Buyer Cheat Sheet
A Simplified Step by Step Explanation of the Real Estate Process
Written By: Mariko Baerg, REALTOR of Bridgewell Real Estate Group
If you’re looking for a realtor to help you purchase a property, call me today!
Real Estate Process for Buyers
We know that the real estate process can be overwhelming, and there’s a lot of things along the way that can be forgotten. With that being said, it’s much easier when you constantly have something to refer to so that nothing is missed. So we’ve written out a “Buyer Cheat Sheet” for you! Check it out:
|STEP 1: Find your REALTOR|
The majority of REALTORs will be working for free on the buyer’s end. It is very important to have one represent you to facilitate the transaction and work for your best interests.
If you think you are saving money by having the listing agent work for you and the home seller, keep in mind that the listing agent is under contract to work in the best interests of the seller. It is nearly impossible for the listing agent to work in both of your best interests, when the buyer wants the lowest price possible and the seller wants the highest price possible. It is best for you to use a buyer’s agent.
|STEP 2: Get Pre-Approved/Budget|
Talk to your lender to make sure you can afford the purchase of your home. Nothing hurts more than having an accepted offer but realizing the bank won’t be able to help you finance the amount of money you need. Getting a pre-approval letter will also help in the negotiation process by letting the listing agent you are serious and ready.
Items to give your lender:
·Record of previous employment if you’ve been at your current job for less than 2 years
Items may vary depending on your situation and the lender you work with.
|STEP 3: Write Your Offer (CPS)|
Get your REALTOR to write this for you. There are many details that needs to be covered to protect you and make sure you come out in a good position for the next few steps.
Things to consider:
Contract of Purchase and Sale (CPS):
|STEP 4: Negotiation Process|
Your REALTOR should help you with this and try their best to present the offer in person. Try and find out the motives of the homeowner, so that you can find out what is most important to them. Sometimes convenience or who they are giving the home to can outweigh the final sale price. This information can really help in multiple offer scenarios.
Things to consider:
|Step 5: Accepted Offer/Subject Removal|
This process is typically set for 5-10 days. You may have to coordinate and schedule appointments with a number of parties to ensure a smooth process. This may be the busiest part of a home purchase. Depending on your situation, you may be skipping the subject removal process if you have written a subject free offer.
·Make sure to have your deposit ready to go. This will be due within 24 hours of subject removal. If you have a subject free offer, you typically have to hand it in within 24 hours of acceptance or right away with the offer.
|Step 6: Get ready for possession|
Once you have removed subjects and handed in the deposit, you now have a “firm deal.” Find your notary or lawyer to iron out the final details and prepare the conveyancing process. Many costs will arise upon completion date, make sure that your realtor or notary/lawyer has reviewed these with you in advance, such as a Property Transfer Tax unless you are approved for a first-time homebuyer program. You should be on your way to the possession, adjustment and completion date. Congrats – you own a home!
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