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Will my real estate agent help me to determine how much to sell my property for?
Yes!!!! Your real estate agent is very familiar with the market and will prepare a “competitive market analysis” on your property. The CMA compares your property with similar properties that have sold within a reasonable time period, and also includes current listings of similar properties (competing properties). In addition, your real estate agent may suggest you have your property appraised by a certified and licenses real estate appraiser, prior to listing the property. This will save you a great deal of time in marketing the property.
Should I look at fixed rate mortgages or adjustable rate mortgages to finance my purchase?
This is a personal preference. However, we always recommend you give a great deal of consideration to fixed rate mortgages, and to finance your mortgage for the shortest time period you can afford (20 years or less). Several folks finance a property for a 30 year time period, and when doing so, find out later that you have barely reduced the principal amount until you are 20 years into the mortgage (the first 20 years are spent paying interest).
Should I try and get pre-approved for a loan from my bank before I start looking at property to purchase?
Definitely!!! This will assist both you and us to pinpoint the price range of property you should be looking for and will decrease the time it takes to find and close on the property. In addition, if you have any problems with past credit history (credit reporting agencies do make mistakes); you will have time to resolve this problem. Your real estate purchase is normally the largest investment and financial commitment you will make in your lifetime, and deserves as much planning as you can give it.
Do I need to hire a home inspector before I make an offer on a house I want to buy?
It is a good idea to have a professional inspect the property if you are unsure of any structural or mechanical aspect of the home. Typically an offer to purchase is made to the homeowner that is subject to you having certain inspections done within a certain time period. The offer to purchase typically contains language that if the inspection reveals problems, you may terminate your offer (contract to purchase), or you may re-negotiate the terms of the contract to solve the problems (who fixes-who pays-how much, etc.).
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Should I try and get pre-approved for a loan from my bank before I start looking at property to purchase?
Definitely!!! This will assist both you and us to pinpoint the price range of property you should be looking for and will decrease the time it takes to find and close on the property. In addition, if you have any problems with past credit history (credit reporting agencies do make mistakes); you will have time to resolve this problem. Your real estate purchase is normally the largest investment and financial commitment you will make in your lifetime, and deserves as much planning as you can give it.
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