There is a lot that goes into buying a home, so we find it important not to miss any thoughts or steps when getting you ready to place an offer. Here is what to expect for placing/preparing an offer:
See the folder for examples of Love letters to let homeowners / agents know more about you... In most cases I recommend dont talk about being in love with the house but more the neighborhood and needing more space.
We will go through our standard list of questions and details we gather for you in advance of the offer.
We will go through our standard list of questions and details we gather for you in advance of the offer.
So, we've come all this way and we have an offer that were going to submit. If it’s accepted (if applicable) then your conditional period starts, (for offers in this market, conditions aren't recommended, but i've put this together so you have a full understanding - whatever you are comfortable with is our recommendation! If you want a home inspection, then our suggestion is to do the inspection in advance of the offer day so that you can have the confidence to move in condition-free)
If we're placing a condition offer, generally, we build in about 5 days to take care of the conditions. FINANCIAL APPROVAL AND HOME INSPECTION are the most typical conditions used. Once you satisfy yourself with the conditions you remove them by way of a waiver of the conditions essentially firming up the deal, if things don’t go according to plan during conditional period then you terminate the deal by doing a mutual release, and the deposit is refunded to you in full without any deductions. A FIRM/ UNCONDITIONAL OFFER MEANS THERE ARE NO OUTS.
The deposit is due within 24hrs of acceptance of the offer (certified bank draft/ direct deposit). If possible, I recommend getting the Certified draft prepared in advance of the offer being submitted, and send me the photo of it. (Just ask me for who it's payable to)
If funds are coming from different places to do the deposit then I’d say to start putting them in the same place now so that they’re readily accessible for when the deposit is due. Do you bank with a regular bank? e.g. Online banks like Simplii and ING ect don’t have bricks and mortar locations so if you bank with them maybe transfer the funds somewhere so that the money can be accessed within 24 hours of acceptance of your offer via a bank draft.
FYI the deposit is different from the down payment. Well, sort of one-and-the-same. The deposit is what you place on the property to lock in the deal with the listing brokerage, with your offer. The deposit is a credit toward the entire downpayment, which is adjusted from the closing lawyer's office at the time of closing. The lawyers you use to close the deal will be aware of this and will apply the credit toward the purchase/ entire down payment amount.
Let me know if this all makes sense.
Here is our blog on the details we gather for you when we find you a home you like:
https://buschteam.ca/b/blog/buyers/questions-we-ask--details-we-gather.html
Also when were out on showings, if im using lingo you dont quite understand, heres a good reference as to what im likely talking about:
https://buschteam.ca/b/blog/recent-posts/real-estate-terminology.html
If we're placing a condition offer, generally, we build in about 5 days to take care of the conditions. FINANCIAL APPROVAL AND HOME INSPECTION are the most typical conditions used. Once you satisfy yourself with the conditions you remove them by way of a waiver of the conditions essentially firming up the deal, if things don’t go according to plan during conditional period then you terminate the deal by doing a mutual release, and the deposit is refunded to you in full without any deductions. A FIRM/ UNCONDITIONAL OFFER MEANS THERE ARE NO OUTS.
The deposit is due within 24hrs of acceptance of the offer (certified bank draft/ direct deposit). If possible, I recommend getting the Certified draft prepared in advance of the offer being submitted, and send me the photo of it. (Just ask me for who it's payable to)
If funds are coming from different places to do the deposit then I’d say to start putting them in the same place now so that they’re readily accessible for when the deposit is due. Do you bank with a regular bank? e.g. Online banks like Simplii and ING ect don’t have bricks and mortar locations so if you bank with them maybe transfer the funds somewhere so that the money can be accessed within 24 hours of acceptance of your offer via a bank draft.
FYI the deposit is different from the down payment. Well, sort of one-and-the-same. The deposit is what you place on the property to lock in the deal with the listing brokerage, with your offer. The deposit is a credit toward the entire downpayment, which is adjusted from the closing lawyer's office at the time of closing. The lawyers you use to close the deal will be aware of this and will apply the credit toward the purchase/ entire down payment amount.
Let me know if this all makes sense.
Here is our blog on the details we gather for you when we find you a home you like:
https://buschteam.ca/b/blog/buyers/questions-we-ask--details-we-gather.html
Also when were out on showings, if im using lingo you dont quite understand, heres a good reference as to what im likely talking about:
https://buschteam.ca/b/
And lastly an article weve written on how to have a competitive offer, and the Bid process:
https://buschteam.ca/b/blog/buyers/buying-a-home-in-a-sellers-market.html
https://buschteam.ca/b/