It is helpful for Edmonton home buyers to know the importance of the preparation necessary when buying a home. The majority of home buyers believe that they are ready write an offer when they first start looking at homes with me, but often after I ask them a few questions they quickly realize that they are not quite as prepared as they believe they are.
Being prepared to write an offer as a home buyer means that you are both prepared financially and that you are prepared with the professionals who will help with the purchase.
You have your down payment in your bank account and a cheque or money order prepared for the deposit cheque. If the down payment is coming from you own funds you have proof that it has been in your bank account for a minimum of 90 days. If it is a gift you have the money already in the bank and the gift letter written and signed by the person gifting you the money or exactly as desired by your bank or mortgage broker specifications.
If you are using an RRSP to form part or all of the down payment then you have advised the necessary people with the release of those funds that you will be using the money for a down payment and you know the protocol you need to follow to access those funds. You should have already been preapproved for a mortgage by your bank or mortgage broker for the purchase price of the home your are putting an offer on or less
Lining up the Right Professionals
Having the right people in place to help facilitate your home purchase is a vital part of this preparation process. You have already done a good job by having a Realtor that you trust in place who has taken you through the process up to this point. Before writing an offer you should also have in place the professionals you will need in a very short amount of time should the offer be accepted. These people may include:
- Home Inspector - having a company or individual inspector already picked out will allow you to schedule an appointment that works for you. They are important to have at the ready should you need a inspection done on the home you are buying
- Condo Document Reader (for those who are buying a condo)- This service is somewhat new to the industry. As condo corporation management becomes more and more detailed, there is more and more documentation to have to read through. With busy work schedules and other things needed to be done for the sale to go through, condo document reading is one thing that gets overlooked the most. Having a professional who can review the documents for any 'red flags' and can summarize the information for you may be worth the premium you would pay.
- Real Estate Lawyer - Having a lawyer in place for once the deal is completed will allow the lawyer the proper time to get all legal documentation in place.
Knowing the pre offer preparations necessary when buying a home will help soothe the home buying jitters and make you more confident when it comes time to write that offer!