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Home Buying Recommendations

These are simple notes about the home buying process

SEARCH

Looking for house (s) that are in your price range you are looking for, as well as the location and more.

TO VISIT

These visits can already be accompanied by a real estate agent who can advise you in any doubt.

OFFER

You make an offer, basically it is to sign a contract of purchase / sale that is subject to that the seller accepts it.

TO INSPECT

If the owner or seller of the house accepts your proposal, you pay a certain amount of money, this will allow you to do your inspections of the house, and see the conditions in which it is, are approximately 10 days, inspections are performed by a person Certified in inspections, this inspector in the end will send you a report of the condition of the house.

BUY OR REJECT

If you decide to continue with the purchase, then you can negotiate some things according to the conditions of the purchase. At this point, you already have who would pay the house, and the closing paperwork is done by the agent.

If you do not accept the house for any reason, you simply cancel the lease and the landlord keeps the payment you made to inspect the house.

The following are comments, notes and references about the process of buying a home, if the shots are at your own discretion, not everything always applies, and depend on the place or state, environment, economic capacity, age of the house, etc.

SEARCH

The first point is to define what you want or what you are looking for; If you have already decided to buy a house, I think you should define two main points:

Location – Where?

Price-How much?

And from there define the rest according to your preferences, for example:

  • How many rooms or bedrooms?
  • How many bathrooms? Complete, Half baths?
  • With garage / garage or without it?
  • Style, etc.

Start looking for a minimum house 3 months before you go to buy or need it.

Find who can lend you, your bank or a financial agency or mortgages.

Obtain a pre-approval letter.

The pre-approval letter would call it the credential for negotiation.

TO VISIT

You have to see many houses before you even bid or show interest in any.

How many are many? (I would suggest at least about 10 or more and compare them).

On the internet there are lists or checklist of points to verify, but they really are not at all practical if you are going to review point by point, but you can take it as a guide and review in general, I would suggest that when you visit a house to see it, at least:

Take a map of the house, and write down and take pictures of the good and bad. Of what you like and dislike.

  • If possible, check the condition of the roof.
  • If you have landscaping, or you would need to modify it.
  • If the walls needed painting.
  • If the facade needed painting.
  • If you have carpet or what type of floor.
  • If the house includes any appliance or furniture, ornaments, curtains, etc.
  • Are the accesses to the house fast? There is a lot of traffic? How do the neighbors behave?

The ideal is to investigate with friends who know the city or live near the place and tell you if it is a good area. If you want to know the true neighborhood / colony / suburb / subdivision / house zone environment, go on Fridays and Saturdays, usually these days you will see a summary of the behavior of the week. If it is noisy, you will notice it on Saturday, if there is a lot of traffic or people, you will notice it on Friday. And if possible see a holiday, you’ll see how ‘fiestero’ your neighbors would be.

It is preferable, if it is to your liking, to look for a small house in a good place, than a big house in a bad place.Maybe for the same price you can pay for a small house in a good area, you can buy a huge house in a not so nice area. Sometimes  it is worth choosing a house not so big, but in a good area for several factors:

  • The main thing of all is that when you want to sell it it will not be so difficult to sell it, and usually will have surplus value year after year.
  • Houses in good area are usually well maintained.
  • For the same reason, a good area equals good neighbors, there is no guarantee but there are many chances of not having problems with neighbors

 OFFER

If you have already visited the house and are sure to buy it, you can make an offer, it is a contract that is subject to the seller accepting it, you can offer a higher price of the house, the same current sale price, or even a price Minor, but everything is subject to the seller accept it. Although it is a proposal, it is not a final proposal, since it can be negotiated later.

TO INSPECT

The inspection is performed by a state-certified agent, and is in itself a detailed inspection as to some critical points of the house, eg pipes, electrical system, heating, refrigeration, water heater or boiler.

I would recommend that you, as far as possible, be with the inspector, and that he will tell you what he sees, whether it is right or wrong.

Even if you see some things that you do not like, you can tell the inspector to include things in the report.Of course, inspection are for key details, usually do not include things like “missing curtains”, or “glass is dirty”.

It is also important that you prepare and make your own inspections, and / or ask.

A couple of key questions are:

  • Condition of the roof.
  • How damaged is it?
  • Do you need repair?
  • Is there a risk of leaks?
  • Are there water leaks?
  • How damaged is the pipe?

BUY OR REJECT

After your inspection and before you buy you can negotiate, often based on what the inspection report shows.

Some sellers from the beginning indicate whether there is a negotiating margin or not.

Others indicate that the only thing they can negotiate is closing costs.

But if there is nothing stipulated as above, you can negotiate the sale price, either lowering the price, arguing that you will make repairs or arrangements, or that the seller makes the repairs without changing the sale price, or even a Bit of both.

Once you both agree the purchase is made, which from here on out is pure paperwork.

But, if you do not like the house after the inspection, you can withdraw or if you can not reach an agreement when you tried to negotiate, then the offer is withdrawn, and nothing has happened here.

Final comments

It is common to make the entire process of buying a home through a real estate agent. It has their advantages and disadvantages.

The real estate agent:

It is the intermediary between you and the agent of the seller or seller directly. It will show you all the houses you want to see.

It helps you look for houses, you tell him what you want and he shows you the houses that meet your requirements.

It will do the paperwork for you when you want to make an offer to buy (contracts, calls, etc.)

It depends on the agent, but it can help you in:

  • Negotiate the price of the house.
  • Show you the good and bad of a house.
  • If you understand your needs well, I would recommend homes, regardless of price or other factor.

What could be the inconvenience of going with an agent? (It also depends)

  • That the price of the house does not go down much, since there is commission of means.
  • Let the agent just want to show you your house listings.
  • The agent can put pressure on you to buy a house as fast as possible.

Most homes for sale put their phone number on who is selling it, if you have enough time, you can go and call the agent directly, and ask them to show you the house.

(Many will ask you to sign a document for them to represent you as their agent, and some would obstruct you in showing you a house if you do not sign them a document before, you are not obliged to sign, if you do, take note that this document is valid Ie if you go with another agent and make the purchase, whoever takes the commission is the one who has that document signed first and is in effect.)

There are also ‘openhouse’, which are houses that you can see inside without any commitment and give you all the information about financing, conditions, etc.

There are many issues and details that are involved in the process of buying the house, such as obtaining the letter of credit or pre-approval, negotiating the interest on the mortgage (if you are going to ask for credit), purchase insurance , etc. All those other details can be solved by our agents.

 

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