After touring homes, you will probably instinctively know which one or two homes you would like to buy. Ask to see them again. You will see them with different eyes and notice elements that were overlooked the first go-around.
At this point, we have called the listing agent to find out more about the sellers’ motivation and to double-check that an offer hasn’t come in, making sure these homes are still available to purchase.
Now it’s my time to help you through the offer process. We will be very specific with the offer about any improvements or repairs that the seller to make before closing or about any appliances or other items you expect to be included.
The seller may accept your initial offer, no questions asked, but often he or she will make a counteroffer, accepting some terms but making changes or raising the price. This process goes back and forth until you either agree or the deal collapses.
Acceptance of the sales contract can be made contingent on (that is, dependent on) certain circumstances. It is in your best interest that you stipulate that the house passes any inspections you want performed and that financing is approved. There are other clauses that can protect your interest in the purchase. These should be discussed with your agent.
Money Saving Tips
Shop for a mortgage.
That ½ percentage point may not seem like much but it will save you thousands over the life of a mortgage. Get quotes from a variety of banks or enlist a mortgage broker (the bank, not you, pays his or her fee). You can always go to your own bank to see if they will match the rate.
Shop for a lawyer
Fees may vary greatly and you can often save a lot by using someone who specializes in real estate law, as they compete for this business. Costs are often less due to economies of scale, but ensure you get a full cost quote.
Get a home inspection
Not only for piece of mind but there is nothing worse than discovering cost prohibitive problems after you have moved in. If your home inspector identifies deficiencies, you may be able to renegotiate the purchase price to cover required repairs.
Decline mortgage insurance
You are farther ahead to increase your own term insurance for the amount of the mortgage. The premiums are often less and the payout greater.
Buy a home that produces revenue
If you can rent out your basement or a self contained suite it will help you pay the mortgage or offset your home expenses. Your RE/MAX sales associate can offer advise when it comes to zoning requirements and public transportation access.
Shop and get quotes on all of your major expenses including moving costs, renovations, home insurance etc. Ask lots of questions and get referrals. I can pass on great resources.
Don’t buy your furniture on time payment plans. Make do until you can afford it. Shop garage sales or used furniture outlets.
Make a budget and stick to it. There are a number of costs that you need to take into account as we have illustrated. Put the money aside.
Remember, all of the above will save you money but the most important consideration is to buy a home you can afford to live in.
I am a Realtor working from the RE/MAX LifeStyles Realty office in Maple Ridge. I work within the Lower Mainland assisting Buyers, Sellers and Investors achieve their dreams - I am a B.C.'er and love living here!
BUYERS…. DON’T GET LOST IN THE SHUFFLE!
Check out my Buyers Information... there is relavent information to help with your purchase and decision making when buying.