Parts of an Offer to Purchase Contract.

• Deposit: money provided in trust for seller, in order to demonstrate seriousness of buyer.  This goes towards the final purchase price once the offer is firm (buyer has satisfied all conditions of the offer)
  If the buyer can not satisfy conditions the deposit is returned. On the flip side if the buyer removes all conditions and the chooses to back out the purchase for any reason deposit is forfeited to the seller (and the seller may sue for breach of contract)

• Chattels: refer to movable personal property that is not fixed to the land or building. In real estate, chattels typically include items such as furniture 🛋️ 🪑, appliances, curtains, and any other personal belongings 📺 that can be easily removed from the property. Unlike fixtures, which are attached to the property and considered part of it, chattels can be taken with the owner when they move. If any chat ties are to stay these need to be specified in an offer to purchase!

• Fixtures: anything attached to the land or building are considered staying with the property and must be left behind if not specified in an offer to purchase. This means if damage would be caused by removing it i.e. you have screwed a shelf to the wall, it must stay unless you have added it to the “exclusions” in the offer.

• Price: instead of asking “what price will the other party take/pay” ask your trusted real estate professional what the trends are…are homes selling at list price, over asking or under asking as well as what are homes like these selling for🧐 in order to come up with the perfect offer, counter offer & or final price! We often can give you an idea of what price a property will sell at by looking at other similar sales activity but do not know exactly what the seller will take or a buyer will pay.

• Possession: take into consideration what an ideal date for you may be!  My suggestion is don’t pick a typical date such as; the 1st, 15th or last day of the month and not a Monday or Friday…why you ask? Few things.
  1.These are busy possessions dates and so renting a moving van or other move related things can be more expensive because they are in higher demand.
  2. Mondays and Fridays can be busy chaotic days, sometimes Mondays are holidays and Fridays lawyers, bankers etc are trying to get out of the office early to go 🏌️ golfing or fishing 🎣 If something goes wrong you may need to wait til the next business day which means all weekend to get the keys for your new place! Pick a Wednesday and the 7th or 24th for your date… you might just thank me!

• Conditions: A condition is a deal breaker with a day and time attached. It is a specific requirement or stipulation that must be met for the offer to be considered valid or for the sale to proceed. Conditions can vary but often include factors such as financing approval, satisfactory home inspection, or the sale of the buyer’s current property. If these conditions are not met within a specified timeframe, the offer may be voided, and the parties may not be obligated to proceed with the purchase transaction.

• Terms: In an offer to purchase, a term typically refers to a specific requirement outlined by the buyer or seller as part of the agreement. It could include details like the leaving or removing certain items, price, closing date, cleanliness of the property upon possession, or anything that both parties must agree upon for the sale to proceed, unlike conditions, terms just need to be fulfilled prior to money transferring hands but don’t stop the sale from proceeding.

All right, so you want your freedom! You’re tired of living in your parents, basement, with a roommate, or paying a landlord, tired of asking to paint the walls & being turn down, or wanting a pet and not being in able to get one because you’re not in a pet, friendly rental. You’re constantly going to your friends houses for parties, where everyone’s excited to be in their first home, or their new home. The topic of real estate comes up and you start to sweat, you become anxious because you haven’t got one yet! It’s OK, it’s probably just because you don’t know where to start. It seems like such a big decision, a monumental task.

First things first, start by determining a budget. Best part of buying a house in Drumheller is we still have a few affordable houses left! Easiest way to figure out what you can afford is by getting a preapproval. By that I mean a piece of paper from a financial institution or a broker confirming they’ve done their job. I do know if you bankers and Mortgage Broker so feel free to reach out, I will put you in the right direction!

second it’s important to assess your needs and priorities like; location, number of bedrooms and bathrooms, garage, fenced yard, etc. once you have a clear idea of what you’re looking for and what you can afford, starts looking for options….on REALTOR.ca on my website of course!
pictures can be fun to look at but even better person. They look a lot different in real life. Oh, and don’t hesitate to reach out with your questions for guidance. That’s what I’m here for. I love to chat about my first house but more importantly want to chat about what yours is gonna look like and what it feels like to be on the path of freedom!

doesn’t matter what are you are how long it takes you to get there all you need to do is put 1 foot in front of the other! You can do it if you really want to, I’ll help you ever step of the way. Let’s get you on a path to freedom.

For Sale By Owner

Want to know a dirty little secret?

FSBO is a really bad idea.

FSBO, also known as “For Sale By Owner,” is when a person decides to sell their house on their own. Many people think that going this route will save them money but did you know that FSBO sales usually take longer to sell and generally bring in less money than Realtor-involved sales?

Here’s why:

Professional Realtors are well aware that FSBO’s can be a difficult and painful experience. They are potentially dealing with a seller who doesn’t see the value they create, feel like they need them or even want him in the middle of the transaction. There are also legal liabilities to be concerned about, creating a vortex of unwarranted stress that generally makes the buying/selling experience a painful one.

4. A FSBO will not have access to current sales data.

This means that if an FSBO home doesn’t sell right away, the seller would have to blindly adjust the price. But wait… how will the seller know what the appropriate price would be without knowing the current sales data? (It’s a vicious circle!)

This is the seller’s home – maybe they’ve raised their family here. It’s a lot of money on the line, a lot of memories, and emotional attachments which is why direct seller-to-buyer deals often end in an emotional mess.

According to data from the National Association of Realtors’ 2018 Profile of Home Buyers and Sellers, “Selling a house without a Realtor typically leads to a lower sales price.”  

Seeing is Believing

Hiring a Realtor means that someone else (who knows what they’re doing) and he’s not emotionally involved in the transaction will handle everything for you: listing, showings, paperwork, etc.

This is the career that they’ve chosen to excel in, and they are an essential factor when it comes to bargaining with buyers. REALTORS®️ work closely with many other people you or your buyer might need along the way such as inspectors, plumbers, electricians, contractors, Surveyor’s, lawyers, mortgage brokers, appraisers, Movers, cleaners… they can recommend the best in each field & will help the transaction progressed smoothly.

This is about more than just marketing & selling it’s about: Screening potential buyers, showing your home, writing legally binding contracts, and negotiating a price and terms. Then there is inspections, Aprasials, condition removal’s, insurance, surveys, move-in/out dates to consider, mortgage documents, land transfers, and other little, teeny-tiny details that only an agent would be familiar with. And what if something doesn’t go as planned oh yeah the REALTORS®️ there to help you through that too.

Keep this in mind: mistakes or omissions in these documented details can ultimately cost you the amount (or more!) of commission you were trying to avoid in the first place.

4. Agents know what to look for in a top quality buyer

There are three types of buyers: potential buyers, qualified buyers, and serious buyers how will you know who’s who and that everyone who calls you isn’t just a looky-loo?.
There are very few people who are ready, willing and able to buy all at the same time, these are serious, qualified buyers and guess what these are people who are usually working with a real estate professional already.

5. A REALTOR’s®️ superpower is their negotiating skills: Through experience and training, an Agent is an expert in the art of negotiating.

Buyers willing to shop for sale by owners are usually bargain hunters and investors they’re looking for people selling undervalue and know how to take advantage of a FSBO’s weaknesses. Selling your home is a big financial and emotional decision. A Realtor can guide you-through the process, and since they have no emotional attachment to the home, the outcome could actually net you more money in the long run.  

Bottom Line

If you’re willing and able to put up with the specifics of marketing, listing, selling, and closing on a home, then by all means, FSBO might be for you. But this could mean settling for a lower price. And is the low payoff really worth all of the work you have to put into selling your home on your own?

In the end, approximately 80% of all FSBO sellers eventually wind up choosing to sell their homes by using an agent instead.

And when you go with a Real Estate Agent, there’s a confidence and security in knowing that the person helping you buy or sell your home is ultimately there for you.

Realtors get things done the right way!