Home Buyers
You've
Decided to Buy a Home!
Buying a home is more than looking at houses. It's finding the
right home, at the right price, in the right location. Hopefully,
with a minimum amount of time and inconvenience. The best way
to achieve these objectives is to work with a professional realtor
who understands your needs and wants, your time frame and the
financial boundaries to work within.
Selecting
a Sales Associate
It is important that the salesperson understands your needs. A
good salesperson will define your needs before they start to show
you homes. Questions you should ask a salesperson when making
your selection:
- Will
you be representing my interests?
- Do you
have access to M.L.S. information?
- Would
you provide market evidence to support the price?
- Will
you look after the details to closing and possession?
- Can you
be contacted at any time?
A
Sales Associate's Function
- Provide
information on the property.
- Provide
information on the area.
- Negotiate
a price and terms, agreeable to buyer and seller.
- Assist
in arranging a source of financing.
Working
With a Sales Associate
Let the salesperson do the searching. The best buys are not in
the newspaper ads. In fact, most opportunities are on "hot sheets"
available every morning to salespeople with access to M.L.S. information.
Once you connect with a salesperson they can do a more complete
search for you. A salesperson will commit time to you if you will
commit loyalty to them. If you play the field, you cannot expect
undivided attention.
Buyer's
Contribution
- Provide
details of your property needs.
- Describe
what would be a suitable location.
- Provide
financial information.
- Communicate
your likes and dislikes on each property.
- Commit
to the salesperson.
- Respect
and perform the terms of the purchase agreement.
Working together
as a team, with a professional salesperson 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
reasonable marketing exposure. Market value is a fair price for
both buyer and seller. It is what is called an "arms length" deal,
and that means that there were no influences 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 Royal
LePage salesperson 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. They will usually not allow more than approximately
40% of income to support a mortgage together with other debts.
The amount of money you qualify for, plus the amount of cash you
can put down, will equal the amount you can afford to spend on
a home.
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