Curious about who is involved in your home purchase or sale? We outline the professionals you can expect to work with below.
1. Real Estate Sales Representatives
A real estate sales rep is a professional who can save you time and trouble—and possibly even a lot of money. These agents have the home buying and selling experience most people lack. They know all of the steps and they are good negotiators who will work on your behalf.
What Does A Real Estate Sales Representative Do?
Your representative will:
- Fine-tune your wants/needs list
- Get special computer access to listing information
- Screen houses so as not to waste your time
- Arrange appointments
- Offer helpful advice about the neighbourhood
- Introduce you to trusted contacts who should be on your team, such as mortgage brokers, lawyers, and home inspectors.
Above all, find a real estate sales representative who is a professional in the type of home you’re looking for. A country home professional may not be the urban market specialist you need.
When speaking with your sales representative, be as clear as possible about your needs.
Curious about what it’s like to buy a home with The Cindy Wood Team? From our processes to real client reviews, here are a few more resources to check out next:
2. Appraisers
Hiring an appraiser to appraise the value of property you are considering to buy may seem sensible, but it is highly unnecessary.
Your lender will want their own personal appraiser anyway, so you could be wasting valuable money. As well, most sales representatives are competent and can do a “Comparative Market Analysis” for you, to establish a value range.
The only situation where hiring an appraiser would become necessary is where the property is unusual with no comparable sales.
3. Lenders
A lender is anyone who will give you money. There are private lenders and institutional lenders, like banks and credit unions. Even your brother-in-law can be your lender. Of course, when you’re looking for a lender, you’re looking for a long-term relationship and terms and rates which are beneficial to you.
The true test for a buyer is “What else can we buy for the same or less money?”
You really have a couple options:
Consult a mortgage broker. They will search the mortgage market for the best rates and conditions based on your circumstances. Usually the broker is paid by the lender without cost to you. However, the cloudier your credit history, the more likely there will be a fee! A good mortgage broker will be connected to all major lenders through the mortgage market.
Do your own search. With a good credit history, it’s really not that complicated. Pick up your newspaper and you’ll see what the different lending institutions are offering. Find the institution you feel you would be most comfortable with, and one that offers the terms and conditions you’re looking for. Then, go in person and negotiate your best deal.
4. Mortgage Brokers
This is a person who will do the leg work in finding the institution which offers the mortgage terms and conditions that are right for you. Like an insurance broker, this professional works for you and can offer you an unbiased referral. Although most brokers are paid a finders fee by the lender, some will charge 2% of the total mortgage to find you a lender.
Did you know we have an in-house mortgage specialist to help with all your mortgage needs? Learn more about our mortgage services right here.
5. Lawyers/Notaries
A lawyer is there to represent your interest, and to process the documentation required. The legal aspects differ from province to province. Your sales representative can recommend lawyers to advise you on the steps to be taken before the keys to your new home are presented to you. A lawyer helps ensure you are protected!
6. Home Inspectors
Whether you make the inspection a condition of purchase or not, having the property pre-inspected by a qualified professional will give you the added confidence that you’ve made the right decision.
Be very careful to verify the qualifications of your home inspector because there are no government standards or licenses for home inspectors. Some home inspectors in Canada do not have any form of accreditation.
For your protection make sure your home inspector is a member of (PACHI) or (OAHI). This is your assurance that they have met their education requirements, have the experience and carry E & O Insurance.
Do you have more questions about buying a home in Uxbridge? Here are a few more posts and resources you might find helpful:
- 4 Must-Know Tips Before You Buy a Home in Uxbridge
- Mortgage Types, Terms & Fees You Should Know
- Home Buyer Calculators
7. Insurance Brokers
Ensure your property and valuables will be covered. A broker offers independent advice and can save you time, trouble and money. Plus, the bank will insist that you carry full insurance since your property is used as collateral against your mortgage.
8. Contractors
If you decide to do some renovations on your home after purchasing, look for a credible contractor. Before anyone begins work on your home, it is important to do your homework.
Ask for Referrals
Never take a chance on an asset as significant as your home. Start with referrals from trusted people in your circle, like:
- Architects
- Sales agent
- Friends or neighbours who contracted similar work
- Your local builder supply store
Ensure Credibility
- Contact their references
- Ask to see sample work
- Speak to past clients and ask about pricing, timing, and overall management
- Check the Better Business Bureau
- Interview at least three options, and arrange for estimates
When reviewing the project with your contractor, ensure they understand your needs and budget. Each contractor will have a different idea on how to approach the work and they should inspect your home before giving an estimate. If contractors are bidding based on an architect’s plans, be certain that they have detailed their approach to the job based on the drawings.
If there is a significant difference in the price, ask the contractors to explain their estimates. Keep in mind that the lowest price is not always the best.
A price that’s too low may mean that the contractor has undercut to get the project and then may submit additional project costs once the project is underway. As well, a high price doesn’t always mean that you’re getting gouged. The contractor may have budgeted for higher quality materials and may offer workmanship that is of an overall better quality.
In every case, before you sign the contract, be certain that it is as detailed as possible to the point of noting the specific finishes and brand names of the products to be installed.
Evaluating A Quote
Here’s what you should consider when reviewing a contracting quote:
- Are the specific details of the project outlined?
- Are the specific costs detailed?
- Is there a provision for extra costs?
- Has a cap been set for the total project?
- Is there a firm project timeline?
- Has the contractor allotted time for inspections?
- Have you indicated that you wish to see all material receipts?
- Will the work be subcontracted?
Your agent will help you find the right professionals, and assist you with vetting each one.
Ready to start the home-buying process? From securing a mortgage to finding the perfect property, our team is here for you. Get in touch with us today by calling 905-852-6143, emailing cindy@cindywood.ca, or filling out the form on this page!
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Whether you are buying or selling, our team is here to help make the most of your next move.
