Buying--from start to finish - Posted by jb

Real Estate Investing
1

Posted by David Garcia on February 09, 2002 at 24:02:14:

There are many ways to buy a home. Lease/Option, subject to, owner financing (some similarities to LO but different)

Basic steps are:

  1. Find home
  2. Speak to owner
  3. Sign contract
  4. Give Earnest Money
  5. Get a loan (unless owner finance or LO or subject to)
  6. Choose a lawyer
  7. Go to closing

These are general steps. depending on the financing steps will vary.

2

Buying–from start to finish - Posted by jb

Posted by jb on February 08, 2002 at 23:12:30:

As so many of us are, I’m just getting started in REI. My question is really so basic that I’m almost ashamed to ask it, but I will anyway…

I have only ever bought one house in my life (the one I live in now). My agent took care of everything and we just showed up and signed papers. If somebody could provide a step-by-step walk-through of buying real estate from offer to close, I would be very appreciative. I understand the basic, offer/acceptance/close, but if somebody with experience could provide a real world perspective on all the things that happen from start to finish (title searches, taxes, insurance, etc.) that would help me a lot.

Thanks in advance for the info!

jb

3

Oops–my question was too broad! - Posted by jb

Posted by jb on February 09, 2002 at 11:14:25:

Thanks Eric and David both for responding to my first note. I should have been a little more specific in my first post. I’ll try again.

I do understand the basics as outlined in David’s post. I am a little bit fuzzy, though, on what parties are involved and the timeline between acceptance of my offer and going to closing.

As you both pointed out, there are a gazillion ways to skin this cat, so I’ll give everybody some assumptions to work off of. Let’s assume that this is a very basic, bank financed transaction. To simplify further, let’s assume for this example that the appraisal is exactly what the purchase price is, and the buyer will be putting 20% down.

Now, where can/do title companies, title insurance, escrow, etc., come in to the picture? What about property taxes and revenue stamps?

The area I’m working in right now is Arkansas, and if anybody has experience there I invite them to share. But anybody who can answer the question is welcome. If I’m still too broad, I’ll try again!

Also, does anybody know of REI clubs in NW AR or SW MO?

Thanks!
jb

4

Re: Buying–from start to finish - Posted by Eric (Mid-Mich)

Posted by Eric (Mid-Mich) on February 09, 2002 at 01:43:57:

They have whole books on the subject. I was at my local borders today and glanced at probably 4+ books dedicated to first time home buyers and other aspects of selling or buying a home. So I am guessing that although you may be able to get some info here and there from the people on this board it would be hard to cover every aspect of things that will or may happen in the process.