Buying a new home or your first home can be an exciting and scary process. It is normal to feel lost and overwhelmed, but we are here to help make this process as smooth as possible. After all, we are the experts that can guide you and make you feel confident. We will help you understand the entire process, from searching for a new home to putting in an offer, and lastly securing your dream home. We will be doing a happy dance when you finally have the keys in hand. So how does the home-buying process work? This is the rundown…
What you need to do BEFORE you start searching for a home
If you are renting, just remember to look at your contract and see how much notice you need to give if you are moving out. Why bother paying for another month if you’re not going to live there?! Most of the time, you have already paid your last month of rent when you first signed your lease. However, sometimes, you may be in a 3-month contract with a short-term lease. Your real estate agent can take a look at your lease and help you plan when the best time to give your notice will be.
Make sure you get pre-approved for a mortgage by a reputable mortgage broker so you know what price range you can afford. Sure, it would be nice to own a penthouse in downtown Toronto, or a luxury acre property in Woodbridge. However, you may not be able to afford that, so getting pre-approved helps you decide upon a price range to purchase within. You might also check out our free mortgage calculator on our website to get an idea of how much home you can afford. Again, your real estate agent can help set you up with an experienced mortgage broker to ensure you get the best mortgage options and a low-interest rate.
Writing up the offer to purchase
Once you find a home that you love and you want to be your future home, it’s time to put in an offer. The housing market can be very competitive, so your real estate agent will help you draw up an offer catered to your needs and your financial situation. Your offer includes the proposed purchase price, the date of closing, whether it’s conditional upon inspection (or other terms), and a review of documents. They will also give you advice on how to make your offer more attractive to the sellers. With years of experience buying and selling homes you might say we have a crystal ball to look into but what it comes down to is us having the experience that you can lean on.
How long does it take for your offer to be accepted?
It depends on how many offers were put down on the home and the conditions. The entire offer process can be completed in as little as a day or can take up to a week.
What happens when there are multiple offers?
This is the competitive part. If there are many other offers, you may have to be flexible with some conditions and go in with your best offer first. Your real estate agent will go through everything with you to determine what the ideal approach will be. When there are multiple offers on a home, it is normally a one-shot chance; unless the other realtor calls your agent to see if you want to improve your offer. Sometimes you get that call, but often you do not hear anything. If the sellers want to sell the home fast, they will just go with the best offer on the table.
Some buyers write a letter to the sellers and include photos of themselves when there are multiple bids. Many homeowners prefer to know who they are selling to. They want the legacy to live on in their home since it’s a very emotional process. Some home sellers don’t want an investor taking over, and look to sell to a young family. It all depends on the seller, so your real estate agent will come up with a game plan to put your offer at the forefront.
How do you submit an offer?
Everything is completed electronically now when submitting or signing an offer. Offers are emailed and are rarely presented in person to the listing agent. If the seller wants to counter-offer, negotiations are made digitally until both parties agree to the terms or when someone decides to walk away.
Should sellers accept the first offer that comes in?
While the housing market is still booming, sellers will not feel the need to accept an offer right away. If multiple offers are coming in, the best strategy is to wait and see if more arrive in the next 24 to 48 hours. If someone is interested in your property, they will pursue the purchase – you do not need to rush!
Work with Shirriff Wells Real Estate
Our realtors are trained to navigate the offer process from start to finish, helping both buyers and sellers meet their goals. We are leading industry experts in the Toronto and GTA housing market. We are eager to help you with this exciting buying or selling journey. We will work with you and include you in the entire process so you can feel confident. If you would like to sell your home or find your dream home, give us a call for a free consultation at 416-495-2746 or send us an email on our contact page HERE. Get That Shirriff Wells Feeling today! There is no better feeling than pursuing an adventure in real estate.