Home-buying process explained for First time Buyers

Have you been intimidated by the home buying process? 

Here are the steps explained by an expert in simple terms:

  1. Decide if home ownership is for you. Can you handle it?  Are you ready and able to take responsibility for all the costs that come with being a homeowner? Can you devote the time to regular home maintenance?
  2. Check to see if you are financially ready. Get pre-approved by a lending institution. A written pre-approval letter from the lender of your choice helps you act quickly and compete in the event you and your REALTOR® enter into a multiple offer situation. 
  3. Find the right home. Work with a licensed REALTOR® who is familiar with working with first time buyers. Key considerations in selecting the home: 
  • the location and neighborhood
  • the size of the property and home
  • the type of home — for example, detached, duplex, townhouse or condominium
  • the travel distance to work, recreation and services
   4. Make the offer & close the deal.
Your offer must include:
  • your legal name (be prepared to show Photo I.D.)
  • the name of the seller and the civic and legal address of the property
  • the amount you’re offering to pay (the purchase price) and the amount of your deposit
  • any extra items you want included in the purchase (ie: window coverings, appliances)
  • the date you want to take possession (“closing day”)
  • a request for a current land survey
  • the date the offer expires
  • any other conditions that must be met before the contract is finalized (ie: home inspection, financing)
    5. Expect to negotiate. 
The process can be stressful, but if you have an experienced negotiator on your side your stress should be easier managed knowing your in good hands.

   6. Pick a Notary or a Lawyer. .To complete the process, your lender gives your lawyer the mortgage money. Your lawyer or notary then
  • pays the seller
  • registers the home in your name
  • advises your REALTOR® to hand you the keys
Ready to start your home search? Search all MLS® listings here Now! 
TIP: Simply click "request a showing" on the listing you are looking at if you'd like to see and the request will go directly to me and I will set it all up for you and get back to you to confirm. 

I hope this has you feeling more confident as a first-time buyer. I will be happy to answer any other questions for you! Donna Fuller (First-time buyers agent & negotiator since 1987) Call or text mobile direct 604.683.1393 or use the contact form