WANTaCASA Buyer's Information

Selecting a Real Estate Agent

It is important that your realtor understands your needs. A good realtor will ask the questions he/she needs to know, before he/she start to show homes.

What neighbourhoods are you interested in?
What style of home are you looking for?
What schools and parks would you like to be close to, if any?
Do you require public transportation and/or shopping near by?
What are the "must haves" and "must nots" in your new home?
What type of financial responsibilities do you want to attain?

Questions you should ask to a Real Estate Agent when choosing him/her:

Are you a licensed professional?
Do you have access to M.L.S information?
Will you provide market evidence to support the price of the home?
Will you look after the details from start to closing and through to possession? Such as: mortgage approval, home inspections, lawyer selection, conveyances and any other terms or conditions attached to the purchase of the home.
Are you a full-time Agent? Therefore, can he/she be contacted at any time? Through what means (phone, fax, pager, e-mail)?

A Real Estate Agent’s Function

Provide information on the property and area, including schools, parks, transportation, plans for the area...
Negotiate a price and terms, agreeable to buyer
Assist in arranging a source of financing. (Commercial Bank/Mortgage Broker)
Assist in choosing a real estate lawyer
Advise on financial cost of transaction

Working with a Real Estate Agent

Let the Realtor do the searching. The best buys are not in the newspaper ads. In fact, most opportunities are on the “Hot Sheets” available every morning to realtors with access to the M.L.S. information database. Once you connect with a Real Estate Agent he/she can do a more complete search for you. A Realtor will commit time to you if you commit loyalty to him/her. If you ‘Play the Field’ you should not expect undivided attention.

Buyer’s Contribution

Provide details of your property needs and wants
Describe what would be a suitable location
Provide financial information
Communicate your likes and dislikes on each property
Commit to the Real Estate Agent
Respect and perform the terms of the ‘Purchase Agreement’. Once signed by all the parties, it becomes a legal ‘binding’ document.

Working together as a team, with a professional you respect, should achieve those objectives you seek:
“THE RIGHT HOME FOR YOU”

Establishing a Market Value

Market value is based on what others have been prepared to pay for a similar property, under the same market conditions after a reasonable marketing exposure. Market value is a fair price for both, buyer and seller. Namely called an “arms length” deal. This means, there were no elements other than the market, influencing the deal. You may, of course, pay more than established market value if your desire for the property warrants it. Conversely, you should not expect to pay less than established market value, unless the property is being sold under duress.

Qualifying for your mortgage

Once you’ve made up your mind to buy a home, the first question that comes to mind is: ‘How much can I afford?’ The financial aspects of buying a home do not need to be confusing. Your Real Estate Agent can arrange to have you pre-qualified for a loan before you start shopping. Most lending institutions will only allow approximately 30% of a person’s income to support a mortgage. The lending institutions will usually not allow more than approximately 40% of income to support mortgage together with other debts. The amount of money you qualify for, plus the amount of cash you use for down payment, will equal the amount you can afford to spend on the purchase of YOUR HOME.