Duncan Fremlin on Qualifying Buyers

Contributed by Duncan Fremlin
Broker, RE/MAX Hallmark Realty Ltd.

If you’re are beginning to think about buying real estate, there’s a good chance  you’ll be searching for houses on the internet and driving by for sale signs.  It also follows that you’ll be calling a few Realtors to view houses and acquire information.  I look forward to these calls.  They often lead to new business.
When I’m asked to disclose information to a stranger on the phone, I begin by asking one important question:  “are you under contract with another agent?”.  If they answer is yes, I politely suggest that they call their “agent” about this.  If they are not under contract and they are either looking for an agent or looking to view my listing, then other questions follow.  My duty to all parties is to make sure the client/customer I’m about to help is qualified to proceed with a purchase.
Many of these questions are of a personal nature.  They may include some or all of the following:

 

Are you buying alone?  Are you married?  Any children?  How old are they?  Do they live with you? 

 

What do you do for a living?  How long have you worked there?  How much do you earn?  How about your wife/husband/partner?
Have you owned real estate before?
How long have you been looking?
Have your received a mortgage commitment from a bonafide lending institution…in writing defining the amount you can borrow and the costs associated with it?
Will you need a co-signer or will you qualify for the mortgage on your own?

When do you want the sale to be completed?
Is your down payment readily available in Canadian funds or do you have to move money from another country?   If so, how long will it take?  Is your down payment a gift from someone?
Do you have immediate access to enough cash to cover the cost of a deposit (approximately 5% of purchase price)?
Do you have to sell that property before you close on the new house/condo or can you buy and close on the new property regardless?  How large is your existing mortgage?
Do you have extra cash left over to pay for land transfer tax, lawyer fees etc?
Have you been searching online?  For how long?  Where are you searching?  Have you seen anything that you think would work for you and if so, where is it?  
The answers to these questions will direct both parties to the next step is, if indeed there is one.
Duncan Fremlin, Broker, RE/MAX Hallmark Realty Ltd.www.morethanahome.ca, duncan@morethanahome.ca 416-405-8828

TwitterGoogle+FacebookLinkedInDiggStumbleUponBlogger PostDeliciousShare

Other News

first-parliament-building=parliament-street

First Parliament

Some interesting developments on The First Parliament site is located in downtown Toronto at the intersection of Front and Parliament Streets. It is a full city block, bounded on the west by Berkeley … [Read More...]

Homelife-Mural-copy

Cabbagetown Outdoor Gallery

Contributed by Gerald Michaud, Broker - ManagerHomeLife/Realty One Ltd., Brokerage -- Recently, we commissioned a piece of Art by artist Christian English-Pratt.  The Art mural being painted is on our … [Read More...]

doubletake-thrift-store-cabbagetown

Double Take has all the giftables

Contributed by Sharon -- YSM’s Double Take Thrift Store is here to help you get ready for the holidays! Our staff are excited to share sustainable and creative ways the Cabbagetown community can show … [Read More...]

homes-in-cabbagetown

KNOW THAT HOUSE

Contributed by  Maryam Hatam -- Hugh Neilson House: This yellow brick house (295 Carlton St.), with a beautiful wooden door was built in the Gothic Revival style in 1878 for Hugh Neilson, a Scottish … [Read More...]

St Anne’s Heart

Contributed by Anita Bostok --- Back in the 1980s, a friend dared Carlos Carreiro to take a dance class. Up for the challenge, he went to the class that he found enjoyable, but it was the attractive … [Read More...]

Tony Lafazanis – Personal Injury Lawyer

Are You a Victim of a Hit and Run?

Contributed by Tony Lafazanis – Personal Injury Lawyer --- Getting in a car accident, for any driver, cyclist or pedestrian can be a nightmare. Unfortunately, hit and run accidents occur far too … [Read More...]

bostok-hathaway-getting-to-know-you

GETTING TO KNOW YOU

Cabbagetown is a neighbourhood of beauty, heritage, cultural diversity and inclusion. We are Anita Bostok and Noman Hathaway and we’re proud to contribute this regular feature where you get to know … [Read More...]

shuter-street-Pharmacy

Shuter Street Pharmacy

Shuter St Pharmacy located at 290 Shuter, Corner Shuter and Parliament is now under new management. Our professional team is ready to serve the Cabbagetown and surrounding communities for all their … [Read More...]

Pollinator-Project_Dixon-hall

Pollinator Grant Update

In 2019, staff from the Rooming House Project applied for the Pollinator Grant with help from local tenants who were interested in the project. Together staff and clients completed the application, … [Read More...]

greenthumbs

Green Thumbs Pumpkin Project

Green Thumbs Growing Kids is a local charity actively creating school food gardens in order to connect children to food and their environment. For 21 years we have been at the forefront of … [Read More...]

You’re just the right kind of wrong!

Contributed by Debjani Sinha Do you hear this background noise in your head? “You’re too loud!” “You won’t make it.” “They don’t like you.” “You look bloated.” “It’s all your fault.” and … [Read More...]

enough1

Wish I Could

Dub J announces new single with all-star cast to speak out against gun violence. Canadian producer Dub J unifies a Toronto A-List roster of JRDN, Maestro Fresh Wes, JD Era, Bizz … [Read More...]