Real Estate Purchase

This essay Real Estate Purchase has a total of 3183 words and 14 pages.


Real Estate Purchase
Like so many things in life, when it comes to buying Real Estate, proper
preparation is one of the keys to success. Don\'t want to find yourself in a
neighborhood you don\'t like? Don\'t want to be making mortgage payments on a
house in which you are uncomfortable? Don\'t want to waste your time falling in
love with houses you can\'t afford? In a word, prepare! One of your most
important tasks will be determining your needs. It can help to avoid either a
nasty disappointment or the pain of buying more house than you need (or can
afford). Distinguishing needs from wants will go a long way in preventing
expensive mistakes in the house buying process. Establish some basic parameters
and stick to them. When house hunting, it is easy to get swayed by the emotion
of the moment--and end up with more house than will be financially comfortable.

Do your mortgage investigation early. Odds are strong that you will be working
with Real Estate Agents when you buy a house. Before you go on a house search,
familiarize yourself with how Agents work and most importantly, who they
represent. Thousands of buyers have made the huge mistake of assuming that the

Agent with whom they were working represented them in the transaction, when, in
reality, the Agent represented the seller. Determining Needs Want to save a lot
of aggravation and possibly a great deal of money when you buy a house? Spend a
few hours determining precisely what your needs are before you begin your house
search. Examples of NEEDS Examples of WANTS ∑ Enough square footage for
comfortable living ∑ Carpeting color, paint color, exterior color, roof color,
etc. ∑ Enough bedrooms to accommodate your family ∑ Pool or Jacuzzi (unless
for medical reasons) ∑ Adequate number of bathrooms ∑ Wood floors ∑ Eat-in
kitchen ∑ Bay windows ∑ Garage or basement for storage needs ∑ Built-in
entertainment center ∑ Lot size to accommodate children\'s play area ∑ Brass
lighting fixtures ∑ Adaptation for Handicapped ∑ Skylights ∑ Proximity to a
specific school ∑ A pretty view Gameplan If you haven\'t already done so,
investigate your housing needs and wants to determine what types of houses you
should be considering. Learn who "The Players" are in a Real Estate
transaction so that you will know who is responsible for what. Get your
financial picture in focus as soon as possible. Get a copy of your Credit Report
to see if there are problems or disrepencies that you need to deal with.

Familiarize yourself with the mortgage process. Get Pre-Qualified from a

Mortgage Lender. Do this first. Your Agent will need your mortgage
qualification, and it will significantly strengthen your offer when you find a
home. At LendingTree, you can submit a quick application, and within 2 business
days get up to 4 offers from lenders so that you can compare terms and rates.

Find an Agent that you trust. It is important to do this before you go rushing
off looking for homes or you may end up with no representation. See the Agent

Representation section for an important discussion regarding "who
represents whom." When you find an acceptable house, write a contract.

Negotiate your best deal. Make a formal loan application. Arrange for home
inspection. Arrange for closing agent or attorney. Make moving plans--for an
innovative and money-saving approach to moving, click here. Secure final loan
approval and commitment from the lending institution. Do a final walk through of
the house. Final closing and settlement. Move to your new home and begin
enjoying it!! "The Players" Real Estate is never bought and sold on
your own The vast majority of home buyers enlist the services of a Real Estate

Agent, a Lender, a Professional Home Inspector, and a Closing Attorney or Escrow

Agent. Knowing what each is responsible for will help your understanding of the
process and eliminate confusion as you proceed. Sellers: Familiarize yourself
with seller motivations and psychology. Real Estate Agents: An Agent may or may
not be your representative. an Agent will arrange to show you houses that are
available through a Multiple Listing Service. Without the use of an Agent, you
will be limited only to those houses that are For Sale By Owner. The Agent will
coordinate the offer, negotiations and the contract of sale. Lenders: A broad
term that refers to the person originating the loan to familiarize yourself with
these lenders, whether they be banks, mortgage companies, or brokers. Home

Inspectors: Responsible for a whole house inspection of a prospective property.

Closing Attorney or Escrow Agents: Handles the details

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Topics Related to Real Estate Purchase

Real estate, Investment, Legal documents, Real property law, Real estate broker, Mortgage loan, Mortgage broker, Closing, Real estate transaction, Escrow, Title insurance, Real Estate Settlement Procedures Act

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