Successful Real Estate Closing 101

Mon, Mar 21, 2016

Real Estate

3043952179_e8f696918e_oThe first part of a successful real estate closing is making sure you start the real estate transaction in a good way. You put junk in, you get junk out.

So make sure that you are ready for the real estate search. Are you ready to buy a home and make a move? Do you know where you want to move and what your family needs? You need to find the best place for your family and find the best place for your budget that you can achieve in the time frame allowed. This sounds a little complicated, huh? And it is. Buying a home is easier for some people than others, depending on various factors. Make sure you aren’t entering the process lightly, because it can get complicated very quickly. It’s best to scout out the general area you want to move to and know what you desire for your new home before you get out there in the search. Also, be sure that you know what you will do with the current home you own, or if you can get out of your lease if you rent.

Then you want to be sure you hire a good real estate professional. This person needs to be someone that you can work well with, whose opinion you respect, and someone you know has your back. Competence is key, as is the ability to negotiate and keep your needs in mind. The last thing you want is someone you constantly have to chase for a call back or worry they will drop the ball during important negotiations. A Realtor isn’t required, and isn’t always necessary depending on the deal you are entering. However, be sure you know your limits and capabilities during a home purchase. If you find yourself in over your head…seek counsel.

Often you aren’t able to get a Realtor to work with you until they know you can afford a home, so you should get prequalified with a lender. This doesn’t mean you shouldn’t think about a Realtor and whom you might hire, or even “interview” some. However, be prepared with the idea that you need to be pre-approved or pre-qualified for a certain amount of home purchase before you can house shop officially. You can shop online for a mortgage, use your local bank or a broker that comes recommended. It’s best to keep your eyes open and consider various options to get the best deal. Remember that your mortgage options are based on your income and credit, so don’t shoot the messenger when the financial professional you use is telling you news you don’t want to hear. Of course, if you don’t need a mortgage…just skip this step and move on.

So once you have your financing and your Realtor in place if you need them, start your search. Look high and look low, then do some walk-throughs and open houses. If you are narrowing down your search, that’s great news. With today’s market, you don’t want to let the house of your dreams get away. So make sure you jump on the house you want right away.

This doesn’t mean to be hasty about your decision, but once you know…don’t tarry. If you have done your homework ahead of time, choosing the house should be less stressful.

As you make your decisions about a home to purchase, have an idea about how you are going to do the closing. Will you use a title company or a real estate attorney? There are pros and cons to both, but never underestimate the pros of a real estate attorney. Our website illuminates some of these.

Most of all, have fun and be careful! Congrats on your journey towards being a homeowner.

Attorney Christopher D. Smith, Sr. is designated a Board Certified Consumer Bankruptcy Lawyer by the American Board of Certification.  SmithLaw is located in Lakewood Ranch, Florida.  Attorney Smith concentrates on bankruptcy, civil litigation, probate, family law, estate planning, real estate, and elder exploitation cases in the Sarasota and Bradenton area.  Call 941-202-2222 to learn more.  SmithLaw offers free consultations in certain areas, including consumer bankruptcy, probate, and personal injury matters.

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