This list isn’t necessarily in a pecking order, but #1 and #2 certainly vital parts of the equation. Sometimes I work with buyers who have their financing all in order, so I’m #2. Other times, I’m asked for a recommendation to an experienced and reputable lender, and I’m happy to provide contact information.
1. Financial readiness – this is always the best starting place. Before spending a lot of time researching, touring and planning for a move, make sure you are ready, willing and able to buy. An experienced loan officer to determine your purchase price range is a must.
2. Your Real Estate Agent – this list certainly isn’t complete without consideration for who will help you learn about the market, educate you on the ever-changing process, provide resources and team members to pull it all together, and keep you informed every step of the way.
Home buying has become more complex and at times more challenging that in the past. Distressed sales make up a considerable part of the available housing inventory and understanding the nuances is an important part of a purchasing decision. When helping a client purchase a property, due diligence extends beyond the boundaries of the property. Other important factors are:
3. Property type– regular sale, short sale, bank owned property or investor flip. Contracts are different for different types of sales, and lender guidelines may also vary. You may decide not every property type is right for you.
4. Comps –I prepare these for every property, before my client’s write an offer. They may provide a far different perspective on the stated list price.
5. Seller – the seller isn’t always a person or family as in the past. Sometimes it’s an entity, like an investor group or an asset manager representing a bank. Timelines and expectations may be very different than an owner occupant.
6. Listing Agent – is also crucial to the successful completion of a real estate transaction. Let’s make sure we have all the information possible.
7. Investigations –abandoned properties mean that no seller disclosures are provided. Thorough inspection of the structure and functional systems of a home are more important that ever.