One of the common questions i have been receiving is "I want to purchase a property, what do i do to start the process?" If you want to purchase Real Estate, whether for your first home or as an investment, The first step if you need a mortgage, should be getting preapproved for a loan. You should gather your last 2 years tax returns, 3 months bank statements, last 2 paystubs and a list of income and expenses.
Please see my blog for advice in tips in obtaing a mortgage in todays market
http://www.trulia.com/blog/scott_godzyk/2010/10/where_do_i_is_start_if_i_want_to_get_a_mortgage
Your next step is that you will want to hire a buyer broker to assist you. You can usually do so at no cost to you, they get paid their commission from the fee advertsised in MLS by the listing agent and paid at closing. This way you will have someone assisting you through each step of the buying process.
There are 2 segmenst of listings that you may want to look into to get the best deals, They are short sales and bank owned homes, each has their pros and cons. Study both to see what is right for your situation. Please check out my blogs with detailed instructions, advice and tips on buying each.
TIPS AND ADVICE BUYING BANK OWNED HOMES
http://www.trulia.com/blog/scott_godzyk/2008/08/so_you_want_to_buy_a_for
TIPS AND ADVICE BUYING A SHORT SALE
http://www.trulia.com/blog/scott_godzyk/2010/10/so_you_want_to_buy_a_shortsale_advice_and_tips_you_need_to_be_successful
Once you find a property, then you can have your attorney review the documents if you like. If you are paying cash, you will want to hire a real estate lawyer to close your transaction, they will conduct the tilte search, prepare the HUD (settlement statement), review the deed from the seller and assist in getting all signatures and recording the deed. If you are getting a mortgage, the bank will hire a lawyer to do these things on your behalf.
PLEASE FEEL FREE TO ADD YOUR COMMENTS OR ADVICE.
Updated Nov. 13, 2010
Blog Written by:
Scott Godzyk
Owner/Broker
Godzyk Realty Group
One of New Hampshire's Leading REO Brokers
www.ScottSellsNH.com
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