Purchasing Real Estate

Purchasing Real Estate 

Real Estate Purchasing Process

Real estate purchase process may be hectic especially when you don’t know the right professionals to help you through the process.

The step-by-step guide on the purchase of a property in New Jersey discussed here will help you in your real estate purchase process. These steps include:

  • Deciding where you want to live. These may depend on the place of work, schooling and other factors.
  • Determine what you can afford and then obtain a mortgage pre-approval.
  • Choose a realtor who you can trust to represent your best interests to help you bargain the property.
  • Look for the property you want to purchase and use the service of your chosen realtor to make an offer.
  • Your realtor will negotiate with the seller and agree on the terms of contract.
  • The realtor then forwards the contract to both parties’ attorneys for review. Zapicchi & Liller have successfully assisted clients over the years with reviewing of real estate contracts. We also handle other real estate legal issues during the purchase process.
  • Once the attorney review is complete, you are legally under contract to buy the property.
  • Inspect your property and make necessary claims to the seller before closing the purchase process with the help of your chosen law firm.
Purchasing Real Estate

Real Estate Purchasing Strategies

Prospective real estate buyers need to equip themselves with strategies that will see them gain from their purchases. Below are five buying strategy that potential real estate buyers need to use to gain from their purchases in the today’s marketplace:

  • Buy the real estate property in cash if you can. Cash offer is much stronger than offers that still need financing.
  • Don’t wait to look at the new listings to start processing the necessary funds. Real estate properties sell so quickly so you will need to have the finances ready to increase your chances of finding the property you want.
  • You can refrain from making the highest bid until you are certain that there are other offers on the property.
  • You can consider buying a property that has been on the market for a long time. You can make a low offer on the property since you may be the only one who has made an offer. You can then use the savings for renovations and cosmetic improvements.
  • You can bid higher on a foreclosure list price since the list price is always below the fair market price. Your bid will likely be lower than the appraised value of the property.
Real Estate Purchasing Process

Purchasing Residential Property

Before you can decide to purchase a residential property, you need to consider:

  • Your income stability
  • Your credit score. This will determine if your mortgage loan application will be approved
  • You should consider your life situation before making the purchase decision. Married people tend to be immobile and can easily decide to purchase a residential property rather than single applicants.
  • You need to consider your goal with the property before making the purchase decision
  • Consider the real estate market trends in the neighborhood you want to live in to determine the appropriate time to make your purchase

Purchasing Commercial Property

Before you can decide to buy a commercial real estate, you need to evaluate and analyze the benefits and potential risks of such purchase.

You need to gather a team of professionals including an accountant, a law firm, commercial realtor and a mortgage broker to advise you accordingly. Our law firm will help you in the legal advisory and undertaking during the purchase process.

You can then move on to select a commercial property to buy. You can opt to secure financing for the purchase of the commercial real estate from the mortgage loan lenders. You can then purchase the commercial real estate with the help of a law firm. The law firm will ensure protection of your interest in the contract.

Real Estate Purchasing Strategies

Purchasing Real Estate with No Money Down

With the right mix of creativity, resourcefulness and knowledge, you can be able to buy a real estate with no money.

You can use hard money from private lenders, your home equity, a partner, raise private money, use a lease-option or use a mix of the techniques to buy a property with no money.

Purchasing Real Estate for Investment

You need to consider the best deal before making the real estate purchase decision for investment.

Contact Us

Zapicchi & Liller specializes in handling real estate legal issues. We are always proud to take care of our clients’ interests during real estate transactions.

Purchasing Residential Property
Take Care of Your Real Estate Legal Issues With Zapicchi & Liller