First Time Home Buyers Advice for Vancouver

A Mortgage Pre-Approval is NOT a Guarantee of a Mortgage!

Mortgage Pre-Approvals are NOT Guarantees of a Mortgage! I recently had the pleasure of interviewing Chad Watts of The Mortgage Group about mortgage pre-approvals. He brought up a very important point for Buyers, particularly First Time Home Buyers. And that is a mortgage pre-approval is NOT a guarantee that you will get a mortgage at the amount the Lender originally mentions or get a mortgage at all. What is a Mortage Pre-Approval? This is a preliminary estimation by a Lender of how much the Lender will loan you based on very basic information. This number is subject to change based… Find out more

First Time Home Buyer Safety – Offers Subject to Financing – What, Why, and How!

What is an Offer that is Subject to Financing? This is an Offer to buy a property that is "Subject To" or conditional upon the Buyer getting a mortgage within a set period of time, usually one week. In plain language, the Buyer and Seller agree to give the Buyer  a week to get a mortgage and if the Buyer cannot get a mortgage in that time, the Buyer can walk away from the deal with nothing lost. Why do we make offers Subject to Financing? Safety! If a Buyer presents an offer to a Seller without a Subject to… Find out more

What is a Leaky Condo and How to Avoid Them!

Leaky Condos Are Everywhere in Vancouver. Keep this in mind if you're buying a condo in Vancouver. A condo that initially looks solid as a rock, may be a festering rotten mess inside the walls or in other places you can't see. 4 ways to avoid buying a Leaky Condo 1) Use a qualified, experienced Realtor who specialises in the area you are buying in. Using a qualified Realtor specialising in the area you're buying who will know which buildings are or have been Leaky Condos. To make sure they know their stuff, Use this simple test. Ask them which… Find out more