What is the first step in buying or selling real estate?
If you are in the market to purchase or sell real estate, make sure you thoroughly understand the processed involved. The first step to a successful real estate transaction should be the acquire the professional services of a real estate agent.
- Buying or selling: Buying or selling real estate is an exciting venture, one that should be remembered favorably. Purchasing real estate in any form, whether it is residential or commercial, is an investment that should bring you years and years of happiness and prosperity. The process of purchasing real estate should also not be taken too lightly. There are major decisions that will have to be taken into consideration to include location and amenities. Selling real estate is also not transaction that you should engage in yourself if you are not well versed in the areas of real estate. This is due to the possibilities of mistakes that could cost you in both the short and long run. If you are insistent upon selling or purchasing real estate on your own, prepare yourself with as much knowledge as possible and prepare yourself for the unpredicted.
- The First Step: Now, the first step in buying or selling residential or commercial real estate is to be knowledgeable about the processes involved and if you are not comfortable, as mentioned in the previous paragraph, of handling the transaction yourself, your first step should be to acquire the services of a licensed real estate agent. Real estate agents are trained in their profession and can be an indispensable asset during the entire process of purchasing or selling real estate. Real estate agents can offer advice, help with transaction negotiations, provide marketing and property comparison information if you are selling real estate and a multitude of valuable services that you would have never thought could be needed. They are also familiar with real estate terms, contracts, the market conditions, and most of all they represent you, the client. The slightest mistake in a contract can cost you money, time, and in some cases, the property itself so you really need to consider the first step in purchasing or selling real estate, hiring a competent real estate agent. They will have your best interest at heart and will work diligently to ensure a successful transaction.
- Real Estate Attorney: If you are determined to purchase or sell real estate on your own, a real estate attorney is also a very valuable resource that you should highly consider. If you are a buyer, most sellers have their own attorney or they acquire the services of an attorney referred by their agent but there is not harm in hiring your own attorney to represent your end of the transaction. If you are the seller in a transaction, it is always beneficial for you to have an attorney to represent you to preview offers received and explain details, review any counteroffers that are presented, read and explain amendments to contracts and a host of additional services.
So again, the first step should be to hire a real estate agent to handle your transaction from beginning to end. The second step if you decide to sell or purchase on your own should be to hire a real estate attorney. Both of these professionals will represent you and take into consideration your best interest at all times.
Step number one in buying or selling real estate is always a contract for sale and purchase. The contract is signed by the buyer and seller and that way we know there is a meeting of the minds. It is customary for the buyer to prepare the contract and then present it to the seller. After the contract is signed, the buyer begins looking for financing. Once the financing is approved, there is a closing where documents and monies change hands. The seller normally chooses the closing agent.
