8 STEPS TO BECOMING AN INFORMED BUYER

1. Decide Where and What to Buy

Congratulations on taking this first step toward buying a home! Pride of home ownership is indeed one of life’s bigger accomplishments. It is an exciting time and our hope is that this guide will bring clarity and peace of mind during your home buying journey.

Let’s envision your home together, where do you want to live? What type of home are you looking for? What features are your “Must Haves”?

2. Getting Pre-Approved for a Mortgage

The mortgage industry is a highly competitive field and it is important to understand that interest rates can change at any time. Partnering with a mortgage broker or financial institution to help you find the right mortgage product at the best rate is key to your home buying process. We would be happy to provide you with our client resource sheet which includes our preferred mortgage specialists in the Durham Region.

3. Choosing the Right Realtor

Why Choose the David Paterson Real Estate Team...

Our buyers know;

• The current fair market value of the home that they want to purchase so they do not overpay.
• Everything that is available on the market now within their criteria, as well as what is potentially coming to market soon, so they can compare.
• They receive the most relevant and up-to-date market information available.
• When they have found a great home at a great price.
• They get the best financing options: rates and terms.
• How comforting it feels to know we have their interests protected.
• They are in a strong negotiating position with us in their corner.
• How wonderful it feels to have a stress-free and enjoyable home buying experience!

When you choose the David Paterson Real Estate Team at Keller Williams Energy, you are choosing:

• Trusted professional realtors dedicated to serving your personal real estate needs first and foremost.
• A team with over 80% of our business coming from referrals of happy past clients who cannot wait to tell their friends and families about their extraordinary home buying experience. Check out Google Reviews online…. David Paterson Real Estate Team!
• A wealth of knowledge and expertise in your market area with over 8 years of experience and helping over 150 families.
• Highly-skilled negotiators working on your behalf.
• Representatives whose primary goal is to help you find the right home, at the right price, with little to no stress or inconvenience to you.

4. Becoming an Educated Buyer

Here’s what you can expect from us when you enroll in our program:

• Absolutely no fees or costs to you as our buyer.
• Access to property listings from a variety of advanced property search programs.
• Access to a database of expired listings that may reconsider selling.

5. Making an Educated Offer

The ongoing communication and education you will receive from our team will empower you to get the best possible deal on the home that you desire.

What happens after this:

• The seller may accept your offer – congratulations!
• The seller may reject your offer – not common, but it can happen and we would endeavor to find out why.
• The seller may counter sign, changing the terms of the offer and present the offer to back to you.
• Our negotiations continue to reach agreeable terms between the seller and yourself, or until we know an agreement cannot be reached and it is time to walk away.

6. Conditions, Home Inspections and Waivers

The offer has been accepted, congratulations! Now we need to satisfy the conditions.

This usually involves performing a home inspection, getting the rest of your personal information and the property information to your mortgage broker or bank, and arranging for the other information that might be necessary, like surveys, water tests and condominium documents. We will help you make the necessary arrangements to ensure that the entire process runs smoothly before the deadline.

7. Preparing to Move

Typically, you will have anywhere from 30 to 90 days to get everything ready for your home.  It could be shorter or longer, depending on what you need and have agreed upon with the seller.  The closing date is usually the same as your move-in date.

It is a good idea to get things organized well in advance of the closing date to reduce the stress of the move.

8. Move in – Enjoy!

Common Closing Costs for Buyers

Funds to cover your down payment and closing costs will most likely have to be in the form of a bank draft or wire transfer to your lawyer’s trust account. Your lawyer will detail the exact amounts required for:  

• Balance of down payment after initial deposit with offer.
• Mortgage Loan Administration and/or Appraisal Fees, if applicable.
• Points, or loan discount fees, you pay to receive a lower interest rate, if applicable.
• Credit report fees.
• Mortgage insurance premiums if applicable (CMHC).
• Land Transfer Tax and Title Registration Fees.
• Title insurance policy premiums.
• Survey expense if applicable.
• Legal fees and associate disbursements (couriers, copies etc.).
• Pro-rated amounts for your share of any prepaid costs, such as utility bills and property taxes.

Tips for Packing Like a Pro

• Develop a master “to do” list so you won’t forget something critical.
• Purge! Get rid of things you no longer want or need. Have a garage sale, donate to a charity, or recycle.
• Before throwing something out remember to ask yourself how frequently you use an item and how you would feel if you no longer had it.
• Pack like items together. Put toys with toys, kitchen utensils with kitchen utensils.
• Decide what, if anything, you plan to move yourself. Precious items, such as family photos, valuable breakables, or must-haves during the move, should probably stay with you.
• Use the right box for the item. Loose items encourage breakage.
• Put heavy items in small boxes so they are easier to lift. Keep weight under 50 lbs. if possible.
• Do not over-pack boxes and increase the chances they will break.
• Wrap every fragile item separately and pad the bottom and sides of boxes.
• Label every box on all sides. You never know how they will be stacked and you do not want to have to move other boxes aside to find out what is there.
• Use color-coded labels to indicate which room each item should go in. Color-code a floor plan for your new house to help movers.
• Keep your moving documents together, including phone numbers, driver’s name and van number. Also keep your address book handy.
• Back up your computer files before moving your computer.
• Inspect each box and all furniture for damage as soon as it arrives. Remember, most movers won’t take plants.