Buyer FAQs

The first step would always be to save enough money for a down payment and do a thorough investigation of the average prices in the area you are looking to buy in.

If the process goes smoothly then buying a home could take as little as a month. However, on average we would say it takes around 50 days to buy a home.

Generally speaking, a home buyer won't directly pay the realtor. The realtor gets a commission (usually around 2.5-5%) that is included in the final overall price of the sale.

Technically no. There is no legal or financial requirement to employ a real estate agent when buying or selling a home. However, many people choose to use an agent as working with someone with extensive real estate knowledge as both an advisor and intermediary does really help streamline any and all real estate processes.

Generally speaking, a score of at least 620 is required to land a mortgage. However, the higher your score, the more likely you'll be able to land a mortgage with better terms.

The value of this downpayment can vary depending on your lender and the property in question but generally, between 5% and 20% of the listing price is normal for a downpayment on a mortgage.

You don't need to. People who are replacing their existing home may choose to as the mortgage terms may be better for someone with more capital, but this is not a legal requirement.

There isn't a specific number, it's really about how long it can take to find the right property and how passionate you are about the properties you view. Once you find a place you like, there is no reason you can't put in an offer - even if this is the first one you view.

If you are working with a real estate agent or realtor, they can act as the intermediary to pass the offer on to the seller, or you can do it directly. However, their acceptance really does depend on the sellers own timelines and representatives. Usually, it takes on average 1 to 3 business days for a seller to respond to an offer.

If your offer is rejected you have to first figure out why. It may be because the offer was too low, or you specifically didn't meet some of their terms. In either case, your realtor or real estate agent could help to find out why.

But, you may need to adjust your budget or negotiation tactics if your offers are frequently rejected.

It becomes up to the seller and their representatives to select the offer that is right for them and you will be notified if your offer is rejected.

This would depend on what institution you plan on using to secure a mortgage. If your bank is also your mortgage provider, then yes you should consult them first. However, if you are approaching a 3rd party to secure your mortgage (a broker or agent) then it may be best to contact them first.

Yes, you should have the property inspected before you buy it - even if it is a new property. But there are a few types of property inspections:

• City: Ensures the property is up to city codes.
• Construction: Ensures all construction tasks are completed and legally compliant.
• Rental: Ensures the property is legally ready to rent.
• Bank: Performed by a bank for, amongst other things, valuations or mortgage conditions.
• Insurance: Performed by an insurance company to ensure the property is compliant to their insurance condition or to evaluate damage.

If your offer is accepted, the first step would be to transfer the deposit. If you're working with a realtor or real estate company they should hold this for you in a trust account. After buyer would fulfill any outstanding purchase conditions leading up to the closing of the sale.

An earnest money deposit is a sum that a buyer puts down, which indicates they are serious about the offer they are making on a property. While this does not have any impact on the mortgage conditions it does show the seller that you are serious about their property and is a viable potential buyer, rather than someone who would waste the seller's time.
These are especially effective in situations where there are multiple potential buyers.