please always use the services of professionals for your purchase.
A real estate purchase is best handled with the services of a professional Realtor®, an experience real estate attorney, and a knowledgeable mortgage lender if financing is needed. The purchase can be for a primary residence, an investment, or for a secondary vacation home. There are logical, sequential steps that a savvy buyer can take to protect the investment and minimize problems from purchase to closing.
Finding the right property
The internet is a wonderful information source for prospective purchasers but it is not complete – not all properties for sale are online. As a buyer, familiarize yourself with the inventory and choose a Realtor® Associate who knows the area where you think you would like to purchase. Explore your financing options in order to conduct your property search within the bounds of your financial ability to purchase.
Financing the purchase
This goes hand in hand with the selection. If you will be financing your purchase, it is essential to know the type of mortgage loan best suited to your needs and to understand the lending process. This information can be obtained from your local bank or current mortgage lender or through a professional mortgage broker. A pre-qualification or pre-approval letter from a lender assures the seller that the purchaser has the financial ability to buy and lends strength to the offer to purchase.
The inspections
A Home Inspection is done to check for defects in the property that would require substantial repairs, affect the structure, or involve the habitability of the property. The inspection should be done by a licensed professional home inspector and should include the purchasers if possible. A wood boring insect inspection is required by most lenders and should be done by a licensed professional. This inspection is done to look for termite, powder post beetle, or any other wood boring insect infestation that needs treatment.
The survey
A current survey of the property is usually required by the mortgage lender. Some lenders will accept a survey done within 6-12 months of the scheduled closing. The survey is done to see if there are any encroachments that would affect the property.
Title insurance
Title insurance ensures that you will have a marketable title to the property when you are ready to sell.
The closing
As a general rule for closing, you will need photo identification, certified funds for the amount of the down payment plus closing costs, and proof that the property is covered by homeowners insurance.
As all properties are unique, so are all real estate transactions. The information above is intended only a guide as you purchase real estate.
