Understanding the Homebuying Timeline
We’ve designed this guide to make homebuying decisions easier for first-time homebuyers, newcomers and immigrants, relocation homebuyers, and buyers purchasing senior or active adult community housing.
Rob and Lauri Rose Real Estate is a certified and highly recommended Real Estate Agents in Saskatoon, Warman, Martensville and surrounding area that most homebuyers could rely on to help them with their home selection and purchase process.
We will listen to your needs, give you best investment advice, mortgage application assistance, show you suitable homes to visit and negotiate on your behalf to help you get the best possible home deal. We can also provide you with previous sale prices of comparable homes and information about neighborhoods, as well as arrange the home inspection.
Let us guide you in buying a home from start to finish. We know it can be a very exciting and stressful time – We are providing you a helpful list to familiarize you with the process
1. MORTGAGE PRE-APPROVAL - Before starting your home search, get pre-approved by a reputable lender. A copy of the pre-approval will be needed when submitting an offer.
2. FIND THE HOUSE - Do your homework, drive around neighborhoods, visit open houses. Are your search criteria and budget match the availability of homes for sale?
3. MAKE THE OFFER- Ask your agent for a market analysis and strategize an offer. A good faith deposit, pre-approval along with any additional disclosures is submitted with an offer.
4. OFFER ACCEPTED- Congratulations! Inform your lender.
5. HOME INSPECTION (within 10 days) The home inspection will reveal any maintenance items and defects that will need to be addressed immediately, as well as items that should be budgeted for, and potentially any major defects.
6. SIGN PURCHASE AND SALES- (within 14 days) The Purchase and Sales agreement is a much more detailed version of the Contract to Purchase. An attorney will review this agreement and negotiate legal terms. Typically, 5% of the purchase price is deposited in escrow now.
7. FORMAL MORTGAGE APPLICATION- Once the Purchase and Sales have been executed, a formal mortgage application will be submitted to your lender.
8. MORTGAGE APPRAISAL - The lender will have the property appraised to confirm its value.
9. MORTGAGE COMMITMENT- The lender will issue a mortgage commitment. It is important to look at the conditions of the commitment, as once the commitment date has passed your deposit money will be at risk.
10. PURCHASE HOMEOWNERS INSURANCE & SET UP UTILITIES
11. CLOSING (45-60 days)
You may be able to achieve homeownership sooner than you think. Contact us to find out how.