I just laid out the steps involved in buying real estate in a Hub called Home Buying Advice and Tips.
In general,you make an offer on a house you have viewed with a realtor or the owner. if the offer is accepted, then it's a good idea to have a real estate attorney review it and hammer out a contract. The contract may go back and forth between owners and buyers attorneys until everyone is happy with the terms.
In the meanwhile, financing is being acquired by the buyers if not already. The title company will review the court document,property ,deeds information and try to find out if there are any 'clouds" on the title.
in other words, are there any liens and have the taxes been paid?
also a building inspector may be hired to check for termites, and structural problems.
if everything is in order, then a closing date will be determined,depending on your locale, it could be 30 days or 4 months. The title company and/or closing agent will make the arrangements and everyone meets and the buyers hand over many checks, while the owners hand over the keys.
This is a simplified version and yours may be a little more problematic.
Know your budget and stick to it. It is the easier thing in the world to step into a house you cannot afford and think you can do it, and won't mind sacrificing to have it.
Know the location you would like to look. Study the neighborhoods, know if you want a family oriented street, singles, college kid rentals etc. because once you buy - you are stuck especially in today's market.
Have your down payment ready and be prepared to have extra expenses, closing costs etc.
Have an inspection of the property before the deal goes into escrow. Have a professional inspect it and give you a written report. This is well worth the money.
Do not worry about decor when looking. Paint is inexpensive. Look at the bones of the house, not the wallpaper, wall color or carpet. Know what you can change and what is permanent in the home. Know what large projects you would do and figure out how long until you can afford to do them like counter tops, new floors etc.
Just a few tips from someone who has bought a lot of houses over the many many moons of time. Good luck.
1. Having a job.
2. Having enough money to buy a real estate.
3. Buying a real estate.
Your first step is to determine how you are going to buy the property. Most buyers obtain a mortgage. Interview two or three lenders and ask for a Free Credit Approval. This will help you determine the price range of your property search.
The next step is to interview real estate agents that specialize in buyer agency. Research your local market online to see who is visible and markets their services.
Once you have an agent, you must become educated to the market. Your agent should show you homes that meet your criteria and price range.
When you find a property that you like, have your agent provide comparable sales so that you can formulate the proper offer. Once your contract is accepted, you proceed through the home inspection and then to closing.
by Wendy Iturrizaga 7 years ago
Good morning HubMobsters:A big thanks to all of you who took part on last week's HubMob. I was happy to see so many new HubMobsters joining in the fun. For this week we are going into more serious Hubs, the HubMob topic for this week is: Real EstateI am sure we all have something to say...
by websclubs 7 years ago
What’ the best way to invest in real estate?
by Sekharg 7 years ago
I see lot of houses for sale.I heard interest rates are lowest.Is it a good idea to buy a house now?What do you think?
by H P Roychoudhury 5 years ago
Which one is profitable investing in stock or in real-estate?
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Are There Workable Investment Plans In Real Estate For People With Small Money?
by Donte Mazyck 8 years ago
Now is the time to step into the real estate industry and make money. Warren Buffet, the worlds richest man, said during turmoil is the time to make staggering profits. With the real estate market close to the bottom its time to get into houses and ride the appreciation or profit...
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