My Fiancé’s Real Estate Experience

Here is a quick example of my fiancé’s Real Estate experience in buying her first condo.

She went to a lender to get pre-approved. The lender evaluated her current debt obligations, cash flow and savings and gave her a maximum mortgage amount and rate that she would be guaranteed for 90 days.

With that, I looked at desireable areas and housing that fit her affordable range.

We went and saw a few units, and chose one.

We submitted a CONDITIONAL offer, that was conditional upon us getting financing (even though we know we had it), an Inspection of the property (to make sure it is in good working order), on obtaining insurance (to make sure we are protected), and on our approval of the status certificate of the condo corporation (legal standing of corporation).

We went back and forth twice about the price (negotiations).

We had a DEAL!! – gving us a week or two to have our conditions waived or fulfilled.

We got the financing , we got a satisfactory inspection, we got insurance  and we were satisfied with the status certificate.

 We fulfilled all conditions!  The deal is now UNCONDITIONAL and we are ready to move in on Friday the 27th of February!

As you can see – the process of getting pre-approved is crucial – it gives us our working range. The conditions are put in place to protect the buyer and make sure they are in a strong position upon taking possession. The price was negotiated to an acceptable amount (we got it for a few thousand under what we think it was worth!!) The dates were all coordinated and facilitated by me.

I got the financing arranged (suggested lenders and helped her organize and communicate), I organized, attended and explained the inspection , explained the status certificate, and I arranged all the phone numbers and details for a great insurance rate!

Now she has a FREEHOLD condominium (completely separate and un-attached like a regular house), with a fully enclosed and BIG backyard, 3 bedrooms, a basement, ready to move in for less than an average one bedroom would cost to rent in most parts of town.

See how the process works? See the Value of a REALTOR?