Home
Buyer
Consultation
Guide
Unlocking Doors To Prosperity
EST. 2010
prosperitylane.ca
Table Of Contents
BUYING PROCESS
PHASE 1
Explanation and signing of Buyer's Representation forms.
PHASE 2
Determining your wish-list & financial expectations
PHASE 3
Touring Homes
PHASE 4
Write & negotiate Offer
PHASE 5
Deposit for purchase
MORTGAGE PRE APPROVAL
| COST TO CONSIDER | MONTHLY EXPENSES |
|---|---|
| Deposit (5% Suggested) | Mortgage |
| Down Payment (20% Suggested) | Utilities |
| Legal Fees ($1,500 - $2,000) | Maintenance |
| Land Transfer Taxes | Insurance |
| Inspection Fees | Property Taxes |
| Moving Costs | Condo Fees |
HOW MUCH CAN YOU AFFORD?
It is important to know how much you can afford before looking at homes because it will help you to set realistic expectations and help prevent you from getting in over your head financially. By establishing a budget, you can narrow down the type of home you can afford, avoiding disappointment and financial difficulty further down the line. Knowing your financial limits also ensures you have enough savings available for moving costs, furniture, renovations or any unexpected expenses that may arise.
In addition, to making you a more attractive buyer getting a preapproval also lends you some flexibility in terms of bargaining & negotiations.
We can recommend some mortgage specialists who will work with you to get you pre-approved. Once you’ve completed this step, you’ll be entering the market with a competitive edge.
TOURING HOMES
SELECT HOMES TO VIEW
We will discuss the best matches and choose up to 6 homes to view at a time. While it’s always a good idea to keep your options open, viewing too many homes in one day may cause you to forget details about specific houses and mix properties up.
I will inform you of every important feature or flaw that you should consider when buying real estate. I will let you know which properties are worth your money, which issues can easily be fixed, and what properties to avoid. I would rather sacrifice an immediate sale than have you end up in a home that you’re not going to be happy in down the road.
FIND THE RIGHT HOME AND WRITE AN OFFER
Congratulations! You have found the right home. Now its time to make an offer that the Seller is willing to accept to make it yours.
DURING THE OFFER PROCESS
I will do background research and provide you with all the necessary information for you to make an informed decision.
Prepare the offer, explain the details and give you all the options before you sign.
Present and negotiate the offer. I will work hard to get you your ideal home at the ideal price, with your preferred conditions.
I am also experienced in multiple offer bids and will provide sound, steady, professional advice that gives you the best chance of securing the home.
COMPARATIVE MARKET ANALYSIS
A comparative market analysis (CMA) is a tool used to determine the market value of a property by comparing it to similar properties that have recently sold in the same area. Our most effective approach to conduct a CMA on the price of a home is to follow these steps.
1 GATHER DATA
Collect data on similar properties that have sold on the street, in the area or comparable areas within the last six months to a year.
2 ANALYZE THE DATA
Look for similarities and differences between the subject property and the comparable properties. Pay attention to factors such as size, location, age, condition, and amenities.
3 ADJUST FOR DIFFERENCES
If there are any significant differences between the subject property and the comparable properties, make adjustments to account for them. For example, if the subject property has a larger yard than the comparable properties, adjust the value accordingly.
4 DETERMINE MARKET VALUE
Based on the data collected and the adjustments made, determine an estimated market value for the subject property. This value should reflect what a buyer can reasonably expect to pay for the property in its current condition.
5 REVIEW AND REFINE
It is important to note that a CMA is not a guarantee of the exact market value of a property, but rather an estimate based on available data. We will provide a more accurate estimate by conducting a thorough inspection of the property.
SUMMARY
Finally, review and refine the CMA as needed. Make sure to consider current market conditions and any recent changes in the local real estate market
THE ART OF REAL ESTATE VALUATION
Regardless of a property's listing price — be it low, accurate, or high—sales typically settle around a reasonable market value. This value is often derived from comparable properties and other influential factors.
It's the mutual agreement between the Buyer and Seller, grounded in these comparables and other crucial elements, that establishes the market price.
When determining a fair price, Buyers and Sellers will consider offers in line with similar style and size homes that have recently sold within the same community.
NEGOTIATE THE OFFER
THE SELLER CAN:
ACCEPT YOUR OFFER
Congratulations!
REJECT YOUR OFFER
I will follow up and see if there is anything more we can do.
“SIGN BACK” or COUNTER YOUR OFFER
The seller may want to change some part of your offer, most likely the price.
DUE DILIGENCE
This is where we will be working through any conditions written in your offer. Typically, these will be Financing and Home Inspection. If it’s a condo, there will also be Condo Documents to to review.
Financing:
You will work with your Mortgage Specialist to ensure they can approve the financing.
Home Inspection:
This is your biggest purchase and a few hundred dollars spent on an inspection can save you from unpleasant surprises.
No Such Thing As “PERFECT”
Even with a brand-new home, there will be some minor defects (and even some not-so-minor). Every home will have some minor deferred maintenance and issues that will come up. We will through these to decide which are severe and need to be fixed and which can we live with.
WAIVE THE CONDITIONS BY SIGNING THE WAIVER DOCUMENT
After you have satisfied your due diligence, you will finally decide if you would like to complete the purchase.
The sale is considered “firm and final” once you have signed the Waiver of Conditions and I have sent it to the Seller.
WHAT TO EXPECT WITH THE HOME INSPECTION
WHAT IS A HOME INSPECTION?
A home inspection is a thorough examination of a property that is performed by a professional inspector. The inspector will look at the structural components, systems, and finishes of the home to identify any existing or potential issues. Some common areas of focus during a home inspection include the roof, foundation, electrical and plumbing systems, HVAC system, and appliances.
HOW CAN THIS AFFECT THE SALE?
If the inspector finds any issues that require repair, the buyer can choose to renegotiate the terms of the sale, request that the seller make the necessary repairs, or walk away from the sale.
WHAT TO EXPECT WITH THE HOME APPRAISAL
WHAT IS A HOME APPRAISAL?
A home appraisal is an assessment of the value of a property, usually performed by a professional appraiser. An appraisal is typically ordered by a lender as part of the loan approval process for a potential homebuyer, but it can also be performed for other reasons, such as determining the value of an estate or settling a dispute over the value of a property.
DO I HAVE TO ALLOW APPRAISAL?
As a general rule, a seller does not have to allow a home buyer to perform a home appraisal. However, in most real estate transactions, the buyer's lender will require an appraisal of the property as a condition of loan approval. In this case, the seller may need to allow an appraiser access to the property in order for the transaction to move forward.
HOW CAN THIS AFFECT THE SALE?
If the appraised price comes in lower than the purchase price, it can impact the sale of the home. In a situation where the appraised value is lower than the agreed-upon purchase price, the lender may not be willing to provide the full amount of financing required to complete the sale. This can create aproblem for the buyer, who may need to come up with additional funds to make up the difference or renegotiate thepurchase price with the seller to align with the appraised value.If the buyer and seller cannot come to an agreement, the sale may not be able to proceed as planned.
EMPLOY A REAL ESTATE LAWYER
Once you have chosen a lawyer, I will send all the paperwork to your lawyer to make sure they get all that they need.
You will make an appointment to meet with your lawyer a few days before you take possession and will need to provide your insurance information, the balance of your down-payment, fees and any adjustments for taxes which will be provided to you by your lawyer’s statement of the balance owing. You will also need to sign all the paperwork and finalize everything before you own the home.
PREPARE FOR CLOSING
MOVERS – If you are using professional movers, book early.
MAILING ADDRESS – Gather all your bills, statements, tax information, healthcare information and anything you make automatic payments on. Sit down and make a list of these things early, because you don’t want to forget any. It’s time to start giving out your new mailing address. You might want to have your mail forwarded through the Post Office.
UTILITIES – When you take possession of your new home, it is very important to change your utilities over to your address in advance. This includes your phone, cable, internet, power and gas services. Also, don’t forget to cancel the utilities at your previous residence.
PROPERTY TAXES – A phone call to the City or a quick look on their website will give you the information you need to make sure that your property taxes are set up in your name.
MOVING DAY
You will receive a call once the money has transferred, and the keys are releasable. This is usually around noon but may be later. We advise not to book movers, cleaners, etc. right at Noon in case there is a delay.
If there are any problems keys will still change hands, however the seller will be responsible to take reasonable action to remedy the problem or be in breach of the contract and the buyer can pursue legal remedies accordingly. If this happens your lawyer will give you advice, as necessary.
You will be extremely excited, and emotions are running high. Having a Realtor who has done this multiple times will ensure that things are done correctly and make sure nothing is missed during this exciting time.
CLOSING PROCESS
PHASE 1
Notify your lawyer of the sale.
PHASE 2
Buyer home inspection (if applicable).
PHASE 3
Bank appraisal (if applicable).
PHASE 4
Buyer visits (usually 2 times prior to closing, pre-arranged at a mutually agreed time.
PHASE 5
Lawyer instructions.
PREVIOUSLY SOLD LISTINGS
100'S OF HAPPY & SATISFIED CLIENTS AND COUNTING...
Client Testimonials
CATHY FREEMAN | 647-882-7297
Professionalism
A huge shoutout to Patrick Kwan & the entire team for an amazing job on the recent sale of our home. From the minute he walked in, fully prepared & researched - to the minute we signed on the dotted line, Patrick was patient, knowledgeable, accommodating and always upbeat. We couldn't have been happier with Patrick's client service and would have no hesitation recommending to friends or family.
AUSTIN LAYNG | 647-829-6236
Professionalism, Quality, Responsiveness
It was a pleasure working with Patrick Kwan. He is very personable and was able to explain difficult to understand concepts in plain English for me. Most importantly to me, he is beyond genuine. It's evident that he wouldn't give you advice that he wouldn't take himself. That's hard to come by these days, and he shows it in abundance. I'd strongly recommend to anyone!
SARA ASALYA || 647-531-2211
Professionalism, Quality, Responsiveness, Value
Patrik Kwan was very professional, approachable and provided us with timely and up-to-date information about the real estate market.
RAY LAM | 416-277-5751
Professionalism, Quality, Value
It was great to have Patrick as our real estate agent. He made the process of selling easy, even during "off season." The work he put in was way above our expectations (e.g.: staging the virtual listing, advice given throughout the process). Patrick is very knowledgeable and walked us through every step. I would strongly recommend Patrick.
CHRIS FU | 705-970-0802
Professionalism, Quality, Responsiveness, Value
It is a great experience to work with Patrick as a first-time home buyer. He is a patient, knowledgeable and passionate sales representative. Heprovided a great service and professional advice about purchasing a house. I am so happy to get my perfect house as per his recommendation. Definitely, I highly recommend his service!
JONATHAN TRUONG | 647-688-4770
Professionalism, Quality, Responsiveness, Value
Buying my first home was certainly a daunting experience and just the thought of getting started was particularly overwhelming; but I had the pleasure of working with Patrick to purchase my first home. He made the process as simple as it could be and helped me break down each step along the way. I thought the process was going to be slow (especially during COVID) but from the beginning to end it was a few short weeks of finding the right home, negotiating an excellent price, and closing in record time! He was incredibly responsive (even when I was looking at potential listings late at night) and always had a fast reaction in going to see those listings in this very competitive market. Clearly, Patrick had don a substantial amount of research in helping me narrow what I was looking for and never placed any pressure on me throughout the buying process. I really appreciated his constant sense ofurgency and professionalism which resulted in a fantastic experience!
LEE ONEIL
Professionalism, Quality, Responsiveness, Value
Thank you Patrick for your excellent service. Thanks to you, we quickly found our dream home and sold our condo in only 5 days! We highly recommend you. We especially appreciated your availability, your dedication, your knowledge and your expertise. Thank you, thank you, thank you again!
NICOLE SHU | 647-829-6236
Professionalism, Quality, Responsiveness, Value
Very comfortable and smooth transaction, solid commitment, highly recommend.
Patrick Kwan
Right At Home Realty
Location
16850 Yonge St #6b
Newmarket, ON, L3Y 0A3