Once you’ve set your heart on your perfect home, how do you proceed?
Make an offer and negotiate. See Part II: House Hunting, for tips on what to look out for when determining property value. Look at comparable listings in the area too. Rule of thumb- don’t buy the most expensive property on the street. It’ll make it hard for you to resell if that day ever comes.
Contact your bank to get the final approval in place. This should take 7-10 days from the date of the accepted offer.
Book your inspection. The inspector will walk you through the property with a fine comb, and address any and all concerns you have, and will outline any potential short-term or long-term issues the place may have. Note that an inspector will never give you a cost evaluation, nor will he directly tell you what to do. He is merely a knowledgeable guide present to show you the ins and outs of the property. Following the inspection, if any severe damages are brought to light, you may then have recourse to renegotiate the price or pull out of the sale entirely.
Make sure you do everything within your delays. You’ll have deadlines to obtain the financing or get the inspection done. If, for example, your accepted offer indicates that you must provide proof of financing no later than 7 days after the date of acceptance, the seller can accept new offers on the 8th day if you fail to respect the deadline – rendering your contract null and void.
When all is said and done, and both the bank and the inspector have given you the green light, its time for the act of sale. The next step is to sign with the notary and get the keys to your new home.
Congratulations, you now own your first home!