Lee-ann Thiessen

Cell: 604-832-6111 |

You may breathe a sigh of relief once your offer to purchase a home has been accepted, but you’re not quite done yet. Between the time you come to terms with the sellers and the moment you finally put your key in the front door, you’ll be navigating the closing process—along with its associated costs.
 
Below are four things you should not do during the closing process..

1. Go on a shopping spree

I get it; it’s exciting to start imagining yourself in your new home, and many buyers want to rush out and buy new furniture.  Don't do it..yet.  Especially, those offers.. don't pay until such and such a date.. 

Any new big ticket purchases can raise red flags, delay your financing approval.. or even ruin it!

Ditto for buying a new vehicle.  Buy it after you have moved in!

2. Quitting your job

Sure, it would be great to have a higher salary now that you’ll be tackling monthly mortgage payments, property taxes and home insurance, but wait until the closing process is finalized before you blitz the internet job boards with your resume, cautions Stevens. 

“I’ve seen a lot of buyers take higher-paying jobs between that phase of getting an unconditional accepted offer and completing on the deal, but some of these new jobs, even though the buyer thinks they’re in a better position, come with a probation period. If it’s a temporary or casual position, that could cause issues with the lender.”

3. Start booking renovation projects

It’s so tempting to make plans for opening up all the walls in your new home, ripping up the carpet or gutting the kitchen.   Although the wait times to book contractors can be long, don’t get ahead of yourself by hiring crews to swing their sledgehammers. Putting down deposits and signing remodeling contracts is a bad idea until you officially own the home, says Stevens. 

“I typically tell my purchasers to live in the house for 12 months before doing renovations so they get to know the property inside-out and figure out where they can better spend their dollars,” he says. 

Of course, if the home you’re buying needs a massive overhaul before it’s even livable, you can get started as soon as all the final paperwork is signed and completed.

4. Getting overwhelmed 

Being patient makes sense during the closing process, says Stevens, and your REALTOR® will be able to guide you through. There are many moving parts to the closing process, and getting overwhelmed can ultimately make it an unenjoyable experience for you.

“It does become complicated and can be stressful so it’s important to slow down and take the proper steps toward a successful completion,” he says.

Purchasing a new home is exciting, and it’s understandable why you’re raring to go once your offer has been accepted, but making large financial decisions during closing can be detrimental to the entire process. When in doubt, check with your REALTOR® to make sure your next financial move doesn’t affect your ability to close on a home.

Read full post

 When you plan to take a journey somewhere, you hope it will be smooth sailing all the way. That simply means the trip will be relatively trouble-free, and without stress or hassles. Well, selling your property is like a journey. So, how do you ensure that adventure will be “smooth sailing” for you? While no one can guarantee there won’t be a challenge or two to overcome on the road to selling your home, there are proven ways to help ensure everything goes well.

First of all, preparation goes a long way toward having a successful sale. Start early. Make a list of what you need to do around your property to get it ready for buyers. That list will include cleaning and tidying, of course. But, you might also need to get some minor repairs done, and perhaps even a few upgrades (such as painting or a new kitchen sink.) Don’t wait until the last minute if you’ll need a contractor to do those repairs or upgrades. Find and book a professional now.

Second, take the time to fully understand the selling process and what to expect. Don’t be shy about asking questions. For example, if it’s been a while since you last sold a home, you might need to refresh your understanding of how scheduling works for viewings, what staging is all about, how offers are received and considered, etc. The better you understand the selling process, the more comfortable you’ll feel.

Thirdly, and most importantly, give me a call early in the process. I can offer the advice and help you need to sell your property quickly and for the best price. I can also make your selling adventure go smoothly and successfully.

In other words, if you want “smooth sailing”, call me!~

Read full post

Hi Everyone!~ 


Here are some of the most frequent concerns we hear from clients who are trying to buy and sell at the same time.

 

 

“WHAT WILL I DO IF I SELL MY HOUSE BEFORE I CAN BUY A NEW ONE?”

Here are some ideas to make sure you're in the best possible position when you decide to list your home:

 

Tip #1: Flex your muscles as a seller. 

In a competitive market, buyers may be willing to make significant concessions in order to get the home they want. In some cases, a buyer may agree to a sell and lease back agreement (also known as a "sell house and rent back" option) that allows the seller to continue living in the home after closing for a set period of time and negotiated fee. 


Tip #2: Open your mind to short-term housing options. 

While it can be a hassle to move out of your old home before you’re ready to move into your new one, it’s a common scenario. If you’re lucky enough to have family or generous friends who offer to take you in, that may be ideal. If not, you’ll need to find temporary housing. Check out furnished apartments, vacation rentals and month-to-month leases. If space is an issue, consider putting some of your furniture and possessions in storage. 

 

Tip #3: Embrace the idea of selling now and buying later.  (not my favorite option!) 

This option comes with a possible consequence:  What if you wait too long and the prices have gone up?

**My best experiences have been this:  List your place, get an offer on it, and start your home search!


Tip #4: As you get ready to sell, simplify. 

You can condense your sales timeline if you only focus on the home renovations and tasks that matter most for selling your home quickly. 

 

Tip #5: Prep your paperwork. 

You'll also save valuable time by filing as much paperwork as possible early in the process.

 

Tip #6: Ask me about other conditions that can be included in your contracts. 

Part of my job as a Realtor is to negotiate on your behalf and help you win favourable terms.

 

Tip #7: Enlist help early.

If possible, call me early in the process. I will not only provide you with key guidance on what you should do ahead of time to prepare your current home for sale, but also help you narrow down your list of must-haves and wants for your next one. That way, you'll be prepared to act quickly and confidently when you spot a great house and are ready to make an offer. 


“WHAT IF I GET STUCK WITH TWO MORTGAGES AT THE SAME TIME?”

This is one of the most common concerns that we hear from buyers who are selling a home while shopping for a new one, and it’s realistic to expect at least some overlap in mortgage payments. But unless you have a large enough income to comfortably carry two mortgages, you may not pass Canada's beefed up mortgage stress test until you have a contract on your first home. 

 


Contact me for a free consultation, we can review your options and decide which way is the best way forward for you!~




Your Fraser Valley Realtor,

Lee-ann Thiessen crb





Sources:

  1. Canadian Real Estate Association (CREA) National Statistics - 
    https://creastats.crea.ca/en-CA/
  2. Scotiabank Global Economics Housing Note - https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.housing.housing-note.housing-note--may-12-2021-.html
  3. CBC News -
    https://www.cbc.ca/news/canada/toronto/housing-real-estate-toronto-market-sell-stay-rent-1.4075093
  4. Appraisal Institute of Canada - https://www.aicanada.ca/article/possible-valuation-issues-with-life-lease-housing/
  5. Financial Consumer Agency of Canada -
    https://itools-ioutils.fcac-acfc.gc.ca/MQ-HQ/MQ-EAPH-eng.aspx
  6. Government of Canada - https://www.canada.ca/en/financial-consumer-agency/services/mortgages/preapproval-qualify-mortgage.htm
  7. RBC Bank - 
    https://www.rbcroyalbank.com/mortgages/selling-buying-home.html
  8. Canadian Real Estate Association -  https://www.realtor.ca/blog/are-spring-and-fall-housing-markets-a-thing-of-the-past/20405/1361
Read full post
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.