optimum Realty Regina | Home Buyer Questions

Home Buyer Questions

Buying a home is a significant milestone, a journey that transforms a property into a place filled with memories, joy, and personal milestones. It’s not just about finding a house; it’s about discovering the perfect canvas to paint the story of your life.

The process for a home buyer begins with dreams and aspirations. It’s an exploration of needs, preferences, and envisioning the lifestyle you desire. From the excitement of exploring potential neighborhoods to the thrill of discovering the ideal floor plan, every step is a chapter in the narrative of your home-buying adventure.

To make your journey as easy as possible we’ve compiled a list of what to expect when starting your home search.

Regina home buyer
DO I NEED A MORTGAGE PRE-APPROVAL?

The answer is YES. This is undoubtedly THE most important step when purchasing a home. Knowing your budget is fundamental, but many have the wrong approach, which can lead to financial difficulties. The first step is to consult with a recommended Mortgage Broker and complete the required documentation to become pre-qualified.

HOW DO I CHOOSE A REALTOR?

For most, a home is one of the most substantial financial investments that a person makes, which is why it is exceptionally important to choose a Realtor who is going to go above and beyond when working to ensure you choose the perfect home.

What exactly do we mean by the perfect home?

One that fits your lifestyle, budget, and both short- and long-term goals in life. While many think it doesn’t matter whom you choose to work with when buying a home, that couldn’t be more false. We take care of every step for you to identify the best candidates, run a thorough analysis on each home you take a liking to in order to determine the short and long-term value of the property, leverage our industry-leading negotiation skills to get the best deal, and upon possession will top things off with an unforgettable experience that you’ll take with you forever

HOW DO I START MY HOME SEARCH?

When searching for a home, there are several crucial factors to take into consideration, but don’t worry, we won’t let you miss a single on

Lifestyle: Schools, shopping, transit, amenities, distance from work
Unique Criteria: Park backing, downtown views, near golf course
Short and Long Term Goals: Blending your anticipated length of ownership with your future goals and plans

Once we identify your wish list, we begin identifying properties. We pride ourselves on getting to know our clients on a much deeper level than most and therefore are able to diligently choose properties that we know will be a good fit. However, please be aware that sometimes you won’t be able to get everything on your wish list. Many aim to achieve 80% of their list, as we have to be cognizant of your budget as well!

  •  We will begin to send you properties that are the closest match to the majority of your criteria where you will be able to easily mark the ones you like and don’t like, allowing us to get a further understanding of what will be the right fit. You’ll also be notified in real time as new properties that match your criteria come on the market.
  • It’s now time to schedule showings! While buying a home is one of the biggest financial investments you will likely make, let’s make sure you are truly ready, as the best homes will go quickly and we don’t want you to miss out!
WHAT HAPPENS WHEN I FIND THE ONE?

Once we’ve found the right home, it’s time to make your first offer! While at times it can be difficult to pull the trigger, again beware that the good homes move quickly and we don’t want you to miss out on the opportunity and end up becoming discouraged. Also, once the offer has been accepted, you will have some time during due diligence.

When writing a purchase contract, the following factors will require your input:

  •  Purchase Price
  •  Possession Date
  • Goods Included/Excluded
  • Condition Dates for Due Diligence
  • Due date and amount of Deposit/Down Payment
WHAT IS DUE DILIGENCE?

Once both parties to the contract are satisfied with the negotiated factors noted above, the home is Conditionally Sold.

However, before becoming firm sold, we need to do our due diligence, which typically takes 5 – 10 business days to fulfill the following:

Financing: While you were pre-approved prior to beginning the home search, it is now time to be formally approved for the mortgage based on the agreed purchase price of the home, hence why the Mortgage Broker will now require a copy of the purchase contract and MLS details.

Home Inspection: We highly recommend professional home inspections for everyone. While homes may look beautiful on the surface, sometimes upon a more thorough assessment there can be concerns and issues that could be costly to you. With a pre-owned home, there will always be normal wear and tear, but home inspections will allow you to identify issues that won’t be identified via a walk-through. If anything surfaces, we will work with the seller’s agent to find a solution. The inspection is also an excellent learning opportunity. If you decide to use one of our preferred professional inspectors, you will learn the ins and outs of your home and have a thorough understanding of how to properly maintain it.

Electrical Inspection: Regina and area have many homes built prior to 1980 that may contain Aluminum wiring. We will need to discover and alleviate this for home insurance approval.

Furnace/Chimney Inspection: We want to make sure your furnace and chimney are in good working condition. A broken heat exchanger means the furnace will need to be replaced.

Sewer Inspection: The clay soil conditions in Regina can cause older sewer lines to shift or collapse. It’s recommended that we do a sewer inspection to be sure the sewer line is in proper working condition.

Fireplace Inspection: The wood or gas fireplace may need to be inspected.

Review of the Seller-provided Property Condition Disclosure Statement: Legally it is up to the seller to disclose any latent defects with their property. The listing agent will present the form for their completion. The Seller can choose to complete the form or opt-out.

Condo Document Review: When placing an offer on a Condominium, it is important to have a professional review the appropriate documents pertaining to the management and structure of the condo. This will ensure the budget is sufficient and there will be no expected costs following your possession.

*These are some of the inspections available to you. Keep in mind that different properties may require additional inspections.

WHEN IS THE DEAL FINALIZED AND THE HOUSE IS MINE?

Once the conditions are met, and you’re satisfied, you now have the opportunity to sign the Removal of Conditions, where the home will then be considered Firm Sold.

However, if at any point during the Due Diligence, something presents itself and deters you from wanting the home, you reserve the right to submit a Fall Through, and you can back out. You will receive your deposit back by backing out during the due diligence timeframe.

WHY DO I NEED A REAL ESTATE LAWYER?

The final step before taking possession is to choose a lawyer, which we will gladly recommend if you have not done so already.

Please let us know which real estate lawyer you’ve decided to work with, as we will ensure they receive all of the necessary documentation. 

The lawyer’s office will then schedule a meeting with you approximately 1 week prior to possession in order to finalize the required paperwork.
This is when you will provide the remainder of your down payment as well as pay a land titles transfer and legal fees. 

WHAT HAPPENS ON POSSESSION DAY?

The time as finally arrived! Possession date is certainly one of, if not the best days throughout the buying process

We will receive a call from the Seller’s Realtor notifying us of the “release of keys”. This is typically a day or two before possession.  

Once the day and set time arrive we will meet you at the home and do a walk-through. This is to ensure the Sellers have fulfilled their side of the contract and the house is in the same, or better, condition as when the sale became firm.

CURIOUS WHAT YOUR HOME IS WORTH?