16 Most Important Steps in the Loft Buying Process
To get the best deal on a Downtown loft or condo, it pays for prospective buyers to be prepared to take advantage of opportunities. One of the most common mistakes that would-be Downtowners make is to find the perfect loft before hiring a Downtown specialist Realtor. The a future urbanite finds an amazing loft, and then it takes several days to place an offer. The amazing loft is most likely already taken by that time by another buyer who finds it equally desirable. The steps may be slightly different for NEW LOFTS.
Here are the basic steps before, during and after the condo buying process.
1. Representation Agreement with buyer’s broker
2. Send pre-approval and proof-of-funds to broker
3. See properties in price range
4. Request comps for desirable properties – sold price of similar properties
5. Place Offer – Requires pre-approval, proof of funds and earnest money deposit (place offer on first day of listing if possible)
6. Negotiate with seller
7. Escrow Begins – Wire transfer earnest money deposit
8. Physical Inspection (first, smoke detector and carbon monoxide detectors installed)
9. Disclosures and other paperwork – Read HOA documents
10. Ensure funds are available
11. Sign off contingencies (usually 17 days after beginning of escrow. Places deposit at risk. Do not remove contingencies until funds are available.)
12. Order fire insurance etc
13. Make payment
14. Closing and recording notification from escrow
15. Get key to property
16. Order utilities
IMPORTANT HOME BUYING TIPS:
Our free home buyer consultation is your first step to a successful home purchase.
Place your highest and best offer on the very first day of a listing. Prices and terms are negotiable. You may ask the seller to pay some of your expenses such as closing costs. If you ask for too much, you may lose to another offer.
Most purchases entail delays and unexpected miscellaneous expenses. Some transactions fail after incurring expenses for the prospective buyer. Some borrowers are unable to obtain financing.
Delays are common. Be sure to allow plenty of extra time for moving, and extra money for unanticipated costs.
Ensure that the seller has installed a carbon monoxide detector before the inspections.
HOA move in fee, move out fee and HOA move in security deposit are often required; ask HOA for details. A move in appointment and information form is required by most HOAs.
Electricity may be turned off before or right after your purchase. Contact the HOA well in advance to make move in arrangements.
Call DWP to turn on your electricity
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