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First Time Home Buyer Tips Vancouver 8 | Contract of Purchase and Sale| Price!

 Contract of Purchase & Sale Explanation for First Time Vancouver Home Buyers Updated June 26, 2019 by Mike Stewart PREC Episode 7 of the First Time Home Buyers Guide was an overview of the Contract of Purchase and Sale. Now let's go through the offer in detail starting with Price! Price in a Real Estate Offer - Section 1 The widely held perception is that an offer has how much the Buyer is willing to pay and if the Seller accepts the Buyers price its a done deal. Many first time home buyers think a real estate offer to…

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First Time Buyer Tips Vancouver Episode 6: Disclosure of Representation in Trading Services (DORTS), FINTRAC, Remuneration Disclosure, Privacy & Consent

 Updated June 26, 2019 by Mike Stewart PREC This post is part of a series discussing Tips for First Home Buyers in Vancouver. Remember, there is no such thing as a stupid question! I strongly encourage questions and comments! You've found your Dream Home, What next? You finally found a property you want to buy and you have an idea of what its worth with a Comparative Market Analysis as discussed in Vancouver First Time Home Buyer Tips Episode 5.  You and your Realtor will need to draft up an offer in writing to signal to the Seller that…

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First Time Home Buyers Guide Vancouver BC – Episode 1 – Getting Started!

 This is the First Video in a Series of Videos with Tips for First Time Home Buyers in Vancouver's Property Market. So you're thinking of taking the plunge and buying your first home in beautiful Vancouver! How Much Can I Spend? What to Know Exactly? Get Pre-Approved! If you have several hundred thousand dollars in your bank account, great! If not, you should speak to your bank or a mortgage broker to find out how large of a mortgage you can get. The bank or broker will give you a mortgage pre-approval which is a rough estimation of what…

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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…

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