YOU HAVE DECIDED TO BUY, WHAT IS NEXT?
 
There is a process....
Marilynn will set up an appointment with you to have an informal relaxed, person - to - person discussion about what it is you're looking for in a home.  This will be a pain free process for you,  there are five steps as outlined below.  We all live a busy life so understanding how she will help you in this process will save you time and money.  Marilynn will explain how she act as your Buyer Agent and take you through the pre-qualifying steps so you will be in a better negotiating posture when you do find the home you are looking for.

Five Steps to Making A Home Purchase

When purchasing a home, you are faced with a multitude of decisions! The primary one is whether you are actually prepared to purchase a home. This involves first in knowing what your price range is, so that you can focus on the homes only in your price range. 

  • Step 1   Prequalify for a mortgage?

Marilynn  can pre-qualify you for your mortgage or you can go online to the Mortgage Alliance Company of Canada secure site:  www.MortgageandRealEstateSolutions.com click on "apply here" and you will be taken to a secure mortgage application, fill in the necessary areas and hit submit.  Your application will be processed in the next day or two and then you will have a pretty good idea of the price range you can afford.

Obtaining a pre-approval tells you exactly how much you can afford and guarantees your rate for up to 120 days. Now, you can buy a home with the confidence of knowing you qualify. It also shows the Seller you are serious about buying the home and keeps you several steps ahead of others in the market. 

You Are Now Ready To Move Forward

  • Step 2   Getting Prepared

You know your price range, and have determined that you are ready to move forward with the required effort towards your home-purchasing goal, the rewards are unquestionable.

While at your side each step of the way, Marilynn will make the process of purchasing a home easier, more enjoyable, less time-consuming, and less expensive than if you undertook this challenge on your own.

Always familiar with the current homes on the market and neighborhood values well, Marilynn can help you determine which properties are fairly-priced and in good condition before you start your search.

  • Why do you want to buy a home?  

 Ask yourself why you want to buy a home: to stop paying rent? To start building equity? To have a place of your own? To raise a family? To entertain business associates? To move up to a bigger house? Next, list what kind of home you'd like and where you would like to be. Be specific. Separate the "must haves" from the "want to haves."

  • Make a List of Needs and Wants:

Think of yourself as zeroing in on a target, going from the general to the specific. Consider area (city, suburban neighborhood, country); community (north, south, east, or west side); neighborhood (older and settled or sparkling new; a particular school zone; recreational facilities; and other community services such as transportation, day care, library, stores, entertainment). Ask yourself how many minutes you are willing to commute to work. How much square footage would you like, and how many bedrooms and bathrooms do you need?

Think about home styles. How much space do you need? Does your situation require a one-level home, or are stairs acceptable? Consider size and kind of property. Do you want a newer home, or maybe an older one to fix up? Someday you or your heirs will want to sell. Consider how long you expect to live in this particular home.

  • Step 3   The Search For Your Home

With your mortgage pre-approval, personalized needs checklist, you are ready to start looking at properties. At this time, it is important to note that you don't have to go to every real estate agent who has the listing.  In fact it is much better to use one agent who knows "your needs and wants" for your new home. Marilynn Kennedy is computer literate has a lot of information readily available at the touch of her finger tips, she can email or call you  with new lisitngs which will suit your specific needs. 

Should you choose Marilynn Kennedy to act for you as your agent she can provide information on similar properties for sale and the current selling prices. She can help you fine tune your personalized needs checklist; explaining the types of property and ownership, recommending neighborhoods, pointing out inside and outside features, and condition of a particular property.

Having the level of experience needed, she is skilled at preparing the paperwork involved in making an offer to purchase and closing the sale.  Make sure that you communicate your needs clearly, as you are responsible for all decisions.   You can place your trust in Marilynn to cover all the bases and act as your agent.  Once you have found the right home, visit it at least twice, once in the daylight and once at night, and have your needs checklist with you.

  • Step 4    Making An Offer

If you have decided that this is the right home for you,  Marilynn can advise you on the offering price and prepare the offer (Agreement of Purchase And Sale). As your agent she will list everything you want included (i.e., conditions on financing and inspection, survey clause to name a few).  Usually a deposit is required as a symbol of commitment to the offer of purchase, and it is made payable to the Buyers Agent's Real Estate Firm, "In Trust".    The full amount of the deposit will be applied towards your down payment on closing.

A firm offer: means that you will buy the property as outlined in the offer of purchase and once the seller accepts the offer, you are both bound to the agreement.

A conditional offer: means that you will buy the property if certain conditions are met.  If you have a condition on financing clause, get in contact to see your mortgage consultant or Marilynn Kennedy right away to get that process started.  Any mortgage consultant  or bank you use will need the following information for the mortgage company providing your mortgage.  If you use Marilynn Kennedy as your mortgage consultant she will assist you through this process and make it much easier for you.

Copy of the accepted Offer To Purchase

  • Copy of MLS listing (if listed on MLS service)

  • Completed and signed application (if one is not on file yet, so that we can run a credit check).  We will provide you with the application to be signed either by fax or over the internet.

  • Confirmation of your earnings: if you are salaried, a signed letter of employment and a Notice of Assessment from Revenue Canada,  If you are on commission then 2 or 3 years tax returns and Notice of Assessments.   If self employed then you will need to provide your Notice of Assessment and in some cases 3 years tax returns and financial statements however there are a few companies that will accept a written statement of earnings from you along with a Notice of Assessment from Revenue Canada showing that you have no outstanding income tax owning.

  • Confirmation of your down payment: it may be from your savings, RRSP, equity from sale of another home (copy of sales agreement), a gift letter for any money gift.

  • If purchasing a condominium, a copy of the financial statements for the condominium corporation and 2 years worth of minutes.

Should you not remove one or all of the Subject Conditions,  your deposit will not be unreasonably withheld from you.  A release is signed by the Seller and by you the Buyer in order to release the money from the trust account and back to you,  this may take a few days or a week.  Advise us of the name, address, and phone number of your lawyer so that the mortgage instructions and a copy of your accepted offer can be sent to him/her.

Step 5  Closing The Deal and Taking Possession of Your Home

After the mortgage has been approved and all conditions waived, you must deliver the following documents to your lawyer:

  • Confirmation of Fire Insurance - The insurance company will need to know the details of the property in order to provide insurance and the Mortgage Company will need to know who will be providing insurance.
  • Copy of a Survey, signed by a qualified land surveyor. In lieu of a survey, title insurance is acceptable with most lenders.
  • A few days before the closing date, you will meet with your lawyer to go over all details. At this time, you will also be provided with a dollar figure so that you can prepare your certified cheque, made in trust to the lawyer. This amount will cover the balance of the down payment, closing costs and adjustments (please refer to section: "Closing Costs and Adjustments" for details and estimated costs).
  • Completion of the Sale:On closing day, the lender will provide your lawyer with the agreed mortgage funds to close the transaction. Your lawyer will register the property and the mortgage in your name, and Mariliynn will obtain the keys for you at the appropriate time of registration.
You should arrange for utilities (such as electricity, water, fuel, and telephone) to begin service in your name on the date of poseession.
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The purchasing process is what I specialize in, let me and my team help you.

I am one of the only Real Estate and Mortgage Consultants in Nanaimo and the Central Vancouver Island area.

Marilynn Kennedy

 1-800-738-8808 direct

250-758-0895