Dave’s Recipe for Property Purchasing Success
Success in purchasing the perfect location requires a plan to sort through the universe of available properties to find the specific piece of real estate that best meets your objectives. I will work with you to develop and execute a plan to accomplish this goal.
Establishing Goals for Property Purchase
To start, we will review your resources including cash, credit, gifts and any other items of value that can aid in paying for your next purchase. This will help focus on the most appropriate price range and prevent us from looking at properties that are beyond a buyer’s financial ability. Our goal is to have you love a property that is within your means and that you can acquire. Next, we will identify geographic areas that will meet your requirements. Do you want to be close to a school? Near to or further from the work place? By concentrating primarily on these areas, we will strive to identify opportunities not immediately obvious. In addition to multiple listing services, I have developed other techniques to track down other properties that may potentially be available.
Narrowing Options and Making an Offer
We will work to create a file for each property that may be promising. The file will contain facts about each property, photos and detailed notes from visits and physical inspections. We will pay special attention to the potential for small modifications in a house to generate significant satisfaction with a property. We will work to identify both products and vendors who can help you achieve the best result. We will select a smaller group of properties of interest and then perform an informal inspection with the goal of determining the market value of the property independent of the asking price.
After identifying properties that appeal to you that are reasonably priced, we will craft a thoughtful offer taking into consideration the wants and needs of both the buyer and the seller. Frequently, the needs of the seller beyond price are overlooked. The time for closing, including or excluding personal property items and other intangibles can be important considerations for a seller. Finally, the price offered must not be higher than the market value of the property. This is critical because, if financing is needed, a lender’s appraised value must equal or exceed the sale price or the loan will be denied.
Once a thoughtful and respectful offer has been made, we will negotiate to establish a meeting of the minds between buyer and seller on all terms and conditions of the sale. These agreements will be converted into a sales contract signed by both buyer and seller.
Contracts and Inspections
Once the buyer and seller agree on all of the terms of the transaction, then a sales contract is signed by both parties. The contract contains all of the terms and conditions regarding the sale of the property.
At this point, a buyer typically will hire a professional inspector to look at the property to alert the buyer to items in need of repair or improvement. The inspector will also look for items that could be hazardous or nearing the end of functional life. Pest inspections and any other reviews deemed necessary by the buyer will be performed during this period as well. During this period, the buyer may request repairs or proceed without addressing any inspection items. Generally, the buyer has until the end of the inspection period to withdraw the offer.
Closing and Move–In
Typically, a sale will involve a loan on the part of the buyer. The lender will hire an appraiser to ensure the lender that the value of the loan does not exceed the value of the property.
At this point, the transaction goes to a title company. A title company is a neutral third party with banking powers which assists the buyer and seller in completing the transaction. The title company will close the transaction and will transfer funds securely from the buyer to the seller. The title company also insures title to the property. The title company handles land record requirements with the county and performs many of the services handled by an attorney in other jurisdictions. In most instances, the buyer and seller never even need to meet in person.
Prior to the closing, the buyer and seller each receive a HUD-1 transaction summary. This shows the source and destination of every penny in the transaction including the pay off of any loans on the property, any taxes or other adjustments, closing fees and commissions. Your signature is required for the transaction to close. The title company can transfer the cash balance directly to your bank account.
Once the closing is complete, we can revisit any contemplated improvements or customization of your property to better meet your needs. Again, we can review products, suppliers and vendors who can help you to achieve your vision of a new home!
Ready to take the first steps? Please complete the contact information on the ‘Contact’ page and I will respond to you promptly!Copyright © 2012-2013. All Rights Reserved. The content of this Flagstaff real estate and MLS Map Search website is owned exclusively by David M Gurne, Designated Broker and Realtor specializing in buying and selling homes using an unique Eagle-Eye MLS Search Map feature for in Flagstaff and Northern Arizona. All real estate images of Flagstaff houses, Flagstaff condos, Flagstaff townhouses, Flagstaff land and Flagstaff properties, Flagstaff vacation rentals, and Flagstaff commercial real estate may only be used with the express permission of our realtor and realty agency (excepting images provided and copyrighted by Google Maps and the MLS Property Search Listing service).
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