Things to know when buying a home

House Market Indicators

Setting Expectations and Providing Value

You don't have to be a first time home buyer to seek out this information. No matter what stage you are in life, it's always important to find a trustworthy realtor who not only knows critical facts about neighbourhoods but also will coach you through the process, help you set goals, expectations and helps you design an action plan on how to get there together. But most importantly explains your positioning in the market and what your options are.

Want to know more about what this means? Keep reading.

This is a team effort and that's why Rayna Elabed has designed and built her business on the foundation of being a Real Estate Resource for her clientele.

Let's cover the basics and how Rayna Elabed can help you

Things to Know When Buying A Home.

  1. I will sit down with you and ask you about your goals and expectations from me, as your realtor. I want to know about your past experiences with other realtors and how I can avoid making the same mistakes. We will briefly discuss your financials and budget to see which professional from my arsenal would best service you.
  2. You will be referred to members of my trusted team, which I work closely with to make sure each transaction goes smoothly and as planned. Your first referral would be a professional Mortgage Broker, which is totally free to you and does not hurt your credit score if you're shopping for a mortgage (different from shopping for credit). I like to ensure you are pre-approved so once placing an offer, you have a greater chance at acceptance and to avoid any common rookie mistakes that could jeopardize your finances and be a great liability risk.
  3. Once we have done our due diligence, we start viewing homes together! You will get a tailored search for homes based on your needs/wants sent as soon as they list to MLS. I encourage you to provide me with your feedback after seeing a few homes so I can make sure to keep an eye out for something you may like to see!
  4. During our showings, I will point out any irregularities, red flags or possibility of unseen expenses that may occur. I am not a licensed home inspector and advise all my clients to seek further professional opinion. However, I have a great knowledge of construction and building code, which can help invite dialogues with a licensed professional for further investigation.
  5. After we find your future home, I will sit down with you and better explain the paperwork required and the process to follow. But before we determine a price, I like to actually draft a full report on the subject property, a comparative market analysis that will examine recent sales in the neighbourhood, potential for growth and information about the location etc.
  6. Time to draft an offer! Sometimes depending on the market status, we may do a pre-home inspection to make sure you are satisfied and understand the home’s flaws, this will help us determine what kind of influence the home condition will have on your offer price. Don’t know someone? Don’t worry, I will share with you some recommendations. Recommendations for Bidding Wars: Strengthening your negotiating position is partly accountable to strategic planning in how to structure an appealing offer, understanding what terms are most motivating to make a transaction happen. I will discuss the unique opportunities within conditions, offer price and other elements that can make or break a deal.
  7. Once we’ve won! It’s time for you to get to work, I will send you a checklist of things to do from my "Buyer Package", but here's some more information:
    1. CALL INSURANCE. Usually your car insurance company can bundle a better deal for you so that's the first place to go to for home insurance; I also recommend reaching out to an insurance broker who can try to find you a better bundle deal with another provider. Sometimes its just nice to reach out to compare the offers, there's no obligation.
    2. FOLLOW UP ON FINANCING. Make sure all your documents are sent to the Mortgage Broker/Specialist. I will be double checking because we can't find out prior to closing date that we missed something.
    3. VISIT THE BANK. Get bank draft or certified cheque payable to listing brokerage in the deposit amount agreed upon to be held in trust until closing date, which will be adjusted back to you upon closing date.
    4. PICK A LAWYER. Now it’s time to pick a Real Estate Lawyer, I will recommend some firms and lawyers for your review. Don’t worry about having to send them paperwork, that’s my job. I will make sure everyone has the documents required, all you need to do is pick a lawyer.
    5. GET TO PACKING. Yup that’s it, all the paperwork is mainly handled by myself, less stress for you and more time to just focus on enjoying the experience and getting ready for your next move.
    6. CALL AHEAD. Just make sure you call your service providers to transfer the utilities into your name (includes: hydro, gas, internet/cable etc.) Lawyer will discuss this with you as well and if you have any questions, call me and I can help remind you.
    7. FINAL WALKTHROUGH. Normally you do a final walk through of the property a few days before closing to make sure no issues, we will check for any damages or missing items that were included in the agreement. This ensures that if any issues, they will be dealt with before they escalate to the lawyer’s office and out of realtor hands after closing date.
    8. WEEK OF CLOSING. Week of closing you will be required to visit the Lawyer to sign the remaining paperwork, you will need to bring a bank draft for the down payment.
    9. CLOSING DATE. Usually you will get a call around noon, can be between 9-5pm that day however, if everything goes to plan – theLawyers office will call you to let you know the keys are ready for pick up. I always call ahead to both lawyer’s offices to make sure nothing is withstanding weeks prior to closing date.

My job as your real estate agent/realtor isn't just to show you a house and go over the basic process with you. It's also about providing value and setting expectations. It's about being your real estate resource and not a salesperson. Rayna Elabed focuses on providing her clientele with education on their positioning in the market, understanding the opportunities available by providing insight on better ways to utilize your assets. What assets? Your home! Your home is your largest asset. Most people like to think of real estate as just buying a home but its much more than that. I will show you how to create wealth and utilize your assets to their maximum potential. Rayna Elabed has been a licensed real estate agent with Century21 First Canadian Corp. Brokerage for 6 years now and also has a degree from the University of Western Ontario in Business Finance and Economics. Together, she has married her skillsets and expertise to provide you with a free real investment program. Real because its simple, there's no salespitch, its just education and hard work. If you want to realize your potential, set goals and have action plans that work for you - sign up to the ELAVATE program. Click here for more information.