Buying a home can be a stressful experience since there a many things to consider. Here is a simplified version of the process:
1. Determine your budget. Unless you have large anount of cash at your disposal, it is best to talk to your bank or a mortgage broker to find out for how much the bank will mortgage you. The amount usually depends on your credit history, employment, income and assets. It is best to get pre-approved in writing.
2. Find youself a local Realtor and discuss what kind of property you are looking for, The Realtor will be able to provide input in regard to areas, schools, price ranges, market condition and more.
3. Once you have established what kind of property you want and in what area you are looking, the Realtor will search for current listings that will match those criteria. If there are not many listings available, the Realtor will forward new listings matching your criteria to you the moment the appear on MLS.
4. When you find properites that you are interested in, your Realtor will book appointments for showings. During the viewing a Realtor will be able to point out some of the strengths and weaknesses of the property.
5. Once you found a property that you would like to purchase, your Realtor will prepare a contract with an offer to purchase for you. He/she will discuss with you what conditions to include, such as subject to financing, home inspection and more.
6. Not every offer will be accepted as presented and now you are in the negotiation process. Your Realtor should be a skilled negotiator and will help you through the process with the goal to obtain a fair price.
7. Once you have an accepted offer, you need to start working on removing the conditions in the specified time. Your Realtor will help you with that by providing documentation needed for the bank, a list of home inspectors for you to chose from, contact information for insurance brokers and more.
8. Once subjects are removed, a property is considered sold, However, there is still work to be done until you finally can call it yours. The Realtor's office will send all the paperwork to the conveyancer of your choice who will prepare the final documents and arrange for title transfer on closing day. Your Realtor is still here for you should you need help with anything and will hand you the key to your new property on possession day.
I will hold your hand throughout the process and will work hard on making the home buying experience joyful rather than stressful!
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