Home Buyer's FAQs
We get a lot of frequently asked questions from people considering buying a home in the Edmonton area. Some are more complicated than others, and can really only be explained in person, but some of the more basic frequently asked questions are listed below.
Should I talk to a mortgage professional before looking at homes?
Absolutely, the answer is yes. There is no point going out and looking at homes, and getting your heart set on something you can't afford. Most real estate agents will at least ask if you've been pre-qualified before showing you homes, and some may require proof. Keep in mind there is a difference between a pre-approval (based on your answers to questions) and a pre-qualification (where they actually check all your information and confirm your qualification). Don't waste your time looking without know what you can afford, and what you can qualify to borrow.
Can you help me find a rental property?
It is not common for real estate agents in the Edmonton area to help clients find rental properties. Liv Real Estate agents only represent clients buying and selling properties.
Can I "rent-to-own?"
There are rent-to-own opportunities out there, but they're very few and far between, and extremely hard to find. It's very rare that we're able to find a property that meets your needs, that you can rent-to-own, and even if we can, it may not be your best option. You'll probably need to pay a higher interest rate than you otherwise would, costing you far more money in the long run.
If I already own a home, should I buy or sell first?
This is a complicated question which we answer in detail here.
Who pays the real estate agent's fees when buying a home?
When you work with a real estate agent, their fees almost always come from the proceeds of the sale of the home. This means that the agents only get paid, when the home actually sells. It doesn't cost anything to have an agent from Liv Real Estate show you homes, write and negotiate offers and help you through the entire process. If you do purchase a home with that agent, they will get paid after the sale of the home closes, by the seller. Real Estate agents in Alberta are required to have a contract with their clients called a Buyer Representation Agreement (or a Seller Representation Agreement if they're representing a seller) that explains the services they offer and the amount they will get paid for those services. There are benefits of buyer representation.
How long does the seller have to respond to my offer?
When you right an offer to purchase a property, you can (and should) include a deadline for the seller to respond. One of the last sections of the offer says this offer is open until [insert date and time]. If the buyer and seller do not come to an agreement but that time, the offer essentially dies. Putting a short deadline can encourage a seller to respond quickly, or be considered unreasonable and simply ignored. Your real estate agent can give you advice on the ins and outs of deadlines on offers.
More FAQs coming soon...