July 2013

You've chosen the home you want here in Vancouver and now it's time to write an offer.   Should you stick with the listed price? Should you try to get it for significantly less? Should you offer just a little more than list price?   The answer depends upon two factors:

• The list price – is it priced at market value, or did the sellers and their agent engage in wishful thinking?
• The market in that specific neighborhood – Some neighborhoods are more in demand than others, so buyers are competing and homes are selling above list price. In others an offer for a little less might be successful.

The only way to determine what to do in your specific case is to talk it over with your agent. He or she knows the market in each…

Begin now to document your income.   Among the things that can happen to prevent your  home purchase from closing, lack of asset documentation tops the list.   Banks have always wanted to know that the money you brought to closing was not borrowed from a credit card, a friend or a relative. Now the rules are even stricter.   So as you begin to think of home ownership here in Vancouver begin documenting.   If you deposit your paycheck, keep the deposit slip with the pay stub, and keep them both with your bank statement. If you sell something, keep a copy of the bill of sale, with the buyer's name and address. If you work in a job that involves tips, keep careful records of the dates and amounts. If you sell on eBay or some other on-line…

When you begin your search for a new home here in Vancouver you probably look at where you want to live in terms of proximity to work, school, family, and places you like to go for fun.   Before you choose a neighborhood, there's one more detail to consider: The rules and regulations.   If you're moving into a subdivision, it will probably have a Homeowner's Association, or at least some covenants, conditions, and restrictions. And some of them might not be agreeable to you.   Some of the restrictions you might encounter are:

• No pets, or not more than a specific number of pets.
• No "unrelated" residents.
• No parking of RV's or boats.
• No overnight parking in your driveway.
• No basketball hoops, trampolines, etc.
• No

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If you've gone through foreclosure or a short sale, can you still purchase a Townhouse or Condo in Vancouver?   Yes, you can. You'll be eligible for a new mortgage loan 2-3 years after a short sale and 7 years after a foreclosure. The deciding factor will not be the fact of the short sale or foreclosure, but what you've done since then.   As with any loan, your acceptance or denial will be based on how you've handled your finances in recent years, how much you owe compared to how much you earn, the stability of your employment, and how much you've saved toward a down payment and closing costs.   The first step toward owning a home again is to become pre-approved with a lender. Pre-approval will tell you how much money you'll need at…