You may be considering buying or selling your home or vacant lot and you may not be too familiar with the process. Knowing what to expect throughout a real estate transaction can help a ton with managing expectations. Here are 3 Things You Need To Know Before Buying & Selling Real Estate.
1) Real Estate Transactions Doesnt Happen Overnight
Many times you would find both buyers and sellers who are not familiar with purchasing or selling real estate become very agitated when a real estate transaction is taking its course. The reason being, they were not properly advised on the transaction and how long it can take.
A real estate transaction typically takes between 60-90 days. Some can be done quicker than this depending on a few variables. Some transactions can last longer than 60-90 days if something comes up that needs to be rectified. For e.g a purchaser may have to seek financing with another lending institution because the original bank decided to not finance them anymore, or the purchaser found a bank with better rates or the seller is taking long to fulfill the contingencies requested by the buyer.
2) There Is A Time Limit For You To Put Down Your Deposit
When a buyer’s offer gets accepted by a seller, plenty of times they feel as if the deal is sealed and that they “won” the house. Yes, the house has been won per se, but a deposit must be placed to solidify that you as a buyer is ready, willing, and able to move forward with the transaction.
With everything in real estate, there is a “time-frame’ for things to be completed mainly because there are so many moving parts within a transaction.
When your offer gets accepted, you usually have 5 days to place down a deposit to be held in escrow, this is stated on the offer letter that you present to the seller. If you take longer than the number of days stated on the offer letter you somewhat forfeit your chance of buying that home and anyone else who comes after you after the 5 days is up is now able to take the home right from under your nose because you didn’t live up to your end of the bargain.
3) Always, Always Get Your Lending Institution Lists Of Approved Vendors
Most lending institutions have a list of approved vendors that they do business with. Mainly because these vendors have been properly vetted to do work for that institution.
One thing you don’t want to do is go ahead and seek out a friend or family member who offers a service that’s needed but they aren’t on the bank list. This can be nerve-wracking simply because you paid for a service already and will have to pay for another one to be done.
So if you are purchasing a home or lot, ask your mortgage officer to give you the list of approved vendors so that you won’t have to double pay for a service.
In Summary
The best way to avoid any issue and to have a smoother process when dealing with real estate….always hire a Real Estate Agent who is a professional in the industry and can guide you through the entire process as seamlessly as possible and can help you manage expectations. Here, I explain why it is so important to hire a real estate agent. Click Here To View.
If you are considering buying or selling real estate, reach out to me via call or whatsapp at 1-242-565-4758 or via email at perez@crbahamas.com.
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