Realty Executives of Sudbury Ltd.
The Caswell Team
The Caswell Team
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Are you sick of renting or living with mom and dad and finally want to purchase your first home? But where do you start?
First things first, contact a Realtor® from the Caswell Team and from there you will be guided through the entire process beginning to end. But we understand it can be a little scary at first so, if you’re not quite sure how everything falls into place, then this is the blog for you!
Here's a basic walk thru of the steps we'll take in buying your first home.
As a first-time home buyer, you’re more than likely going to need a mortgage. We need to get you in touch with a Mortgage Specialist to find out what you can afford. The mortgage specialist will collect all financial documents needed - i.e., Notice of Assessments, pay stubs, any debts owing, down payment amount, etc.
Important note - this does not mean you can go and buy a house without a financing condition! Just because the bank says you’re good to go, the home you choose will need to qualify as well. What does that mean? We will dive in there shortly but, for now, let’s get to the fun part!
Now that you have been pre-approved, we can start the process of finding that perfect home. The best way to do that is with the Caswell Team, of course, as we have access to all the properties on MLS™ and can even represent you on a private sale. We will narrow down your search, weed through all the homes listed to make sure you’re only looking at the ones that match your criteria and book all the appointments for you.
For every buyer, this process is different. Some clients find the perfect one on the first outing, some take months or years, some need multiple visits to the same houses – every situation is unique and we’re ready for whatever process is the right fit for you. You’ll know when you’ve found the right house then it’s OFFER TIME!
MAKING THE OFFER
This is where having a Realtor® is the absolute most important. We are working for you in the transaction and we’ll negotiate the best possible price and terms that align with your best interests. And, in most cases, along with the purchase price, we’ll include conditions to make sure you’re well protected.
As I mentioned above, a condition of financing is usually number one. The bank has approved the information you have provided but they now need to approve the home and make sure it appraises for the amount you are purchasing for.
Another relatively standard condition we will have in there is being able to do your own home inspection. Like mortgage specialists noted above, our team will provide you with the names of the top home inspectors in Greater Sudbury and, once you have decided who you would like to conduct the inspection, a date and time is booked.
We always attend our home inspections and highly encourage you to be present for it as well. The inspector will go through the home with you and provide a report. They will point out deficiencies that need attention or monitoring and, occasionally, these can look very “scary” in the written report. But being at the inspection allows you to ask questions and receive a less frightening view of the issues face-to-face with the inspector.
These are just two of the more standard conditions that I’m using for this example but every house, client and circumstance requires a different approach and there may be more conditions to take care of in this window.
Once all your conditions have been completed – in the case above, the bank gives you the green light and you’re comfortable with the inspection - we can now sign a Notice of Fulfillment to acknowledge that your conditions are done. Once that’s signed…..here it comes…. the SOLD sign goes up!!! You’re almost a first-time homeowner!
Between the time the SOLD sign goes in the ground and the closing date, there are many things that will take place. You will already have found a lawyer from the list we gave you and we will send everything over for your lawyer to prepare the necessary documents for closing. Scheduling a mover, giving the proper notice if you are renting, confirming who you will use for home insurance, calling utility companies to set up accounts, etc.
IMPORTANT TO REMEMBER: DO NOT go buying anything on credit until after the closing date. This could affect your approval for mortgage, and we don’t want that happening!
“YOUR KEYS ARE READY FOR PICK-UP”
Those are the words from your lawyer on the day of closing you’ve been waiting for! You can rush there to pick up your keys and head straight to the house to enjoy that first night sleeping on the floor because you can’t afford any furniture, but at least mom and dad can’t tell you to clean your room anymore! Ha, ha – take that mom and dad!
Now the fun part begins as you take days, months and years to turn that house into your home. It won’t happen over night, but you’ll have a feeling of pride every morning when you wake up and head into YOUR kitchen to make a quiet morning coffee to enjoy on YOUR deck.
Your parents did it and your friends are doing it – it’s your turn to have your first home and we stand at the ready. We have TONS of experience dealing with first-time homebuyers and they’re some of the most rewarding times we have in this business. Never be shy or hesitate to contact us with any questions about getting started! You can reach us anytime through our team email account – email@example.com – and, in the meantime, check out some of the other great topics in our Caswell Team Blog and keep coming back to see what’s new and exciting in Greater Sudbury!
Cell - 705.929.1930
Disclaimer: The views and opinions expressed in this article are solely those of the author(s) and do not necessarily reflect the official policy or position of any other salespersons, staff or affiliates of Realty Executives of Sudbury LTD. Brokerage, Realty Executives International, the Sudbury Real Estate Board, Ontario Real Estate Association, Canadian Real Estate Association or any of their subsidiaries. For any concerns pertaining to the content herein, please contact us immediately at firstname.lastname@example.org.