This information is provided to help
your property buying experience anywhere. It is for use whether or
not you are working with a real estate professional and designed to
save you time, money, and stress. Finding a good home for
your family is no easy job. It sure helps to be able to
rely upon the expertise of qualified unbiased professionals.
1. Examine your motivation to buy.
2. Do as much groundwork and
investigation of the property as possible yourself.
3. Trust your own opinions and
feelings about the buying process, the property, and the people you
are working with.
4. Seek counsel from qualified real
estate professionals (lawyers, realtors, real estate appraisers) and
inspectors or engineers (particularly if you see anything out of the
ordinary); evaluate advice carefully. Take any opinion with a grain
of salt; everyone has his or her own agenda. Be especially
wary of anyone who has something to gain from the transaction or who
was recommended by someone with something to gain. Remember
the real estate broker is typically hired and paid by the seller.
They only get paid if the transaction closes. Lawyers and appraisers
recommended by the broker, seller or seller’s attorney may not
always act in your best interest. It is always preferential to hire
lawyers, appraisers and inspectors/engineers who have no ties to the
seller or broker. When in doubt of real market value consult an
independent fee appraiser. An appraisal fee is a small price to
pay for the piece of mind it provides.
A highly seasoned state certified real estate appraiser is
always your best bet.
5. Explore the possibility of seller
financing; it could possibly save you a bundle. Shop for rates!
6. Think of the long term, short
term, big and little "picture."
7. Visualize failure for
worst-case-scenario exploration, then, create your success.
8. Talk to the neighbors, take your
time; work with people around whom you're comfortable.
9. Have fun.
10. Expect the unexpected.
11. Consider (your) resources,
population growth, local, regional, and global trends.
12. Be prepared to take risks.
13. Remember: you are only in
control of yourself. There are many conditions and circumstances in
the buying process completely out of your control; accept these and
sleep better.
14. Create and maintain goodwill.
15. Ask lots of questions.
16. Choose your service
providers carefully.
17. Find all the boundaries of your
property, crawl around under the house, move stuff away from the
walls, notice details; open every door, window, cupboard, attic,
cabinet and look inside carefully. Turn on every switch, check every
electrical outlet. It is a good idea to use a comprehensive
checklist.
Click here for our
detailed home inspection checklist. If you see anything
unusual, it would probably be a good idea to engage the services of
a qualified home inspector or engineer. If the home has an
oil or gas burner, be sure to have your fuel provider inspect it
prior to closing for service contract eligibility.
18. Specify in writing exactly what
personal property is included with your purchase and make sure that
it's there and in the same condition as it was when you agreed to
purchase, before you close your transaction.
19. Encourage the seller or an agent
to purchase a home warranty for you; it will save every body
involved in the sale much worry.
20. Examine all documents very
carefully and be sure that language cannot be interpreted to your
disadvantage. When in doubt, hire a competent local unbiased lawyer
who specializes in real estate.
21. Do what you agree to do; act
according to the terms of your contract.
22. Stay on the ball; remember your
goals.
23. Be prepared to walk away from any
transaction and move on to the next (and possibly better)
opportunity.
23. Avoid hostility. There is
absolutely no reason for you or anyone to accept rudeness or abuse.
You want to do business in a positive environment; negative and
hostile clients are often litigious (meaning they will sue you if
they can) and will bring you more grief than anyone deserves.
24. Ask for references.
25. Work to obtain and bind insurance
coverage on your prospective purchase as soon as possible.
26. Be patient - and firm.
27. Celebrate your successes!
28. When you buy a property that has
tenants that need to move out before you move in, make sure that
your contract calls for the tenants' possession of the property to
be terminated before the seller gets paid and your transaction
closes.
To view a complete checklist,
click here.
