What to expect during the BUYING process! 👌

 

There’s a lot to know when it comes to buying a home in and around Saskatoon. Understanding the details of the local community, identifying the size of home, style of home and setting, and of course, organizing a budget - these are all important details to consider. Whether you’re a first-time buyer, looking for a bigger house or downsizing, we are here to help you every step of the way. At The Urban Farmhouse, our goal is to provide you with expert, caring, and candid advice throughout one of the most important transactions in your life. That is our commitment to you.

Step by step guide to buying a home

Buying a house can be a bit of a mystery sometimes but an agent will be the best asset you can have as they are there to take the mystery away and give you peace of mind!  So first off congratulations on the opportunity to buy your first home!  It truly is an exciting time!

So here goes...gonna start to take the mystery away....

Step 1 - Find awesome real estate agent - Check ✔  (congratulations)
Step 2 - Get Pre-approval from a lender - we also provide mortgage services if you require, to get started complete our easy online application.
Step 3 - Start looking at houses 🏡
Step 4 - Once we find a home you are interested in making an offer on we will write an offer to purchase (bear with me this one has a bit more meat)The offer will include details like:

  • offer price, deposit value (Typically $5000), down payment value (the deposit of $5000 will become a part of the total down payment)

  • possession date

  • conditions - conditions have a deadline to be removed, typically 7 - 10 days

    •  mortgage approval

    •  home inspection 🏡🔍(this will be at your expense so be sure to budget $450 - $500

    • PCDS (Property condition disclosure statement which is basically a document with a bunch of questions about the property which the seller answers, ie have you ever had water issues)

    • PID (Property Information Disclosure which outlines the permits pulled and their current status, the cost is $20 which I cover)  

Step 5 - The offer will be sent 📤 to the selling agent, they will present to their clients and they can do 1 of 3 things, accept (rarely happens), ignore (thankfully rarely happens unless we make a very very low offer) or counter (typical)  They will counter  📄 with any of the items on the offer, ie price, possession etc.  
Step 6 - We receive and review the counter. 📄  Now we have 3 options, Ignore, write a new offer, or accept.  
Step 7 - Once we have an accepted ✔️ offer the following happens:

  • You will get a bank draft from the bank for the deposit of $5000 (this must be within 24 hrs of the accepted offer) - we will deposit into a trust

  • I will forward the contract to your mortgage broker so they can start working on the condition to get the mortgage financing in place. You will need to meet with them at some point to sign papers

  • We will schedule any inspections that need to take place.  

Step 8 - Assuming all goes well with the mortgage and all inspections we will remove conditions and you will have a firm sale.  This means you now give notice to your landlord (assuming you are renting?)  Please DO NOT give notice before this point!
Step 8a - if for some reason we will not be removing conditions - IE there is something terribly wrong discovered on the inspections, you will then get your deposit refunded and we return to step #3
Step 9 - START PACKING! 📦
Step 10 - This is closer to the possession, you will need to meet with your lawyer (do you have one?  I could recommend one when the time comes if you like)  The lawyer will have you sign a butt load of papers!  At this time you will also have to supply the balance of your down payment (remember the $5000 deposit is already in trust and we have provided to the lawyer and of course you will have to pay the lawyer.  You should budget approximately $1800 -$2000 - sounds like a lot I know but the Lawyer fees are actually only about $800 of that the rest are fees that you pay to register title etc.  The Lawyer will explain all of this in detail.
Step 11 - MOVE IN!🚚 - on possession day I will meet you at the house and provide you with the keys.  Woooohooo!  Wasn't that fun......and maybe slightly exhausting!  :)
 
So after all of that, I haven't explained how I get paid.  Good news.  YOU DON'T PAY ME!  I actually get paid by the seller.  When the seller listed the property with their agent their contract contains the details on how both the seller agent and buyer agent (that's me) get paid.  So one day when you go to sell your soon to be new home you will need to consider these costs, but until then I am basically free!  :)  AND I would love to hear from all of your family and friends if they are looking to buy or sell.  I base my business on referrals as I feel it is these strong relationships that create a great business!

 

I hope this helps clear up some of your questions?  Contact me if you have any questions or are ready to get started!