Nobody is born knowing how this works. Ask the obvious questions — that is what I am for.
Three things worth doing before the first showing.
It tells you what you can actually borrow, usually holds a rate for a period, and makes your offer credible. If you need a mortgage broker, there are several on my resources list.
Not the wish list — the real list. Commute, schools, parking, whether you want a yard, whether you can live with condo fees. It narrows the search enormously.
Mortgage, property tax, utilities, insurance and, for a condo, monthly fees plus what the reserve fund looks like. The purchase price is only part of what you sign up for.
Seven steps. You will know which one you are on at all times.
Your budget stops being a guess.
Area, property type, timing and must-haves, written down so the search has a shape.
I set up the searches, book the viewings, and give you my honest read on each place — including the ones I think you should walk away from.
Price, conditions, deposit and dates. I write it and negotiate it on your behalf, and I explain every clause before you sign it.
Financing confirmed, home inspection completed, and condominium documents reviewed where they apply. This is where problems are supposed to surface.
Title, funds and paperwork. You will need a real estate lawyer; my resources list has several.
Keys. And a walkthrough beforehand so possession day holds no surprises.
The five asked most often. If yours is not here, ask it — there are no silly ones.
In Canada the minimum is five percent of the purchase price up to five hundred thousand dollars, with a higher percentage required on the portion above that, and mortgage default insurance applies below twenty percent down. The exact figure for your situation comes from a mortgage broker or your bank, not from me -- and getting that number is the first thing you should do.
In most residential transactions in Alberta the seller’s side pays the commission out of the sale proceeds, and how it is shared is set out in the listing agreement. Before you commit to anything you will get a written explanation of the arrangement, because guessing at this is how people end up unhappy.
Yes, and before you fall in love with anything. A pre-approval tells you what you can actually borrow, holds a rate for a period, and makes your offer credible to a seller. Looking at homes above that number is a good way to be disappointed by the ones you can afford.
The usual ones are financing and a home inspection, and depending on the property, a review of condominium documents. In a competitive situation there is pressure to drop them. I will tell you what each one protects you from before you decide to give it up.
Pre-approval, then a conversation about what you need and where, then searches and showings, then an offer with conditions, then the condition period where financing and inspection happen, then the lawyer, then possession day. From first showing to keys is commonly a couple of months, though it varies a great deal.
That is a good time to start talking. Knowing what you need to save, what you can borrow and what your money buys in the areas you like is worth far more six months out than it is the week you decide to move.
Ask a Question“Vicky helped me sell my house and helped me for the last 6 months to find our new house. We looked at many different options and pushed each other outside of our comfort zone. For the townhouse we are buying, there were 15 offers. We didn’t win, but Vicky suggested we put in a backup offer. It was accepted, the deal fell through and we got the house that we love!”
Tell me where you are - just looking, saving, or pre-approved - and I will tell you what comes next.
Prefer to talk? Call or text 403-616-2863.