Buying a new home in Metro Vancouver, BC is a great challenge and a great excitement at the same time. What do you need to do? How can you find the best property for you? What are the possible scams you should beware of?
Especially if you are a first time home buyer, reading the steps you need to take for acquiring your new dream home is a must. Here is the home buying process explained in 6 simple and easy steps.
Before we can talk about the home buying process step by step, have you considered having your credit reviewed? Almost all people have errors and even though most of them are insignificant, it is not worth risking getting any problems on the way to your new dream home in Metro Vancouver, BC.
Best-Selling Author Kevin Tacher suggests a checklist with 6 simple steps to a successful home buying process:
First Step: If you are paying cash for your new property then you can skip this step. If you are getting financing, the first step is to get pre-approved by a bank or mortgage lender. This step cannot be missed because it will allow you to know how much of a home you qualify for.
Most buyers assume because they have good credit and good income they can buy anything. In today’s market this is not the case. Pre-approval is a MUST and most good real estate companies will not even take a client out without this so this tip refers to you as well. Work with your mortgage professional to find the best type of mortgage for your situation – there are many to choose from.
Second Step: Find the right property for you. This is not as easy as you may think. You need to take time to look at the area, the crime, the schools, the neighborhood (on weekends and at nights as well).
You would be surprised at the difference in most neighborhoods at night and on weekends when everyone is at home. You could call the local police department and speak to them, visit the local supermarket, the local school and talk to people there. The most credible information that you can get about an area and its level of safety will come from locals who have this knowledge.
Third Step: Now that you have found the neighborhood and the right home for you, you make the offer. A good thing to know is that you should give yourself enough time for the inspection period and the appraisal. Make sure that there is a 15 day inspection period. This will give you enough time to have the inspections done and address any concerns, if any.
Fourth Step: Once the inspection has passed, it’s now time to hire the settlement agent or attorney. Make sure that as a buyer you select a company that is looking out for your best interest. Always keep in communication with the closing company and mortgage lender. Never assume your real estate broker will do this. You need to make sure all of the lender contingencies in the contract are met for loan approval and appraisal.
Fifth Step: Closing the Deal. Now that you are close to the day of closing it’s important to know a few things. Most closing companies will require a wire transfer (this is an electronic method of transferring funds) for the closing funds. Make sure you arrange this with your bank at least a week before closing. This way the day you get the amount all you have to do is initiate the wire.
Also the walk though – do not do this the day before closing but the day of closing. It’s best to go to the house or apartment on the way to the closing, conduct a pre-closing inspection of certain items and then go to the closing. There are many cases of homes with things gone missing or being broken, appliances that have disappeared from the property and many other unpleasant for the buyer things. There are even people who have moved into a property in between the time the sellers leave and the buyers do the walk through. This is a very risky part of the home buying process so the shortest amount of time before you sign the documents is suggested. When inspecting the property make sure it is in broom clean condition, walls are not damaged and if the correct personal property is being left (stove, fridge, etc.).
Sixth and Final Step: Go to the closing, sign all of the documents, ask your questions, if you have any, and now you have become an owner of the property you have chosen!
These are the 6 steps to follow in order to get to your new house or apartment. This is the basic home buying process checklist that you should have in order to manage successfully this task.
Original source: https://www.mymovingreviews.com
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