Buyer s Guide Our Guide to the purchase of your new home

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1 E X P E R I E N C E T H E E X E C U T I V E A D V A N T A G E MJ E X C E E D I N G Y O U R E X P E C T AT I O N S Buyer s Guide Our Guide to the purchase of your new home Garland Wyeth Roxanne Ashe

2 Hello, The reason we designed the following package is to help you understand our role in the complex process of purchasing a home. We ve included tips and advice to help answer some of the frequently asked questions buyers have. It s a big decision; the last thing you want is to be confronted with issues that should have been resolved prior to possession. Lawyers, lenders, inspectors, closing costs, what to expect and where to start are not small concerns. Through working together we can help make these concerns and stresses a little less troublesome. As your REALTORS We ll help guide you through the purchase of your new home, minimizing any surprises waiting for you. We re available to answer any questions, so please don t hesitate to call or ! Sincerely, Roxanne Ashe, Garland Wyeth

3 TIPS FOR BUYERS 1) Most importantly have a bank or mortgage broker figure out what you can afford to buy. Pre-approval will assist tremendously in the search for a house for you. This will determine the price range of houses we should be looking at, saving you time. Most people use their own banks but there are mortgage brokers available to anyone. They could possibly give you a better rate saving you thousands over the life of your mortgage. 2) Be available on short notice to view new houses as they come up for sale. 3) A great REALTOR will work hard to try and get you the home that will fulfill your needs within your financial constraints. 4) Do not let decorating make your decision. Don t turn down what could be potentially a dream home because of poor decorating choices, dirt or minor repairs. It can always go the other way as well nice paint and pretty décor does not make a solid home. 5) Not all fixer uppers are good deals! We have seen many a rough home not priced low enough to compensate you for the pain, trouble and expense of owning a money pit. 6) After having consulted with your REALTOR on your needs they should be able to narrow down the field to just a few. If your needs were well communicated and if your means match your needs, you should be able to find some thing without the confusion of a dozen properties to sort out.

4 7) It is sometimes better to buy for future needs. It costs a fair amount of money and time to undergo a real estate transaction. If you can spend just a little more now for that extra bedroom or home office, it will cost less than going through another transaction a year or two down the road. 8) A quick decision is often necessary. The best homes on the market move fast! There are a lot of other clients currently working with REALTORS who will move very quickly. Don t risk losing a dream home because you were a few hours late. 9) If you re driving around and see a house you would like to look at please contact us, you are not obligated to call the REALTOR on the sign. We can show you any house listed through MLS. 10) Put the best offer possible on the table. You have made it through a variety of houses, you have been available on the spur of the moment, and we have found the house you want. Now is not the time to blow it, there are a lot of other REALTORS out there looking for their clients, who may be writing an offer on the same property. So your offer has to look more attractive than the others, this can be done with fewer conditions or more money offered or a combination of both. As soon as we write up an offer a deposit will be required. 11) This deposit will be applied against the purchase price of the house. If for some reason the deal collapses prior to removing conditions the deposit will be returned to you this usually takes approximately 10 days. 12) Once the offer has been accepted you will choose your own lawyer. Phone around as costs can vary greatly.

5 HOW WE HELP What can you expect from us as your REALTORS in the buying process? First of all we will search through our data base for houses within the parameters you set eg: (price, style, area etc.) We will set you up on the Matrix so all the houses listed on MLS that meet your criteria will be sent to you to view. With these tools we can now start looking at houses. If we don t find what you are looking for right now we will continue the search. As new listing come up we will them to you A.S.A.P., speed is essential. This makes it important for a buyer to have a REALTOR. When we find the house that is right for you. We will draw up the RESIDENTIAL CONTRACT OF PURCHASE AND SALE so that it looks as desirable to the seller as possible, while ensuring that you are protected as much as possible. The seller has accepted your offer now what? Well now we proceed to try and satisfy all the conditions we have placed on your offer as quick as possible. Most conditions on an offer must be removed within 7-10 days. Financing is a common condition that needs removing and is often the one of most concern. As we said earlier it is best to see the bank prior to your search for a house this way you can have all the necessary documents the bank requires ready. You may have requested certain inspections You will arrange these once the financing has been satisfied. This way you aren t paying for inspections on a house you may not qualify to purchase. A home inspection is often requested on the offer to purchase; now whether or not you decide to do this is entirely up to you. When you consider that you are making a large purchase, perhaps the largest you may ever make, it would be wise to spend a few dollars or so to ensure the house is sound.

6 How do we get paid? Many buyers don t understand how we make our money. The only way we get paid is if you purchase a home directly through us. The seller is paying a commission that will be split between the listing REALTOR and the buyers REALTOR. In other words if you use a different REALTOR other than us, we receive nothing. So if you like the services and loyalty we provide, it would be appreciated if you would purchase through us. My services for you the buyer are free. All the commission comes from the seller.

7 BUYERS BEWARE OF OTHER BUYERS You ve found your dream home, so you ll make a reasonable offer and live happily ever after unless another buyer beats you to the punch! In a competitive marketplace, this can not only happen, but can potentially have a far greater impact than any negotiating tactic the seller might throw your way. Yet, more buyers erroneously fear the seller more than they do other competing buyers! That s why it s important to make sure your offer strategy includes a strong stance against other potential buyers and their offers. There are several factors that make buyer competition a threat in today s real estate market. First, in a competitive market with relatively few good properties available, dream home category homes will become hot properties often as soon as the For Sale sign is planted in the front yard. Most buyers want to purchase a home that needs very little fixing up. To obtain these benefits buyers are willing to pay a premium, sometimes more than the asking price. Second, in an active market, timing is everything. In the good old days, you may have the luxury of viewing a home several times even dragging your relatives to see it before you actually made an offer. He who hesitates is lost aptly explains buyers who delay in make a buying decision today. So what can you do to arm yourself with added value to capture a seller and counteract offers from other buyers? First, make sure you are financially preapproved by a lender for the loan you ll need and be prepared to show documentation, if requested. In fact, many lenders will provide you with this document for this very reason.. Of course the ideal offer would be cash with no conditions! Next best would be a substantial deposit with few conditions.

8 Lastly, make sure you fully communicate the desired outcome to your REALTOR that you are working with. Your REALTOR negotiates on your behalf; outline to the agent just how much you want this home and what you re willing to do to get it. The agent then can evaluate the best path to take in terms of price, terms, and negotiating tactics to help you realize your goal.

9 HOW TO AVOID BUYER S REMORSE Buyer's remorse is an emotional response that many home buyers experience during the course of a real estate transaction. The response can take various forms such as feelings of regret, fear, depression or anxiety. Many doubtful questions may arise: Did I buy the right house? What if I lose my job? What if home prices drop? Did I overpay? Is this really the neighborhood I want to live in? Can I really afford the mortgage payments? There are hundreds of questions that will run through your mind during the period leading up to closing: the day you actually become owner of the home. Most of the questions will be simple ones that are easily answered, but sometimes doubts creep in, making you uncertain if you want to proceed with the purchase. When you decide to buy a new home, you're forced to step outside your current comfort zone and confront the unknown. Your mind may try to compensate psychologically for feelings of uncertainty by mentally undoing the event. In other words, you may try to talk yourself out of buying your dream home. Add feelings of uncertainty to the fear of making a long-term commitment, and it's easy to understand why home buyers can suffer from bouts of anxiety. Here are some tips that can help you battle home buyer s remorse: 1. Prepare yourself The best way to cope with buyer s remorse, and minimize its destructiveness, is to make sure that you are well informed. You should find out as much as you can about the home buying process, local home prices and home mortgages. It's a good idea to study a sample purchase agreement before you buy. Read the contract with your REALTOR carefully to make sure that you understand it, and that it says what you think it should. If you have any questions about the purchase agreement, talk to your REALTOR 2. Choose the right REALTOR In order to make sure that the purchase transaction goes smoothly it is important that you choose the right REALTOR to represent your interests. The right REALTOR will be someone whose experience, knowledge and

10 personality is trustworthy and will allow you to feel comfortable with the whole transaction. Try to find a REALTOR that is familiar and knowledgeable about the neighborhood and community that you plan to move into. 3. Make sure the property meets your needs Get out that list of wants and needs you made back when you first started the home shopping process. Does the home you selected include the important features? Provided that you saw a number of homes and thoroughly 4. Is the price right? Feeling certain about the price you are paying for a home is one of the most important factors that can reduce uncertainty and increase your comfort level. If your REALTOR didn't prepare a comparative market analysis for you on the home you are buying, have him or her prepare one for you now. 5. Consider the resale value As you look at houses in an area, think about what all of the houses have in common. Before you consider buying the house with the most upgrades, consider whether or not you want to tackle a remodel. Don t just consider the cost of the remodel, but also think about the amount of time and headache you can handle. No remodel goes smoothly! If a house with a newer kitchen cost $20,000 more than a house with an older kitchen, and you do not have the time to renovate, it may be still worth buying the house with the new kitchen. 6. Get a home inspection Save yourself a lot of time in future litigation and renovation by bringing in a licensed, professional home inspector to inspect the home before you buy. If any major problems are found, it will steer you away from a bad decision and may help you negotiate a better price at the negotiating table. 7. Review your finances You may want to review your finances to confirm that you can afford to make the purchase. Your feelings of remorse are probably unfounded, so the more rational things you can do to put your decision into the proper perspective, the better.

11 8. Discuss your concerns with your REALTOR Your REALTOR has seen plenty of cases of homebuyer s remorse and he or she can help put your fears and doubts into perspective. Remorse is a common feeling during the home buying process. Following the above tips will help you make an educated decision and reduce any remorse you may have.

12 We formed a team to serve you better! We find that in our daily business we can cover so much more ground as a team. While one completes the paper work to administer the listing the other can busy themselves with the technical side of the business, such as the armchair virtual tours, 360 Panoramic Tours, brochures and slide shows for the web pages! Working as a team means things not only get done twice as fast, but also doubles the availability for potential buyers. We hope this booklet helps you understand our roles as your REALTORS and what to expect from The Only TEAM You Need!

13 GarlandWyeth.com RoxanneAshe.com Realtor.ca Matrix System Realty Executives MJ WEBSITES/SOCIAL MEDIA Facebook, under Roxanne Ashe Garland Wyeth Realty Team, Roxanne Ashe REALTOR, Garland Wyeth REALTOR You Tube Channel, Roxanne Ashe & Garland Wyeth, also Roxanne Ashe Twitter Instagram Linkedin Point 2 Point Snap Up Homefinder.ca Ovilix RealEstate.com

14 EXPERIENCE THE ADVANTAGES OF WORKING WITH AN E XECUTIVE. Garland Wyeth GarlandWyeth@gmail.com GarlandWyeth.com Roxanne Ashe roxanneashe@realtyexecutives.com RoxanneAshe.com Not intended to solicit properties currently listed or under contract with another brokerage. These documents are provided for general information purposes only. Nor should these be construed as legal advice. Although deemed accurate should not be relied upon without verification.