The following is intended to help you simplify and organize yourself in preparation for purchasing real estate. There are a few steps that are common with almost all real estate transactions.
1. Funding: It is important to secure funding (Money) for your purchase before you start looking for properties. There are many ways to fund real estate purchases, cash, seller financing, hard money loans, Uncle Guido, etc. If you plan on getting a loan start by talking to your lender and getting "preapproved," not just "prequalified."
(Need some references? no problem we can help you find a lender. Call c: (801) 979-9229; Email: johnm@homerealty.com)
Remember to set aside money for a down payment. Down payment amounts very however you should plan on a minimum of 3% down for most residential purchases.
2. Locate potential properties: single out the properties that fit your needs, need help...no problem that is what realtors are for.
We have an experienced team that will find you the right property, in the right place, at the right price!
Contact me NOW: John Manning c: (801) 979-9229; Email: johnm@homerealty.com
Be prepared with a list of things that are most important to you in a property, consider your surroundings as well.
3. Make offers: If you never make an offer to purchase a property you will never have a willing seller. We will be there to write the offer and negotiate in your behalf saving you time, money and added protection from costly mistakes.
Note: When considering how much to offer a look at recent sales in the area will give you a good place to start.
4. Do your due diligence: make sure that the property is in the condition you expect it to be in. Keep an eye out for code violations, liens, hidden damage. If you are not a professional don't pass up a professional home inspection. A Title company will be able to help you find any liens on a property.
5. Close the deal: A "HUD-1" Settlement Statement will be available two days prior to closing, read it over to verify it's correct. Make sure your (homeowners) insurance is in place, as well as the home warranty if purchased. At this point it is a matter of showing up for your closing appointment with certified funds covering the down payment and closing costs, sign the papers, make sure what you sign agrees with what you expect.
Purchasing HUD homes
www.mcbreo.com
This web address has a list of HUD homes that have not been listed on the MLS yet. New properties are listed every Friday. MLS homes will have *521* in the remarks.
To place a bid on a HUD home you will need a $1,000 cashiers check "payable to the department of HUD."
I can then provide you with a list of instructions to place a bid. (the instruction list can be found at www.homerealty.com + document search "HUD."
Home Warranty
Home Warranties are a extra bit of protection for both the buyer and seller in a realestate transaction but you need the right one.
I have used many companies with some disapointment. I recently spoke with Lesa Beuchert of Alliance Home Warranty about some of the problems we have had in the past. Alliance appears to have a greater coverage in a basic package with benifits that provide protection before the transaction.
If you would like to try there service please let me know about your experience.
You can reach Lesa Beuchert at (866)546-6644 ext 660; c) 801 425-8485
