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Fancy living in your very own home one day? Who doesn’t? Of course picking the right house involves more than choosing a beautiful view or selecting a neighbourhood with good schools – and chances are you’re going to have lots of questions.
Well, you’ve come to the right place, as we have the answers (straight from real estate agents) right here…
They make a huge difference when it comes to helping you purchase a house, but in short:
1. Real estate agents act as a consultant and offer up specialized advice on specific properties and neighbourhoods that their clients may be considering.
2. They negotiate on behalf of their clients. They should be able to broker an agreement between parties while building in safeguards to protect their clients, if the deal goes south.
3. An agent will facilitate the contract through closing. Contracts are extensive and have many timelines that must be adhered to. The agent can ensure all deadlines are met and closing happens on time without costly delays.
The commission fee will be a percentage of the home's sale price — typically 6% — that's then split as payment to both the buyer's and seller's agents and their companies. However, the exact percentage paid is negotiated on a case-by-case basis, so it may vary.
For a traditional sale, the seller is responsible for paying the entirety of the commission fee at settlement. (The buyer's portion of this fee is usually accounted for in the sale price and unofficially rolled into their mortgage payment.)
However, with more unusual purchases like short sales, foreclosures, and auctions, the buyer will occasionally have to pay the fee upfront.
These days, most mortgage lenders are offering conventional loans with as little as a 5% down payment to those who qualify and FHA Loans are still offering their 3% down payment.
The specific rates and programs available to you will vary according to your market and unique financial situation, so you should absolutely talk it over with your lender.
It depends on many factors, but first of all, look at how the home is priced compared to similar properties. Your agent can help you get a list of these together and it will give you a realistic starting place.
Then, find out how long the home has been listed. (If the home has been on the market for a while, the seller will probably be more open to negotiation than if the home is newly on the market.)
Lastly, be realistic about your local market conditions. If it's a seller's market and homes have been going above asking price, you need to be prepared to price your offer competitively.
Contingencies are anything that needs to occur in order for the deal to continue moving forward. They can be things like inspections, the receipt of deposit monies, or obtaining a mortgage commitment. Nearly anything can count, as long as both the buyer and seller agree to it.
It can occur, especially in competitive markets, that there’s pressure to leave certain contingencies like inspections out of your offer. However, this is a personal decision. Ask yourself whether you'd feel more comfortable getting the house without knowing exactly what repairs will be needed or if you'd feel better going into the deal with certainty, even if it means potentially losing out to someone else.
It’s usually best to have the seller make the repairs on structural issues (roof, foundation) and mechanical issues (plumbing). These vital items will usually still need to be taken care of, even if your deal falls through and there can often be complications. Leave those headaches to the seller!
If it’s a minor issue (something cosmetic that you can live with for a while, like bathroom tiling), then get an estimate done for the cost of the work and ask the seller to reduce the sale price accordingly.
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