Previously -
Step 1 - Determine What
you can Afford
Step 2 -
Understanding Market Conditions
Step 3 - Obtain a
Pre-Approved Mortgage
Step 4 - The
Major Elements of an Offer
Step 5
How to Make an Offer
When it comes time to
make an offer, your Realtor can provide
current market information and will assist you in
drafting your offer.
Your Realtor will communicate your offer, sometimes
known as the Offer to Purchase, to the seller, or
the seller's representative, on your behalf.
Sometimes there may be more than one offer on a
property coming in at the same time. Your
Realtor can guide you through this process.
The offer can be Firm or Conditional.
Firm Offer to Purchase
Usually preferable to the seller, because it means
that you are prepared to purchase the home without
any conditions. If offer is accepted, the home
is yours.
Conditional Offer to Purchase
Means that you have placed one or more conditions on
the purchase, such as "subject to home inspection",
"subject to financing", or "subject to sale of
buyer's existing home". The home is not sold
until all the conditions has been met.
Acceptance of the
Offer
Your Offer to Purchase will be presented as soon as
possible. The seller may accept the offer,
reject it, or submit a counter-offer.
The counter-offer may be in reference to the price,
the closing date, or any number of variables.
The offers can go back and forth until both parties
have agreed or one of you ends the negotiations.
Hire a Legal Professional
A legal professional is there to represent your
interest and to provide the legal documentation
require. Your Realtor can provide you with the
name of legal professionals who specialize in real
estate.
Have the Home
Inspected (optional)
Having the property inspected by a qualified home
inspector will give you the added confidence that
you've made the right decision. (costs vary).
When the procedure is complete, you may wish to ask
for a full written report plus estimated costs for
any necessary repairs.
Next month - the
last step of our "Guide to Buying a house" series is
"Some moving tips".
This
information is provided by Kathy Murphy, your Royal
LePage Key Realty Agent.
Kathy says: "Why Wait!" Take advantage of fantastic
interest rates, leveled home costs and home
improvement government rebates! Let me help you find
your dream home with a mortgage that can cost you
less than rent!"
For more information and
home buying advice contact Kathy today!
Kathy Murphy
519-330-4543
email:
kathymurphy@royalkey.ca
Linda Belan
Mobile Mortgage Specialist
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