first time home buyers

Now that you are pre-approved, narrowed down your search and have picked a great Victoria Realtor to work with, its time to start looking at homes.  

While most people search through realtor.ca to start their searches, your real estate agent will send you custom listings that match your criteria directly from the Victoria MLS. 

Tip: This direct MLS access, will allow you to see more details on the property that are accurate and 100% current. Through here, you can obtain the most accurate listing info, live time updates, and communicate your desirable properties directly with your agent through this. 

House hunting will involve screening listings for accuracy, previewing properties online through phots and virtual video, visiting the neighbourhood prior and then finally going out to view the homes “Live’ and of course with Covid safety in mind. 

This is your opportunity to get a feel for different Victoria neighbourhoods, communities, municipalities and refine your wish list accordingly. As time goes along, you can get  a feel for your area that feels like home to you. A wish list is a great starting point, but often and from experience, most buyers walk into the home and they just “know it” or “feel it.”

Of course, it helps when it satisfies your needs and wants too, but don’t underestimate the power of ‘just knowing’.

Making an Offer as a First Time Home Buyer

Congrats! 

Your home search efforts have paid off, and you have now found the ideal home for you: it satisfies your wants and needs, it’s in your price range, and it feels right. Now its time to write an offer of purchase, which will be both exciting and nerve-wracking a the same time. In British Columbia, your offer must be in writing and will form the Contract of Purchase and Sale (CPS) which is a legally binding document containing valuable conditions: 

• The price you are prepared to pay
• The amount of your deposit (usually 5% of the purchase price, due within 24 hours after the offer is accepted)
• Closing date (the date you take possession)
• Inclusions you want (washer/dryer, blinds/window coverings, etc)
• Conditions that need to be met for the deal to go through and be 100% complete.  (EX: financing approvals, title and property disclosure verification, house insurance, home inspection, etc)

Once your agent has submitted your offer, the Seller can accept it, reject it or sign back a counter offer. During these back-and-forth negotiations, you may need to compromise on small things, but a great REALTOR will work hard to get you what you want.

Providing The Deposit & Meeting Conditions

Conditions are requirements within the Contract of Purchase and Sale (CPS) that must be met for the sale to go through. This is not a solid sale until conditions have been met and satisfied. As a first time home Buyer, you may have included a financing condition in your offer, or a condition that allows your lawyer to review the legal details of the property, or a home inspection condition. 

And of course, you’ll need to submit a deposit on an amount up to 5%-10% of the purchase price, upon the date you remove these subjects or as outlined in the CPS. Your deposit will be held in trust until closing day and submitted to your lawyer for final paperwork.  

Once the conditions have been met, verified and removed, the sale is said to be ‘firm’, and now it’s just a matter of waiting for your closing and move-in dates. And additionally, some pre-packing & preparing for that big day

Time for the Move!

You’re almost a homeowner! 

Closing is the point at which the ownership and possession of the property are transferred from the Seller to you. It takes place once all the legal and financial obligations have been met. This is when you Lawyer comes in. Closing the purchase will be a team effort: in addition to yourself as the buyer, the seller and both your lawyers and your lender, they will all be involved in helping to close the deal smoothly and on time. Once this is achieved, you're ready to move in and your agent is ready to pass you your new keys!