7 Steps to Successfully Buying a Home
Pre-Approval
Meet with a Mortgage Broker to get pre-approved for a mortgage, and determine your housing budget. There is no cost to using a Mortgage Broker and they work for you to get the best rate and terms possible.
2. Establish Criteria
Determine what is important to you, what your needs are in terms of size, location, amenities, and preferred finishing. Your Realtor® will set up an automatic search that will instantly notify you when properties that match your criteria are listed for sale.
3. Start Looking At Properties
When you see properties you like notify your Realtor® and they will set up a showing, and take you through the property.
4. Market Evaluation
Once you find your favourite home, your Power Properties Realtor® will review recent comparable sales and the property titles, to determine a reasonable offer including price, possession date, and terms and conditions.
5. Negotiate the Offer
Your Realtor® will draft an offer to purchase based on the market evaluation and your instructions, there will likely be back and forth counter-offers until a final agreement is reached. You will have to provide a deposit with the offer equal to 2% - 5% of the purchase price when the offer is accepted.
6. Due Diligence and Waiving Conditions
Once you have an accepted offer, you will submit a copy to your Mortgage Broker so they can get final approval for your mortgage. At the same time, you will satisfy your other conditions, such as a home inspection or condo document review. Once you are satisfied, you “waive conditions”. The sale is now final.
7. Possession Day!
One to two weeks prior to your possession day, you will meet with your lawyer to sign the mortgage and title documents, you will need to bring the rest of your down payment with you. On possession day, you will meet your Realtor at the property and they will hand over the keys. Time to CELEBRATE!
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About Power Properties Ltd.
Founded in 1980, Power Properties has been providing hassle-free property management services to property owners, property investors and non-residents with homes in Calgary, Alberta for over 40 years. Our full-service property management includes everything from move in to move out, so you don’t have to worry about the day-to-day operations of your rental property. With a team of licensed professionals, years of experience, and award-winning service, you can rest assured that your property is in good hands.
