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Q
How long is a Buyer Representation Agreement?
A
Typically, representation agreements 60-90 days. These contracts are under your control, you can set the parameters. If you encounter an agent who is inflexible with time lines, that’s a red flag you should take seriously.
Q
What should I look for in a ‘Buying Agent’ (Buying Advisor)?
A
The first thing to be done is to ensure that you’re using an actual ‘Buying Advisor’. Real estate professionals do have specific skills and areas of focus. Not every real estate advisor works on the buying side or with first time home buyers.
Look for these when hiring a buying advisor:
Patience, Collaborative, Communicative, Focused on what’s important to you, Transparency, Puts you before their commission.
Q
What should I expect from the home buying search process?
A
You should expect it to be a process, because that’s what it is. Most people set out with X destination in mind, and end up somewhere else. This isn’t a bad thing! It’s process, which involves pivots, adaptations, concessions, evolving priorities.. and yeah - a bit of luck sometimes as well.
Tip: Leave emotion out, think forward, don’t Rush and strategize with your Advisor.
Q
How should I assess a potential neighbourhood for my needs?
A
Aside from investigating amenities, schools (if you’re a parent), commute/transportation, safety (crime), cost of living, future development etc.
Consider these:
Noise, traffic and activity near/around your house at different times, The Neighbours, Resale value, desirability, accessibility, taxes, infrastructure and environment.
Q
How do I identify Home Listing red flags and what do they mean?
A
Vagueness: If listing details leave you with more questions than you started with - red flag. Presentation: If a listing features spelling/grammar errors and blurry images - red flag. Terms: if it features words like ‘potential, fixer-upper, as-is, handyman’s delight or DIY “dream”.
Red Flag Words:
Reduced, Needs TLC, Recent Remodel, Investment OPPORTUNITY!
Q
What steps can be taken to eliminate home buyer remorse/regret?
A
Here are 4 ways to guard against home buyer regret:
1. Ask yourself questions about ROL (Return On Life) value and be honest about what you’re trying to accomplish.
2. Don’t defer decisions - read contracts, ask questions, take your time.
3. Match your expectations to what is reasonable and feasible for you.
4. Take your time selecting a Real Estate Advisor. Make sure you vibe and they’re committed to working for YOU - not the commission.
Q
What is the difference between being pre-qualified and pre-approved?
A
A Pre-qualification is a quick(er) assessment that basically confirms your eligibility to receive a mortgage. It provides a mortgage amount range that you would likely fall within. A Pre-approval is a deep dive into your finances to assess exactly how much the bank is willing to lend you. This is the documentation you can confidently take to your home buying advisor to begin your home search.