| Important steps in the real estate property buying process There are a number of different steps you need to take to make sure that you’re prepared for a house closing. If you fail to follow these steps, you could end up facing some unwelcome surprises on down the line. However, if you are conscientious about following the rules, chances are you will achieve success in your real estate deals. First of all, you need to obtain the right properties. Your acquisitions manager will be responsible for scouting out properties, making sure that you obtain houses that will enable you to turn a good profit. Carefully selecting your properties will ensure that you don’t end up with any unfortunate buys that drain the money from your accounts. More on adverse possession victoria here Once you have selected a property, you should get an attorney to conduct a title search to make sure that the title is clean and free of liens. Another important tool is your check sheet, which is a Microsoft Word document which has numerous items listed, along with who is responsible for them. At the top of each form is the property address, when it’s going to be purchased, who the private lender is, how much the property is worth, and how much is needed for insurance. Information can then be faxed to the insurance agent to ensure that the insurance is taken care of. You’ll also need to call the water company to see if there’s a past due bill for the property. It’s also wise to call the health department to see if there are any lead reports on the house. After the closing, the utilities, including the gas, electric, and water, will be put in your name. The land trustee should attend the closing-in some cases, that could be the acquisitions manager. He or she will ensure that all necessary details are taken care of and the closing runs smoothly. After the closing the HUD statement can be loaded into your computer to ensure that your records are up to date. Is it a simple process to purchase a home? Not entirely. Many important details must be worked out for the process to run smoothly. However, house-buying is a fairly straightforward process and, if you’ve done your homework, you should encounter few surprises along the way. And you should be able to turn a fairly substantial profit if you are diligent about purchasing only those properties that are likely to retain their value over the long term. |
| E. Alan Cowgill is the owner of Colby Properties, LLC. and President of Integrity Home Buyers, Inc. Since 1995, Alan has bought and sold hundreds of single family and small multi-family investment properties. His home study system, ‘Private Lending Made Easy’, shows others how to find private lenders for their very own real estate business. His website is http://www.truthaboutprivatelending.com Article Source: http://www.ArticleBiz.com |