Buying A Home In Vancouver? The Home Buying Process Explained.

Buying A Home In Vancouver? This is the home buying process explained. In this video, I break down and layout for you the home buying process, here in Vancouver, from start to finish. 

Are you planning on buying a home in Vancouver? If so, this is the home buying process explained. Hey, everyone. It's Craig Veroni with RE/MAX Masters Realty here. You know buying a home in Vancouver can be a complicated and convoluted process. So, in today's video, I'm going to break it down and lay it out for you from start to finish.

I was named one of the top 50 video influencers in real estate in North America for the past 2 consecutive years for the way I utilize video to market my client's homes and educate them as well. If you enjoy the content here I hope you'll
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All right, let's dive into it. Step #1. Get Pre-Approved. you need to know exactly what you can qualify for and afford before you head out and start shopping for a home.

Step #2. Pick the area or areas that you think you’d like to move to. The more you can narrow down those search parameters the better.

Step #3. Make a list of your must-have and deal-breakers and then keep an open mind. It's important to know what you really want in a home, absolutely and what's going to make you happy but, it's also important to know that along the way in this process you may need to make some concessions or compromises and it's important to be able to keep an open mind.

Step #4. Find a REALTOR® you can connect with! You may or may not be aware that the rules in BC have changed over the past year for real estate agents. A listing agent can no longer act for both the buyer and the seller. This is terrific news for any buyer because you're now encouraged to go out find a REALTOR® that you can connect with that will help guide you through this process, avoid any pitfalls you may encounter, and, of course, negotiate strongly on their behalf.
In B.C. the Seller pays the commission for both the listing agent and the Buyer's agent. So, it costs a buyer nothing to work with an agent yet provides them with full protection. Buying a home on your own or as an Unrepresented Party is incredibly risky and I would not advise it at all. In fact, because of the rules changes here in B.C., most listing agents won’t work with you if you don't have an agent, because of the potential risks they face.

Step #5. Ok. You've gotten yourself pre-approved. You know the areas that you want to focus on in your search. You've got a great REALTOR® to help you through this process. Now, start looking at homes. Go online. Check out what's available. Go see open houses. Purchasing a home is a team effort between you and your agent so, dive in and start participating. Buying a home is a process of elimination and the more homes you can see, the faster you'll be able to find the right one for you.

Step #6. Drive around the neighbourhoods of the homes you’re interested in. Check out the schools, restaurants, shopping, and amenities nearby because you may find that you love a particular home but you really don't like the
neighbourhood it's in and that’s important to know.

Step #7. So, you've found a home that you'd like to put an offer on. Now what? If you’re ready to make an offer, you're
going to need to sit down with your agent and go through the contract of purchase and sale. During this process, your agent will help guide you on an appropriate offer price. They should also be providing you with data of comparable sales of homes that have recently sold in the area as well as insight into the current market conditions of the area that
your purchasing in.

Step #8. Submitting your offer. Your agent will handle the submission of your offer and hopefully, they will ask to present this offer in person. Although, this isn’t always possible as more and more homeowners are now opting to have everything go through their agent. In this instance, I always submit my clients' offer in a video email. This video email will not only have the offer attached but also any relevant market data for both the agent and homeowner so they can understand the rationale behind the offer price. Most importantly the email contains a video of me, describing in
detail, my client's background and what has led them to want to purchase this home. Of course, any personal information provided in the video is with my client's permission. The wow factor for any listing agent receiving such a comprehensive video email package is huge and it’s many times won my clients the home even though their offer was not the highest price.

Step #9. The negotiation process. If you are not lucky enough to have your initial offer accepted immediately, one of two things will happen. Either the seller will flat out refuse the offer or they will submit a counteroffer at a new price and possibly some other changes in the contract as well such as the completion date or possession dates. The negotiation process is a tricky and complicated dance. Many agents out there understand they are simply there to facilitate things between the buyer and seller and most will work cooperatively and diligently with one another to achieve this. It’s also important for you to remember that any information your agent is relaying to you are those of the other party, not their
own. In other words, don’t shoot the messenger. Whenever I receive and relay news that I know will not be received
well by my clients, I always tell them to take a breath, absorb the information, because I’ve already come up with a strategy for them should they choose to heed my advice.

Step #10. Your offer has just been accepted and you are thrilled. Rightly so. Now, let’s focus on the next steps. Most likely your offer will have had subjects in it. These could be subject to financing, or inspection, or receiving the strata documentation and information if it’s a condo or townhouse. Typically, the subject removal period, meaning the time from offer acceptance to when the buyer has to remove all subjects is anywhere from 5 to 7 days. It could be shorter or longer depending on the circumstances.

Step #11. The Inspection. This is another important bridge for any Buyer to cross during the home buying process. And, if you don't already know a great home inspector, your agent will be able to recommend several for you.

Step #12. Subject removal date. This is a very important day because once you remove all subjects, the deal is firm and you have purchased the home. Should you choose not to remove subjects, for any reason, whether it's the inspection
report or perhaps your financing falling through, the deal collapses. Hopefully, that’s not the case and you’re moving forward. After subjects have been removed, it's definitely time for you to celebrate.

Step #13. Ok. Now that subjects have been removed, you need to find a lawyer or notary to handle the conveyance of this property for you. Again, if you don't know any, your agent will be able to recommend several for you.

Step #14. The next month or more, depending on when your completion and possession dates are, are going to be very busy for you. Because, you need to arrange everything from the packing, cleaning, and moving of your current home to your new one. Don’t forget to submit a change of address notices to everyone you know and also arrange for mail forwarding for 3-6 months just in case you miss someone along the way.

Step #15. Signing all the paperwork with your lawyer or notary. Typically, your lawyer or notary will have you in, about a week before your completion date, to review and sign all the paperwork. Again, this could be less than a week or more than a week depending on the circumstances.

Step #16. The completion date. This is the day the lawyer for the seller and the lawyer for the buyer handle the transferring of the title of the property and monies. You're also one step closer to taking possession of your new home.

Step #17. The Possession Date. Of course, this is one of the most exciting days in the home buying process because on this day you get to go stand in front of your new home, meet with your real estate agent as he hands over the keys to your brand new home. What could be more exciting than receiving those keys and taking those first few steps into your new home as the homeowner?

And that's it. Congratulations! You're now the proud owner of a new home. Of course, it will take some time for you to settle into your new home but be patient with yourself as you will get there. Thanks so much for watching. I hope you enjoyed today's video, The Home Buying Process Explained. If you did, please consider subscribing to my channel, hit the thumbs up button on this video, and don't forget to hit that bell so you can be notified the moment I have a new video out.

Have a fantastic day and remember, this is where you Live Love. Own Vancouver!