Buyers Guide
The GVRE Edge
- Our service is beyond brokerage; we are a financial consultant, educator, and partner to the end user.
- Provide you with a survey commonly known as comparative market analysis, consisting of intimate knowledge and an intense study of property value considering appreciation, supply and demand, presentation, price-per-square foot comparison, and image.
- We have access to over 20,000 property listings, updated continuously; 24 hours a day, seven days a week.
- We will conduct all searches for properties that work with your criteria and will suggest a number of options to satisfy your housing & lifestyle needs, including types of property, different neighborhoods, types of amenities, and layout configurations.
- We will recommend an attorney, or work with yours to make sure an appropriate contract is prepared and signed promptly.
- If you haven’t pre qualified for a loan, we will recommend and coordinate all activities regarding your financing of the prospect property.
Buyers Checklist
- Evaluate your budget – know what you want to spend for a down payment as well as monthly expenditures (i.e. real estate taxes, monthly mortgage payment, utilities, etc)
- Obtain mortgage pre-approval
- Select an attorney who specializes in BC Real Estate
- Prioritize your needs – space, light, bedrooms, baths, fireplace, etc.
- Identify your timeline for moving
- Explore different neighborhoods to identify your preferred needs
- Research schools in the selected neighbourhood(s)
- Evaluate access to transportation in the selected neighbourhood(s)
- Once home has been selected, write up on offer with your Real Estate agent.
Purchase Process
- Seek pre-approval for a mortgage: Typical time frame: 1 – 2 days. You must know how much you can spend before you spend it.
- Find a Property: Typical time frame: 1 week – 2 months. Depending on what you are looking for, the length of your search will vary. The average person sees 10 homes before deciding on one. Internet-savvy buyers save time by doing their ‘homework’ before their search. The average number of homes viewed before buying by our internet buyers is 4-5.
- Negotiate on the Property: Typical time frame: 1-2 days
- Sign a Contract: Typical time frame: 1 day. Generally, in a sales transaction, a British Columbia real estate attorney represents each buyer and seller. The realtor draws up the contract for the buyer, it is presented to the sellers agent and upon acceptance, both parties enter into contract.
- Possible contingencies: financing, closing dates. The quicker the contract can be signed, the better. A contract is binding only after both parties sign it.
- Apply for a mortgage: Receive Commitment Letter from Lender. Typical time frame: 1 – 3 weeks. Mortgage applications cannot be processed without an executed contract.
- Schedule a Closing: Typical time frame: 2-4 weeks. After signing off on subjects, agents generally set the date for closings, and lawyers for sellers and buyers coordinate with the appropriate banks on available dates and times.
Typical time frame from the time an apartment is found, to the time an apartment closes: 1 – 4 mos.
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