Real Estate Montreal Requirements

You have just found the home of your dreams

You have just found the home of your dreams. It has everything you could possibly want in a home but there is just one problem; you simply cannot afford it. Your heart is broken and now nothing seems to live up to your expectations.

If you had taken the time to hire an agent involved in real estate Montreal, this never would have happened. The real estate agent in Montreal is one of professionalism. He will gladly listen to your home wish list but he will also ask some very pertinent questions in regard to down payments and your personal affordability status. If the home of your dreams has a $750,000.00 price tag and all you can afford is a home in the $350,000.00 range it would be foolish to waste your time and the agents looking at home you simply cannot afford.

Lenders will require a credit report before they will agree to give you the funds with which to purchase a home. Your history in regard to how well you have paid your previous debts such as car loans and credit card loans will go a long way in helping you get a home loan. Lenders will also look at your present income versus your present expenses to see if you can even afford to buy a home and if so what the price range would be. A lot of people will get prequalified. This is a term meaning that before they even begin to look at homes they will know what they can and cannot afford. This will save a tremendous amount of time in the home buying process.

So you are prequalified and you have found a reputable real estate Montreal agent. Now your wish list can be seriously considered with your allowed purchase price figured into the equation. The agent will enter all of this information into his computer and find all of the homes in your price range that come as close as possible to fitting into your criteria. He will make arrangements with the owners for you to view these homes and decide if the home is a prospect that you may want to keep on your list of interests, or disregard it completely.

Once you have found the home you like and wish to purchase, this is where the agent becomes invaluable. From here until the time you sign the final papers at the bank, the agent will be your guide through the number of necessary steps in buying a home.

The first thing you will do is write a purchase offer along with earnest money. Earnest money is simply money put down with the offer to allow the seller to know that you are serious in your offer. There may be a bit of negotiating here, as the seller may not accept your initial offer and he will counter offer a price. On occasion this can go on for a few offers between buyer and seller.

When the purchase price is agreed upon, the agent will write up the final purchase offer papers. He will then advise you to have the home inspected. This is important advice. Hidden problems could end up costing you a fortune in repairs and if they are found before purchase, the cost of repairs can be negotiated with the seller. If all goes well, along with your prequalification, you will soon be a homeowner.

by: Montrealstays Real Estate INC

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