Ready to Buy?
Whether you are buying a first house, second home or commercial building, buying is an important and exciting decision. Here is some information we think first-time and/or seasoned buyers and sellers can find useful.
Starting the Process
Most potential buyers and sellers search the internet for properties. It's a great place to start, but such an important decision should never be made without the assistance of a professional real estate agent and/or broker. At CPA Realty, L.L.C. (“CPA Realty”), you will receive the assistance from a real estate broker that is also a Certified Public Accountant (“CPA”). The CPA designation is one of the most widely recognized and highly trusted professional designations in the business world. CPAs must meet stringent qualification and licensing requirements as well as confidentiality and ethics requirements.
Using a real estate company that has a CPA as your broker/agent will give you the confidence of knowing that all of the I's will be dotted and all of the T's will be crossed. Also, we will be able to help you capitalize on opportunities as well as assist you in making informed decisions.
CPA Realty has extensive knowledge and networks. We can provide information regarding market conditions, up and coming neighborhoods, schools and civil requirements. We partner with banking professionals that will guide you through financing. And, CPA Realty has access to properties that are not public listings.
How Much Can You Afford?
The next step is determining what type of home or commercial property you can afford. This will require a review of your income, savings, monthly expenses and debt. To facilitate buying, get pre-qualified or pre-approved for a mortgage loan. This is a simple calculation done by a mortgage lender and will tell you the amount you'll be able to borrow and what your monthly payment will be. What you can afford will depend on gross income, down payment/closing costs/cash reserves, debt, credit history, interest rates, type of mortgage as well as expense-to-income ratio.
Pre-qualification and/or pre-approval will indicate to the seller that you are serious and that you can afford to buy. Being pre-qualified and/or pre-approved will enable you to act quickly when you find the right property - especially if there are other interested buyers who may not have been pre-qualified or pre-approved.
Current Mortgage Rates
When you find your property, the financial and contractual side of the purchase begins. Your professional CPA Realty agent will be with you during each step as you navigate through the process.
Sometimes, multiple offers on the same home are made. Remember, you may only get one chance to make an offer that the seller will consider. In most cases, it is beneficial for your CPA Realty professional to present the offer. It is important to avoid sharing information regarding your feelings on the property, your financial status, your current housing status, etc. with the property owner. Communicating with them can work against you in negotiations. Your CPA Realty agent will know, based on your goals, what questions and negotiations will be needed to help you reach your goal.
How Much is the Property Worth?
Along with comparable values of other homes that have sold in the area, the costs of any repairs or renovations you desire factor into the equation of what amount is comfortable for you to spend on the property. Your CPA Realty agent will research the prices of other properties and provide you with that information. As well, your agent can provide suggested companies to inspect, renovate or repair the property.
After you have determined prices of comparable properties, you will then calculate the hopefully, winning bid. You will take into consideration the property's physical condition and what, if any, repairs or cosmetic improvements are needed. Secondly, you will need your CPA Realty agent to inform you of current market conditions and whether prices are moving upward or downward. Third, since you were pre-approved you know how much you can borrow and/or afford. That information will determine how much you are willing to pay. It is important to remember that the advertised price of the house is a starting point and it may take quite a bit of negotiation to arrive at a final cost. Patience is key. Your CPA Realty agent has extensive experience in these negotiations and will work with you throughout this difficult process in order to help you get your property.