The Buying Process Explained

It is said that buying real estate is one of the largest single investments and makes. Whether buying a home or recreational property, this statement is often true. Either way, the process of buying real estate is dynamic and complicated. While no two situations are identical we set out the process below, from start to finish, to help you better work towards your goal of buying real estate.

The buying process begins with the decision to buy. The next step is usually research by you, the buyer. Today this is most often done online, but can also be done using a variety of print resources. The purpose of this research is to better determine where and what you are interested in buying.

Next comes a meeting with your Mortgage Specialist to help you better understand your financial position – what you have available to spend and what the cost of borrowing money is. By now you have likely decided the type of real estate that fits your needs, the area you are interested in and your price range. It is time to sit down with a Realtor, who will help you navigate through the rest of the buying process. Your Realtor will have valuable insight into the process, insight into the area they serve and the properties currently on the market. Your Realtor can arrange for you to view any property on the MLS market, and may even be able to help you negotiate on a private sale. The best part of this service for the buyer is that even though they work on your behalf, you do not pay your Realtor out of pocket. Your Realtor is paid by the real estate brokerage that has the property you buy listed.

The next step in the process is really fun – viewing real estate. This is where you are toured through the properties that interest you. This step can take a day, weeks or months, and that is entirely up to you. This step ultimately leads to a decision as to which property you would like to buy. Next, your Realtor prepares a written offer with you and presents it on your behalf to the seller(s). Your offer will be accepted, counter offered, or declined. Generally speaking a counter offer is the most common outcome to an initial offer. Your Realtor will then work with you until the negotiations come to a conclusion that satisfies you.

The due diligence step follows an accepted offer. Due diligence is the time period set out in the contract for you to work through gathering any specific information necessary to facilitate the sale. The different types of due diligence vary widely depending on the situation. In a typical Sproat Lake residential sale this step will involve working through the details of you financing, building inspection, septic inspection, water testing, and property insurance. Your Realtor will help you work through the due diligence step whenever their help is appropriate. Next, there is typically a period of waiting until you complete the contract and take possession of your real estate. Prior to the Possession date you will need to make an appointment with your Lawyer or Notary Public, who will help you through the legal step of Completion.

The buying process concludes in your Realtor handing you the keys to your new real estate. A great day for all involved and the smiles on that day indicate successful navigation through the buying process. We, at The Fenton Team, would love to help you get started.

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The Fenton Team

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  • The Fenton Team
    #1 4505 Victoria Quay
    Port Alberni, BC
    V9Y 6G3
  • 250.723.8786
  • 1.844.723.5478

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