Effective preparation for a real estate purchase

| Feb 27, 2014 | Real Estate Transactions

Owning a home is something that many Worcester residents dream of doing in their lifetimes. After years of saving, watching the real estate market and deciding where they want to live, many people feel ready to put down hundreds of thousands of dollars just to earn a coveted title: property owner. Though parties can engage in real estate transactions in a number of ways, there are several tried and true methods of securing real estate purchases that can help buyers get into the homes of their dreams.

First, potential home buyers should be prepared to deal with the financial aspects of a purchase before they even make offers. This includes securing pre-approval letters from their lenders that specify that they are able to back up the offers they make when negotiating for homes. Additionally, potential buyers should have available to them anywhere from 1% to 2% of their offer prices to pay as earnest money deposits.

Second, buyers should personally visit the homes they are interested in buying. Not only can a visit convince a buyer of his interest in a property but it can also prevent a buyer from feeling remorse in the wake of a purchase. Buyers are able to make personal connections with properties during visits and can communicate those connections to the properties’ owners when negotiating to buy the homes.

Finally, buyers can always benefit from working with real estate professionals during the search and negotiation phases of home purchases. Real estate agents and attorneys understand the local markets in which they work and can help buyers make attractive offers that get the attentions of sellers.

While home buyers are free to engage in real estate transactions however they see fit, there are some simple steps they can take to make the process go easier. People who are interested in learning more about contracting to buy homes in Worcester may want to reach out to local real estate attorneys to discuss possible contracting plans.

Source: MarketWatch, “5 essential rules of real estate,” Chris Birk, Feb. 19, 2014