Platinum Realty

Q: I put in a bid to purchase a house down the country.  The owner accepted my offer!!!  Now what happens?

A: Congratulations!  At this point, other parties become involved – your loan officer and your lawyer.  LOAN OFFICER’S ROLE - If you require financing, you will need to inform your loan officer of what has transpired.  At that point, your loan officer will schedule a Bank appraisal (refer to last week’s broadcast for definition) to be conducted.  Once the results are finalized, and all parties - loan officer, you, and the Vendor (Seller) – are in agreement, your loan officer may start preparing the necessary documents to show how you will finance this purchase.  LAWYER’S ROLE – The Vendor’s (Seller’s) lawyer will forward a copy of the Sales and Purchase Agreement (otherwise known as the contract) to your lawyer.  Your lawyer will then arrange for you to come in to meet with him/her to discuss what is outlined within the contract and address any questions you may have.  Once all parties are in agreement with the conditions outlined in the contract, all necessary parties – you, the Vendor, and any other required others – will sign.  At the same time, a deposit may be requested of you by the Vendor (Seller) or the real estate agent (if you were shown the property via a real estate agency).  This deposit – usually 10% of the agreed purchase price – is to be held in an interest bearing account or else otherwise agreed.  These funds are applied toward any closing costs (see last week’s broadcast for definition).  Once the deposit has been received and the contract has been signed by all parties, you now enter what is termed “under contract”, “sale pending”, and/or “closing period”.  During this period, your lawyer will prepare all necessary documents and conduct any necessary searches concerning this property.  There is basically nothing for you to do but sit tight.  This period takes a minimum of approx. 30 days.  At the end of this period, your lawyer will contact you and arrange for you to meet him/her to sign the deed(s) (see last week’s broadcast for definition).  Once all parties have signed and all funds have been transferred to their necessary accounts, you officially become the new owner!  Congratulations!

Click on the ‘Buying Real Estate’ button on our website – www.platinumrealty.bm – for more information on steps to buying a piece of the rock!

Q: I’m excited!  I’m starting to look at prospective properties this week.  What should I be looking out for?

A: Congratulations on starting your new journey!  BEFORE you even start up your bike/car to head out to view any properties, there are some things you should consider first:-

1. Make a list of your top 10 requirements for the new house you buy.  If it’s 3 bedrooms, single storey, pool, new, fixer-upper, garage – put it on your list.
2. Take this same list and choose your top 3 must-haves.  You will find during your home search that not all of the properties you view will have every single request on your list.
3. Keep an open-mind.  The property you find may have just your top 3 priorities BUT have future development/potential for the other desires on your list.

Once you’ve equipped yourself with your list and your desire, then

1. Contact your real estate agent to conduct a detailed search based on your financial requirements and personal preferences.
2. Contact your loan officer, if you require financing, for a copy of your pre-approval letter.  Having your financing in place beforehand will help much should you decide to place an offer to purchase the property you desire

Once you arrive at the property,

1. Take note of what you see and compare it to your list of requirements/expectations
2. Keep an open-mind.  Look beyond overgrown hedges, ugly wall colour, bad taste décor.  These are minor matters when looking at the structure of the property and how it best suits your needs.
3. Take notes so you may compare it with other potential properties that interest you when you sit with your real estate agent later on.
4. Schedule a 2^nd viewing so you may look at the property in more detail after your initial “I’ve got to have this house” excitement as subsided slightly. 

Click on the ‘Buying Real Estate’ button on our website – www.platinumrealty.bm – for more information on steps to buying a piece of the rock!