The very first thing to ask yourself when you buy a house and lot or any property is: why?
Think of the reasons and how they will affect your life. Are you tired of your landlord and you want to ditch renting?
Do you want to pay your own mortgage?
Is your house too small for your growing family and it’s time to let it go for a new one?
Would you like a larger property?
There are a lot of questions to ask. And answering them will give you a clear sense of why are you buying a property. The same questions will help you decide what kind of property to buy as well as what amenities to look for when buying one. All of these will help you choose the best property for yourself and your family.
When you finally decide to purchase a property, it is always good to make sure that you have all the requirements needed. It is best to file them in one place as early as now.
One of the first things to do in preparation to buying a property is to collect the basic requirements— especially important financial documents. Create a folder where you can put all your files.
Here are the basic documents it should contain:
You must be aware that buying a property needs a lot of work. There are important financial decisions to make, a lot of issues to settle and a lot of paperwork to do. This requires time and effort. So knowing that there are experts who can help you in all of these may give you a great relief. Our experts will guide you as you walk through the step-by-step process of acquiring your dream property. Not only that, they are also equipped with knowledge in the local real estate scene to guarantee you that you will get the best deals and offer there is to date.
To help you choose the best real estate professional, here are some factors you must consider:
Choose an experienced real estate agent. Make sure that you choose someone who is experienced in completing transactions and who is knowledgeable about the latest trends in the real estate market today. It is good to interview them before asking for their help. Through this, you will be able to assess the agent’s knowledge and capacity to help you with your endeavor. It is also best to ask for a list of properties he or she has sold for your reference.
Here are some tips and advices you should keep in mind to keep track and simplify the process:
Always keep a written record of everything. Put every agreement in record so all the terms are clear to you and to the other party. If the agreement is done verbally (usually counter-offers and addendums), recording it with the permission of the seller is always a good idea. Then try to transcribe it and create a written agreement to be signed by you and the seller. This will help you with all the paperwork in the process of purchasing. Duplicate copies and make sure you have some spare copies of the thing.
Submit to the agreement. Since you have legalized everything, it is good to follow the timeline of your contract with the seller. Stick to the agreed schedule. Meet all the requirements on time so every negotiation will follow smoothly. You real estate agent is there to guide you and update you in this step-by-step process.
Once the inspections have been done, you can either go a step closer to acquiring the property or either you or the seller may request renegotiation in terms of the contract, usually in the price of the property.
During these processes, it is vital to keep in touch with your lender. This will keep you updated with the additional documents and requirements needed so your home loan application will be approved. It is equally important to check once in a while with your lender if the loan will push through especially two weeks before you are closing the deal with the seller.
In applying to a specific association, make sure that you have filled out all the information needed so there will be no delays in the application process. See to it that the documents and the fees for processing have been settled. Once your application has been assessed, you are required to meet with the association for an interview. The association may ask for a certificate of approval before you move in to the property. So be sure to acquire that from your seller. Your closing agent may also need theoriginal copy of this certificate so it will be reflected in the region’s public records.
When you are getting insurance for the property, consider increasing your deductible because it can make a difference in your premium. Asking your insurance agents about discounts can help a lot. Usually discounts are given to properties with safety features. We can also help you find experienced and well-sought insurance agents under our networks of experts.
Finally, move in happily.