FAQ
Considering buying or selling your prime residence or investing in real estate but do not know where to start, visit my page of frequently asked questions (FAQ), and you might get some answers. If you still have questions, please do not hesitate to contact me for all you real estate needs, wants, and concerns.
What is the bidding war?
- A bidding war is a real estate term for when a seller receives multiple offers on their home in a short amount of time. Unfortunately, it also means the seller can wait to see whether buyers are willing to raise their offers – and by how much – along with other concessions to make their offers more attractive.
When should you stay out of a bidding war in real estate?
- The home is already at the top of your budget range: If you made your best offer right out of the gate (which may make sense if it’s a competitive market), and you have no more wiggle room to increase the amount of your offer, you should stay out of any bidding war.
How to win a bidding war?
Since bidding wars are blind, you’ll never really know what type of offers you’re competing against but there are some key tactics to increase your odds of having your offer accepted
- Choosing to waive conditions like status certificates or home inspections can prove to the seller you mean business,
- When you present your offer, having a picture of your bank draft included tells the seller that you’re serious,
- When you find a home, you love and are serious about making an offer, it’s good to determine what that particular property is truly worth to you. Discuss your absolute maximum budget with your agent, so you know when to draw the line should your emotions get involved
Am I ready to buy?
Be realistic about your situation and understand what you can afford. You should have your down payment and you should be good at managing debt. The cost of buying a home = one-time costs (down payment, legal fees, inspection fees and taxes) + monthly costs (mortgage, utilities, maintenance, insurance and property taxes).
Whether you’re trading up, downsizing, investing, or buying your first home, the first step in buying a home is preparing yourself financially.
How to get your home ready to sell?
If you are downsizing, trading up, or moving laterally, you’ll want to prepare your current home for sale. An attractive, well-kept home has a better chance of selling faster. Keep in mind that clutter makes rooms look smaller than they are. Create a feeling of spaciousness. Minor updates, like improved lighting, can add value. Think about how to highlight and improve your home’s best features.
How to find a home?
Decide where you want to live, which neighbourhood suits you best, and what type of home you want and what you can afford. Real estate agents work from a powerful business system called the Multiple Listings Service® (MLS®), which contains detailed information on property listings. Your real estate professional can send you listings that fit your criteria and together, you can draw up a list of properties you are interested in. Your agent will book appointments to view homes you are interested in.
What the first step of the home buying process?
Getting pre-approved for a mortgage is the first step of the home buying process. Getting a pre-approval letter from a lender get the ball rolling in the right direction.
What should I know about getting a mortgage?
Negotiate interest rates and mortgage terms with different lenders and get pre-approved for a mortgage before you start house hunting. This determines the maximum amount of money you can borrow. How much you pay for a mortgage depends on how much you borrow (the principal), the loan’s interest rate, and how long you take to pay it back (the amortization period).
What documents are usually required to get pre-approved for a mortgage?
Usually, you would need last 2 years T-4’s, recent payslip, copy of ID, employment letter, some lenders may take child tax benefit into account, rental agreements, if you have rental income.
Feel Free to Contact Me
If there is anything I can help you with, or if you simply have questions, please feel free to reach out to me anytime. I look forward to hearing from you.
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(778) 720-0220
Phone number
(778) 508-9966
leanna@maslyukrealestate.com
202 – 15388 24 Ave. Surrey, BC V4A 2J2 Canada
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