So, you’ve decided to buy a home. Great! May it be your first home, your in-between homes home or your last home, the home buying process remains the same. As a Realtor in Regina, Saskatchewan, representing many buyers, I know that no home purchase is identical.
The home buying process should not be difficult. Here’s how it works:
Get Pre-Approved
You should always get pre-approved so you know what financing abilities you have. You need to know if you can buy a home worth 200K or 500K. Being pre-approved is also beneficial because it allows the mortgage professional to get a head start on your file, making it easier to have everything ready for submission when you find your dream home!
With mortgage qualifications being as tight as they are in 2018 it's even more important to be pre approved before starting the home buying process.
Get Your Down Payment Together!
If you don’t have your 10-20k down payment together then reach out to a Realtor or Mortgage professional. They should know of programs that lend down payments, like the Head Start Program on certian townhomes for sale in Regina. Some banks will lend you a down payment or they can come from RRSP’s or tax-free saving accounts. They can also be gifted to you. You will need some funds available when you go house hunting because when you find the one you love, you will have to provide a small ‘deposit’ until you can take possession of the home.
Hire A Realtor!
Don’t let just anyone help you find your home. Ask family and friends for referral’s, look online, use the realtor you see promoting positive home buying stuff on social media. You will need a realtor to write an offer for you, so you better pick one who has your best interests in mind and who genuinely values the opportunity to represent you in your home purchase.
Go Look At Houses!
Grab your Regina real estate agent and go check out some houses (they will have to schedule the viewings for you anyways!). Do your own research as well, drive through the neighborhood. Get a feel for the area's ammenties, look at comparable homes to get an idea of what else is on the market and map the distance to work/school. Soon you will find your dream home!
Write Your Offer!
After you have found the home you love, the next step in the home buying process is to write an offer. This is where you really need a strong real estate agent. The Realtor will meet with you to help you write the offer. They will counsel you on what price to offer, what conditions to include and make sure that you are setting yourself up for success by protecting against any liablities. The agent will negotiate on your behalf and handle all paperwork that has to be sent to the mortgage broker and the lawyer. They will also coordinate any inspections for you and get quotes from lawyers for your closing fees.
Survive The ‘Conditions Removal’ Period
You have 7-10 conditional days to get your ducks in a row. Your mortgage broker will require a credit score, t4’s, notice of assessments, letters from your employer and possibly more. This 10 day period is written into the offer and gives you time to find all those documents and provide them to your mortgage broker. This is also the time to have all your inspections done. Once the bank has approved the mortgage and you have approved the house, you can remove conditions!
Wait Until Possession Day
This is the waiting period where all the anticipation builds. After you remove conditions and before you take possession of your new home, you will have to attend one last meeting with the lawyers. The lawyers will put the title in your name, take care of tax disbursements, the rest of your down payment and any other adjustments. Take this time to declutter, pack, pick out paint and be excited!
Helping home buyers is the backbone of my business. The home buying process is such a special time in a person’s life. I schedule in the time to make sure the home buyer is prepared for the home buying process and to make sure they are comfortable with all the steps. It would be my pleasure to represent you in the purchase of your first or forever home!
Contact Me!
If you have any questions about buying a home give me a call at (306) 552-7047 or use my online contact form below. I'm always happy to help!
Kelsey Smith Is Regina’s Choice
Choosing the right Realtor® is key to ensure a positive and successful real estate transaction. Kelsey Smith promises to deliver the education and time necessary to buy or sell your Regina home. Call 1-306-552-7047 and rest easy knowing you have made the right choice.