Deciding to Buy
CHOOSE A REAL ESTATE AGENT
Deciding to Buy
Deciding to Buy
Why Do You Want To Buy?
Has Your Income Grown?
Preparing to Buy
Preparing to Buy
Build Your Green File.
A green file contains all your important financial documents. You will need it to secure financing for your property. The typical green file should contain:
Financial statements
Bank accounts
Investments
Credit cards
Auto loans
Recent pay stubs
Tax returns for two years
Copies of leases for investment properties.
401K statements, life insurance, stocks, bonds, and mutual account information.
Check Your Credit Rating.
Be Careful With Your Finances.
Choose a Real Estate Agent
Choose a Real Estate Agent
Buying a property requires making many important financial decisions, understanding complex issues and completing a lot of paperwork. It helps to have an expert in your corner when undertaking such a large purchase. We can guide you through this process, and also provide you with access to property listings before they hit the general market.
Here are some factors to consider when choosing your real estate professional:
Look for a full-time agent – one who has experience completing transactions similar to yours.
Interview a few agents: Are they familiar with the area in which you are interested?
Ask how much time the agent will have for you, and if they are available at night and on weekends.
Ask about their credentials and education: A good agent will continually strive to improve and gain knowledge of the latest real estate trends and hold the highest designations in their respective fields of expertise.
Does the agent return your calls promptly? Time is money when attempting to buy a property.
Ask for a list of properties they have sold or a list of references.
Choose an agent who listens attentively to your needs and concerns. Pick an agent, with whom you feel comfortable.
Time to go Shopping
Time to go Shopping
Take a Drive
Narrow Your Search
Time to Buy
Escrow Inspections and Appraisals
Escrow Inspections and Appraisals
The Process, Step-by-Step. The Initial Agreement and Deposit.
An effective agreement is a legal arrangement between a potential purchaser and the property’s seller.
Some important tips to keep in mind to streamline the process:
Keep written records of everything. For the sake of clarity, it will be extremely useful to transcribe all verbal agreements including counter-offers and addendums and to convert them into written agreements to be signed by both parties. We will assist you in drafting all the paperwork for your purchase and make sure that you have copies of everything.
Stick to the schedule. Now that you have chosen your offer, you and the seller will be given a timeline to mark every stage in the process of closing the real estate contract. Meeting the requirements on time ensures a smoother flow of negotiations so that each party involved is not in breach of their agreements. During the process we will keep you constantly updated, so you will always be prepared for the next step.
The Closing Agent
How to Hold Title
Inspections
Once your offer is accepted by the seller, you will need to have a licensed property inspector inspect the property within the time frame that was agreed upon in the effective contract to purchase. You may elect to have different inspectors inspect the property, if you wish to obtain professional opinions from inspectors who specialize in a specific area (eg. roof, HVAC, structure). If you are purchasing a commercial property, then you will need to have an environmental audit done on the site for the lending institution. We can recommend several different inspectors.
Depending on the outcome of these inspections, one of two things may happen:
1. Either each milestone is successfully closed and the contingencies will be removed, bringing you one step closer to the close, or
2. The buyer, after reviewing the property and the papers, requests a renegotiation of the terms of contract (usually the price).
Appraisal and Lending
Association Approval
Property Insurance
If you are obtaining a loan, you will be required by your lender to purchase a certain amount of insurance on the property. The value will depend on the lending institution and the purchase price of the property. You may be able to save hundreds of dollars a year on homeowners insurance by shopping around for insurance. You can also save money with these tips.
Consider a higher deductible. Increasing your deductible by just a few hundred dollars can make a big difference in your premium.
Ask your insurance agent about discounts. You may be able get a lower premium if your home has safety features such as dead-bolt locks, smoke detectors, an alarm system, storm shutters or fire-retardant roofing materials. Persons over 55 years of age or long-term customers may also be offered discounts.
Insure your house NOT the land under it. After a disaster, the land is still there. If you do not subtract the value of the land when deciding how much homeowner’s insurance to buy, you will pay more than you should.
We will be happy to recommend experienced knowledgeable insurance agents for every property type.
Moving In
Moving In
As Seen In
