REAL ESTATE GLOSSARY | MORTGAGE CALCULATOR

Rose and John Kristian are committed: to assist you in determining your specific needs and desires in selecting a home. to conduct an ongoing search for your new home by: Checking MLS listings, networking with RE/MAX sales associates and my knowledge of market. to schedule appointments and accompany you on showings of those homes that interest you or provide you the address so you may drive by. Give me a call if you want to look inside. to provide mortgage qualification assistance to facilitate the mortgage application process. to provide assistance in selecting qualified companies and individuals that may be necessary for appropriate and desired property inspections. on request - provide comparable market analysis and tax record research on any homes selected for possible purchase, providing you with factual data on recent comparable sales that will assist you in preparing an offer to purchase. to assist you in analyzing all gathered information prior to making an offer to purchase. to assist you in preparing your offer to purchase to schedule appointments to provide access to the property for inspectors, appraisers, etc. to monitor the post-contract, pre-closing process, to assure that all necessary documentation is completed. to be available after closing to assist you with any unresolved or unforeseen problems There's no substitute for experience. And in real estate, there's no substitute for a RE/MAX - Top Producer.
Three Easy Steps To Finding A Home 1. Assess your housing and lifestyle needs Everyone has different lifestyle needs which dictate the type of home they require. Your family may have children, pets or hobbies such as gardening etc. Your individual circumstances will ultimately govern your choice, however, it is possible to generalize and draw some conclusions about what you need now and what you will possibly need in the future. 2. Assess neighbourhoods suited to your needs Many factors go into choosing the right neighbourhood for you and your family. Location is one of the most important components of real estate value, so choose carefully. As you are investing a lot of money into a property which you may occupy for some time we suggest you weigh the following factors. property value - rising or falling, maintenance of homes zoning - for work from your home, future development environmental issues - noise eg. flight paths, traffic or trains transportation - distance to work, bus routes, proximity to major thoroughfares, chauffeuring of children schools - proximity, curriculum, special education requirements, language programs shopping - proximity to grocery stores, convenience centres recreation - youth and sports groups, playgrounds, bike paths, swimming pools, fitness clubs 3. Arrange for you to view the right houses in the right neighbourhoods quickly and efficiently. A RE/MAX associate will introduce you to builders if you are considering a new home.	During the Search You should view several houses before considering making an offer. Communicate honestly with the sales associate your impressions of the houses as you see them. I am more effective when I know what you like and don't like. Pay attention to prices similar houses have recently sold for in the neighbourhood. Review these sales and current listings and compare them with the house you wish to buy. Be aware of underlying problems which may affect your "equity". Remember, you may want to move within this community or you may be offered a transfer. The ease with which you can resell this property will contribute to the ease of your next move. Consider how well the home will sell in one or two years. To help protect your equity, be a smart and objective buyer and assess these 10 factors: Is the house located on a busy street? Is the property close to an obstacle or negative influence? (i.e. an apartment building, shopping centre, school, radio tower, railroad track, highway, airport or commercial project). Are there plans for this neighbourhood that you may be unaware of? (i.e. a future highway, a commercial development or a new housing development) that will provide competition on resale? Does this neighbourhood, for any reason, have a poor reputation? Is the house sitting on a comer lot so that there is little useful backyard, side yard or excessive traffic noise? Is there any indication of water seepage or damage in this house? Is the house far superior or inferior to other houses in this neighbourhood? Does the builder of this house have a poor reputation? Does the floor plan of this house present problems? Will you have to renovate or add to the house to the point where your costs far exceed market value? A " YES" to any one of these may influence the future resale value of your home.
Offer to Purchase Once the decision has been made to purchase a house and the price range has been determined, the purchase will be initiated by means of an "offer to purchase." The offer to purchase is a written contract setting out the terms under which the buyer agrees to buy. Upon acceptance by the seller, it forms a legally binding contract subject to the terms and conditions stated in the document. The offer to purchase is, in most circumstances, an imposing pre-printed form. Great care should still be taken to see that it outlines the transaction accurately. Once the contract is in writing, a verbal explanation of what was meant, intended or understood, cannot be added, even in a court of law. It is often believed that a printed contract cannot be altered. That is not so. Printing a contract is only for the convenience of the user. If you disagree with something in the printed contract, alter it, delete it, or amend it, but do not ignore it. When changes are made on the form, all parties should initial each change. It is usually the real estate agent who writes up the offer to purchase on behalf of the purchaser and submits it to the seller for consideration. The seller is then at liberty? to do one of the following: (a) Reject the offer outright - refusing to sign, or (b) Accept the offer - signing it in the form that it is presented without alteration, or (c) Counter-offer, by varying some term in the offer to purchase and sending it back to the prospective purchaser for approval. Remember, that a counter offer is, in essence, a rejection of the initial offer followed by an offer to sell. Once the seller counter-offers, the purchaser is not bound by the first offer and the seller cannot later decide to accept it, thus binding the purchaser to the agreement. Buying a Home Whether you've spent years saving and preparing to buy a home, or are unsure if you can afford it, the questions surrounding a house purchase can feel endless. Here are some tips to help you in buying a home: Hire a real estate professional. The first step is to select a professional to help you find your dream home and fine-tune your financial expectations. Working with a buyer agent is worth consideration since he or she is legally responsible for representing the buyer's interest in a real estate transaction. Before making a decision, however, have a Realtor explain the pros and cons of using a buyer agent versus a sales or dual agent. Your RE/MAX Associate can guide you through every step to buying a home. Shop for mortgage rates and terms. A difference of even half a percentage point can mean a huge savings over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that's $12,600. Prequalify for a loan. Your third step should be to get prequalified , which determines how much you can afford. It allows you to move swiftly when you find the right home, especially when there are other interested buyers. It also indicates to the seller that you are serious and really can afford to buy the property. Define what you want. The next step is to create a realistic idea of the property you'd like to buy. What features are most important to you? Make two lists: one of the items you can't live without and one of the features you would enjoy. Refine the lists as you house hunt. It is also helpful to search online to see what is currently available on the market. Your real estate professional can then show you houses that meet your expectations. Visit properties. Now you're ready to visit houses. Ask your Rose or John Kristian to arrange showings, and keep track of the properties you've seen. Know the features that help or hurt resale. In some areas, a swimming pool actually detracts from a home's value and makes it harder to sell. In neighborhoods with two-car, attached garages, a single-car or detached garage may impact the home sale and future value. Rose and John Kristian can point out features that hurt or help resale value. Rate the houses you tour. After touring each home, write down what you liked and didn't like. Develop a rating system that will help narrow the field down. For example, pick the house you like best on day one and compare all other houses to it. When you find a better one, use the new favorite as the standard. Make an offer. Once you've pinpointed your dream house, it's time to get serious about the financial and contractual side of the purchase. Rose and John Kristian will be a strong advantage since you and the seller have different goals. Arrange for a home inspection. After your offer is accepted, set up a home inspection. It's common to find problems, including leaky roofs, cracked walls, insect infestations and foundation problems. Your real estate professional can help find a reputable inspector, and will negotiate to get you the most for your money once the inspector's report is final. If you negotiate repairs as part of the purchase, ask for a "walk through" before finalizing the paperwork. Ask your Rose and John Kristian about home protection plans, which may save you money in the near future. Close. Before your closing date, make sure you've made all necessary deposits and completed the paperwork - including mortgage, title, homeowners insurance and any other paperwork required by local or state governments. Prepare for life in your new home. Before rolling out the welcome mat, consider some moving basics: arranging for an alarm company, turning on electricity, water and gas, cleaning or replacing the carpet, and notifying your local post office of your new address. The best time for renovations is often before you move in.
Relocating to Vernon Emergencies - DIAL 911 COMMUNITY SERVICES: Vernon City Hall - 545-1361 3400 30th Street Post Office (Main) - 545-8239 3101 32nd Avenue Online Mail Redirect Greater Vernon Chamber of Commerce - 545-0771 701 Highway 97 School District #22 - 542-3331 1401-15th Street Vernon Insurance - 545-5311 3118-32nd Avenue BCAA Auto Insurance - 542-1022 520-4400 32nd Street The Vernon Morning Star Newspaper - 545-3322 4407 25th Avenue 542-1510 (fax) Welcome Wagon - 545-4663 Health Unit - 549-5700 Police - non emergency - 545-7171 Vernon Jubilee Hospital - 545-2211 Fire Station - 911 Crime Stoppers - 549-8477 Access Centre - 549-5511 (Drivers license, birth certificate etc) 3201 30th Street UTILITIES: Terasen Gas - 1-888-224-2710 BC Hydro - 1-800-224-9376 Telus - 310-2255 Out of province 1-888-811-2323 Telus Mobility - 545-8848 Out of province 1-800-663-3836 Shaw Cable - 542-4007 Vernon Lumby Cable & Internet Lumby 547-9955 Sun Country Cable - 832-9711 Salmon Arm Sun Country Cable - 546-9667 Armstrong Recycling Hotline - 1-800-667-4321 MOVING And STORAGE CO: Cidel Moving & Storage - 542-4254 2101 43rd Street 1-800-922-4335 Vernon BC V1T 6K7 Vernon Moving & Storage - 545-2185 2506 37th Street Vernon BC The Stor-it Place 545-3316 (U-Haul/Mini Storage) 2504 43rd Street 545-0078 (fax) Vernon BC V1T 6K9 1-800-GOT-JUNK 1-800-468-5865 (Junk Removal Service)