With the comments that are heard out, there are irresistible offers to buy houses and many ideas spin in the head, but at the same time, the buyers are full of questions. These are frequent questions that buyers ask to the real estate professionals when they intend to buy a house for living or buy off plan property.
Is it stress-free to purchase a house?
Even when you have all the situations that are resolved with what you are going to buy, the process is a complex one that requires patience, time and often consultation with professionals.
How long does the purchase take and why?
It depends on the type of buying and selling done. There are many factors that delay the process, especially if it is a short sale or foreclosure that is now common. But even in regular sales, the number of documents, verification of the legality of the transaction and the delay in the loans can make the process longer. It can range from three weeks to more than six months, depending on the circumstances.
What should be the first step?
Evaluate your finances and know if you are qualified for a loan, if like most people you have to make one to be able to buy. For this, you must orientate yourself with a bank officer.
Is it easier to buy a new home than a used one?
If the new property is built and ready for delivery, it is quicker and easier because you do not have to cancel other mortgages, or look for property information. All documents will be in the builder’s office. In such as case, the time it takes will only depend on the buyer.
If it’s a used home, how do I know it’s delivered to me without debt?
It is a requirement to deliver the property free of encumbrances. To do so, either the Title Company or the bank that is doing the transaction will first investigate and all mortgage, maintenance, tax and other lien debt must be paid before the title is transferred. The new owner must receive his/her house without any late payment.
How do I get the money for the purchase?
There are different types of loans depending on the type of housing, the credit of the person and the place where you are. For everyone, it is necessary to qualify, and in practically for all the purchases the buyer must disburse some money for the soon or the closing costs.
Do I need a co-signer if I have never bought a house?
No, if your credit is good enough to buy the property. What you need is credit experience and a good payment history. As the purchase of the house is a very serious matter, first of all, the responsibilities and rights of each one should be clarified if they ask you to co-invest, and above all, look at who you are doing business with. In many cases, it is better to wait until you can buy it by yourself.
Will I be approved for the loan even if the property is not in good condition?
It depends on the type of loan; there are some that may even include the necessary improvements but not all.
Is it mandatory to buy with a real estate agent?
No, you can buy it on your own, and many buyers prefer it as well. However, the real estate agent, as an expert, is the person who can clarify your doubts and guide you through the process of buying a house. For legal questions, always consult a lawyer.
Can I sell my house if I do not like it after buying it?
Certain mortgages have a waiting period for the property to be sold again to avoid market speculation. Although you can sell, it is not always easy or fast, it is best to analyze well if you like it and you should buy it before you buy it.