HOW DOES THE HOME SHOPPING PROCESS WORK?
The Home shopping process can be fun but also a bit stressful. We are here to ensure it is as smooth as possible. We recommend a meeting (online, phone or in person) with any one of our team members.
Organization is the key to you purchasing the home you want. The very first and most important step after speaking with us is to ensure you are pre-approved with a financial institution or our Mortgage Broker. You can receive a speedy approval by clicking on our Link to Carrie Morris Mortgage Broker, Mortgage Alliance, within our site.
Once you have a price range you are pre-approved with, we set you up with your own personal Real Estate Portal to view homes online. You will be notified the second a new property hits the market within your search profile.
Once you identify a couple of houses you would like to see, we schedule the viewings and we begin our in-person viewings.
WHAT TO LOOK FOR WHEN VIEWING A PROPERTY?
Buyers often ask what they should be looking for when looking at property. Just experience the walk-through of the home at first. You will know if it’s right for you or not.
Our Team is highly skilled and experienced with extensive home renovations, construction, and many different property types. We will advise you on anything that might be a concern or cost associated with repairs. We are here to protect and guide you through this process.
WHAT’S INVOLVED WHEN PREPARING AN OFFER?
Once you have found a home, the next step is to make an offer. We will discuss the best strategy with you to acquire the home. To summarize, we will discuss current market conditions. Will we be able to negotiate or will we be competing for the home against another buyer – we will explain both scenarios in detail with you.
We will determine what price, conditions, closing date, and deposit amount to make a good offer to present to the seller.
Lastly, when we have the offer drafted for you, we will explain it in detail and answer any questions for you. At this point, you will sign the offer and we present it on your behalf.
HOW DOES THE OFFER PROCESS WORK?
Once we have found a house that you like, we make an offer to purchase. Every agent within our team is a skilled negotiator. Having a strategy is very important. There are two ways this process works in our current market.
1) We are lucky enough to negotiate a deal.
We make an offer to purchase the property for the amount we believe the property to be worth, and we have conditions written in the offer for your protection. There could be a little back-and-forth negotiation. Common conditions are 5 business days for Financing approval, Home Inspection, and Insurance approval. If the property is a condo, 10 – 15 days for lawyers’ approval of Condo Documents. If the property is rural, 14-21 days for Water Potability, Septic, Well Flow Rate or Water Pressure). We can also add a condition for us to sell your home.
Once the offer has been accepted by both the Buyer and the Seller, the buyer must deliver a deposit to the trust account holding the deposit described in the agreement within 24 hours after acceptance. Once we have satisfied all conditions, we remove them by signing a document. The property would now be considered sold. At this time we send all the paperwork to your lawyer. We usually write in the agreement that the buyer will have the opportunity to visit the home 1-3 times prior to the date of possession.
2) We are in a multiple offer situation / competing offers.
There are 2 or more buyers offering on the same property. This process requires caution and a firm understanding of the current market conditions. The offers are submitted within a specified time frame for the seller to review at a specific time. The buyers provide an irrevocable time for the seller to respond within. The seller will be looking for the most attractive offer to them. Usually the highest price, least amount of conditions (if any), the highest deposit, and a compatible closing date.
If you do not have the blessing of your lender to go in without a condition of finance, then you are at your own risk. We will discuss all risks in detail with you prior to you making a firm offer.
If the seller chooses to accept your offer, the deposit will be delivered within the 24 hour period, and all documents will be forwarded to your lawyer and lender. There are no conditions that mean the house is sold firm.
HOW DO YOU ENSURE THE CLOSING GOES SMOOTHLY?
To ensure your closing goes as smoothly as possible, make sure you have submitted all documents requested by your mortgage company. Any task requests from your lawyer are completed in a timely manner. All utility companies and rental assumptions have an account set up for you. Confirm your movers or rental truck reservation is ready for the day of closing. You will most likely receive your keys by mid to late afternoon. Organization will reduce stress!
