I'm a first time home buyer... I need to ask you anything

[Mike Oxlong]

Originally Posted by alltherage

No its not listed... ya it seems like they are really making this a pain in the ass.

The story here is that it's my wife's parent's long time friends. They've already had the house assessed by 2 separate realtors for the price... and they both came in at exactly the same price. I just don't understand what the big deal is, we want to buy it, they want to sell it, it's a good price as per 2 realtors... we have the purchase agreement written up by a realtor... why do we need to do all this?

We are already approved to buy any other house for this price... why does it matter that it's a private sale? We're just trying to save money on realtor fees and the house is exactly what we want!

How frustrating. Thanks for the help too Mike... I got your PM... unfortunately we have a broker already who has helped my two brothers get their mortgages and we were referred to her, otherwise I'd have been happy to try your services.

Edit: We have the city of calgary assessment, layout, address, everything that a listing would have... so I dont know that it would make a difference...

Basically the lenders are trying to protect themselves from fraud which is apparently quite common with private sales.

Are you putting more than 20% down? If so you will likely be required to get an appraisal done anyways to verify the value of the home. If you are putting down less than 20% CMHC will do their own valuation of the house to make sure the value is the same or more than the purchase price.

Even if the house is listed on welist.com or another similar site it seems to be much more acceptable to them then a completely private deal. They are really shying away from those.

[alltherage]

Originally Posted by Mike Oxlong

Basically the lenders are trying to protect themselves from fraud which is apparently quite common with private sales.

Are you putting more than 20% down? If so you will likely be required to get an appraisal done anyways to verify the value of the home. If you are putting down less than 20% CMHC will do their own valuation of the house to make sure the value is the same or more than the purchase price.

Even if the house is listed on welist.com or another similar site it seems to be much more acceptable to them then a completely private deal. They are really shying away from those.

We only have 5%- and I am extremely confident this house is priced correctly.. there are almost no houses in the neighborhood priced so low, so I would err on the side that the house is worth more than we are paying.

I am super stressed out by all this. Stupid first time buying situation being all stressful and sh**.

Oh well. Even just venting in this thread feels better.

And thank you for answering my questions. I wish there was a short, concise reference guide for first time home buyers in Alberta. Maybe I will try that trendy new "goggle" thing.