Advise for Buyers

Taking you Through The Entire Way - steps taken with the buyer

The Buying Process

Wenwei Vince Hu feel that you should ask for as much information as possible when buying a new home. The process of buying a home or investment generally starts with determining your buying power; that is your financial reserves plus your borrowing capacity with some basic information about your available savings, income and current debt. Wenwei can refer you to lenders best qualified to help you. 

Finding
Once you know how much you can and want to invest, the next step is to find the properties that best suit your needs. Wenwei have many resources to assist you. Sometimes the property you are seeking is available but not actively advertised on the market, Wenwei can do a thorough investigation and share this exclusive information with you as my client. It doesn't matter if the property is listed with  Pan Realty or another company, Wenwei can provide you with detailed information on properties available and even past solds.
My high code of ethics is your assurance that you will receive the highest level of service, honesty and integrity. 

Selecting
Your job is to make the final selection of the right property for you. This is when excitement and emotions run high. Wenwei can assist you in the selection process by providing objective information about each property. They can provide local community information on utilities, zoning, schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell? 

Negotiating
There are a myriad of negotiating factors, including, but not limited to price, financing, terms, date of possession, and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should also provide a period of time for you to complete appropriate inspections of the property before you are bound. Wenwei as to which investigations and inspections are required or recommended. 

Due Diligence

With a negotiated agreement in hand, it is time to complete the evaluation of the property. This could include inspections for termites, dry rot, abestos, faulty structure, roof conditions, just to name a few. Wenwei can assist you in finding a qualified professional to do the home inspection and provide you with written reports. You will also want to see a preliminary report on the title of the property. The title indicates ownership of property. The title to most properties will have some limitations; for example, easements and (access rights) for utilities. Wenwei can help you resolve issues that might cause problems at a later date. 

Even as you start looking for a house, you should check with a mortgage broker to get a pre-qualified letter to find out the maxium loan you can get.   At present, most sellers request you to send them your financial status information with an offer.    Wenwei can help you in understanding different financing options and in identifying qualified lenders. Closing or Settlement Finally there is the closing, or settlement, which in some areas, the title or escrow company will handle this process and in other parts, an attorney does it all. Wenwei can guide you through this process and make sure everything flows together smoothly. 

WHEN PURCHASING A HOME, WENWEI  WILL PROVIDE YOU WITH:

• INFORMATION ON HOW TO SELL YOUR PRESENT HOME FOR TOP DOLLAR INCLUDING MOVING AND PREPARING FOR THE SALE.
• INFORMATION ON SCHOOLS, LIBRARY, STORES, TRANSIT, GO TRAIN, COMMUNITY CENTRES, DAY CARES, MAJOR ROUTES AND HWYS AND ALL AMENITIES.
• UPDATES ON MORTGAGE RATES AND CHOOSING A LAWYER AND HOME INSPECTOR
• DETERMINE EXACTLY WHAT YOU CAN AFFORD.
• GET PRE-APPROVED FOR A MORTGAGE
• DO A MARKET ANALYSIS BEFORE YOU MAKE AN OFFER AND DECIDE TO BUY.
• BE WELL INFORMED AND AVOID COMPETIONS
• FOCUS ON THE GOAL TO BUY THE HOME NOT TO OUT-NEGOTIATE THE SELLER
• DON'T RUSH! TAKE YOUR TIME WHEN NEGOTIATING THE OFFER OF PURCHASE AND SALE
• FOSTER GOODWILL AND RESPECT FOR THE SELLER, OWNERS MAY BE NERVOUS AND CONCERNED ABOUT THE SALE TOO.
• Learn From Other's Mistakes Smart people learn from the mistakes of others.
• Order a Free Credit Report Your credit report will determine the rate and terms of your loan. You can order a free credit report online. If you have bad credit because of late payments or a recent bankruptcy, you MAY STILL buy a home; you'll just pay more in rate and terms. If you can't qualify for a conventional loan, consider a land contract.
• Find a Lender You Trust Your bank isn't the only place to get a mortgage these days. You have other options. But do recognize the signs of predatory lenders and stay away from them. Once you find a lender you like, interview your lender before making your final selection.
• Save for Purchases After Closing After you have taken possession, you may then realize there are things to buy you have not considered. Consider them now.

Be Proactive during showings!
Don't just observe. Try to document. Chances are the amount of houses you will see will result in you forgetting most of them. Make sure your decision is not based on a confused memory. Here's how to fix it.

• Bring a digital camera and begin each series of photos with a close-up of the house number to identify where each group of home photos start and end.
   
• Take copious notes of unusual features, colors and design elements.
   
• Pay attention to the home's surroundings. What is next door? Do 2-story homes tower over your single story?
   
• Do you like the location? Is it near a park or a power plant?
   
• Immediately after leaving, rate each home on a scale of 1 to 10, with 10 being the highest.