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First Time Home Buyer: So You’ve Found the House of Your Dreams… What Happens Now?

While it would be great if finding the home of your dreams meant the hard part was finished, your house-buying journey has in fact only just begun. As you move forward with your offer, you’re going to need to have an inspection done. Inspections aren’t mandatory, but they are a very good idea. Purchasing a house is a huge investment; you don’t want to put down your savings just to realize that there’s black mould in the attic and the foundation is unstable. Once the inspection is finished and you know you can live with any issues that are present, it’s time to move forward.

Making an Offer to Purchase. This is one of the steps that make most first-time homeowners extremely grateful for their realtor. Creating an Offer to Purchase can seem complicated and many soon-to-be homeowners are anxious about making mistakes. Besides your name and the price you’re offering to pay, your offer will also include any items in or around the house that you believe should be included in the purchase of the home, the amount of your deposit, the closing date, a request for the current land survey, and the date the offer expires. If you have any other conditions, such as the inspection we mentioned earlier, you’ll likely include those as well.

Three Possible Responses. Another important step that you’ll want your expert Calgary realtor on hand for is receiving the sellers responses. There are three possibilities, and they all need to be handled differently. The best response, of course, is the acceptance. This is when the vendor agrees to your offer and you proceed with the purchase. The next best response is a counteroffer. A counteroffer can include asking a higher price or perhaps changing some of the terms. You have a couple options here, you can decide to look else where, you can accept the counteroffer, or you can write up your own counteroffer that tries to compromise between your original offer and their current counteroffer. Finally, they can refuse your offer. Regardless of whether you refuse their counteroffer or they refuse yours, your deposit will be returned to you.

These are the two steps that need to be taken after you find your dream home, but you’re not finished yet! You’ll have to choose a mortgage, get through closing day, and take possession. No one said buying a home would be quick and easy, but it is worth it! Have any question about the home buying process? Call me today at (403) 660-5319.