Tips

Advice for First-Time Buyers

Pre-Qualification: Meet with a mortgage broker to find out how much you can afford to spend on a home.

Pre-Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You'll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you're interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property.

List of Needs & Wants: Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes, things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.

Representation by a Professional: Consider hiring your own real estate agent, one who is working for you, the buyer.

Focus & Organization: In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Items may include:

  1. One or more detailed maps with your areas of interest highlighted.
  2. A file of the properties that your agent has shown to you, along with ads you have cut out from the newspaper.
  3. Paper and pen, for taking notes as you search.
  4. Location: Look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on school district, crime rate, proximity to positive (shopping, parks, freeway access) and negative (abandoned properties, garbage dump, source of noise) features of the area?
Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don't forget such essentials as:
  1. Include inspection & mortgage contingencies in your written offer.
  2. Have the property inspected by a professional inspector.
  3. Request a second walk-through to take place within 24 hours of closing.
  4. You want to check to see that no changes have been made that were not agreed on (i.e., a nice chandelier that you assumed came with the sale having been replaced by a cheap ceiling light).
All the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please email me or call me directly to discuss any of these matters in further detail.

Moving Checklist

  • Arrange to have your gas, water, and electric meters read on the day you leave and have the bills forwarded to your new address. 
  • Disconnect your telephone, cable TV, and water softener.  
  • If you rent your present home, give necessary written notice to your landlord and make arrangements for the return of any monies you have on deposit.    
  • Make arrangements for the gas, water and electric utilities, water softener, telephone and cable TV to be connected to your new home on the day of possession.     
  • Get "Change of Address" cards from the post office and send out well before moving day. 
  • Have the post office forward your mail to your new address. 
  • Cancel any contracted services and pre-authorized cheques. 
  • Cancel or transfer gardening, dry cleaning, newspapers, magazines, diaper and other home services. 
  • Change the address on your driver's license(s) effective the day of the move. 

Moving Out of Town

  • Collect all items out for cleaning, repair or storage. e.g. fur coats, dry cleaning. 
  • Make special arrangements for the moving of perishables, such as plants. 
  • Make special arrangements for the moving of your pets. 
  • Dispose safely of all flammable liquids as it is illegal for movers to carry them. 
  • Obtain a letter of introduction from your current financial institution to help establish new accounts. Transfer trust or bank accounts and securities. 
  • Cancel or transfer social, athletic, civic, religious or business affiliations and memberships.
  • Arrange for transfer of medical, dental, prescription and optical records.


What is a CMA and Why Do You Need One?

CMA is real estate shorthand for "Comparative Market Analysis." A CMA is a report prepared by a real estate agent providing data comparing your property to similar properties in the marketplace. The first thing an agent will need to do to provide you with a CMA is to inspect your property. This inspection won't be overly detailed, nor does the house need to be totally cleaned up and ready for an open house. It should be in such a condition that the agent will be able to make an accurate assessment of its condition and worth. If you plan to make changes before selling, inform the agent at this time.

The next step is for the agent to obtain data on comparable properties. This data is usually available through MLS (Multiple Listing Service), but a qualified agent will also know of properties that are on the market or have sold without being part of the MLS. This will give the agent an idea how much your property is worth in the current market. Please note that the CMA is not an appraisal. An appraisal must be performed by a licensed appraiser.

The CMA process takes place before your home is listed for sale. This is a good assessment of what your house could potentially sell for.

CMAs are not only for prospective sellers. Buyers should consider requesting a CMA for properties they are seriously looking at to determine whether the asking price is a true reflection of the current market.

Why Hire A Lawyer?

A legal professional is there to represent your interests and to process the legal documentation required. We will provide you with the names of legal professionals who specialize in real estate.