Buying and selling a home comes with lots of questions, here are some of the frequently asked questions. 

Should I get pre-approved for a mortgage before writing an offer?

A pre-approval can help your offer look more appealing to a seller. With an offer to purchase with a finance condition, having a pre-approval letter will help your seller feel confident your offer will be satisfied. When you get pre-approved, your lender has done their due diligence and is sure you can manage the mortgage payments and other home expenses. 

What is a conditional offer?

When making an offer on a home, you can have conditions for either the buyer or seller. These can include a condition of financing approval, a home inspection, a water inspection... almost anything. A house is considered conditionally sold if accepted, but the conditions must be satisfied or removed. 

What is the first step of the home-buying process?

Give me a call. Once we connect, we can start getting an idea of what you're looking for in your new home. I will help you find the perfect home for a fair price. I can help you find reputable professionals to help along the way. Need help understanding how borrowing for a home works? I have someone for that. Need an electrician to do an inspection? I have someone for that. Us Realtors make connections, and we can connect you with people who can provide honest and reliable service.

How long does it take to buy a home?

Understanding what's important to you in a home will help the process progress smoothly. I help filter out the homes that are right for you. From there, we start looking at homes; the "perfect" home could be the first home we walk into or months away. If we're not in a time crunch, take your time. The right home will excite you, and you'll leave the showing pumped and ready to make an offer. 

What is a seller's market?

Simply put, the number of available homes for sale is less than the number of people who need to buy homes. This results in multiple offers, which will help the seller secure the best possible price for their home.

What is a buyer's market?

This is a situation where the number of available homes for sale exceeds the number of people looking for a home. This can be expressed by diving into the Days On Market (DOM); a buyer's market will see more extended periods on the market than when the market is shifted to sellers. 

How much do I have to pay an agent to help me buy a house?

Here's the best part, it costs you nothing. As a Realtor, I am compensated by the seller of the home you eventually purchase. There's no risk to you, so give me a call and let's chat about how I can help you find your next home.

What kind of credit score do I need to buy a home?

Many people think this can be a roadblock to owning a home, so having a great team behind you is crucial. Your Realtor can connect you with a mortgage broker they trust to help you become a homeowner sooner than you thought possible. 

How much do I need for a down payment?

It's essential to understand it's not just a downpayment you're saving for; closing costs and moving costs are also included. Typically a 5% downpayment is an excellent point to start, an additional 1.5% for closing costs, and, depending on your moving needs, an extra 0.5% and, let's say, another 1% as a contingency. More often than not, having about 8% of the purchase price saved will help move the process along smoothly.

Should I sell my current home before buying a new one?

This may seem like a straightforward NO, but you'll be in a better position to make an offer to purchase if you don't have a condition of sale on your offer. Having your home sold before buying also gives you the peace of mind of knowing the amount of money you have to work with, putting you in a stronger position to buy a home. 

How many homes should I view before buying one?

Easy, as many until you find the right one. It can be the first home, or it could be the hundredth. This is a big purchase, and essential to ensure it's the right one. I will help by asking for lots of feedback after showings; please remember you're not hurting my feelings if you have a negative thought about a showing. Honesty is the best policy and helps me weed out homes that won't interest you.

What's the difference between a deposit and a downpayment?

A downpayment is a sum of money you're putting towards the cost of your new home. A deposit is money you include with your offer and can show your interest in the property. When arranging your financing, the deposit is applied to the downpayment amount. 

Do I lose my downpayment if my offer isn't accepted?

No, if your offer isn't accepted, your money is returned to you. This is true if your offer is accepted, BUT the conditions must be satisfied. Your cheque will be deposited into a trust account if your offer is accepted, but only forwarded to your lawyer once all conditions are satisfied. If conditions aren't satisfied, your money will be returned to you. 

How long can the seller take to respond to my offer?

When we write an offer, we put a deadline in place, creating a sense of urgency for the seller and giving the buyer a proverbial finish line. If the seller responds before the deadline, the deal is accepted, countered, or not accepted. The deal is considered dead and not accepted if they respond after the deadline. 

What if my offer is rejected?

When an offer is received, a seller can do a few things, accept it, propose a counteroffer, or reject it. Usually, if you're the only offer, they won't reject it; they will counter it. If they do reject it and you are absolutely in love with that home, we can ask to be a backup offer. But more often than not, it's time to find the next home to fall in love with. 

When's the best time to buy or sell a house?

This boils down to circumstance. House sales happen all through the year. If you're trying to buy a home because you need to sign a new lease on an apartment, sooner than later is the right time to buy. Typically there will be more inventory on the market in Spring and Summer. So if you're a buyer looking at homes during the off-season may be to your benefit. And if you're selling, waiting until the busier season may be advantageous. 

The lender has asked for an inspection. What does that mean?

Your lender is about to lend you a large sum with a promise you will repay it. They want to ensure you haven't overpaid or underpaid for a property. This is why working with a competent Realtor like myself is essential to ensure you purchase for a fair price. 

How do I find a lawyer?

You don't have to; I've already done that for you. When you hire me to buy or sell a home, you're hiring the people I have come to trust to ensure a fast and pain-free experience. If you have a lawyer you want to work with, I would be excited to make the connection for you.