the buying process - Posted by Craig

Posted by craig on October 30, 2003 at 09:37:02:

Carrie, thank you so much for your time and your thoughts. While others are telling me how much I have to learn, you came through and actually answered my question, which is the best way TO learn. Thanks again. -craig

the buying process - Posted by Craig

Posted by Craig on October 29, 2003 at 10:39:37:

I am a new investor who is currently looking for my first property, and before I buy I was hoping someone could explain what to expect when I buy. I mean when the seller and I have an agreement, should I have papers with me to sign right then and there? If so, what documents do I need? (I would be paying cash, and buying outright for rehab). I know the closing is done at the title company, but how and when does it get to that point? Obviously I have much to learn, but that’s why I’m here! Any help is greatly appreciated.

Re: the buying process - Posted by Carrie-PA

Posted by Carrie-PA on October 29, 2003 at 14:49:45:

Hi Craig,
Yes you will need a purchase agreement if you want to get the deal signed up. I recommend you use the standard contract that REALTORS use in your area because the sellers will likely be familiar with it and that will make them more comfortable with you. Anyway since you are buying with cash it will be quite simple really, and you will just have to put any contingencies you want into the contract, such as subject to inspection, or subject to partners approval, or something like that if you want. Also you will put the closing date in your contract and since it is cash, that can be as soon as you want.

Since I haven’t bought a prop without a realtor I don’t know how we handle the earnest money deposit when dealing with sellers ourselves, maybe someone here can fill me in :slight_smile:

Okay then, once you have the contract signed by both parties you just take the signed contract to your closing attorney (or title company). (the seller will have to take their copy to their attorney if ya’ll aren’t using the same one), then they will do the search and pretty much handle it from there. Then they will set you up with a closing date and time and will tell you the exact amount you will need to have to close on the prop. My attorney lets me pay by personal check but you will have to ask what they want payment in.

I hope this helps, and good luck at finding your first deal!


Re: the buying process - Posted by eric-fl

Posted by eric-fl on October 29, 2003 at 14:23:46:

Craig, you really need to get reading. If you are asking questions like this, it’s a little ways from here to your first closing. I’d recommend starting with “Investing in Real Estate”, latest edition, by McLean. Available just about anywhere. Read the articles on this site. Search the archives regarding any specific question you might have after that. Then, buy a course or two, in the areas that interest you most, and get moving.