Can somebody please give me a really simple a)b)c) as to how to go about buying a property?

I'm totally naive on this sort of thing. I need it spelled out really simply and clearly.





Thanks

Can somebody please give me a really simple a)b)c) as to how to go about buying a property?
1. Contact a mortgage company and ask them what amount you would qualify for to purchase a home. They will give you a ball park figure.





2. Decide what you want. Do you want a house with a yard and the good and bad things that go with it? Things such as space of your own, maintenance and freedom to plant what you please. Do you want a condominium where you have no outside ownership maintenance or freedom?





3. What size house do you want? A normal standard which is probably the best bet for future resale is a 3 bedroom 2 bath. Anything smaller is a hard sale.





4. Where do you want to live in relation to your work? If you work in a large city, the closer to your work you live, the higher the property will be. That is why you see so many bedroom communities, suburbs around cities. The further out you live, the cheaper the property will be, but also the longer the commute time will be. You can figure your commute time at roughly 30 miles per hour.





5. Ask some of your co-workers where they live. How long does it take them to commute. What are the advantages about the area they live in. What are the disadvantages. For instance an area adjacent to an airport is not too pleasant.





6. At this point you should know approximately how much you can afford. You should know what type of dwelling you want. You should know what size you want. You should know about how long you are willing to commute which will tell you about how far you are willing to live from work. You should have a couple of areas in mind that sound good from co-workers.





7. At this point make an appointment with a real estate agent. Tell him what you want, the approximate price you are willing to spend and the approximate location. Remember, he is working for you! If he persists in telling you to get something you don't want, thank him for his time and get another realtor. Use a realtor you are comfortable with and one that listens to what you want. You are the customer.





8. Give the realtor a day or two to narrow the search down to a few places that might be what you are looking for. Have him give you a picture and description up front. You may be able to narrow the search down some just by looking at the pictures.





9. Take a ride with the realtor to look at the houses. Make a note of what you like and dislike about each house. You may have to look at several homes before you find one you like.


You may even have to finally just decide to settle on the one you dislike the least.





10. The asking price is not usually the selling price. Offer about 8% less than the seller is asking. He has the option of accepting or rejecting your offer. The longer the house has been on the market the more likely he is to take it.





11. Ensure that the contract provides for your having the house inspected prior to the sale and any discrepancies to be corrected by the seller unless you and the seller reach an agreement otherwise. You also want to get buyers insurance which is paid for by the seller and covers the appliances etc. for 6 months or a year.





12. Closing cost is another item you may want the seller to either pay or split with you. Closing costs vary from state to state but are usually about 6% of the purchase price.





13. In a nutshell, the more of the costs associated with any repairs or replacements the house needs that you can get the seller to pay for and the lower selling price of the house the better off you are.





14. Once you purchase the house you should go to the county court house and file a homestead exemption. This will lower your taxes considerably. They will mention this to you at closing, but by the time you have signed 10,000 pieces of paper you probably won't remember it and just want to get out of there.
Reply:Ok firstly do you have mortgage finance in place?


If not go to an independant mortgage broker and see how much you can borrow. Get an offer in principle.


View houses that are in your price range. You will generally need at least a 5% deposit in cash, but the mortgage broker will advise you on this.


If you find a house you like, make an offer through the estate agents. When this is accepted find a solicitor.


The solicitor will then tell you what to do from thereon.
Reply:Hi there,


You should always make sure that you can get a mortgage before looking for a house. Go to see a mortgage advisor, tell him how much you earn and how much deposit you have. He/ she should be able to tell you roughly how much you can borrow.


When you have established that, he will need to get a decision in principal from the lender for you. When you have been accepted, that is the time to start looking for the right property.


If you find a house you want, let your mortgage advisor know. You will have to pay a valuation fee to make sure the house is a good risk for the bank.


Some costs to consider:


Valuation fee = £300 ish


Solicitors = £500 -£700


Broker fee = £500 ish


Arrangement fee = £400 - £1000





Speak to your mortgage advisor, some deals have the above for free.


Good luck
Reply:I have to agree with everyone who answered ahead of me. I should do it that way it would make life much easier!I've been investing for a while and I'm a shocker. Cause I seem to always do it the other way around. Because I LOVE property I am always looking for it. When you know what you're looking for good deals seem to always pop up. So I find that I am constantly putting offers in and when we agree on a price I find the finance. I have a great mortgage broker though who accomodates me being very spontaneous. Good luck Property rocks!!!!!
Reply:#1 - Select Realtor


#2 - Apply for Mortgage Loan


#3 - View Homes with Realtor


#4 - Make an Offer on a home


#5 - Close and move in.





How's that?
Reply:Very simply





A = Adviser, see a qualified financial adviser and find out what you can afford. This shouldn't cost you a penny





B = Buying, go to your desired area and see some estate agents, they won't bite. Talk to them about the area and properties in your budget and just over, remeber vendors may take offers. Stay in touch with agents to let them know you are looking, this way they will contact you with suitable options.





C = Conveyancing. You know your budget, You found a property, made an offer, its being accepted. Now you need a solicitor to do the paperwork. Try to get a reccommedation from a friend. The solicitor does not have to be in the immediate area so shop around if you like.





I am a qualified mortgage consultant, please feel free to contact me if you want advice on financing your purchase.





Good luck.