Buying A Property Privately – Things You Must Know

buying a house without using an advocate can pay off big time.

If you want to buy any property privately without the intervention of a real estate agent, it is important to understand how the entire process works. The process of buying privately is not as easy as many people might think. You ought to make sure that you follow a stipulated set of guidelines. If you follow the steps below, you can rest assured of the best results at the end of the day.

Work out the price bracket that you can afford

Money will always have a part to play when you want to buy property privately or even with the help of a real estate agent. This first part might sound so obvious but you will be very surprised when you realise that there are many people who overstretch their budgets when buying privately. When you are thinking about the budget issues, it is always advisable to work with a professional in the property and finance sector.

You need to clearly understand the amount of money that you are ready to put forward in buying the property at hand. You also have to know how much similar properties are going for in your locality. Most importantly, you need to know, if you took a mortgage or a loan, will you be able to repay the loaned amount? These are the issues that you will have to settle forehand.

What areas are you interested in?

After deciding on your budget, the next important think would be to define the areas that attract you the most. Of course, there are those areas in your state which interest you. You can make use of the internet to search for property for sale on the internet in those areas. You could even filter down your search to houses that fit your specifications and that are within your budget range.

You will then have to make a physical visit to these areas and find out whether the houses still exist or they are sold already. It would be a good idea to drive around the area so you can have a good feel of what it is like. This will also help you to appreciate your to-be surroundings. When you are driving around, you have to check whether the area has adequate shops, schools, and medical facilities among many other natural amenities. Visiting at different times of the day will help you better understand the traffic state in the region, the weather and many other aspects.

Search for properties in the area of interest

When you want to buy property privately, the most convenient place for you to begin at would be the area of interest. If you are not successful in finding the houses that you are looking for on the internet, you can make a physical visit. However, it is unlikely that you will miss any properties in your area of interest. There are plenty of property sites on the internet that you can make good use of.

Schedule property viewing appointments with the owners

Like I had stated earlier, buying privately does not have to be a tedious task. This in fact should not be the case if you understand the kind of processes you have to go through. Once you have identified the property in your target location, you should call up the owner on phone and ask them to offer adequate information about the property. After that, you can choose the properties that you would like to visit and then arrange for viewing with the owners.

When you are viewing property with the owner around, you might tend to think that you are intruding. However, you also need to know that it is your right to proper quality housing. Therefore, you should feel free to ask the property owner any questions that might be lingering in your mind.

Make sure you find out about the number of years the owner has been using the property, how long the property has been in existence, why the house has been put up for sale, the distance to nearby services such as hospitals and banks, and the kind of furniture and fittings that would be ideal for the house. The essence of doing this is to make sure that the property you are buying will be suited to your needs and preferences.

Negotiate price and terms of sale

Once you have decided that you now want t buy property privately, have viewed the premises and found out that they are the most ideal, it is important to negotiate the price with the seller. The price that the seller puts forth is not the final figure. You can get to negotiate downwards to a value that is comfortable for all parties.

The amount of money that you can negotiate on will depend on a number of factors. These are the number of years for which the property has been in existence, the period that it has been in the market, how urgent the sale should be made and the amount of interest that the same property is attracting from buyers across the board.

After negotiating and agreeing on a price and a purchase date, you will have to sign a sale agreement. This has to be done before a lawyer. The lawyer has to be there to make sure that the transaction is legal and that all elements required in transfer of property ownership are taken care of.

Have a number of lawyers to handle the sale

Once a lawyer has done the necessary research on the property you want to buy, let the lawyer send the necessary documents to the lawyer on the seller side. Just like I had stated before buying privately or through the intervention of an agent has to be a legal process. Therefore, a number of lawyers have to be involved in the mix. Any mortgage documents related to the sale should also be held by a lawyer.

These are the main steps that you will have to go through when you want to buy property privately. Of course, there are other minute elements that you will have to consider before, during and after the purchase. Just make sure everything is legal.

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