Looking to Buy this Year?

 

Here is a go-to check list to reference.

Before you get started:

1. Prequalified vs. Preapproved – know the difference! Make an appointment with your Mortgage Broker/Bank and make sure you send in allof the required paperwork for income verification and downpayment source (s).  Once that is in place your Broker will give you an interest rate hold and a maximum BUY amount (including the downpayment).

2. Renting? Perhaps now would be a good idea to let you landlord know that you will either NOT be renewing the lease at the end of the fixed term – or if you are renting month to month – be mindful of the fact you will have to give sufficient notice for when you are moving out.

3. Contact a REALTOR® to discuss your needs vs. wants and price range and community. Chances are you will need tomake a few adjustments in order to fit everything into your ‘perfect pad’.

4. Set up an auto search with your REALTOR® so that you can start to track the listings, prices (both active and sold).

5. Set up time(s) for viewing with your REALTOR® – allowing for 48 hours for booking of showings (be sure to get your list of homes to see in a few days ahead of time – to allow your REALTOR® time to book the showings with the sellers).

Once you write the offer and the offer is accepted: PENDING

1. Book your home inspection: cost $400-700 : depending on size and location (acreages are a bit more expensive).

2. Be sure to send in all of your offer to purchase papers to your Mortgage Broker

3. Make sure your have transferred any necessary funds to cover your initial and any additional deposit cheques (this goes toward your down payment).

4. Usually buyers will get the financing approved then bookthe home inspection – BUT allow enough time – in case there are issues from the home inspection that require time to resolve.

5. When you are doing the home inspection – its not a bad idea to take some measurements – windows, rooms for furniture/beds/appliances etc. As well taking a few extra photo’s for decor/reno ideas is also a good idea. This maybe your last viewing until possession.

Conditions are removed, you are a happy new home owner: Now WHAT?

1. Give notice if your are renting.

2. Be sure to send in your final document to the bank: condition removal form!

3. Give your REALTOR® the name of the lawyer you will use for the sale. Your REALTOR® will ensure all of the documents are sent to the lawyer. Your lawyer will call and set an appt usually within two weeks of possession to sign the papers. In addition, let your Mortgage Broker know the name of your lawyer – so they can forward any mortgage instructions.

4. Set up utilities in your new place  – and yes you can do this well ahead of time (power, water, heat, phone, cable).

5. Start packing! Be sure to check out one of our FREE promo’s for moving solutions!

Megan Wagner

KENNEDY Real Estate
Your Edmonton REALTOR® | Edmonton Home Stager

Call us today…780-485-3010 and GET SOLD!
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