Buyers

Buyers

Buying a Home is a Big Decision – One That I would Love to Help You With!

Choosing to purchase a new house is an exciting life decision that requires some initial considerations to ensure you find the perfect home. Before browsing listings, reflect on the following questions:

• How large does the house have to be for my family to be comfortable?
• How many rooms and bathrooms are required?
• What size of yard will accommodate children and pets?
• What are my current parking and transportation needs?
• How important is having a house close to work, local amenities, public transportation?
• Would you prefer to be in certain city school boundaries or county school boundaries?
• In which areas of the city would you like to live?
• Are there areas that you want to avoid?
• Are you willing to purchase a home that is involved with a Home Owner’s Association?
• Are there special considerations required for hobbies, guests, potential additions to the family, physical limitations or disabilities?

The answers to these questions will help you not only determine the type of house that will be the best for you, but also save you time from viewing houses that don’t meet your personal criteria. To start your home search and find local listings in the area, contact me and we can review your criteria and find houses that meet your personal criteria.

I also offer a very informative Buyers Guide that guides you through the whole process.

Get your Buyers Guide

View Map of Grande Praire

Down Payment

Here’s a recap of the general down payment requirements for residential mortgages in Canada:

• 5% is the minimum down payment for a borrower who will OCCUPY the property, can prove his or her reliable income, and has reasonable credit.  Family members can gift the borrower their down payment if they don’t have enough in their savings, tax returns, RRSPs, or TFSAs.
• ZERO down payment can be synthesized by combining a 5% down mortgage with a borrowed down payment from a line of credit.  The borrower must have great credit, and a great job with good income.
• 10% is the minimum down payment for a self-employed borrower who will OCCUPY the property and DOES NOT show enough income on his or her Personal Tax return (stated income – must be reasonable).  Self-employed who show enough income on taxes are 5%.
• 20% down is required to avoid CMHC mortgage default insurance in most cases. In rural areas, lenders will still want CMHC loan default insurance, but usually at lender’s expense.
• 20% to 25% down is required for RENTAL properties.  Some lenders will allow a portion of that (half) from a borrowed source, including a vendor-take-back mortgage.
• 20% to 25% down is min required for some one who CAN NOT qualify for CMHC-insured lending, such as some who has credit issues, and rates are higher.
• 35% is the down payment required for someone who cannot really document their income (equity lending), and rates are higher.
• 50% is normal down for bare/raw land, but it MAY be possible for a lender to maybe reduce this to 20% down, OAC.
• Acreages are tricky with only 5% down, but doable if you understand the rules.

Foreclosures

Please contact me today if you would like a list of current foreclosures in the area!

To explain a little bit about how the different types of foreclosure/repo’s/estate sales work in case you are wondering:

• A court foreclosure is generally owned by the Court of Queens bench and has a different process than most. With this type of listing you generally need to have your financing in place and inspections complete before getting an offer accepted. Once accepted the court will typically set a date in the future for final acceptance by a judge. That date can range from a couple of weeks to over 4 weeks. During the time the offer is accepted and before the court date anyone else can also submit another offer. If more offers are submitted you will typically be notified and have a chance to bring your best offer.
• A bank repo is generally owned by the bank that was responsible for the loan against the property. Here you typically can submit a conditional offer as your REALTOR® deals directly with a bank representative throughout the process. The offer is negotiated through this bank representative and once accepted could proceed as you would with any offer removing conditions. Keep in mind that bank repo’s typically have an “AS IS WHERE IS” clause in the contract so Buyer beware. You must perform all necessary inspections to satisfy yourself with the condition of the home.
• An Estate sale is generally owned by the estate, with one or more executors that have signing authority. They are typically subject to probate which is the time period between the execution of the will and the lawyers settling the estate. This period can take anywhere from 2 to 6 months and if a minor is part of the will possibly even longer as there will now be a trustee of the public.

Sign-up for to recieve foreclosure updates