Property Retailing Faqs- Commercial Property for Sale in Brampton

3 mn read

Whenever we think about buying or selling a property we come across hundreds of questions. The process involves numerous people dealing with different aspects of the process. But all of these have their variable preferences. Especially for the people who are having the first experience exploring the market, it is quite difficult to understand. So, these people are naturally curious about the process and details. It is the duty of real estate agents to guide them through the process. A reliable estate agent can make or break the deal for you. However, if you are looking for residential or commercial property for sale in Brampton, you can visit Bashir Ahmed-Real Estate Broker for the best services.

FAQs about Property Retailing

Some of the most commonly asked questions regarding property retailing include:

1- What is the first step in the home buying process?

Well, the first step of the home buying process is probably planning the finances. Among these getting a pre-approved mortgage is the first thing. For the mortgage, you need to consider your overall income, your financial responsibilities and what you can afford. It can help you to narrow down your home buying options as well as saves you from the trouble of buying an unaffordable home. 

2- What is the duration for buying a home?

The duration of the home buying process from searching to closing escrow can take up to 3 months. However, this duration greatly depends upon the market conditions. For example, in hot markets, it may take longer than expected to buy a house. The increased sales activity images more home inspectors and property appraisers. In this scenario, these unwanted delays can extend the duration of home buying.

3- How many homes should I visit before making an offer? 

You can visit as many homes as it takes to find the best one. No one can generalize the number of homes you should because it completely depends upon you. Some people may find the home on their second visit. In contrast, some people keep visiting the places but couldn’t find one. No matter how many homes you tour before making an offer, make sure not to check more than 6 homes in a day. 

4- What is the rule of thumb for borrowing money to buy your home?

The loan provider basically considers your overall financial picture before deciding the amount of the loan. The person considers your income, debts and other documents to check your affordability. As a rule of thumb, you need to multiply your gross income i.e. excluding taxes for all people on loan by 2 to 2.5. This will give an idea about the affordability. 

5- What is earnest money?

Earnest money is the money the buyer put forth to make the deal. It ensures the seller that the buyer is seriously interested in buying his property and considers him on priority. In other words, earnest money reserves the property for you. In future, if you struck the deal, the earnest money becomes the part of down payment or closing cost of the house. However, if the deal falls then the seller returns the whole amount.

6- What are real estate contingencies? 

They are basically ‘what ifs’ of a contract. It basically includes any future events which are not predictable at the moment. These contingencies of a real estate sale and purchase agreement basically allow the buyer or seller to cancel the deal if certain conditions are not met. These basically include loans, appraisals, inspections etc. 

7- How long does it take for a seller to react to my offer?

Well, you can give 1-2 days to consider your offers. But always remember that a written offer is taken more seriously than a verbal. 

8- What are the home inspections? Is it necessary to go for home inspections? 

Home inspections are the detailed assessment of a house you are planning to buy. For this, you can hire home inspectors to look into any major issues. Inspections include the monitoring of the house exterior, interior or surroundings to highlight any potential damage to the property. And it is highly recommended to go for home inspections. It is also important because you can demand repairs and maintenance from the sellers before signing the deal. 

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