First Time Home Buyer Tips – Chilliwack BC Real Estate !
This is the BEST video discussing First Time Home Buyer Tips – Chilliwack BC Real Estate !
We have helped many families move to Chilliwack BC Canada and we have the systems dialed to make it as easy as possible for you and whoever will be living in Chilliwack BC with you!
Buying a home can be a complicated and overwhelming process. Follow these First Time Home Buyer Tips !:
Get Pre-Approved. You need to know exactly what you can qualify for and afford before you head out and start shopping for a home. This is one of the most important steps of all. Having your finances in order in the beginning is essential.
Pick the area or areas that you think you’d like to move to. The more you can narrow down those search parameters the better. At this point you have most likely already been doing your own research but it is now time to narrow this search criteria down.
Make a list of your must haves and deal breakers and then keep an open mind. It’s important to know what you really want in a home and what’s going to make you happy but, it’s also important to know that along the way in this process you may need to make some compromises and it’s important to be able to keep an open mind.
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A listing agent can no longer act for both the buyer and the seller in a client relationship.
This is great news for any buyer because you are now encouraged to have your own buyer representation to help guide you through this process, and negotiate strongly on your behalf.
In B.C. the Seller pays the commission for both the listing agent and the Buyer’s agent.
So, it costs a buyer nothing to work with a buyers agent yet provides them with full protection.
Ok, so you’ve got yourself pre-approved and you know the areas that you want to focus
on in your search.
Now, start looking at homes. We will create a custom home search with your desired search criteria and notify you of any new listings to hit the market within your search parameters. This will help you get a feel for what homes are available in the neighborhoods you want to live in with the budget that you have to work with. You can favorite these homes and we get to see this information and make adjustments accordingly
Now…Check out what’s available. We will do a tour of the neighborhoods and take a look and the houses you are interested in to show you the positives and negatives of each.
Purchasing a home is a team effort between you and your agent so, dive in and start participating. Buying a home is a process of elimination and the more homes you can see online and in person, the faster you’ll be able to find the right one for you.
Drive around the neighborhoods of the homes you’re interested in.
Check out the schools, restaurants, shopping, and amenities nearby because you may find
that you love a particular home but you really don’t like the neighborhood it’s in and that’s very
important to know.
So, you’ve found a home that you’d like to put an offer on…..Now what?
If you’re ready to make an offer, we will need to have a conversation and go through the contract of purchase and sale. During this process, we will help guide you on an appropriate offer price. We will also provide you with data of comparable sales of homes that have recently sold in the area as well as insight into the current market conditions of the area that your purchasing in.
Submitting your offer.
When writing an offer there are some important things to decide on:
- Dates for possession & completion of your new home
- Included & Excluded items
- Offer price & Deposit amount
- Decide on terms of the offer
- Expiry of offer (How long the seller(s) have to counter or accept)
The negotiation process.
After the seller(s) receive your offer the Seller(s) will do 1 of 3 things:
Accept the offer as is
Reject the offer ( Decide not to even deal with it )
Counter the offer with a different price and or terms
The negotiation process is a tricky and complicated dance. We are here to facilitate things between the buyer and seller and work with one another to achieve an accepted offer.
Your offer has just been accepted and you are thrilled.
Now, let’s focus on the next steps.
Most likely your offer will have had subjects in it. The most common conditions in the offer are :
-property disclosure statement
-reviewing strata documentation (if applicable strata property)
Typically, the subject removal period, *** the time from offer acceptance to when the
buyer has to remove all subjects is anywhere from 5 to 7 business days….It could be shorter or longer depending on the circumstances.
This is another important bridge for any Buyer to cross during the home buying process.
If you don’t already know a great home inspector, we will be able to recommend several for you. If your inspection reveals major problems, you can negotiate those repairs with the seller before your deal closes, or legally withdraw your offer.
Subject removal date & deposit. This is a very important day because once you remove all subjects and hand over the house deposit, the house is considered SOLD and you have now purchased the home. Should you choose not to remove subjects, for any reason, whether it’s the inspection report or perhaps your financing falling through, the deal collapses. After subjects have been removed, it’s definitely time for you to celebrate.
Now that subjects have been removed, you need to find a lawyer or notary to handle the conveyance of this property for you.
Again, if you don’t know any, we will be able to recommend several for you to choose from.
The next month or more, depending on when your completion and possession dates are,
are going to be very busy for you. Because, you need to arrange everything from the packing, cleaning, and moving of your current home to your new one.
You will want to submit change of address notices to everyone you know and also arrange
for mail forwarding for 3-6 months just in case you miss someone along the way.
Signing all the paperwork with your lawyer or notary. Typically, your lawyer or notary will have
you in, about a week or two before your completion date, to review and sign all the required paperwork for your purchase.
The Possession/Move In Date.
Of course, this is one of the most exciting days in the home buying process because on
this day you get the keys to your new home.
And that’s it. Congratulations! You’re now the proud owner of a new home. Of course, it will take some time for you to settle into your new home but be patient with yourself as you will get there.
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First Time Home Buyer Tips !
Honestly if you are moving or relocating here to Chilliwack, Fraser Valley or Vancouver areas we can make that transition so much easier on you!!
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Chris McRae – McRae Real Estate Group – Top Rated Chilliwack Real Estate Agent
Chris McRae Personal Real Estate Corporation
Homelife Advantage Realty Ltd
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