As a local Vancouver REALTOR® and a full time real estate agent, I come cross many real estate home buyers in Vancouver that are not familiar with the steps and process of buying a home or condo in British Columbia.
There are numerous steps involved with purchasing a House or condo for sale in Vancouver BC.
There are 3 level of purchase:
A) Pre-Purchase Activity
In this stage, the consumer feels the need to purchase. wether it is downsizing to a smaller property, upsizing because of growing family, or simply feel the need for safest investment. reviewing the products, getting to know the market and getting familiar with the prices, neighborhood, and other important detail.
In this stage the consumer engages in the purchase by stepping forward using all the information gathered by the step one to make a final decision.
C) Post Purchase Activity
In this stage the consumer has obtained the product and pending on the scenario, lots of excitement or remorse.
Step 1. Get your finances in order
This is one of the most important step in purchasing a real estate. Many buyers assume their affordability and after searching for months and finding that dream home, get the shocking news that they can not be approved financially. It is important to find a quality and top rated financial mortgage company that is familiar with all under-writings and new implemented banking requirements. In this stage, the buyer must provide all their personal financing information to their mortgage specialist in order to obtain pre-approval. In my other article we discussed about pre-approval and its lack of financing confirmation support, hence it is suggested to go one step forward and provide further details of personal income and finances to obtain more accurate conditional approval from your financial institution.
Steps 1 and 2 are in co-relation as your REALTOR® can refer you to a reputable mortgage specialist and or broker to make the process much easier and...