Finding the Right Home

Let’s get started! The first step is deciding where you want to live, what type of home you are looking for and what features are “must haves” or “would be nice to have” in a home. Invariably, there will be trade offs, but rest assured we are here to help sort through the options to find you the best house, at the best price and with as many of your wants and needs as possible!

Some Key Questions To Help You Get

• What type of home are you looking for? Single family, semi-detached? What style of home is best for you? Bungalow, split level, two storey, duplex?
• What about the age of the home?
• How many bedrooms and bathrooms do you need?
• What are you looking for in a kitchen, family room? Do you want a separate dining room? What is your preferred layout?
• What are your high priority features? Appliances, en-suite, fireplace?
• What other types of rooms do you need? Main floor laundry room, home office?
• What about storage space? Basements, lockers?
• Do you need a garage or extra parking spaces?
• Is energy efficiency important? Newer windows or a high-efficiency furnace?
• How is your daily commute? How easy is it to get to the places you need to go?
• How close do you need to be to transit, shopping, schools, hospitals?
• Are there any important location factors? Backing on to parks, road traffic?
• What size of yard are you looking for? Is the backyard important? Or is a side yard okay? What about the front yard?
• What other landscaping features are important? A fenced yard, play areas, pool, gardens?
• Is it important what direction the house faces?
• Who are you sharing this home with and what are their needs? For example, pets might need a fenced yard or extended family wants a separate entrance.
• How much do you want to invest beyond the purchase price of the home in terms of financial or sweat equity, if you can’t find all the features that you want?
• How long do you plan to live here? This can impact the type of home you want, the location and how much you will spend.

The mortgage industry is a highly competitive field and it is important to understand that interest rates can change at any time. Partnering with a mortgage broker or financial institution to help you find the right mortgage product at the best rate is key to your home buying process.

5 Easy Steps to Get You Pre-Approved For a Mortgage

1. Talk with a mortgage specialist. There are hundreds of options to choose from when it comes to lenders. Independent mortgage brokers tend to offer the most options because they do not just work with one bank. However, if you have a good relationship with your bank or financial institution, contact them as your first step towards finding the right mortgage for you. But be sure to compare rates.
2. Complete and submit your application with the mortgage broker. They will collect your financial and personal information in order to find out how much mortgage you can carry.
3. Gather all the necessary documents. The mortgage broker will give you a list of documents that the banks/lenders need to finalize the mortgage.
4. Verification of your details. They will do their checks and balances to make sure that you are not getting in over your head.
5. Obtain a copy of your pre-approval. This is a powerful negotiating tool. The seller of your dream home will feel more confident that you are the right person.

Having Pre-Approval Documentation Can Offer You Several Benefits

• Saves you time by only looking at properties that you can afford.
• Saves you money. Rate guarantees and mortgage terms can save you money for years to come.
• Less stress throughout the process. You will know that you are ready and capable of buying a home.
• Get a better deal on the home that you want. Sellers like to know that buyers already have financing in place.

First, it is important that you understand whose interests Realtors® are legally bound to serve in a real estate transaction.

The Listing Agent

The Listing Agent is under contract with the seller to market and sell their property for the best possible price. Working with a listing agent means that they can:

• Arrange a showing of the property.
• Assist with financing the property.
• Provide details about the property.
• Explain all the forms and agreements related to buying the property.

The Buyer Agent

When you engage the services of your own personal Buyer Agent—someone who is under contract to work solely in your best interest—you get all of the same services listed above plus your personal Realtor® provides:

• Confidential assistance that addresses your needs first.
• Honest, loyal and diligent care, free from any conflicts of interest.
• Access to all listings including MLS, estate sales and even homes that were previously on the market where the seller might still be interested in selling.
• Expert advice on useful clauses such as home inspections and financing to fully protect you.
• Expert negotiation of the offer to purchase, to achieve the best possible price and terms.
• Expert advice on market value, inclusions, location, as well as help you decide when you should walk away.
• Discovery and disclosure of all information about the property including liens, warranties, disclosures, seller’s purchase price, and market and planning activity in the area.

The Elaine Jones Team Home Buyer Service Program

Our exclusive Home Buyer Service Program will empower you with key market information and every possible advantage to ensure you become an educated buyer. Educated buyers are able to make informed decisions creating a stress free and enjoyable home buying experience.

Here’s what you can expect from us when you enroll in our program:

• Absolutely no fees or costs to you as a buyer.
• Property listings from a variety of advanced property search programs.
• A database of expired listings with sellers who may reconsider selling.
• Proactive prospecting within your desired area to locate potential sellers with homes that match your criteria that are not actively for sale now but may be considering to sell.
• For Sale By Owner homes that match your criteria.
• Up-to-the-minute access to the best deals on the market, including brand new MLS listings, newly price reduced properties, current bank power of sales, new home options, private sales and deals under contract that have fallen through.
• The most current real estate market information that may impact your buying decision, including mortgage changes, statistical sales data on median house prices, sales and months of inventory, local area market changes, trends and much more.

The Education Process

The Elaine Jones Team Home Buyer Process Keeps You Informed EVERY Step of the Way

1. After our initial fact gathering meeting, we will enter a detailed summary of your wants and needs for a home into our database and a variety of property search programs. This information is instantly shared with our entire team, other agents within our company and worldwide and with potential sellers to begin the property match process.
2. We will not bombard your email with information that is not relevant to you. We will provide daily update emails on all the homes that are new to the market or have had a recent price change and that match a broadened scope of what you are looking for.
3. As market area specialists with a pulse on local and national real estate market trends and changes, we also ensure you remain informed of all relevant industry changes that may impact your buying decision, including price trends and mortgage rates.
4. We personally inspect all potential properties in your desired area as well as give you the opportunity to view our new listings prior to them being exposed to the public on the MLS website.
5. When you find a home that peaks your interest, simply contact us and we will arrange a convenient time to view.

Remember, when selecting what homes to view…

• Choose different styles and types of homes that meet your needs.
• Drive by the home and area for your first impression.
• Select a maximum of 5 homes to visit in one day (3 to 4 is best).
• Schedule time after the showings to sit down and discuss the homes’ merits.

he ongoing communication and education you will receive from our team will empower you to get the best possible deal on the home that you desire.

You’ve found ‘The One’. Fantastic! Here’s what happens next:

1. We will conduct a detailed CMA (Comprehensive Market Analysis) complete with comparable active and expired listings, recent solds and historical data relevant to determining the market value of the home. This will empower you to make an informed decision.
2. We will prepare an offer that protects you, follow your instructions and matches your schedule and needs.
3. We will explain the details of the offer, the terms and suggest options for specialty clauses ensuring you know exactly what you are agreeing to.
4. We will present and negotiate the offer on your behalf to get you the home that you want at the price and terms you want.

What happens after this:

• The seller may accept your offer – congratulations!
• The seller may reject your offer – not common, but it can happen and we would endeavor to find out why.
• The seller may decide to change the terms of the offer and present the offer to back to you.
• Our negotiations continue until agreeable terms between the seller and yourself are reached, or until we know an agreement cannot be reached and it is in your best interest to walk away

Normally within 24 hours of an offer being accepted, you must make a deposit towards the purchase of the home, unless otherwise stated within the offer. The deposit amount is the agreed upon amount on the accepted offer.

When you submit an offer to buy a home, the deposit demonstrates your commitment to the seller to complete the purchase.

Keep in mind, there is no minimum or standard amount for a deposit. It’s something that can be negotiated between you and the seller. Some sellers may see a larger deposit as more desirable and as an indicator of a stronger level of commitment from the buyer.

We will guide you on a suitable deposit amount to offer based on the value of the home you are buying and the market conditions . It must be an amount that you are comfortable providing in a 24-hour time frame.

It’s also important to remember that once the deal does close, the deposit will be applied towards the purchase price or down payment of your home.

What if the deal does not firm up?

When the offer is conditional and one of those conditions was not fulfilled to move forward (i.e., you are not satisfied with the home inspector’s report), the buyer’s deposit will be returned in full.

Deposit Instructions

Our team will send you deposit instructions from the listing brokerage detailing the listing brokerage’s banking information and acceptable methods of payment, which you will then bring with you to your personal financial institution. Your banking staff will be able to guide you through this process once there.

The deposit can be paid through your financial institution via:

• Wire Transfer (generally a wire transfer fee must be added to the deposit total, in order to cover bank service charges)
• Bank Draft
• Certified Cheque
• Direct Deposit – Once the bank draft/certified cheque is obtained from your bank, you can bring this to any location of the Listing Brokerage’s financial institution (e.g. TD Canada Trust) to deposit directly into their bank account

It is important to have the bank write the property address on these documents for tracking purposes.

You will need to send copies of all wire transfer confirmations, bank draft, certified cheques and bank receipts to our team once completed as proof the deposit has been made. We will then forward this on to the listing brokerage.

Once the deposit has been received in the brokerage’s trust account, they will provide a Brokerage Deposit Receipt, which can take a couple of business days depending on the method of payment.

The offer has been accepted. Now we need to satisfy the conditions.

This usually involves performing a home inspection, getting the rest of your personal information and the property information to your mortgage broker or bank, and arranging for the other information that might be necessary, like surveys, water tests and condominium documents. We will help you make the necessary arrangements to ensure that the entire process runs smoothly before the deadline.

Next, you will need to add some people to your team.

Finding a Home Inspector

Home inspections allow you to scrutinize the details of the home and save you from some unpleasant surprises. We would be happy to recommend reputable home inspectors.

We will ensure:

• The home inspector is a qualified professional. Being a member of an Association can reassure you are getting an experienced, knowledgeable professional.
• The home inspector checks for visible issues with plumbing, electrical systems, the roof, insulation, walls, ceilings, floors and windows, and the condition of the foundation. They can also check that included chattels, like furnaces and air conditioners, are in working order.
• Your home inspector gives you an up close and personal look at your new home. It takes about 3 hours to go through all the systems, and if there are any problems, you will see them with your own eyes. They will also give you maintenance tips and easy fix-ups, if necessary.
• In the end, you will receive a detailed report that summarizes the condition of your home
  
  

Choosing a Lawyer

Lawyers are an invaluable member of your team whose job is to ensure that you get what you are paying for and in accordance with the terms of your agreement of purchase. Your lawyer will ensure:

• There is nothing on title that is not supposed to be there.
• The property taxes, utilities and condo fees, if applicable, are up to date.
• You have all the information that you need about your new home.
• Your mortgage lender is satisfied and that your mortgage is secured on property title as required by your mortgage agreement.
• You know exactly how much money you will need in order complete the transaction on closing day.
• They also ensure that the seller gets paid the purchase price.

Typically you will have anywhere from 30 to 90 days to get everything ready for your home. It could be shorter or longer, depending on what you need and have agreed upon with the seller. The closing date is usually the same as your move-in date.

It is a good idea to get things organized well in advance of the closing date to reduce the stress of the move.

• Lawyers: We will send your lawyer the information about your purchase. You will need to provide the lawyer with some additional information: insurance, down payment information, fee payments, adjustment payments and possibly other signed documents that they ask you for. You will meet with the lawyer about a week before the closing to finalize everything.
• Down Payment and Closing Costs: Make the necessary arrangements to have the funds available when the lawyer asks for it. Liquidating some assets can require some additional time.
• Movers: Whether you are using professional movers, renting a truck or getting a bunch of friends together, plan and organize it early.
• Insurance: The lawyers will need a copy of your home insurance before closing so that the financial institution will release the money to them. Call your insurance broker with the listing information. They might also want to know the age of the house, the condition of the roof, furnace, electrical system, as well as other general information.
• Change of Address: It’s time to start giving out your new address to everyone..
• Utilities: It is important that you call the local utilities to get their services changed into your name. These include phone, internet, television, gas, electricity, water, and any rental agreements. Remember, too, to cancel the services at your old address.

Congratulation on the purchase of your new home.