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Buyers & Sellers
What Steps are Involved in buying a property?
Answer: After you make the decision to buy property, you'll want to plan a budget. You will also need to research and compare available lenders to finance your property beyond your down payment. Your real estate professional will likely be able to suggest prospective lenders if you need assistance in choosing one. A lender will pre-qualify you for a loan in the amount it determines you to be able to afford, so that sellers will consider you a serious and capable buyer. Once you're pre-qualified, your real estate professional will begin showing you possible
homes. When you decide on a particular property, your real estate professional will make an offer on your behalf to the property's seller-usually for a price slightly less than the asking price. This may lead to a counter offer, meaning that the seller tries to negotiate your purchase price closer to his of her original asking price. Once both parties agree on an amount, your real estate professional will work with a title insurance agent and or escrow officer to draft all necessary paperwork. He or she will then schedule a date for you and the seller to meet for the closing, where the transaction is completed and ownership is officially transferred from seller to buyer.
What Steps are Involved in selling a property?
Answer: The steps involved in the property selling process are very similar to those involved in the property buying process. Once you have made the decision to sell your home, you will need to establish an asking price for it. While some sellers successfully sell their properties on their own, a for-sale-by-owner arrangement can be complicated and will require a great deal more of your personal time throughout the process. For this reason, most people consider the commission paid to a real estate professional well worth the investment, for the convenience, time savings and overall guidance provided. Real Estate professionals will also be able to tell you if your asking price is appropriate for your property or home. In addition they will manage the marketing of your property-from front-yard signage to MLS listing-while guiding you in the preparation of your property to be shown to the potential buyers. Once a prospect makes you an offer, you can either accept the proposed purchase price or make a counter offer. When both parties agree on a price, your real estate professional will work with the title insurance agent and/or escrow officer to draft the necessary paperwork to officially complete your transaction.