Sep
07
How do you buy and house and/or property?
By
I’m doing a assignment and need to know the process in the exact order it happens. For both buying and house and for buying property, and for both.
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4 Comments
September 10th, 2009 at 7:01 pm
First you typically work with an agent to look for the property. That agent’s commission is paid for typically by the seller (in the US).
Then, if you like the house, your agent helps you submit an offer to the seller.
Once the seller accepts that offer, you typically have a contigency period where you will work with the banker to get a loan, the home inspector to check out the house and the escrow agent to get title insurance and make sure that your transfer works out perfectly.
September 11th, 2009 at 5:04 pm
Well there is a couple different ways to buy a home. Are you buying using cash? Conventional financing, VA, etc?
Overall, you find a house you are interested in, submit your offer with a real estate agent, either seller accepts or counters the offer, then you can accept or counter back, on and on that process can go, all kinds of things can be negotiated such as closing costs, repairs, etc. Then once you agree on a contract they will set a closing date for you that works to your convenience usually. Some of this varies depending on how your buying.
With property, either you paying cash or financing, or leasing… Same concepts apply there as well. Make an offer, agree to a price and close.
September 13th, 2009 at 4:42 am
You start out by contacting an agent then prequalifying for a loan with a bank.
September 15th, 2009 at 6:37 am
1. Contact a realestate agent and have them find you exactly what you want.
2. Let the Agent show you the properties/houses you are interested in.
3. Once you find a what you want put in an offer on the house/land. Usually you wanna go lower then the asking price.
4. By that time you should talk to a lender to see if you can get prequalified for a mortgage.
5. Once you and the Seller agree on a purchase price you both sign a buysell wich is contract stating that you want to buy the house and that the seller agrees to sell to you and only you. At that time you would contact a title company to do start the process of title insurance.
6. Ernest money is sort of a down dayment ususally around $2000 that gets deposited with the title company and will be applied at time of closing.
7. Once you are approved for the loan you or your lender should order an appraisal and inspection of the property. If it is worth less than the aggreed price and/or there are damages that need to be fixed you and the seller need to amend the Buy/Sell and come up with asolution.
8. Schedule a closing. Your lender, the seller and you will sign all papers in front of an escrowofficer.
9. the warranty deed needs to get recorded at the courthouse once it is recorded the buyer owns the property.