Prior to purchasing Toronto, Thornhill or Vaughan real estate, it’s necessary to consider certain factors such as the type of home that you would like to purchase, what features it should have, what mortgage you qualify for, and how much you can afford. The buying process can be overwhelming, especially for first time buyers who do not know what to expect, so having a grasp on these things will help make home buying go a lot smoother.
What Happens After Making an Offer?
After you choose a home you can see yourself living in, we must write up an offer on the home which will require you to sign several documents, one of which will be the actual written agreement that outlines the price you’ll pay, the closing date and any terms and conditions we add to protect your interests. Once the seller makes a decision, there are three things that can happen:
- The offer is accepted – yay!
- The offer is countered and new terms are set
- The offer is rejected – boo!
A real estate agent can make the entire buying process simpler by keeping you updated and communicating directly with the seller or their agent. A realtor understands the many complications that may arise from various circumstances and will work to ensure you are well protected throughout the offer process.
Common Problems Encountered During the Closing Process
Even if your offer is accepted, the buying process is not yet over and there are still potential hurdles that need to be overcome. For one thing, if the home inspection reveals serious problems that may often require significant time and money to repair, we may revise our agreement or completely walk away from it if we had included the correct home inspection clause in our offer. Moreover, if your finances are not approved you will lose your home and the deposit so it’s very important to make sure you have enough funds in place or ensure you and your Realtor have included a financing condition to protect you from losing the home or even being sued by the seller for not closing the deal.
In addition, even if everything else is in order, there may still be errors that prevent the home from closing on time. Due to the many potential pitfalls you may face, it’s best to have an expert on your side who handles these kinds of issues on a daily bases.
Ilan Joseph and his team of dedicated real estate agents are dedicated to helping individuals find real estate in Vaughan, Thornhill and Toronto. Finding a home is one thing, but an experienced real estate agent can help you do so much more. The Ilan Joseph team will successfully guide you through the buying process and aid you with any problems that they may arise along the way.
For more information, visit www.ilanjoseph.com or contact the Ilan Joseph Real Estate Team at:
ILAN JOSEPH (VAUGHAN OFFICE)
1206 CENTRE STREET
By Ilan Joseph, Broker, ABR®, e-PRO®, AMP® | © All rights reserved