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Steps Towards Buying A Property

Purchasing a property is both an exciting and involved process. The following is a brief step-by-step overview encompassing the buying procedure and Gemma’s approach for a successful transaction

PREPARING YOURSELF FINANCIALLY

Procuring funds to purchase property is a vital step in a real estate transaction

Credit Report – As your credit score directly reflects your personal financial history, it is vital to be aware of your status prior to beginning the steps necessary to purchase property. Under the Fair and Accurate Credit Transactions Act (FACT Act) consumers may obtain a free credit report once every 12 months.

Choosing a Lender/Loan Type - It is also critical to identify the appropriate lender and loan type that will provide desired results for your purchasing needs. Thorough research will provide the tools necessary to determine which type suits your personal situation and will therefore provide a successful transaction.

Getting Pre-Approved - Becoming pre-approved will provide you with a financial amount that your lender is prepared to approve in order for you to obtain property. When you are prepared to make an offer on a particular property, your mortgage pre approval letter serves to enhance your offer’s desirability when presented to the Seller.

IDENTIFY YOUR PURCHASE GOAL

Are you investing in your first home, purchasing a second home or relocating? Do you need to purchase a dock or dry storage for your boat/yacht? What about an investment property or a commercial property? Or are you looking for a business opportunity? Does a 1031 Exchange or a Reverse 1031 Exchange apply to your purchase? Identify your purchase goal and then distinguish between your wants and needs. To assist with this process, consider the following questions:

Helpful Questions for Homebuyers

Helpful Questions for Investors

FINDING A PROPERTY

Once you have determined exactly what type of property you desire; the thrill of the hunt begins. Gemma’s extensive market knowledge combined with her patience and strong ability to listen to and recognize her buyer’s needs and wants contribute to her success in assisting buyers to obtain the perfect property for them. This is a partnership that is constantly maintained and cultivated to ensure a long-term relationship.

THE OFFER & COUNTER OFFER PROCESS

There are no standard guidelines regarding writing an offer thus offers vary greatly depending on the property type and the Buyer’s desires. Preliminary stages involved in developing a solid offer should include, research of the property, review of all property disclosures, and an analysis of comparable properties to arrive at a realistic offer amount.

The offer and possible contingencies are then composed and presented to the Seller. The Seller may accept the offer, decline the offer, or make a counter offer. When both parties are in agreement, the offer then becomes an executed contract. This final phase is both exciting and sometimes tedious, as it requires a tremendous amount of careful examination. The experience, expertise, and powerful negotiating skills that Gemma possesses continuously place her Buyer’s offer at the forefront ensuring successful results.

PRE-CLOSING MATTERS

As you obtain a contract on your desired property, congratulations are surely in order, yet there is still much to be completed. This includes, although not limited to, conducting property inspections, selecting a closing attorney or title company to supervise the closing, satisfying a financial commitment deadline, ordering a title search, obtaining an appraisal, updating or ordering a survey, ordering a home warranty, and purchasing insurances. During this time, Gemma carefully supervises the process with her buyers, the closing attorney/title company, the seller’s agent, and the mortgage broker. This ensures that all facets are accomplished in a timely manner in preparation for the closing date. Throughout this collaboration, it is imperative to Gemma that her clients experience first class service.

THE CLOSING

Attending the closing/settlement is the event by which the ownership of the property is transferred from the Seller to the Buyer. Typically the day before or the day of closing a walk thru inspection is performed and the settlement statement (Hud-1) is reviewed. The settlement statement itemizes all charges for each the Seller & the Buyer giving a complete list of their outgoing and incoming funds. As the Buyer, the settlement statement reveals the amount of funds (if any) you will be required to present at the closing table. The closing is customarily attended in person, although, may be performed via mail, will provide closing documents (which include the Hud-1 & Deed) and any loan documents to be reviewed and signed and the keys to the property are transferred. Congratulations are in order! We have now successfully accomplished your goal of purchasing a property!

POST CLOSING

Now that you are the new owner of a property do not forget to ensure that you have the utilities to the property transferred to your name and if applicable, please ensure that you notify the postal service & your service providers of your address change. Also, if the property you have purchased is serving as your primary residence, you should qualify and apply for the Homestead Tax Exemption. It is Gemma’s pleasure working with you to achieve your property purchasing goal(s) and she sincerely hopes you enjoy your new property.


©2007 Gemma J. Watmough | Mobile: + 1 .941.376.8462 | Office: +1 .941.373.9378 | Fax: +1 .941.373.9013 | Email Gemma
41 West Realty Group, Inc. - Licensed Real Estate Broker. 1770 N. Tamiami Trail - Sarasota, Florida 34234
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