfer: The lawyer ensures that the deed is properly signed, notarized, and recorded with the appropriate local government office to officially transfer ownership from the seller to the buyer.
- File Documents: They file all necessary documents with local authorities to complete the transaction and update public records.
- Coordinate Timing: The lawyer helps coordinate the timing of the closing, ensuring that all parties are prepared and that the closing proceeds smoothly.
- Final Review: They perform a final review of all documents and details to ensure that everything is in order before the closing.
Overall, a real estate lawyer ensures that the closing process is legally sound, protects your interests, and helps resolve any issues that may arise, making the transaction as smooth and stress-free as possible.
From the Offer acceptance date, the buyers have 60-90 days to prepare everything for the new home. It is always a good idea to organize before hand.
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- Informing the Landlords on time if you are renting
- Selling or Renting your Current Home
- Arranging for the Movers and Packers.
- Title Insurance during closing
- Change of the Address in Banks, Drivers Licences, Workplaces
- Registering your child in the new Home School
- Cancel the services at the old address.
- Transfer the utilities in the new house – Phone, Internet, Television, Gas, Electricity, Water
Just Remember
You are not Alone!!
Save Max Global Realty is here to help you!!!!
www.theglobalrealty.ca
