Step 1 Pre-approval

Before starting your house hunt make sure you have analyzed every aspect of your finances. Get a Pre-approval from a mortgage lender before you start. This is a very important and crucial step that is often over looked by potential home buyers. Having a pre-approval letter will aid you in knowing what you can afford what you are comfortable spending and it will also give you some negotiating power with sellers. The amount of money you will need is typically a minimum of 5% as a down payment and between 1.5- 2% of the purchase price for closing costs.

Step 2 Hire an Agent

Did you know when you buy a home there is NO real estate agent fee for the buyer. The fee is already pre-negotiated into the listing. A real estate agent has in depth market knowledge and will relieve a lot of the stress taken on by home buyers by guiding you through the whole process. Make sure you find an agent that is going to work hard for you, understands your needs, you can trust, and of course someone you get along with. Once you have met the proper agent sign an exclusive buyers contract. The benefit of doing this is the agent knows you are serious about buying a home and working with them. Real estate agents work on commission so if you show that you are dedicated to working with them and that at the end of the day they are going to get paid they will give you the best service and you will get the best results. Its like if you were going to invest $300,000 in the stock market would you seek expert council? Same goes for hiring an expert to buy a home.

Step 3 Search Homes

Now is the fun part finding an selecting a home. You probably already have an area in mind so get out there and start looking at homes. Once you have found the home you would like to purchase have your agent do a CMA or certified market analysis on the property to ensure the homes value before writing an offer to purchase.

Step 4 The Offer

Your agent will prepare an offer to purchase on the home. This will have in it your deposit usually 3-5% of the purchase price depending on the possession day. If you have 120 day possession expect to put down a higher deposit. The offer will usually have certain conditions on it this will vary from property to property but the two most common conditions in re-sale homes are a professional home inspection, and financing or mortgage approval. Also include all the things you want in the home for example fridge, stove, washer , dryer etc. Pick a possession day and submit your offer. The seller will either accept it, deny it, or counter offer with there terms.

Step 5 Conditional Sale

Once the buyer and the seller have reached an agreement the home has a \” Conditional Sale\” this means the home is sold pending the buyer lifts there conditions to buying the property. This period of time is typically 5 business depending on the region and home of course. In this period the buyer will have there financing approved, get there inspections completed and then when everything is complete remove all the conditions and go forward with the sale assuming everything was satisfactory to the buyer. The deposit is re-fundable to the buyer only before the conditions are met. Once the conditions are removed if the buyer backs out of the sale the deposit is forwarded to the seller as compensation for having there home off the market.

Step 6 Closing

Once the conditions are removed the documents will be forwarded to the lawyers where they will handle transfer of title and making sure the title is free and clear of all encumbrances. In this time make you sure get insurance for the home, hook up your utilities and book a mover. The lawyer will arrange to meet with you about 1-2 weeks before your possession day to sign the mortgage documents an title transfer.

Step 7 Possession Day

Congratulations! Move in to your new home. The only pitfall here is do not move in early our enter the property before the stated time on the contract because there will be no insurance and you will be personally liable if something were to happen.

Regina Real Estate, Regina Condos for Sale, Regina Beach Real Estate,

Adam Hungle Real Estate Agent Sutton Group Results Realty http://www.saskhomesforsale.com

Author Bio: Regina Real Estate, Regina Condos for Sale, Regina Beach Real Estate,

Category: Advice
Keywords: real estate, buyer, homes