BUYER'S REAL ESTATE GUIDE
Buyer's Guide
This is a general overview of the home buying process, from offer to closing. The specifics of your transaction may vary; thus, I will be by your side every step of the way using my own mortgage industry background and experience to guide you. It typically only takes about a month (or less) to close on a house once you find the right home to buy!
LOOKING TO BUY? LET ME HELP YOU
STEP 1 - GET PER-APPROVED FOR A MORTGAGE
If you are not paying in cash, then you will want to get "per-approved" for your mortgage loan before you start shopping. This will help you understand what you can afford before you put an offer in on a house. I can provide some names to you of very skilled loan originators that will take excellent care of you.
STEP 2 - SEARCH FOR HOMES AND VISIT OPEN HOUSES
Once you have determined your needs and set your criteria and budget, I will assist you with finding homes that meet your requirements. We can start attending open houses or private showings at a pace that you're comfortable with. This is the phase where you will be able to determine what is a must have and what is a nice to have.
STEP 3 - SUBMIT AN OFFER
Once you’ve found the perfect home, it’s time to make an offer. A buyer and seller must enter into a written contract called a “Contract of Purchase and Sale”. Typically the process begins with the buyer’s written offer to the seller. I will use a standard form to draft an offer and present it to the listing agent with terms and conditions that will protect you as a buyer and help you negotiate.
STEP 4 - ACCEPTED OFFER
When both parties have agreed to the terms of the offer, and the seller has signed the offer and communicated acceptance, an offer becomes a Accepted Offer. You’ll need to address the next steps quickly in order to complete on time.
STEP 5 - TERMS AND CONDITIONS (SUBJECTS)
If your accepted offers have subjects, you will have some time to go through each of these conditions before removing them (usually about 1 week). Some of the conditions may include
- Subject to Fiance - making sure your mortgage will be approved and have an appraisal ordered
- Subject to Home Inspection - schedule a home inspector for a detailed inspection of any defects
- Subject to Title - Making sure the sellers are on the title search and that there are issues on Title
- Subject to Reviewing Strata Documents - ensure that there are no surprises with the building
STEP 6 - SUBJECTS REMOVAL AND DEPOSIT
Once the subjects are all removed, then the offer becomes a Firm Offer and binding contract. Usually the Deposit by way of bank draft to the buyer's Realtor's brokerage In Trust will be due within 24 hours of all subjects removal.
STEP 7 - DOCUMENTS SIGNING WITH LAWYER / NOTARY PUBLIC
The Lawyers or Notary Public from both parties will prepare all the documents and calculate everything in regards to the transaction. You will usually need to sign the documents within one week of completion date.
STEP 8 - OBTAIN HOME INSURANCE / SET UP UTILITIES
Mortgage lenders also require buyers to purchase a homeowner’s insurance policy. The policy covers any accidental damage to the home and the owner’s possessions due to theft, storms, fires and some natural disasters. I would recommend having the home insurance start on the completion date even if the possession date falls at a later date. You will also need to make arrangements to set up your utilities for your new home.
STEP 9 - COMPLETION
The completion typically occurs at the title company and takes about an hour. On completion day, your lawyer will transfer all the funds to the seller's lawyer and complete the transaction. Once the title is transferred, your lawyer should contact your of the successful transfer and you will officially become the new owner.
STEP 10 - POSSESSION
I will meet you on possession date to hand over your keys and do a walk-through to make sure that everything is in good shape! Congratulations!
Testimonials
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Great experience from start to finish. Jeff will listen to you and I felt that he truly cared. I highly recommend him to anyone, he is genuine and he makes you comfortable from start to finish. He is professional and he has helped the whole process as stress free as possible. I knew I can trust him. Thank you Jeff!
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- Christine Y.
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I have only great things to say about Jeffray. On time, focused on client, not pushy, gives enough space and offers assistance without expecting anything in return. Builds long lasting relationship, where you feel like you get a friend instead, not a real estate person. If had more than two thumbs all of them would be up. Huge hugs Jeffray, you rock :)
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- Elxan N.
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Highly recommended! Jeffray helped me with my first house purchase in June 2019. Buying a house with a tight budget was not an easy task, and anytime there was a house that meets my criteria , he moved fast. In addition, he also brought me and my family to many many open house events, then we gradually built up an idea that what kind of house fits my family situation. Finally I found my dream house and all my family member love it.
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- A W
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From start to finish, Jeffray Hongs provided 5 star service. Jeff had the daunting task of helping us find a house after we have already been searching actively for the past few years. What separates Jeff from the rest? Many things I would say. Firstly he was very patient with us, in the past when we had other realtors they may have given up on us due to the amount of time we were taking, as it's not an easy purchase to make we needed to take the time to find the right place. Jeff attended countless open houses with us all throughout the lower mainland and carefully scheduled all viewings in a manageable and efficient timeframe. He was great to answer all our questions every step of the purchase process. Another major bonus with Jeff was seeing the process through. We finally won a bid for a house purchase but his service didn't end there. We had some issues after possession day and many realtors I suspect would say their job is complete and they would move on. Not with Jeff though, he ensured and is still continuing to provide excellent service as we still have ongoing issues after possession day. After possession the previous owner left behind items including a piano and Jeff has diligently tried to make arrangements from the seller realty side. Despite that side being unresponsive he didn't give up and continued to work to ensure justice was served. If Jeff was a comic book character he would likely be the Realtor of Justice, ensuring everything is made right. If you want a realtor who will take the time to really get to know what your buying or selling needs are, look no further. I found Jeff to provide us with the respect and attention we required in order to complete the transaction. Give him a try, I bet you won't be disappointed.
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- Andrew W.
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Jeffray is the best! He is professional and great to work with. In my case, I need to sell my apartment first and so I can have my downpay to upsize. He did a great job, my apartment was sold with multiple offers, and over asked price!!! we felt lucky to find Jeffray!
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- YSYQ
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Jeffray did a fantastic job on both occasions - representing me as buyer and seller.
On buying. We were originally shopping for a used condo and Jeffray was able to organize our visits on a single day. He researched the condo market in the towers we were going to and gave us his professional opinion on them. He also sent me other similar units as well. After viewing the used condos, we decided that we could stretch our budget to purchase a pre-sale instead. On short notice, he came with us to the presentation centre and acted in our best interest. Jeffray was very patient with us and understanding of our situation. He helped us get a fantastic deal on the unit and we couldn't have done it without him.
On selling. Jeffray is very meticulous and took detailed notes while doing a walkthrough of my unit. I wanted to advertise my unit without the "salesy" grammar. I was very impressed with the photos, write up, and staging of my place. I believe that his advice on staging was the reason why my unit was sold within a week's time ABOVE ASKING!
I would not hesitate to ask Jeffray to help me a third time with my housing needs. He treats you like family and listens to your criteria and concerns. 10/10!
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- Joey M.
