The process of buying a property especially your first property, whether you choose a condo or house, requires due diligence on your part as the buyer. Most buyers begin their searches using the Internet, but that should not be the starting point. The very first thing a buyer needs to do is to get pre-approved by a mortgage lender in order to know how much the bank will allow him or her to borrow. Currently, banks are much more rigid about the requirements a buyer must meet to get approved for a loan.
It is very important to work with a Real Estate Broker after you have identified the town in which you would like to live. A Broker can represent you as a buyer’s agent. This will provide you with someone who has fiduciary duties to the buyer and the buyer alone. Verify that your Broker is a buyer’s agent.
One of the most important aspects of real estate is, of course, location. You must consider a wide and diverse array of factors when buying in order to make the right decision, including home condition and inventory. If a property needs a great deal of work, you must think of the cost of renovation and updating. The property may be too expensive when you combine the cost renovations with the purchase price.
When you identify a property, visit it at several times during the night and day. Notice the noise and traffic, and learn all you can about the neighborhood. Speak with the neighbors, as this is a major purchase. Look at it carefully.
Along with having a good buyer’s broker, you should hire a good attorney who concentrates only on real estate transactions. If you are a first time buyer, you will likely be purchasing a condo. This means there are condo documents, budgets, and rules and regulations. Your attorney should review these after you propose your offer, but before you sign a Purchase and Sale agreement.
The next step is inspecting the property. The buyer should hire a qualified inspector whom others have recommended. If there the inspection unearths any issues, the terms will be renegotiated through the brokers. Your attorney will incorporate the changes in the Purchase and Sale agreement for you as well.
The buyer should then compare mortgage rates and programs available. Apply on time and adhere to all the dates and deadlines in your Purchase and Sale agreement. The process of making an offer through going to the closing table usually takes about six weeks.
Prior to closing, have a ‘walkthrough’ of your property. You should complete this 24 hours before the closing to ensure that the property is in the same condition as it was when you saw it at the inspection. You should also make sure all appliances, heat/AC, etc. are in working condition. The closing comes next and your attorney will brief you on what to bring.
If you have a great buyer’s agent, mortgage Broker and attorney, your purchase should go smoothly, and each person should do his or her job in a timely manner. The buyer is responsible for checking in with each person along the way, inquiring about the status of your purchase and making sure that each party is meeting his or her deadlines.
Buying a home is one of the best purchases you can make. Other than tax benefits and financial appreciation of your property, there are many intangible benefits as well. You will experience the pure joy of going home to your own place where you can paint, decorate and enjoy your home and the feeling that you have invested in your future, both emotionally and monetarily.
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