Thinking of making a real estate purchase? There are a few questions that every buyer has to sort out prior to viewing properties. Here's a few to consider.
Have you been pre-qualified by your bank or mortgage specialist? If not, I can recommend a mortgage specialist to walk you through the qualifying process. Why are you considering a move? When would you like to be moved by? Where would you like to live? Once you've considered your answers, give me a call and I'll be able to guide you in the right direction...towards your next home purchase! I'm looking forward to working with you!
Once you're ready....I have set up some often-asked questions and answers below. Feel free to use the jump menu and/or scroll to areas of interest for the remainder of this page.
- Check out my new ReMax website. Just one more website so that buyers can find your property online.
- Looking for a NEW property? by AREA?
- Seeking public school information and general community data. Then select the area you're interested in (drill down to more data).
- Looking for French immersion school information for the Greater Vancouver area? Or perhaps a Catholic School in your new neighborhood? Or maybe a private school? gifted school? alternative school?
- Wanting to learn about First Time Home Buyer's Program and how you qualify?
- Seeking information about Property Transfer Tax? Does it apply to Foreign Entities?
- Calculate what square meters are when converted to square feet
- Home Warranty Insurance on New Homes
- View the Real Estate weekly website and other home search websites
- Buyer Agency information
- Mortgage broker assistance
- Home Improvement Assistance Programs
- Foreclosure information
As a potential buyer, here's some information you should consider:
Are you pre-qualified at a local bank? If not, perhaps I could recommend some options. Do you know how much you can afford? Ask me and I can help you determine the amount of mortgage you qualify for, and also the home you can afford.
Check out those website where it lists NEW developments by AREA:
Thinking about a new home, townhouse, or condo? Ensure you're protected with a New Home Warranty. Check the Homeowner Protection website for details: http://www.hpo.bc.ca/ Or refer to the 2-5-10 homeowner warranty insurance document located on the web at: http://www.hpo.bc.ca/PublicationsForms/InformationSheets/2-5-10%20Yr%20Hm%20War.pdf.
Is your house constructed by an Owner Builder?
If yes, check out this document at: http://www.hpo.bc.ca/Licensing/Owner-builder.htm
Have you decided on a particular location?
Ask questions about different locations within the Lower Mainland and select one that best suits your needs. I can direct you to different internet sites for local communities.
Are you looking for a home? Townhouse? Apartment? Do you have a dog? Cat? Any special needs? Let me know and I can narrow down your search.
Use the following sites to preview some of the possibilities and then phone me to arrange a viewing:
http://diannemoscrip.net/—use this site to search for local listings. Then, send me an email and I can locate further details on the property you're interested in, and send it along by email or phone.
http://www.realtylink.org/ —use this site to search for real estate listings in your area, and then access the 'Calculate Mortgage' button to determine strata fees and taxes, where applicable, and get a better idea if you qualify for this property. Phone me to view any homes you see here.
http://www.mls.ca —view MLS listings in your desired area. Phone me to view any homes you see here.
http://www.rew.bc.ca/ —view Real Estate Weekly advertised listings in your area. Phone me to view any homes you see here.
http://www.diannemoscrip.com/ Use this site to create saved searches after identifying your search criteria and have my website regularly email you new listings that fit your criteria.
Do you need to sell your current home before purchasing? Let me assist in determining the market value of your home.
Is this purchase an investment or are you planning on living in the apartment/home/townhome? This makes a difference on the homes I'll show you so it's best to determine the reason for your purchase ahead of time.
Government programs for first-time buyers and buyers in general
First-Time Home Buyer Incentive helps reduce the monthly mortgage carrying cost for qualified first time home buyers.
Home Buyer's Plan (HBP) allows buyers to withdraw a certain amount from their registered retirement savings plan (RRSPs) to buy or build a home for themselves or for a relative with a disability.
First Time Home Buyers' Program helps qualified first time home buyers reduce or eliminate the Property Transfer Tax when they buy their first home.
Buyer Agency information. It's important to work with a realtor working on your behalf. Read more about Buyer Agency agreements to ensure you get the best service possible.
Looking to speak with a Mortgage Broker? Here's four I use regularly:
Looking to convert square meters to square feet? Use this handly online conversion tool. http://www.metric-conversions.org/area/square-meters-to-square-feet.htm
Other helpful pieces of information
- GST New Housing Rebate
- GST New Residential Rental Property Rebate
- Home Owner Grant
- Property Tax Deferment Process
- Home Improvement Assistance Programs
- Home Adaptations for Independence (HAFI)
- CMHC Mortgage Loan Insurance Premium Refund
- CMHC Home Renovation Financing Options
- BC Hydro Home Renovation Rebates regarding energy savings
- FortisBC Rebates and Energy Savings
How do foreclosures work?
Good question! Foreclosures are tricky. Make sure you're working with an experienced realtor familiar with how foreclosures work. And also make sure you and your realtor are talking about how they're getting paid because often foreclosures aren't paying much commission and require a lot of time and energy on the realtor's part--make sure you're paying them for their time and energy to help you move forward. The Buyer Agency Agreement and Fee Agreement with your realtor is signed prior to viewing any properties. An appointment with your realtor should be set prior to viewings so you can review how the process works and put these agreements in place.
Generally speaking, here's how a foreclosure works... Typically, a bank/seller will list a foreclosure property in the hopes of getting an offer. Once an offer comes in, the bank/seller decide if they'll accept it. If they choose to accept it, they apply for a court date (which can vary from two to six weeks, or possibly longer). At the court date the Judge will ask for all offers, then he'll allow for one last offer change and all those present can come forward with their BEST offer for this property. After those are presented, a decision is made.
By the time offers are presented in court, they are subject free. When you present an offer to the bank/seller, you can have a few subjects, but if your offer is chosen to go forward to court, you must remove subjects prior to the court date.
Deposits are paid prior to the court date as well. The deposit can either be made out to the court or in some cases it's made out to your realtors realty company trust account and transferred at time of completion to the notary or lawyer involved. Again, check with your realtor.
At the court date, possession could be as little as 15 days later so be prepared financially to buy immediately. Or in some cases, you are able to negotiate dates depending on whether the seller is still in the home. Check with your realtor on this question.
A few other things you should know about foreclosures is you're buying them AS IS. Often, a seller may destroy appliances, walls, and change locks before you move in so be aware of how this might affect you. For example, when you view the home it may look one way, and when you get the keys and take possession, it may not look the same. There's nothing you can do... you're buying it AS IS.
Many buyers find, that after looking at foreclosures and all the hassle involved in purchasing one, that they're not worth the trouble. That might be you! Bear in mind that there are plenty of wonderful properties on the market right now that are not foreclosures and still may offer you THE BEST DEAL. Ask me for more information and I can send you properties in your price range that are available and in, most cases, in much better shape, for a good price too.
Ready to find out more?
Call Dianne today! 604-526-2888