The Buying Process: A Step-By-Step Guide

Buying a home will most likely end up being the largest financial transaction you will make. That is why it is important to understand the home buying process before you start. The following steps can be used to help you keep track of where you are in the home purchasing process and help you to avoid costly mistakes.

Step 1 – Get Educated

Start with some basic online research to start to understand your options and find what is right for you. Things to consider include but are not limited to, property type (single-family, condo, townhome, etc.), the town you want to live in (think commuting to work, schools, close to amenities, etc.). Next, make a wish-list of which amenities you want in your next home. Finally, set your spending limits. This should NOT be based on what your lender will provide, instead it is what you are comfortable spending. Don’t forget all those forgotten costs as well. Your Jump agent will help you plan using the Costs To Consider Calculator in your Home Buyer’s Guidebook.

Step 2 - Meet Your Jumper

Choosing your agent is an important step in buying a home because this is the person that will guide you throughout the entire buying process. While some think it’s better to work with the listing agent directly (“maybe I’ll get a deal”) the truth is they are obligated to look after their seller’s interests first. By hiring your own agent, they’ll be doing the same for you, looking after your interests. Here at Jump Realty our agents will give you honest advice on what course of action is best for you in their professional opinion and will always put taking care of your best interests first! With offices in Windsor, Tecumseh, Kingsville, and Chatham, no matter where you are, a Jump agent is ready to help.

Step 3 – Pre-Approval Process

Getting pre-approved for your mortgage allows you to see how much a bank will actually lend you to purchase a home. You’ll find out how much a lender will give you, at what rate, and what the terms would be. This step is important as it allows you and your agent to better identify homes that are right for you in the next step. Your Jump agent can help you get in touch with a mortgage specialist. For more on Pre-Approvals, check out our post.

Step 4 – Property Search and Viewings

Now the fun part! Your Jump agent will start searching for Windsor homes for sale and houses for sale in Windsor that meet your criteria. When you see something you like, they’ll book a showing so you can walk through and see if you like it. Tip! View homes with an open mind and don’t look for perfection.Try to feel if you can picture yourself living in the home or if you have a vision for the home. Remember, new houses come on the market every day and they do not last long, so make a move if it feels right for you.

Step 5 – Making Your Offer

So you’ve found the right home and you want to write an offer for it. A common question is “How Much Should I Offer?” Again, your agent is your best tool. They’ll be best suited to look at things like comparatives, gauge the interest on the home, and be in a spot to negotiate with the selling agent. They can advise on what amount to offer to give you the best chance and if authorized, can negotiate up until the price you are comfortable with.

Step 6 – Pick Your Lawyer

Your offer was accepted! It’s time to get the lawyers involved with the paperwork. You’ll select your lawyer you choose to work with as will the seller. All the appropriate paperwork will be sent to them for processing. It is best to hire a lawyer early, do not leave things to the last minute. Your Jump agent will again have excellent recommendations if you do not have a lawyer.

Step 7 – Get a Home Inspection

The timing of this step can vary. In today’s Windsor real estate market this step will most likely happen earlier. An offer with a condition of inspection will almost certainly find itself at the bottom of a seller’s list of offers. Some seller’s will have the home pre-inspection for peace of mind for buyers. If it is not, it is advised to bring an inspector with you when viewing the home. This can be costly over time to only hire an inspector on a home you have serious intentions on. Don’t be afraid to view the home and if it is right, bring an inspector through on another visit. This step is vital and should never be skipped. Learn all about home inspections in our blog post here.

Step 8 – Purchase and Sale (P&S)

Upon the acceptance of an offer, your deposit will need to be submitted within 24 hours to the listing brokerage. Your Jump agent and their office will submit all the necessary paperwork through lawyers.

Step 9 – Closing

After all that work searching for homes, visiting houses, making offers, closing day is here. Before closing, arrange to have you and your agent do a final walk-through of the home to make sure nothing has changed in the property since the purchase and sale agreement was signed. The actual closing (deeds, loan papers, and other documents) are prepared, signed and filed with the registry. All that is left is to get your keys, congratulations you are now a homeowner!