Property Buying Process

Step 1.  Get Pre-Approved For Your Loan To Purchase A Property

Knowing exactly what you can afford, and what amount will be available to you in the purchase of your new property will help to keep you focused on the right ones.  The last thing you want to do is find a the perfect property and then discover that it may be unattainable.  There are many loan programs available today that can help you in almost any financial situation that you may have - from local financial institutions to private lenders that will help you to establish your purchase range.

Step 2.  Identify Your Needs Versus Your Wants In A Property

List out the items that you really need to have in a property, then list out the features that are the "nice to have" items.  You will find many homes that will have a mix of the two lists, and having a clear priority defined ahead of time will help you to find the right property quickly.  Normally a real estate professional has access to tools, and the multiple listing service (MLS) where specific information can be obtained to help in this process.

Step 3. Understand The Marketplace And Area That You Are Interested

With so many properties on the market today, it can be rather difficult to narrow down the selection of potential locations.  Understanding the possible area access routes, shopping locations, schools, emergency facilities, regional climate, nearby businesses, and even the values of neighboring properties will all be important to take into consideration.   

Step 4. Decide On Possible Properties Then Make Your Purchase Offer

Once you have narrowed down your options (be objective), your are now ready to make an offer to purchase to the seller.  This process (offering amount, counter-offers, negotiations, closing, and even contract write-up)  would best be handled by a skilled professional in the business of Real Estate. Your realty agent will keep your best interest at all time as they work for you, and not the seller - in most cases, the seller has an agent representing them!

Step 5. Purchase Offer Acceptance And Closing The Sales Contract

Once a mutually agreed upon purchase amount has been reached, it will be time to complete the closing.  The closing is usually held at a lawyer's office, where the legal paperwork and transfer of ownership (to mortgage company if financed) takes place.  There are many factors to consider that a real estate professional will work with you on,  such as: inspections, title insurance coverage, proper contract forms are completed, advice on what to bring at closing, reviewing the closing paperwork to make sure the information is correct, moving information and checklists, and many more that ensure you are going to get the property you want, and to get you there with 'peace of mind'.