Buying Information
The buying process is changing rapidly in many ways, yet staying the same in others. The internet has undoubtedly improved buyers' ability to independently seek out homes and zero in on what they are interested in. The intent of this website is to make it as simple as possible for buyers to both understand the local real estate market and assist them in understanding the process to purchase real estate.
Below, you will find information on the buying process itself, on short sales, and on purchasing foreclosed properties. We hope you find the attached information helpful.
The Process
Qualify | This is a crucial step of the process, especially in today's market. Many buyers leave this step until later in the process. However, doing so often results in uncertainty in the negotiation process and ultimately in less satisfied buyers. By having a lender pre-qualify the buyer prior to looking at homes, it enables the buyer to understand exactly how much they are comfortable spending and not waste time looking at homes above their comfort level. |
Choose | Choosing the right property is generally is the most time consuming. It's important to consider not just the individual properties, but also their neighborhoods. You can always renovate a kitchen or bathroom that you're not happy with, but you won't be able to change a neighborhood. The neighborhood will also affect price - so buyers need to decide what their level of compromise might be between the neighborhood and the home itself. Buyers should ensure they look at enough properties to understand the local market. Once you've seen enough properties, you'll start to get a feel for what your money will buy in a particular area. |
Negotiate | Once you've decided on a property, it's time to start negotiating with the Seller. This starts with an OFFER made by the Buyer. Most times the Seller makes a COUNTER-OFFER back to the Buyer. It's not uncommon to go back and forth with counter offers until agreement is reached or a decision is made that agreement is not possible. |
Confirm | Once an agreed Contract is in place, it's essential for the Buyer to verify what has been agreed. This generally includes inspections of the property to confirm that there aren't defects such as a leaking roof. It also will include a bank appraisal to confirm that the value of the property supports the purchase price, and many other items such as title and lien searchs to assure that the property is free of encumbrances. |
Close | The closing can be executed by either a title company or an attorney. A wise buyer makes the decision who to engage for the closing early on in the process, generally at the start of the negotiation process. |
Short Sales | Do you keep hearing the term "short sale" and wonder what this is? The short answer is that it's when a seller is trying to sell a property for less than is owed to the bank on the mortgage. Short sales are currently rampant in many parts of the country, based on how much property values have decreased over the last few years. More Detail >> |
Foreclosed Properties | Foreclosed properties are also much more available than ever before. Generally these are easy to purchase, but there are some important factors to consider. More Detail >> |
$8,000 Tax Credit | Find out whether you qualify for the $8,000 tax credit..... More Detail >> |
How can we assist you further?
We have experience with short sales and foreclosures, as well as the standard purchases. If you would like some assistance, we are dedicated to providing top notch customer service. Fill out the attached form if you would like more information about purchasing a property.
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