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Get "Pre-Approved" Not "Pre-Qualified!"
Make sure you are in the strongest negotiating position possible. Price is only one element in the negotiations, and not necessarily the most important one. The strength of your offer and closing dates might be the most important things to the seller.
The way to make the strongest offer today is to get "pre-approved". Pre-approval occurs after all of your personal information has been verified. You are actually APPROVED for the loan and the only thing left to do is the appraisal on the property. This process takes anywhere from a few days to a few weeks depending on your situation. It's VERY POWERFUL and a weapon I recommend to anyone interested in serious negotiating.
Get an Agent in Your Corner
A professional agent works with his clients, not only telling them tips like these but providing useful expertise towards helping meet the goal of owning a new home. So whether you decide to work with me or not, pick an agent you feel comfortable with and enlist the services of that agent as a buyer agent. Then you become a client and you're no longer just a shopper. When your agent hears of a great buy, he will be bound to call you, his client, because you are working together, and you are no longer just another phone call from someone that is tire kicking. I always recommend that you hire your own agent to get the most out of your home buying position.
The Importance of a Home Inspection
A home inspection prior to purchasing a home or condominium can bring peace of mind when you sign the sales contract. Knowing what to expect both inside and out will help you make an informed decision about the value of the home and the future upkeep.
A home inspection accomplishes two important goals. First, it gives you a chance to determine the condition of the house, its structural soundness, and the condition of its mechanical systems. Second, it brings any problems to the seller's attention at a time when they can be resolved before closing a sale.
A comprehensive inspection includes a visual examination of the structure from top to bottom, including the heating, air conditioning systems, the interior plumbing and electrical systems, the roof and visible insulation, walls, ceilings, floors, windows and doors, the foundation, basement and visible structure.
Following the examination, the inspector will provide a report that not only points out possible defects or areas of concerns, but also the positive aspects of the structure as well as the type of maintenance that will be necessary to keep the home in good shape.
If you are considering purchasing a home, the Ontario Real Estate Association advises that you invest in an inspection by a reputable and qualified inspection firm. Buying a home is one of the biggest decisions you will make. Know what you are buying and what your future upkeep obligations will be.
For more information regarding home inspections contact the Ontario Association of Home Inspectors.
Source: Ontario Real Estate Association
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