5 Tips for Pushing Through Your Property Transaction

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Buying property is no walk in the park. It can be a stressful business from beginning to end. And in all too many cases, problems arise that can just drive you crazy.

But there are steps you can take to get through it with your sanity intact. Using the 5 tips below, you’ll be able to push through your property transaction with as few hiccups (or total disasters) as possible.

And in all too many cases, problems arise that can just drive you crazy. But there are steps you can take to get through it with your sanity intact. Using the 5 tips below, you’ll be able to push through your property transaction with as few hiccups (or total disasters) as possible.

Using the 5 tips below, you’ll be able to push through your property transaction with as few hiccups (or total disasters) as possible.

 

#1 Get Preapproved

Before you place an offer on a property, it’s a good idea to get preapproved for a mortgage. It’s not at all required. But with a preapproval, you have more purchasing power because you already have solid financial backing.

This means you can generally close deals more quickly. It also means you are in a better position to make demands and negotiate a better deal.

 

#2 Open Escrow

Escrow is a pretty standard process nowadays. Basically, you are bringing in a third party company whose job is to hold onto the money while you negotiate the terms of the deal.

This provides security for both you and the seller. The seller knows the money is there. And you can rest assured that the seller won’t run off with your cash and screw you out of the deal.

An escrow company will also handle all documents related to the transaction until everything is settled. So they really do a lot to help facilitate the process. You just need to keep watch for “junk” fees that they sometimes charge. If you catch them, you can usually get them removed or at least lowered.

 

#3 Get an Attorney

Getting professional support and advice from an attorney like the ones over at Russells is an optional step but a highly recommended one.

With an attorney, you can be sure that you don’t overlook a single detail. You can also avoid unfair fees and terms. A property transaction involves a lot of paperwork.

And even the most patient and educated buyers will find it grueling to go through all of it. An attorney has the experience and training to quickly go through it and pinpoint the problem areas.

This is an invaluable service that can help you keep your head on your shoulders during this already hectic process.

 

#4 Get a Home Inspection

First of all, you should only make an offer on the contingency that a home inspection is done and anything found during it is taken care of by the seller.

Home inspections aren’t required and aren’t automatically included so it’s something you need to make a point of asking for.

Demand one. Get it done. And make sure that there aren’t any unexpected problems with the house that the seller wasn’t upfront about. This will save you the stress and hassle of dealing with problem after problem when the house is yours. And it will also save you from

This will save you the stress and hassle of dealing with problem after problem when the house is yours. And it will also save you from paying more than the house is worth.

 

#5 Renegotiate the Offer

Another great reason to get a home inspection is that it provides an opportunity to renegotiate the offer. You may ask for the price to be reduced to reflect the money you will spend on repairs or you can ask them to make the repairs without changing the purchase price to you.

The important thing in any property transaction is that you are careful to make sure everything is clear and above board. Keep an eye out for hidden fees and hidden problems. By taking steps like the ones above, you can secure yourself against any unexpected changes.

What are you doing to push your property transaction through with a few hiccups as possible?

Also if you’re looking for another way to help with the transfer you might want to look into property investing using grant deed. 

Share your comments and thoughts below.

Cheers!

 

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