My goal when working with buyers is finding the perfect property at the best possible price. This process includes pre-screening potential homes against a client’s wish list. The purchasing processes can expose a buyer to potentially costly repairs and/or liability in the future since laws in Canada are caveat emptor (buyer beware). My job is to minimize exposure to these risks. The steps in the property purchase process are as follows.
The ABCs of Purchasing Property
The first step in the buying process. Your banker or mortgage broker will analyse your financial situation and tell you the maximum mortgage you are eligible for. A mortgage pre-approval letter will be very helpful when you find a property you like and will often be valid for 60 days.
Get ready for viewing many properties. You may need to see more properties than you could have possibly imagined before finding the one that’s just right. You don’t want to settle for something you don’t love so be prepared to look for a period of time before finding the right place.
In an ideal scenario you’ll be the only buyer trying to acquire a particular property but sometimes you’ll be a party to a “multiple offer situation“ – other buyers bidding on the same listing. I will represent you by presenting your offer to the seller or seller’s agent. In the best case, the seller will accept your offer. In most cases however, the seller will make a counter-offer and I will bring that back to you. Negotiation will continue until a happy medium is reached between buyer and seller.
The are various closing costs associated with purchasing real estate in British Columbia: