Buying a house – the process

cash for propertyThe economic downturn generally has a negative effect on society and is generally seen as a bad thing in the eyes of the public. Yet with all this going on there is some good news, houses prices have fallen and for those who have saved, this could be your time to snap up a bargain.

As property prices continue to fall houses become more obtainable and much more of a reality for many people. So what do you need to do to get the wheels in motion?

Step one would be all about how much you can afford. Speak to local mortgage lenders and give them an idea of your income, outgoings and any savings that you might have as this will have a reasonable impact on what money you can be lent and what house you will be able to afford.

Step two is choosing a house you like. Once the mortgage has been agreed then the fun part starts. Look around at everything on the market and see if that it offers all that you are looking for. Many first time buyers don’t get everything that they want so you may find you will have to make some sacrifices.

Step three requires getting a solicitor. This will mean that things are really in motion. This step is required to ensure that all legal requirements are met and fulfilled as to avoid and downfalls.

Step four is all about making an offer on the property. At this stage you have decided what you want and how much you can afford and it is now time to try and get a bargain. You don’t have to offer the full asking price you can offer less or even more.

Step five comes after your offer has been accepted. This is your chance to get a house survey done to find if there are any problems that you aren’t able to see just from looking at it. This might include such things as subsidence.

Step six means time to finalise your mortgage. Providing you are happy with the information received in the survey then this is your chance to close the deal.

Step seven is the exchanging of the contracts. This will ensure that all parties involved are happy and all systems are still moving forward.

Step eight requires organising the big move. Sorting all of the packing and getting the removal vans ready for the day you get the keys.

Step nine will all be about finalising the details of the contract. This is the last stop and once this have gone through then all is complete and you are ready to go.

These nine steps are just advice on the processes and procedures and are not set in stone. The orders in which they appear do vary depending on circumstances. Some people decide not to put their house on the market and instead choose a Sell House for Cash option or a Quick Property Sale as they do not have the luxury of time on their hands.

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