Buy

Before you start shopping for your property, it is a good idea to make some preparations.

Build Your Green File.

A green file contains all your important financial documents. You will need it to secure financing for your property. The typical green file should contain:

• Financial statements
• Bank accounts
• Investments
• Credit cards
• Auto loans
• Recent pay stubs
• Tax returns for two years
• Copies of leases for investment properties
• 401K statements, life insurance, stocks, bonds, and mutual account information.

Check Your Credit Rating.

The credit score you hold can significantly impact your ability to buy property, including the type of property you can afford and the price at which you can purchase it. To determine your purchasing power, we suggest that you start by checking your credit rating with a lending institution that has a proven track record of working with borrowers in similar situations.

The lending institution will thoroughly assess your credit ratings from all three credit reporting agencies, which include Equifax, Experian, and TransUnion. This will help us determine the most suitable options for you based on your financial situation and creditworthiness.

We understand that navigating the world of real estate financing can be overwhelming. That’s why we are committed to providing you with comprehensive guidance every step of the way. Our network includes experienced and knowledgeable lenders in the residential, construction, commercial, and investment real estate fields who can offer valuable insights and assistance in securing the financing you need. We will be happy to recommend trusted lenders who can help you achieve your real estate goals.

In light of the current economic climate, it’s important to approach major financial decisions with caution. Making sudden career changes or large purchases may not be the best course of action, particularly if you’re in the process of purchasing a property.

Instead, it’s advisable to approach your property purchase from a position of financial stability. This means taking stock of your current financial situation and ensuring that you have a solid foundation upon which to build. Before making any significant financial commitments, it’s essential to evaluate your income, expenses, debts, and savings to determine if you’re in a position to comfortably take on a mortgage.

Taking the time to assess your financial stability and making any necessary adjustments can help ensure that you’re well-positioned to take advantage of the opportunities that arise in the real estate market. By approaching your property purchase with financial stability in mind, you’ll be able to make a well-informed decision that aligns with your long-term goals and aspirations.

Purchasing a property can be a complex and daunting process that involves numerous financial decisions, intricate issues, and an extensive amount of paperwork. With such a significant investment at stake, having a trusted expert by your side can be invaluable.

We are committed to helping you navigate the property buying process with confidence and ease. Our team of experts has the knowledge and experience necessary to guide you through each step of the journey, from assessing your needs and budget to identifying suitable properties and negotiating favorable terms.

Furthermore, we can provide you with exclusive access to property listings that are not yet available to the general market. This can give you a distinct advantage in finding the right property at the right price.

At every stage of the process, we prioritize your best interests and work tirelessly to ensure that your real estate goals are achieved. By leveraging our expertise, resources, and connections in the industry, you can feel confident that you’re making the most informed decisions possible.

• Look for a full-time agent – one who has experience completing transactions similar to yours.
• Interview a few agents: Are they familiar with the area in which you are interested?
• Ask how much time the agent will have for you, and if they are available at night and on weekends.
• Ask about their credentials and education: A good agent will continually strive to improve and gain knowledge of the latest real estate trends and hold the highest designations in their respective fields of expertise.
• Does the agent return your calls promptly? Time is money when attempting to buy a property.
• Ask for a list of properties they have sold or a list of references.
• Choose an agent who listens attentively to your needs and concerns. Pick an agent, with whom you feel comfortable.

When your preparations are out of the way, it is time to find the right property for you.

Take a Drive.

When it comes to purchasing property, one of the most important factors to consider is location. To ensure that you make the right choice for your needs and lifestyle, it’s essential to take the time to get to know the neighborhoods, complexes, or subdivisions that interest you.

One of the best ways to gain insight into an area is to explore it firsthand. Take a drive around the neighborhood, walk around if possible, and get a sense of what it would be like to own property in that area. Take note of the types of homes, architectural styles, and amenities that are available.

In addition to physically exploring the area, it’s also important to start researching the properties that are available in the neighborhoods you’re considering. Check out online listings, talk to local real estate agents, and attend open houses to get a better understanding of the housing market in the area.

By taking the time to thoroughly explore and research the neighborhoods you’re interested in, you’ll be better equipped to make an informed decision when it comes time to purchase property. Ultimately, this will help ensure that you find a location and property that meets your needs, fits within your budget, and aligns with your long-term goals.

Narrow Your Search.

Once you have explored the neighborhoods and have a sense of the type of property you’re looking for, it’s time to start narrowing down your options. By selecting a few properties that interest you the most, you can focus your efforts on finding the right fit for your needs.

To arrange visits to these properties, it’s recommended that you work with a trusted real estate agent who can help facilitate the process. Your agent can make appointments to visit the properties, provide valuable insights into the local housing market, and answer any questions you may have.

During your visits, it’s important to keep your long-term goals in mind. Consider not only your immediate needs but also the potential resale value of the properties you’re considering. Your agent can help provide information on the neighborhood’s growth potential, any planned developments, and other factors that can impact the long-term value of the property.

As you evaluate each property, take note of its features, condition, and potential for customization or renovation. Work with your agent to evaluate the property’s value based on comparable properties in the area, recent sales data, and any other relevant factors.

By working closely with your agent and keeping your long-term goals in mind, you’ll be able to make an informed decision when it comes time to choose a property. With the right property in hand, you can begin the exciting process of making it your own and building the life you’ve always dreamed of.

Time to Buy.

When it comes time to make an offer on a property, having the support of a skilled and experienced real estate agent can make all the difference. Your agent can help you navigate the negotiation process, ensuring that you secure the best possible deal for your needs.

To start, your agent can help you assess the value of the property you’re interested in and determine a fair market price. From there, they can help you craft an offer that is compelling and attractive to the seller while also protecting your interests and preferences.

In addition to negotiating the purchase price, your agent can help you consider potential costs and expenses associated with the property, such as taxes, maintenance, and repairs. This can help you make an informed decision about whether the property is a sound financial investment for your needs.

Furthermore, your agent can help you draft your offer in a way that gives you the advantage over any competing offers. By leveraging their knowledge of the local market, your agent can help you identify areas where you can make concessions or ask for additional terms that are likely to appeal to the seller.

Ultimately, having the guidance and support of a trusted real estate agent can help you navigate the complexities of the home buying process with greater ease and confidence. With their help, you can make an informed decision that aligns with your goals and aspirations for your new property.
Let’s work

The Process, Step-by-Step

The Initial Agreement and Deposit.

An effective agreement is a legal arrangement between a potential purchaser and the property’s seller.

Some important tips to keep in mind to streamline the process:

• Keep written records of everything. For the sake of clarity, it will be extremely useful to transcribe all verbal agreements including counter-offers and addendums and to convert them into written agreements to be signed by both parties. We will assist you in drafting all the paperwork for your purchase and make sure that you have copies of everything.
• Stick to the schedule. Now that you have chosen your offer, you and the seller will be given a timeline to mark every stage in the process of closing the real estate contract. Meeting the requirements on time ensures a smoother flow of negotiations so that each party involved is not in breach of their agreements. During the process we will keep you constantly updated, so you will always be prepared for the next step.

The Closing Agent.

The process of closing on a property involves a number of important steps, one of which is selecting a closing agent. Depending on the region in which you’re buying property, either a title company or an attorney may be chosen to serve as your closing agent.

The role of the closing agent is to ensure that the transfer of ownership of the property goes smoothly and that all relevant legal requirements are met. The closing agent will typically hold the deposit in escrow until the closing date and will perform a thorough review of the property’s recorded history to ensure that the title is free and clear of any encumbrances that could impact the sale.

During this review process, the closing agent will search public records to identify any potential issues with the title, such as liens or other encumbrances that may impact your ability to assume clear ownership of the property. If any such issues are identified, the closing agent will work to resolve them prior to the closing date to ensure that you have a clear title to the property.

Additionally, the closing agent will review any restrictions that may be associated with the property. This may include building or parking restrictions, recorded easements or encroachments, and other limitations on the use of the property. By thoroughly researching and reviewing these issues, the closing agent can help ensure that you have a full understanding of the property’s legal status and can proceed with the transaction with confidence.

Overall, the role of the closing agent is critical in ensuring a successful and smooth transfer of ownership of the property. By working with a skilled and experienced closing agent, you can feel confident that your interests are protected and that your new property is a sound investment for your needs.

How to Hold Title.

When purchasing a property, there are many important decisions to make, including how to hold title to the property. The method of holding title can have significant legal, estate, and tax implications, particularly in the event of a sale or the death of the title holder.

Given the complexity of these issues, it’s often advisable to consult with an attorney or tax advisor to determine the best way to hold title to your property. An attorney or tax advisor can provide valuable insights into the legal and financial implications of different methods of holding title, and help you choose the one that is best suited for your individual circumstances.

For example, holding title as joint tenants with rights of survivorship can be a smart choice for couples who want the property to transfer automatically to the surviving spouse in the event of death. However, this method of holding title may not be the best choice for individuals who have complex estate planning needs or who want to leave their property to multiple heirs.

Similarly, holding title as tenants in common can be a useful option for co-owners who want to maintain separate ownership interests in the property. However, this method of holding title can be more complex to navigate in the event of a sale or transfer of ownership.

Ultimately, the decision of how to hold title to your property should be based on your individual circumstances, goals, and priorities. By consulting with an attorney or tax advisor, you can make a well-informed decision that takes into account all relevant legal and financial considerations.

Inspections.

After your offer has been accepted by the seller, it’s important to have a licensed property inspector inspect the property within the agreed-upon time frame as stipulated in the effective contract to purchase. This step is essential in ensuring that you are aware of any potential issues or problems with the property before you finalize the purchase.

Depending on your needs and preferences, you may elect to have different inspectors inspect the property to obtain professional opinions from experts who specialize in a specific area. For instance, you may choose to have a roofing inspector evaluate the roof, an HVAC specialist assess the heating and cooling systems, or a structural engineer evaluate the overall stability and safety of the building.

If you are purchasing a commercial property, it’s likely that your lending institution will require an environmental audit to be conducted on the site. This audit will assess any potential environmental hazards or risks associated with the property, such as contaminated soil or groundwater, hazardous waste materials, or other environmental concerns.

As you navigate this process, our team can provide valuable guidance and support. We have established relationships with a network of reputable and experienced property inspectors who can provide comprehensive evaluations and reports to help you make informed decisions about your purchase.

Ultimately, by conducting a thorough inspection of the property before finalizing the purchase, you can ensure that you are aware of any potential issues and can take appropriate steps to address them. With the guidance and support of our team, you can feel confident that you are making a sound investment in a property that meets your needs and aligns with your long-term goals.

Depending on the outcome of these inspections, one of two things may happen:

1. Either each milestone is successfully closed and the contingencies will be removed, bringing you one step closer to the close, or

2. The buyer, after reviewing the property and the papers, requests a renegotiation of the terms of contract (usually the price).

Appraisal and Lending.

It is imperative that you keep in close communication with your lender, who will let you know when additional documents are needed to approve your loan application and fund your loan. If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution, via a third party. This is done so that the lending institution can confirm their investment in your property is accurate. Appraisers are specialists in determining the value of properties, based on a combination of square footage measurements, building costs, recent sales of comparable properties, operating income, etc. When you are within two weeks of closing, double check with your lender to be sure the loan will go through smoothly and on time.

Association Approval.

If the property that you are purchasing is conditional upon an association approval, request the rules, regulations, and other important documents from the seller as soon as you have an effective agreement to purchase. Make sure that the application documents and processing fees are submitted to the appropriate person at the association by the required time. Fill out all of the information completely and legibly so there is no delay in processing the application. If you are required to meet with the association for your approval, make an appointment as soon as possible for the interview. Most associations require a certificate of approval before move-in. Your closing agent will request that the original copy of this approval letter be brought to the closing, so that it can be recorded with the deed in the county public records.

Property Insurance.

When obtaining a loan to purchase a property, it’s important to keep in mind that you will be required by your lender to purchase a certain amount of insurance on the property. The specific value of the insurance required will depend on the lending institution as well as the purchase price of the property.

It’s worth noting that while insurance may be a requirement of your lender, it can also be a valuable investment in protecting your investment. Homeowners insurance can provide coverage for damage caused by natural disasters, theft, vandalism, and other unforeseen events, helping to safeguard your financial interests in the property.

That said, it’s also important to shop around for insurance to ensure that you’re getting the best possible coverage at a fair price. You may be able to save hundreds of dollars a year by comparing policies and rates from multiple insurance providers.

In addition to shopping around, there are several other steps you can take to reduce your homeowners insurance costs. For example, you may be able to qualify for discounts by installing a home security system, adding smoke detectors, or improving your credit score.

Another strategy for reducing insurance costs is to raise your deductible. While this will increase your out-of-pocket expenses in the event of a claim, it can significantly lower your annual insurance premiums, saving you money over the long run.

Ultimately, by taking a proactive approach to insurance and seeking out cost-saving opportunities, you can ensure that you’re getting the best possible coverage at a fair price. With the right insurance in place, you can feel confident that your investment in the property is protected and secure for years to come.

• Consider a higher deductible. Increasing your deductible by just a few hundred dollars can make a big difference in your premium.
• Ask your insurance agent about discounts. You may be able get a lower premium if your home has safety features such as dead-bolt locks, smoke detectors, an alarm system, storm shutters or fire-retardant roofing materials. Persons over 55 years of age or long-term customers may also be offered discounts.
• Insure your house NOT the land under it. After a disaster, the land is still there. If you do not subtract the value of the land when deciding how much homeowner’s insurance to buy, you will pay more than you should.

We will be happy to recommend experienced knowledgeable insurance agents for every property type.

Closing Day

Congratulations, you’ve come a long way in the home buying process! However, there are still a few important loose ends to tie up before you can officially celebrate your new property.

First and foremost, it’s essential to review and sign all relevant closing documents. This includes the loan documents, title transfer documents, and any other paperwork required by your lender or closing agent. Be sure to carefully review each document to ensure that all information is accurate and that you fully understand the terms and conditions of the sale.

Additionally, it’s important to make sure that you have all necessary funds in place to cover the down payment, closing costs, and any other expenses associated with the purchase. Your lender or closing agent can provide a detailed breakdown of these costs, so be sure to review and understand each item on the list.

It’s also a good idea to arrange for a final walk-through of the property prior to closing. This will give you an opportunity to inspect the property one last time and ensure that everything is in good working order and as agreed upon in the sales contract.

Finally, don’t forget to transfer or set up utilities and services for your new property. This may include setting up electricity, water, gas, and internet services, as well as notifying any relevant parties of your change of address.

By taking care of these loose ends before closing, you can ensure a smooth and successful transition into your new property. With the right preparations in place, you can enjoy the excitement and satisfaction of owning your own home or investment property.

Final Walk-Through Inspection.

The final inspection takes place a day before, or the day of the closing. You will visit the property to verify that all is in working order, everything is the same as when you last viewed the property, that there are no extra items left behind, and that everything included in your purchase is still at the property.

Home Services and Utilities.

After the closing on your new property has been completed, it’s important to make sure that you have all necessary home services and utilities set up and activated. This includes services such as electricity, gas, water, internet, cable, and phone.

To help simplify this process and make it easier for you to get everything set up and running smoothly, we are pleased to provide you with a list of useful numbers for activating these services. This list will include contact information for the relevant providers in your area, as well as any other important details you may need to know in order to get connected.

In addition to providing this list of useful numbers, we are also available to answer any questions you may have about the activation process or to provide guidance on choosing the best service providers for your needs. We understand that this can be a stressful and overwhelming process, and we are committed to making it as easy and seamless as possible for you.

Overall, our goal is to help ensure that your transition into your new property is as smooth and stress-free as possible. By providing you with the resources and support you need to activate your home services and utilities, we can help you get settled into your new home with ease and confidence.

Be Prepared.

At this stage in the home buying process, it’s natural to feel excited and ready to move into your new property. However, unforeseen issues can sometimes arise, causing stress and uncertainty.

If you do encounter any unexpected glitches or challenges during this final stage, rest assured that we are here to help. Whether it’s a minor issue such as a breakdown in one of the property’s systems or a more significant problem, we have the experience and expertise to handle these situations efficiently and in a stress-free manner.

Our team has encountered these types of problems before, and we know how to navigate them effectively. By working closely with you and any other relevant parties, we can help to resolve any issues that may arise and ensure that your transition into your new property is as smooth and stress-free as possible.

Ultimately, our goal is to provide you with the support and guidance you need to achieve a successful and satisfying outcome. No matter what challenges may arise, we are committed to working diligently on your behalf and ensuring that you are fully satisfied with your home buying experience.

Closing.

During the closing process, the closing agent plays a critical role in facilitating the financial transactions involved in the sale. One of the key tasks performed by the closing agent is to provide a settlement statement to all parties involved in the transaction. This statement summarizes and details all financial transactions that have taken place, including the purchase price, closing costs, and other fees.

Once the settlement statement has been prepared, you and the seller(s) will sign it, along with the closing agent, certifying that all information is accurate and complete. If you are obtaining financing, you will also be required to sign all relevant documentation required by your lending institution.

In some cases, it may not be possible for you to attend the scheduled closing in person. In such instances, arrangements can be made depending on the circumstances and the amount of notice that is given.

If you are bringing funds to the transaction, you will have the option to either wire the funds electronically into the closing agent’s escrow account or to bring a certified bank check to the closing in the amount specified on the settlement statement.

In addition to these financial considerations, it’s also important to make sure that all necessary property keys and other important information are transferred to you at the time of closing. The seller should make arrangements to provide you with all relevant keys, codes, and other items needed to access and operate the property.

Overall, the role of the closing agent is critical in ensuring a smooth and successful transfer of ownership of the property. By working closely with the closing agent and following all necessary procedures and documentation requirements, you can feel confident that your investment in the property is secure and protected for years to come.