For Buyers

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The buying process I use is an important part of successfully acquiring a property for an attractive price and in a reasonable period of time.

Determine the benefits required.

The first step in acquiring a property is to establish the benefits the property needs to provide. What does the property need to do for the buyer in order for the buyer to be interested in owning the property? The location is an obvious benefit as the location of the property is one of the primary considerations. The condition of the property is an important issue. The size of the parcel and the size of the building are important considerations. Determining the characteristic of the property that the buyer needs to acquire is process of evaluation and re-evaluation. The price range of the buyer and the available property in that price range is always a consideration. Often there is an adjustment period required to bring the buyers desires and objectives in line with the products the market can provide.

Study the market and determine financing.

Knowing the current market value of the type of property the buyer wants to own is a significant part of the buying process. Looking at property for sale simply gives the buyer an idea of what is available. Spending some time looking at what other people have been willing to pay for property is the best way to determine what the current market value is for the property the buyer hopes to acquire. Having a clear and accurate picture of the current market value of the property the buyer hopes to acquire will make it much easier to determine what to offer for the property once the right property is located.

Financing is an important issue to address at the beginning of the process, because financing can determine what the upper limits are of what the buyer can acquire. If you are purchasing for cash it is helpful to know how valuable a cash offer could be to a seller. It is not unusually for a cash buyer to be able to purchase a property for less money than a buyer requiring financing.

Negotiating for the purchase of the property.

This is the point where, determining the benefits required and studying the market and determining financing pays off. Having the ability to make an offer on the property that will be accepted in a short period of time is a great savings in time and money to the buyer.

Successfully closing escrow.

Once the escrow is open, obtaining the required financing is often the most important issue. Completing the required inspections of the property to make sure there are no unpleasant surprises after the close of escrow is usually the second most important issue. Following the process I am suggesting will dramatically increase the possibility of having a successful close of escrow in a reasonable period of time.