Buying Process

 

Step 1 –   Choose your Representation

As a buyer or seller it is imperative not only to find an agent who will work in your best interests but also one that has a strong knowledge of the area you are seeking to buy in.  Also, an agent who is au fait with the intricacies of purchasing an investment property or vacation home.   At Vacay & Co Real Estate all our agents are specialists in working with local, out of state and international buyers and sellers and have high knowledge of the areas they work in and are highly trained to give you the best possible buying experience!

Step 2 Start your Property Search

Your agent will discuss with you what your property needs and desires are so that they can set up a property search customized to your property needs and price range and you can start to take a look at which ones you would like to view when you are ready to starting looking at properties.  A list will then be compiled by your agent in readiness for your viewing.

Your agent will accompany you to view all the houses that are on your showing list and it won’t be long until you find the right house for you.

Step 3 – Making an Offer

At this point you have found the perfect home!   Your agent will work with you to show you the stats of the community  / local area to assist you in ascertaining what you would like to offer and will go ahead and negotiate a great price and terms for you.   As soon as both parties have agreed on price and terms, we can then move forwards with the closing process.

Step 5 – Home Inspection

This is the first step for a buyer to order a home inspection and on the contract there will be a contingency with a timeframe on to give time for the buyer to have this completed.    As soon as the home inspection is completed and the buyer has viewed all of the report and found it to be acceptable then the closing process continues.

If there are repairs in the inspection that the home inspector deems to be urgent repairs and any contract conditions cannot be met, then the contract becomes void and the deposit should be returned to you. If the conditions can be met, but you are unwilling to proceed with the purchase, then the deposit will be forfeited to the seller. This is to compensate the existing owner for having taken the property off the market during this time.

We can recommend several inspection companies and it is your choice to choose from this list.  We  can coordinate on your behalf with your chosen inspection company.

Step 5 – Preparations for your closing date

As soon as all the contingencies to the contract have expired and been met then we can work towards a successful and timely closing date for you.    To timeframe to a closing differs depending on is you are a cash buyer (typically 4 weeks) or a financing buyer (typically from 6 – 8 weeks).    We will work hard to ensure as smooth a closing as possible for you.    At this point if you are an international buyer we would recommend that you start the process of working with your chosen commercial currency company to ascertain an exchange rate and transfer (we always recommend sending your balance funds over to the closing company at least one week prior to closing date).

At least 2 weeks prior to closing if not before, your agent will recommend to you several property management companies (from our list of preferred managers, based on their excellent service and recommendations) and at this point we would recommend that you enlist a property manager in readiness for the closing.

One week prior to closing the title company will send over a prelim HUD for your perusal in readiness for the closing date and your funds will be in place at the title company in readiness to close.

Step 6 – Closing Day

Closing day has arrived and a walkthrough will be arranged (if you are not in town your agent will complete this on your behalf).   The walkthrough is completed in order to ensure that the property and the contents according to the contract are acceptable to the buyer).     As soon as your agent has reported back to you and you are happy to proceed, the title company will go ahead and complete the closing and all funds will be disbursed.    The key for your new home will then be released to you (if you are not in town,  to your agent or new property manager, whomever you have instructed to manage your home on your behalf).

At Vacay & Co Real Estate we are here to represent your best interests from the very beginning to the end and beyond in order to ensure that you have a successful buying experience and that your property is placed in the best hands possible as soon as the closing date has arrived in order for you to have a successful home ownership. 

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