As a realtor I have helped 100’s of Calgarian’s buy homes. Through this experience I have heard so many questions so I wanted to share some of these Frequently Asked Calgary Home Buying Questions and their answers.
1.When is it too late to back out of the buying process?
After you have put in an offer, as long as there are conditions as part of the contract you can still back out of the purchase. If for any reason the home doesn’t live up to your expectation during the home inspection or if your financing doesn’t pan out you can back out with your full deposit. After those conditions have been waived you are able to still back out of the deal however you will lose the deposit you put down.
2. How Long Does It Take To Buy A Home?
This really depends on what you’re looking for and the market we are in. If it is a hot market, homes might be selling faster. If competition is high, you may find yourself missing out on properties due to multiple-offer scenarios if you don’t act fast. In slower markets you might be able to take your time while buying. This can change from month to month or quarter to quarter.
3. When Should I Be Reaching Out To A Real Estate Agent?
In all honesty, the sooner you reach out to an agent the better. Real Estate agents like myself are here to help you through the entire process. I can set you up on auto-listings to start, so that you can get a general sense of what’s out there and for what prices. You can send me feedback on homes you see that you like and ask me any and all questions about anything. Then we can start looking and I can really get a feel for the homes you like and your must haves. In the end my goal is for you to feel like we are friends instead of a client realtor relationship. The home buying process should be a fun one, not one full of stress.
4. Do I Need To Sell My Home First Before I Buy?
There is honestly no right answer, and really depends on you and your situation. During Covid a lot of people were buying their new home first, moving in and then listing their old home to limit the number of people thorough while living there, others needed to sell first to be able to get a down payment for their new one. Neither option is right or wrong, they are just different.
5. Who Pays the Realtor Commission When Buying A Home?
One reason why buyers ask the question about the need of having a Realtor when buying a home is because they don’t understand who pays the Realtor fees when buying a home. Typically when you are buying the seller pays the commission to both realtors. However, the seller usually wraps the fee into the price of the home. So, the buyer ultimately ends up paying the fee, however it is typically indirectly.
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