CHARLOTTE COUNTY
WELCOME HOME
PRE APPROVAL
There are several reasons to get pre-approved during your home search. Not only will this help you narrow your home search by establishing a price range, but it will also show the sellers of the home you are interested in that you are serious and ready to negotiate.
Pre-approval will help you save valuable time in the event that perfect home you’ve been waiting for comes on the market. Also, in a multiple offer situation, sellers will be more likely to choose offers that they believe will be able to procure the funds necessary to purchase or finance the home.
To get pre-approved, contact a mortgage broker or your lender of choice. They will ask you to provide proof of income and ask a series of questions that will include listing your assets and outstanding debts. They will also perform a credit history check. With all of this information, they will determine a maximum amount that you can be pre-approved for.
Most lenders will also lock in the current lending rate and guarantee this rate for a certain period of time so that you won’t be affected if the rates go up while you are house hunting.
MAKE A LIST
Looking for your next home can be stressful and overwhelming. Try to avoid looking at homes just for the sake of seeing everything available. This can easily lead to frustration and information overload. Before long, you can’t remember which house was which.
Making a list of your needs and wants can help you narrow down your selections and help you focus on the homes that are best suited for you.
First, make a list of the features that are absolute must-haves. These are things you cannot do without such as number of bedrooms, one level living, room for an office space, proximity to schools etc. Next, make a list of the things you would like to have but can do without or that you are willing to compromise on. Your third list should include deal-breakers such as structural flaws, major repairs, older appliances etc.
Prioritize each of your must haves and nice to haves. Keep in mind, you may not be able to check all of your needs and wants, especially in a small community, but it will help you to see which houses are the front runners and which ones you may want to remove from your list.
When you start your search, start with the deal breakers and remove them from your list. Next, find the homes that rank highest on the must haves list. Thirdly, go over your nice to have list and compare each home that has made the cut. You can even assign values to each of the features you’ve listed to help with choosing that perfect home
PRE APPROVAL
There are several reasons to get pre-approved during your home search. Not only will this help you narrow your home search by establishing a price range, but it will also show the sellers of the home you are interested in that you are serious and ready to negotiate.
Pre-approval will help you save valuable time in the event that perfect home you’ve been waiting for comes on the market. Also, in a multiple offer situation, sellers will be more likely to choose offers that they believe will be able to procure the funds necessary to purchase or finance the home.
To get pre-approved, contact a mortgage broker or your lender of choice. They will ask you to provide proof of income and ask a series of questions that will include listing your assets and outstanding debts. They will also perform a credit history check. With all of this information, they will determine a maximum amount that you can be pre-approved for.
Most lenders will also lock in the current lending rate and guarantee this rate for a certain period of time so that you won’t be affected if the rates go up while you are house hunting.
TALK TO AN AGENT
Consider hiring your own real estate agent. One that represents you as the buyer, not the seller.
An experienced real estate agent knows the local market and chances are, they have seen many of the houses on your list. By using this to your advantage, you can narrow down your search and save yourself a lot of time.
SHOWINGS
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Bring a pen and paper. Your agent will bring a printout with pictures and details of the homes you will be looking at. Use this to take notes during your search.
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Use your phone to take pictures or video to help refresh your memory on individual properties.
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Visualize the house with your own furniture and decor. Is there enough space? Does the layout work for you? Is the yard big enough?
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Try to remain objective. You may not like the furniture, the wallpaper or the colour of the walls but these are cosmetic issues that can easily be changed or fixed with relatively little cost. Factors that often affect the sale and value of a home include things that cannot be changed such as location, proximity to schools and amenities.
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Keep the big picture in mind. You may love a house but find out it has major structural or expensive repairs. By remaining objective, you will stay focused and make the best decision for you and your family in the long run.
PURCHASE AND SALE AGREMENT
You’ve found a home. Now what?
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Discuss what you are willing to pay for the home with your realtor and any concerns you may have. He/she can give you an idea of what they think would be a reasonable offer. Your realtor will handle the negotiation process with the seller’s representative with the goal of coming to an agreed upon price that is acceptable to all parties.
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Include a home inspection and mortgage conditions in your written offer.
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Use a professional home inspector to perform a thorough inspection of the property.
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Include any other inspections as required such as water tests, wood stove certifications and electrical inspections.
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Request a final walk-through inspection to be done within 24 hours of closing. This will ensure the property is in the same condition and any agreed upon furnishings are as they should be.
YOUR REALTOR CAN HELP!
The home buying process can sometimes feel overwhelming but rest assured, your realtor has been through this process many times. By hiring a professional, He/she can handle the details and get you the home you want at the best price!
Questions? Ask Me!
Ken MacTavish |140 Water Street, St. Andrews, NB
kenmactavish@royallepage.ca | Tel: 506-321--0859