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steps to take before buy or sell the property

Discussion in 'Hyderabad Real Estate' started by realtyshield, Jul 19, 2016.

  1. realtyshield New Member

  2. Ritu Mehta Member

    10 Steps to Buying or Selling a Home.

    Step 1: Start Your Research Early

    As soon as you can, start reading Web sites, newspapers, and magazines that have real estate listings. Make a note of particular homes you are interested in and see how long they stay on the market. Also, note any changes in asking prices. This will give you a sense of the housing trends in specific areas.

    Step 2: Determine How Much House You Can Afford

    Lenders generally recommend that people look for homes that cost no more than three to five times their annual household income if the home buyers plan to make a 20% down payment and have a moderate amount of other debt.

    But you should make this determination based on your own financial situation. Use our Affordability Calculator to see how much house you can afford.

    To help you save for your down payment, try Discover Bank’s AutoSavers Plan, which makes it easy to put aside money each month.

    Step 3: Get Prequalified and Preapproved for credit for Your Mortgage

    Before you start looking for a home, you will need to know how much you can actually spend. The best way to do that is to get prequalified for a mortgage. To get prequalified, you just need to provide some financial information to your mortgage banker, such as your income and the amount of savings and investments you have. Your lender will review this information and tell you how much we can lend you. This will tell you the price range of the homes you should be looking at. Later, you can get preapproved for credit, which involves providing your financial documents (W-2 statements, paycheck stubs, bank account statements, etc.) so your lender can verify your financial status and credit.

    Step 4: Find the Right Real Estate Agent

    Real estate agents are important partners when you’re buying or selling a home. Real estate agents can provide you with helpful information on homes and neighborhoods that isn’t easily accessible to the public. Their knowledge of the home buying process, negotiating skills, and familiarity with the area you want to live in can be extremely valuable. And best of all, it doesn’t cost you anything to use an agent – they’re compensated from the commission paid by the seller of the house.

    Step 5: Shop for Your Home and Make an Offer

    Start touring homes in your price range. It might be helpful to take notes (using this helpful checklist) on all the homes you visit. You will see a lot of houses! It can be hard to remember everything about them, so you might want to take pictures or video to help you remember each home.

    Make sure to check out the little details of each house. For example:

    Test the plumbing by running the shower to see how strong the water pressure is and how long it takes to get hot water
    Try the electrical system by turning switches on and off
    Open and close the windows and doors to see if they work properly
    It’s also important to evaluate the neighborhood and make a note of things such as:

    Are the other homes on the block well maintained?
    How much traffic does the street get?
    Is there enough street parking for your family and visitors?
    Is it conveniently located near places of interest to you: schools, shopping centers, restaurants, parks, and public transportation?
    Take as much time as you need to find the right home. Then work with your real estate agent to negotiate a fair offer based on the value of comparable homes in the same neighborhood. Once you and the seller have reached agreement on a price, the house will go into escrow, which is the period of time it takes to complete all of the remaining steps in the home buying process.

    Step 6: Get a Home Inspection

    Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing. Your real estate agent usually will help you arrange to have this inspection conducted within a few days of your offer being accepted by the seller. This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage.

    Both you and the seller will receive a report on the home inspector’s findings. You can then decide if you want to ask the seller to fix anything on the property before closing the sale. Before the sale closes, you will have a walk-through of the house, which gives you the chance to confirm that any agreed-upon repairs have been made.

    Step 7: Work with a Mortgage Banker to Select Your Loan

    Lenders have a wide range of competitively priced loan programs and a reputation for exceptional customer service. You will have many questions when you are purchasing a home, and having one of our experienced, responsive mortgage bankers assist you can make the process much easier.

    Every home buyer has their own priorities when choosing a mortgage. Some are interested in keeping their monthly payments as low as possible. Others are interested in making sure that their monthly payments never increase. And still others pick a loan based on the knowledge they will be moving again in just a few years.

    Step 8: Have the Home Appraised

    Lenders will arrange for an appraiser to provide an independent estimate of the value of the house you are buying. The appraiser is a member of a third party company and is not directly associated with the lender. The appraisal will let all the parties involved know that you are paying a fair price for the home.

    Step 9: Coordinate the Paperwork

    As you can imagine, there is a lot of paperwork involved in buying a house. Your lender will arrange for a title company to handle all of the paperwork and make sure that the seller is the rightful owner of the house you are buying.

    Step 10: Close the Sale

    At closing, you will sign all of the paperwork required to complete the purchase, including your loan documents. It typically takes a couple of days for your loan to be funded after the paperwork is returned to the lender. Once the check is delivered to the seller, you are ready to move into your new home!
  3. Ranu Member

    Hello All,
    Here Some Point to understand the requirement of investment.

    • Understand the property cycle, to identify the best entry point.
    • Leasehold titles issued by the government must be involve.
    • The investor needs to have a clear comprehension of unearned increase or capital gain and stamp duty that needs to be paid.
    • Check the quality of the development because poor design and construction are common when the markets are low
    • The project’s development plans and all statutory approvals, should be in place. If the approvals are not yet in place, the investor should monitor them closely during the investment cycle.
    • Check the credibility and track record of the developer and his arrangement for finance to complete the project, as even reputed developers have failed to deliver under the current market conditions.
    • list a reputed legal firm to carry out the due on the property’s title. One can no longer rely solely on home loan firms, as they have targets just like developers.
    • Understand the implications of the size and dimensions of the plot/apartment. Small plots or apartments may cost less but they may be difficult to sell.
    • The location of the project may be important
    • The price of the development, should be lower than the last peak . However, exceptions can be made for quality, delivery date and location.
    • The time frame for getting possession of the property and conveyance of land, must be explicitly clear.
    • The penalties in case of delays, must be well understood.
    • The investor must know the difference between launch and current price of the developer. The resale price in completed projects, may be actually cheaper.
    • The investor must understand all the clauses in the sale agreement along with the transfer charges that may applicable, in case he wishes to sell the apartment during its construction. He should also establish whether the agreement value includes the cost of all amenities, parking, etc., or whether these are to be paid separately.
    • The investor should compare the project with others, based on its carpet area rate.
    Amali
    Key Highlights of GAR Amali
    Strategically located at Banjara Hills,Hyderabad
    opulent residence with affluent design
    Cultivating pure elegance for a contemporary lifestyle
    Amali comprises of 30 homes


  4. liyans Member

  5. SD Groupkol Member

    Nice Info.
    Thanks for Sharing.
  6. Tanvi New Member

    There are things that you should keep in mind before buying any property:
    1. Start your research early
    2. Determine your budget
    3. Get Prequalified and preapproved for credit
    4. Find the right real estate agent
    5. Look for properties by reputed builders, you can consider Mahindra Ashvita
    6. Make an offer
    7. Home Inspection
    8. Co-ordinate the paperwork for Loan and purchase
    9. Close the sale.
    In a city like Hyderabad, It is important to keep an eye on upcoming properties by good builders.

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