Ultimate Service

Nancy is the recipient of the much-coveted “Ultimate Service Award.” Only if a Realtor receives virtually perfect evaluations from all of their clients do they receive this award; Nancy and Coldwell Banker must fulfill the following list of conditions:

Location
Where you live depends on where you work and your family’s lifestyle. Do you want to live near recreation and fitness facilities? Do you need to be close to schools or public transportation?

Consider the property values and planned future developments in the neighbourhoods you are interested in, as they may reflect current trends and your future investment potential. Nancy can help you with this process by giving you insight into the demographics of neighbourhoods and the amenities located in these areas.


Builders & Contractors
If you decide to buy a newly built home it is important to find out about the Builder’s reputation. Nancy can provide you with references and further provide information on previous developments and contact information for the New Home Warranty Program and Ottawa-Carleton Home Builder’s Association.


Lenders
In order to make an offer to purchase you will have to find an institution to lend you the money. There are several possibilities: banks, credit unions, trust companies, etc. It is important to discuss with the lender the size of mortgage you might qualify for before looking for your new home or investment property. New homebuilders sometimes offer lower interest rates to attract Buyers. The builder prepays a lump sum to your lender. The “interest rate buy-down” lowers the amount of the lender’s mortgage and as a result, the mortgage rate.


Home Inspectors
It is a good idea to have a home inspected. Inspectors can give you a detailed written report outlining the condition of the house and whether it needs repairs. Ask about the inspector’s credentials and references, and make sure they are covered by errors and omissions insurance. Nancy can provide you with a list of experienced Registered Home Inspectors. Inspection fees range from $250 to $400 plus GST and generally take 2-4 hours to complete.


Insurance Brokers
Insurance Brokers can provide you with many forms of insurance and lenders insist that you carry fire insurance which not only covers the replacement cost of your home, but also provides security for your mortgage. Nancy is very familiar with the types of insurance that you will require, and can easily give you qualified references.


Lawyers/Notaries
Your lawyer will protect your interests during a real estate transaction. They are responsible for Title Searches, reviewing the Offer to Purchase, closing arrangements etc. To find a lawyer you may wish to ask friends/family for recommendations or Nancy can provide you with a list of qualified professionals.


Mortgage Broker
The mortgage broker performs some or most of the loan processing functions such as taking loan applications, ordering credit reports, appraisals and tile reports. Typically, the mortgage broker does not underwrite the loan and generally does not use its own funds for closing.

Unlike a mortgage banker, a mortgage broker does not negotiate the terms of the loan, issue a loan commitment, prepare the loan documents or service the loan.

Unlike a mortgage banker, brokers do not fund the loan with their own money, but work on behalf of several investors, such as mortgage bankers, Savings and Loan banks, or investment bankers.

A broker who represents numerous lenders helps consumers find affordable mortgages, the broker charges a fee only if the consumer finds a loan.

A company that receives payment from a lender for matching the lender with borrowers who meet the lender's criteria


Real Estate Representatives
Real Estate professionals must have a provincial license and are required to pass a number of exams to obtain a license, they have legal obligations and agree to ethical standards. A RealtorTM is a Real Estate Sales Person, Agent or Broker who is a member of the Canadian Real Estate Association (CREA). Nancy, a licensed Realtor, will guide you through the listings, take you to see properties and help you make the best choice.

Tell Nancy exactly what you want and need. Including preferred locations, number of bedrooms, bathrooms, and how close you want to be to schools, shopping, or other facilities. Knowing your concerns helps Nancy do what is best for you.

The sales person does not charge you for this help. Real Estate Agents charge a fee-called a commission-to the Seller-the person selling the home. The sales person also helps you make an offer to purchase and with the back-and-forth negotiating of the final purchase.

You may want to consult with your lawyer before making an offer to purchase. Nancy can easily fax a copy of the offer to a Lawyer of your choice in advance of signing if you wish. Once you make an offer to purchase, it is legally binding if it is accepted by the Seller.


Market Costs
Before looking for a home, learn more about the housing market. You should know the price trends in the areas that interest you. Supply and demand determines the housing market.

Keep interest rates in mind. Interest is what a financial institution charges for lending you money through a mortgage. Interest rates can move up and down from year to year. The basic rate is set nationally. The state of Canada’s economy and the world economy determines the interest rate. Different financial institutions and types of mortgages have differing rates.


What Type of Home do you Want?
Once you have decided on a location, you have to decide what type of home you can afford. A single family detached house is usually the most expensive choice. Semi-detached, duplex, townhouse and apartment condominiums are usually less expensive. You may also have a choice between new homes and resale homes – there are advantages and disadvantages of both.

Maintenance costs are low for new homes for the first few years and they are backed by a new home warranty. A new home will need work as things wear out and break down. With new as well as older homes there is always maintenance to be done.

New homes usually have the latest design and building materials and are often more energy efficient. An older home is usually in an established neighourhood with landscaping and plentiful public green space.


Look…look and look again
If you are buying an older home, it is in your best interest to have a home inspection. Inspectors can cost anywhere from $250 to $400 + G.S.T., and you should receive a written report from your inspector on the condition of the home you are buying.

You may have to do some renovations. If you do, get a cost estimate and add it to your budget. Remember, renovating increases your equity and investment.


Putting in an Offer - A legal offer to purchase
You will need to include a cheque as a deposit (indicates serious Buyer & ensures the home is held for you to buy if your offer is accepted). Once the offer is legally binding and if you decide to back out of the deal your deposit may not be refundable. An offer to purchase can be made conditionally (the sale will be final once conditions, for example financing and inspection are met). Once you have made an offer to purchase, it is binding if accepted by the Seller.

What’s included in an offer to purchase

With Nancy's expertise she will now present the offer to the Seller directly or to the Seller's Agent. The Seller can accept your offer, reject it, or make a counter-offer. A counter-offer may suggest a different price or other changes in the details of the offer. Nancy will then suggest a negotiating strategy to enable you "the client" to obtain the property at a satisfactory price and on terms acceptable to you.

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