Janine Mitchell  403-968-0663  Janine@janinemitchell.com

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  Selling Your Home?
  What's My Home Worth?
  Looking At Buying?

How to Purchase a Home

Congratulations on working towards, "buying your first home." A step in life that is most often, the largest investment you'll ever make. We have created this step-by-step resource to guide new buyers into the world of home ownership.

Step 1: Mortgage Pre-Approval:

To purchase a home in Alberta a minimum of 5% of the purchase price is required to start the ball rolling. Our mortgage professionals will guide you through the steps to approval, and advise what requirements need to be met to purchase your first home.

Step 2: Meeting With a REALTOR® From Our Team:

Let my passion and experience in real estate guide you towards buying your first home. But we promise, they'll be no pressure and you'll get great service. This is what you can expect:

 

In the initial meeting, We will start with some questions

 

  • Pre-approval limit
  • Purchase limit (not everyone spends the whole amount and some extend for more)
  • Area specifics
  • Type of home (2 storey, Bungalow, Condo, etc.)
  • What general features attract you to the home (fireplace, garage, granite, etc.)

It's perfectly normal not to know everything, we will work through features that you love, and fit the budget requirements that we discussed. It's our job to make your search a fun and enjoyable experience.

Step 3: The Search:

Let the fun begin...looking for your first home is exciting with our extensive Calgary real estate search located on our website. We can narrow down specific areas, property types, and details, such as the number of bedrooms, whether a property has a swimming pool, and even nearby schools. Since your Realtor has ideas from the initial meeting, a search for your home will start on both sides.

  • Register on our site and start looking through our very easy-to-navigate system.
  • Your real estate professional  will search using the latest technology and start sending you homes to review using photos, virtual tours and floor plans provided by other listing agents.
  • Once we have narrowed the search, "showing appointments" will be arranged with your agent, based on your time schedule.

Step 4: The Find!

We found it! Now it's time to review the facts and perform a quick search to locate comparative homes. This information will assist us when reviewing pricing for making an offer. I will examine past history on the area using an "AGENT only" site (MLX), and locate all sold, pending and active listings that fit the same criteria as your find.

Step 5: The Offer to Purchase Process

  • I do all of my offers digitally -  will have an "Offer to Purchase" form ready to go on the iPad. 
  • It usually takes about 30-60 minutes to fill out the documents and begin the process.
  • A cheque for the deposit will be discussed, and required to present the offer to the other Real estate professionals
  • Deposits are fully refundable if conditions are not satisfied and amount will vary depending on your position.

Important sections on the offer:

 

1) Pricing

  • I will research and investigate sold, pending and active listings to provide a basis for your opening offer. There are many different strategies to gain the best price for you, and your agent will discuss these with you.
  • Deposit amount and mortgage amount can be a factor for price.

2) Possession Date

  • This will be the date that you wish to move in. In most cases the seller will have a preference that I will know. This can be a negotiation factor as "time is money".

3) Conditions of the Sale

 

These are the terms of the sale for such items as:

  • Property Inspection: We recommend that you always hire an inspector to review the home and inspect for hidden damages and possible issues that may arrive. Cost of the inspection ranges from ( $300-$700) depending on the size and location of the home.
  • Financing: The mortgage company that you are using will have an emailed copy of the offer and will review for the final Approval letter. They might perform the following normal items: Property appraisal, or CMHC Appraisal.
  • If your purchase is a CONDO, a Condo Document review will be recommended to make sure that your building is well funded, and in good operation .
  • There are "special" conditions that can be used to protect you , and these will be discussed by your real estate professional.

Step 6: Offer Presentation & Negotiation/Acceptance

After writing the offer, I will carefully devise a plan of attack to leverage your position. A cover letter is attached, and sent to the seller's Agent, and followed up with a phone call to discuss the various parts of the offer.

Step 7: Release of Conditions (SOLD)

Once your offer has been accepted and signed, condition procedures will commence. Timelines need to be kept and quick action required. Usual condition time is 10 days, however can be changed and negotiated.

 

After your financing, property inspection, or other conditions have been met, we will discuss any outstanding issues, and sign the waivers to move forward from (C/S) conditionally sold to (SOLD).

Step 8: Possession Preparation

  • Arrange for the movers, or truck rental.
  • Make appointment with lawyer, we can provide a list, or choose your own. Meeting with the lawyer can reduce frustration and issues.
  • Complete an address change.
  • Arrange for gas, electricity and other items such as internet and TV services. At the Waiver signing, we will provide you with a check list to remind you of these items.

Step 9: THE BIG DAY!

Its here...the day you have dreamed of - owning your first home!

  • Usually keys are released before noon. Once all payments are received by the seller's lawyer, keys will be released to your me.
  • A walk-thru and key hand-over is usually booked for the morning, or when decided by the Agent and yourself.

Step 10: My Follow up 

I will contact you shortly after the move-in to make sure you're happy and that things are running smoothly. If you have any questions, we are a moment away.

Data supplied by CREB®’s MLS ® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.