Whether it’s your first or your fifth real estate purchase, buying real estate can be daunting! In order to make the best decision possible, it’s important to research the market and consider all your options. But navigating the real estate world without help is nearly impossible – you need someone you can trust who can answer your questions. Below are some links that will help make your search easier – if you have ANY questions about a property or the area in general, please don’t hesitate to ask.
Looking for the perfect property can be stressful.
Before contacting a lender or hunting for a new home, you’ll need to evaluate your finances. Purchasing a home may require a mortgage. You don’t always need a perfect credit score or a huge down payment to get the perfect property.
Here are some tips to help you understand next steps:
1- Save money for closing costs.
2- Do not take anything on credit while preparing to buy a house. This could affect your loan approval.
3-Do a pre-approval with the bank of your preference.
4-You need to understand what you have been approved for in order to get the right loan type, these are the most common loan types.
Find the right agent
Interview your agent. You will feel more comfortable around an agent that has experience in what you are looking for. Feel free to ask as many questions as you want about his/her experience and of course the buying process.
Do the offer
After you gather all the information about the area you are looking to buy, type of loan you will need and you get an estimate of cost for the loan transaction, it’s time to do the offer!!.
Originate
This is the fun part! Your offer has been accepted and now you have to send to the bank all the paperwork they need to complete the case. The bank will ask for tax forms, payment stubs, bank statements, information on income and expenses, among others.
Closing day
It’s time to get the keys!. Your ride of getting all the paperwork has come to an end. In the closing you will sign the deeds, get certifications that apply to your case, it can include title search, property taxes certification, HOA statements and others.
W
e know how exciting it is to start the search for the first property, second, investment, vacation, in short, any property. But before buying the same it is important to have a complete inspection carried out by a qualified property inspector. Within the excitement of finding the house of your dreams based on the information you have been provided about the property, think that you are paying a fair price. However, the inspection could reveal much more about the condition of the property and thus avoid a problem that could become expensive in the future. Knowing the details and results of the inspection, would you make the same offer, would you cancel the contract?
Having the results of the inspection on the property of interest, you will be able to see if it has any problems. The contingency clause in most real estate purchase offers allows the buyer to cancel the contract if there is a substantial or significant problem revealed by the inspection.
Each inspection is done privately, that is, the buyer or interested person is the one who pays for it. Unless otherwise agreed. Once you have signed the put-purchase contract, you will have 10 days by law from the date of signing to make such an inspection.
What a property inspection might include:
Structural Elements: If the roof needs repair, there are cracks or the structure is not good, then they will probably be a problem that will be expensive to fix. This can include water problems, leaks, seepage and accumulation of water that ends up damaging the structure.
Plumbing system: If there is a complicated plumbing system problem.
Electrical System: As in the case of plumbing, if there is a systemic problem in electrical, then it will be significant.
Asbestos: Not a typical part of the inspection, but asbestos may be present on the property, so the buyer is encouraged to do a specific asbestos inspection to determine the presence of this substance. Asbestos can result in serious health problems and can be expensive to remove.
Lead Paint: Lead paint, like asbestos, is not normally part of a home inspection, but it can be present in homes built before 1978. It is important that it be removed from the building, especially if you are going to live in it with young children or pregnant women. Usually this cost is borne by the prospective buyer and the owner must provide any information that they are aware of lead paint on the property.
Before canceling an offer to buy because of a problem discovered during a home inspection, the prospective buyer should normally share the inspection report with the seller to give the seller an opportunity to fix the problem or negotiate a solution with the buyer. Once the seller knows about the problem, then the seller is usually required to disclose the problem to other potential buyers.
Before contacting a lender or hunting for a new home, you’ll need to evaluate your finances. Purchasing a home may require a mortgage. You don’t always need a perfect credit score or a huge down payment to get the perfect property.
1- Save money for closing costs.
2- Do not take anything on credit while preparing to buy a house. This could affect your loan approval.
3-Do a pre-approval with the bank of your preference.
4-You need to understand what you have been approved for in order to get the right loan type, these are the most common loan types.
Interview your agent. You will feel more comfortable around an agent that has experience in what you are looking for. Feel free to ask as many questions as you want about his/her experience and of course the buying process.
Do the offer
After you gather all the information about the area you are looking to buy, type of loan you will need and you get an estimate of cost for the loan transaction, it’s time to do the offer!!.
This is the fun part! Your offer has been accepted and now you have to send to the bank all the paperwork they need to complete the case. The bank will ask for tax forms, payment stubs, bank statements, information on income and expenses, among others.
It’s time to get the keys!. Your ride of getting all the paperwork has come to an end. In the closing you will sign the deeds, get certifications that apply to your case, it can include title search, property taxes certification, HOA statements and others.
Fair Housing Policy Statement: Muller Properties conducts business in accordance with all federal, state, and local fair housing laws. Our policy is to provide housing opportunities to all persons regardless of race, color, religion, sex, familial status, handicap, national origin, or sexual orientation. Muller Properties’ fair housing procedures are not recommendations. They must be followed by everyone associated with us.
