The Buyer has confirmed his/her financial position and is now ready to start looking for a home.
1. Determine your Needs
Make a wish list of the location and features that you want. Your real estate agent will tell you if what you want is available in your price range. You may need to juggle your prospective home’s ideal location, features and cost to come up with your final wish list.
2. View and Evaluate Homes
Your real estate agent will review the available homes on the Multiple Listing Service (MLS) and take you to see only those homes that will most likely be of interest to you. When you go see a house that interests you, check off its features on your wish list. You can also take photographs if this will help you to remember the house. Also note the general interior and exterior condition of the home in order to get an idea of the repair and maintenance costs.
When you decide to make an offer on a home, your real estate agent will draw up an ‘Agreement of Purchase and Sale’. Your agent will present the offer together with a deposit to the sellers. Your offer will have an expiry date and time – you cannot withdraw your offer before this time. Your offer can be accepted, rejected or signed back (countered) with new terms such as a higher price. If the seller accepts your offer, or you accept the seller’s counter offer, you have a contract.