Buying a property

When purchasing a property in Toronto, the GTA and beyond, there’s a lot to learn. For most people, purchasing a property is the biggest investment you are ever going to make. Therefore, the more you know, the more confident and comfortable you will feel with your decision.

STEP 1 – GET PRE-APPROVED FOR A MORTGAGE

To start, the first step to buying a house or condo is finding out how much your bank or lender is willing to lend you. When you apply for a mortgage, your lender will look at your income, your debts, your down payment and your credit rating. The pre-approval will be in writing and include a guaranteed interest rate that is usually valid for 90 days. Pre-approval will ensure that you know how much of a mortgage your lender is willing to lend you, which will help you determine what price range of properties you can include in your search.

STEP 2 – CALL LOU GROSSI

As mentioned, buying a house or condo will very likely be the biggest purchase you’ll ever make – but don’t worry, you don’t need to do it alone. I will work exclusively for YOU. I will take you through your financing and purchasing options, and a step-by-step process to educate and help you with the legal aspects of the purchase.

STEP 3 – PROPERTY HUNTING

After you've been pre-approved for a mortgage, the search begins. Hunting for a property will involve searching through listings online, in databases and in print advertising, with the hopes of finding the perfect property to call home. This will be your first opportunity to get a glimpse at the different neighbourhoods available, refine your wish list, and ask questions. Start by building a list of potential properties that you like best and also fit within your budget. Then we can make appointments to view the properties.

STEP 4 – MAKE AN OFFER

Once your house hunting efforts have paid off and you’ve found the perfect place to call home, the offer process begins. The offer process can be both exciting and stressful. We begin by drafting the Agreement of Purchase and Sale, which is called an APS. The APS is a legally binding document which contains information regarding the price you are willing to pay, the inclusions you want, your ideal closing date, and any conditions that need to be met for the deal to go through. Once the offer has been submitted, the seller can accept it, reject it or sign back with a counter offer.

STEP 5 – CLOSE THE DEAL

The last step is closing the transaction. Closing is when the ownership and possession of the property are legally transferred from the seller to you. This all takes place once all the legal and financial obligations have been met and agreed upon. Once this step has been completed, the deal will be closed and the property will be yours.

STEP 1 – STAGING YOUR HOME OR CONDO

Unfortunately, people judge a book by its cover, so a first impression can make or break a sale. Staging your home for sale is tough work, but if done correctly, you can make the selling process a whole lot easier. Take some time to remove clutter and personal materials from your home or condo. Too many contents are distracting for potential buyers. Clean your home as if it were brand new and begin the staging process. Staging involves changing the look and feel of every room in your home to adapt a modern style or preference. Prior to staging, take the time to repair or renovate areas of the home that you feel are necessary.

STEP 2 – CALL LOU GROSSI

Your home is only worth what a Buyer is willing to pay, but the right pricing strategy can make the difference between how much money is left in your pocket and how much is left on the negotiating table. Call me and let a professional with over 35 years of experience in Real Estate make sure you are receiving the most value for your home or condo.

STEP 3 – PRICE AND MARKET

Your asking price is very important, so it’s important to select the right asking price based on your strategy. If you're priced too high, you risk being on the market for an extended period of time and getting less than market value. If you price too low, you risk losing potential additional income from the sale of your home. This is why strategic pricing for your home or condo is key.

STEP 4 – SHOW OFF YOUR PROPERTY

Remember to always be flexible with showing times. If you want the best dollar value for your home, you’ll want to be flexible with the times you allow people to see it. Always make sure your home is clean and organized before potential buyers visit.  Open houses are a very good strategy and can be very beneficial to selling your home in a timely and efficient manner. They can also help you secure a great offer from a potential buyer.

STEP 5 – NEGOTIATE AND CLOSE ON YOUR PROPERTY

Once all your hard work has paid off and you get an offer from a buyer, the negotiation process begins. The Buyer’s offer may be presented to you and your agent in person, your agent might receive it by e-mail or via fax. Once accepted, the closing process can take place with the help of your lawyer and all that is left to do is collect your closing funds.