Obtaining a pre-approval from a mortgage broker or mortgage specialist is the very first step you need to do in the homebuying process. You need to know exactly what you can afford… unless you have a boatload of cash and don’t need a bank to help finance your purchase. If you find yourself in this situation, first go buy yourself some toys and then call me!
Typically the Seller pays both sides of the commission in a real estate transaction. There are certain situations where the Buyer will pay, but 99% of the time, it will be the Seller. So don’t you even think about going into that sales centre or open house without me! I will walk you through the process and protect your interests, on the seller’s dime!
No! They have a duty to represent their Sellers to achieve the highest sale price possible.
They do NOT represent you, nor can they represent both the Sellers and the Buyers. This was outlawed in the province of BC a few years ago and you will wind up being an unrepresented Buyer with no guidance and heavily taken advantage of!
A deposit is what is needed to make a deal go firm and acts as a ‘promise to pay’ to the seller to hold the home. If for some reason the Buyer doesn’t complete on the home after all subjects have been lifted and the deposit paid, the Seller will be entitled to receive this deposit as compensation for a collapsed deal. Typically it is 5% of the purchase price deposited into trust in your realtor’s brokerage trust account. This 5% will go towards the purchase price once it is time to complete. If it is a pre-sale, the deposit can range from 5% – 25% and will be held in trust with the developer’s lawyers.
A downpayment is what is needed by the bank/lender in order to finance your purchase. First-time homebuyers or insured mortgages can have a downpayment as low as a 5% sliding scale, up to $1M for the purchase price. A more traditional down payment will be 20% and if you go through a private lender, it can be up to 35%.
The best time to buy is NOW! Don’t keep waiting because the longer you wait, you will continue to miss out and eventually be priced out of the market. I will take care of getting you the best property to achieve your goals and together we will upgrade through the years to maximize your returns.
The focus is on your goals and serving your specific purpose. It isn’t about the most commission.
Honesty is key! If the home you desire is unattainable or a bad purchase, I’ll let you know.
It isn’t about the quick sale but rather the long lasting relationship that grows over time.