Role of real estate agent to find and finance the perfect home

 

● The truth is smart property investments are made with a calm and composed mind.

● Always try to make it perfect in our first attempt.

● To do that, never be in a hurry, take enough time before we are able to find a suitable property and           should not regret making that purchase after.

● Have to engage in active negotiation, if we want to pick a perfect home for ourselves.

land for sale in Chennai

 

PRIMARY SEARCH

 

● Go through the websites, Newspapers and  Magazines to get a list of Real Estate Agents

● Analyse the pulse of housing trends in our specific selected areas.

● Prepare a list of particular types of homes we are interested in.

● Find out how long the houses stay on the market

 

MONEY MATTERS THE MOST

 

● Self analysis of our own financial status and affordability

● Search for the easy ways to put aside money each month

● Find out viability to make a down payment and to have a moderate amount of other debt.

● Find out the possibility to approach Lenders.

  

Best Builders in Chennai

REAL ESTATE AGENT AN IMPORTANT PARTNER 

● The real estate agent provides us with helpful information of homes and neighborhoods which is             not easily accessible to the public.

● Their knowledge of the home buying process, negotiation skills and familiarity with the area is              extremely valuable.

● The best agent will not charge separately for this service.

● And they get their commission paid by the seller of the home.

 

GET QUALIFIED FOR HOME TOUR

● We need to know how much we can actually spend before we start looking for a home.

● The best way to do that is to get prequalified for a Mortgage.

● To get prequalified, we must provide financial information to our Mortgage banker ( the details of income , amount of savings, investments we have..)

● The lender will review the information and tell us how much they can lend us.

● And also they will tell us the price range of the homes we should be looking for.

● This is nothing but then pre approved for credit.

● Then they demand the following documents.

● Paychecks.

● Bank account statements.

● The Lenders will verify and find out financial status and credit . That means we are eligible for pre approved credit.

● Then the Lender issue Pre-approved loan.

 

PLAN AND DO PROPER HOME TOUR

 

● Start our home tour with our budget range

● Take pictures, videos and important information of all the visiting homes for easy remembrance and recollection.

● Otherwise it will be very difficult and confusing

● Prepare the checklist of each home then and there.

● Find out the electrical connections are proper and the working condition of the electrical system by turning the switches on and off.

● The condition of the doors and windows to be checked by opening and closing them 2 or 3 times and also checking the alignments are in proper condition.

● Then evaluate the neighbourhood and find out the nearby homes are maintained properly and in good condition.

● Check the lamp posts are properly erected at proper places in the street.

● Check the availability of parking places.

● Find out the proximity to everyday essential places like shopping centres , schools, hospitals, restaurants and the public transport system.

 

DO PROPER WORKOUT AND NEGOTIATION

 

● We have to work with our Real estate agent to negotiate for a fair offer based on the value of the comparable homes in the same neighbourhood.

● Once we and the seller have reached agreement on a price, then the house will go into escrow

● The escrow is the period of time to take to complete all of the remaining steps in the home buying process.

NEED OF THROUGH HOME INSPECTION

 

● Our agent will arrange for us to have a perfect inspection

● It will be conducted within a few days of our being accepted by the seller.

● The property purchase offers are contingent to check for signs of structural damages or things that may need proper fixing.

● The contingency protects usn by giving us a chance to negotiate our offer or withdraw it without penalty

 ( If the inspection results in significant material damage. )

● Both The buyer and the seller will receive the report on the home inspection findings.

● We can then decide if we want to ask the seller to fix anything on the property before closing the sale.

● Before closing the sale, we can have a walk through in the home which gives us a chance to confirm that all the agreed upon repairs have been made properly.   

 

COORDINATION AND COOPERATION OF MORTGAGE BANKER

 

● The responsible Mortgage Bankers assist us to get clarified of all the financial questions related to home purchase

● They have a wide range of competitively priced loan programs.

● They have a reputation for exceptional service.

● They make the decision process much easier for us

● In choosing a Mortgage, the home buyers have their own priorities and it differs from person to person.

● Some people are interested in keeping their monthly payments as low as possible.

● Some others may be interested in making sure that their monthly payments never increase.

● Some clothes pick a loan based on the knowledge that they will be moving again in just a few years. 

HAVE THE HOME APPRAISAL

 

● The proper appraisal is essential for all the parties involved to know that we are paying a fair price for the home.

● The lender will arrange for an appraisal to prepare an independent estimate of the value of the home.

● The Appraiser is a member of a third party company and is not directly associated with the Lender.

 

THE ROLE  OF TITLE COMPANY

 

● A lot of paperwork is involved in buying a home.

● Our Lender will arrange for a title company to handle all of the paperwork and make sure that the seller is the rightful owner of the house we are buying.

 

CLOSE THE SALE

 

● In the final process of closing, we will sign all of the papers required to complete the purchase, including our loan documents.

● Actually it takes a couple of days for our loan to be funded after the paperwork is returned to the Lender.

● Once the check is delivered to the Seller, we can occupy our new as per our wish at any time.     

 

CONCLUSION

● Avoid large loans, it means an additional monthly cost for us . It is a burden and checks the future plan of investments.

● Avoid investing in old properties, it may require a lot of money for the renovation.

● A new property would ensure better returns on investment in future.