Todd Sanderson


Royal LePage Nanaimo Realty

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    • Choosing a REALTOR®
    • Completion of the Sale
    • Deciding how much to offer
    • Deciding to buy a home
    • Exclusive Buyers Agency
    • If you are selling your home
    • Making an offer to purchase
    • Negotiating the offer
    • Preparation
    • Shop for a home
    • The Agency Relationship
  • Home Selling Process
    • Between Contract and Closing
    • Choose a Realtor®
    • Completion of the Sale
    • Deciding to Sell
    • If you are also buying a home
    • Market value
    • Showings
    • The Agency Relationship
    • The Listing Contract
    • The Offer
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Shop for a home

 
Once you have been prequalified for a loan, it’s time to begin your search for the perfect home. One  of  the  most  important  keys,  to  making  the  home  buying  process  easier  and  more  understandable, is planning.

BUY CONSULTATION

Once  you’ve  found  the  Coast  Realty  Group  REALTOR®  that  you’ve  chosen  to  work  with,  you  may wish to arrange a consultation with them, in order to describe your dream home, and ask any  questions  that  you  might  have.    The  more  you  can  inform  your  REALTOR®  about  your  family’s lifestyles, areas of interest, and preferred locations will help them understand your specific objectives and priorities to build a strategy for locating your ideal home in the perfect location.

Now  you  are  ready  to  visit  properties  and  your  real  estate  professional  can  show  you  the  homes that may be of interest. It’s best to provide at least 24 hours’ notice, to selling homeowners to ensure your REALTOR® can gain access to the homes.

Your advisor will research the properties of interest to you and, as you tour homes, they will help you analyze the benefits and drawbacks of each potential home. After a period of time, you may start to discover certain aspects of homes that appeal to you more than others. You’ll learn that, as you look at homes, your priorities will probably adjust along the way. Once you have tailored some likes and dislikes for you in a home, you should make a list of home attributes, categorized into three areas:

Deal-­‐Breakers -­‐ This category should be filled with a list of home attributes that make a house an absolute no-­‐go.

Wish List -­‐ This category should be filled with attributes in a home that you would like to see, but are not necessary.

Must-­‐Haves -­‐ This category should be filled with those things that a home must have in order for you to be interested. This list should be the most carefully complied, as you do not want to purchase a house that does not have all of your “must-­‐haves.”

Subsequent to visiting every house, take down notes so you can compare later. If time provides, make at least two visits to the home.

As soon as you have identified your dream home, the financial and legal aspect of home buying comes into play. Since the objectives of the home buyer and home seller are not the same, take the help of your Coast Realty Group representative for arriving at a positive outcome.

Deciding how much to offer

A REALTOR® can help you find your perfect home, but only you can decide how much you are willing to offer for it.

Making an offer on a house is difficult. If you bid too low, others will outbid you; if you bid too high, you may be spending money you don’t need to. Here are some things to keep in mind when making an offer on a house…

How  much  house  can  you  afford?  This  should  be  the  #1  factor  when  house-­‐hunting.  You  can’t offer more money than you can borrow, so secure a loan before seriously shopping around.  Also,  don’t  forget  to  include  the  closing  costs  when  deciding  how  much  money  to  borrow.

The Seller’s price -­‐ Your offer will of course be highly dependent on what the seller asks for in the first place. Sellers typically follow one of three paths. Some sellers may overprice the home to give them substantial room to negotiate. Some sellers price according to what they think they should receive and don’t really want to haggle. Finally, some sellers may marginally under-­‐price the home in the hopes that it will attract many buyers and create a bidding war.

The seller’s position -­‐ Always consider the seller’s position when making an offer on a house. If you were a seller, would you be willing to take a little bit less if someone agreed to close the deal quickly and came with a loan preapproved? Some sellers need to close quickly, so having everything ready to go can make the difference between a winning offer and a losing one. Be flexible and try to play to the seller’s needs when making an offer.

Prices of comparable houses -­‐ To really get a good idea for how much you should offer, find out how many comparable houses sold for in the area. To ensure that it’s really comparable, a similar house should have sold within the past six months, be in the same neighborhood, and be similar in terms of age, size, and number of rooms. Your REALTOR® can provide you with information about the selling prices and marketing time of other houses in the area.

The real estate market -­‐ This can make a huge difference in terms of what you should offer. During  busy  markets,  expect  irrational  bidders  who  drive  up  house  prices  considerably.  Similarly, in down times, you can safely offer on the conservative side.

Once you have determined the amount you are willing to spend, your REALTOR® will help you prepare a written offer. In most transactions you will offer to deposit earnest money held in trust by Coast Realty Group, as a stakeholder, showing your sincerity in making a reasonable offer and abiding by the terms of the written contract.

Deciding how much to offer >>

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Todd Sanderson

250-758-7653

Royal LePage (Nanaimo North) Ltd.

4200 Island Highway, Nanaimo, BC V9T 1W6

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