First time home buyer – Private Sale Concerns : RealEstate

Hello! I’m in need of some advice as this will be my first time purchasing a home.

I’m in Ontario, Canada. Looking to purchase a house in Niagara Falls.

The house is being sold privately and I am hoping to make an offer on it next week but I have a few concerns.

The first is that the asking price is $85K more than I have been preapproved for. I’ve saved enough to put 20% down on the property and the biweekly payments I can easily afford. Do I need to go back to the bank and get preapproved again before I can make an offer?

My next concern is that with the property being privately sold, I won’t have a real estate agent to guide me through the process. I know I need to get a lawyer to make an offer, but I have no idea what happens after that.

If anybody has experience with this I would appreciate some advice.

Thanks in advance!

Source link