Buying A
Real Property
Steps
in buying a home
1. Get
a loan: Get a pre-approval letter from a lender before you
shop for a home. You will have to present this to make an offer, and it
will give you a realistic assessment of what you can afford.
2. Don't
stress. Searching for a new property is exhilarating, but also
stressful and time consuming. Screen properties online first to learn
the market price where you want to purchase. Don't worry if the
"perfect one" gets by you, new houses are listed every day.
3. Choose
an Agent. Your Agent will research properties, guide you
through the process of bidding and purchasing, and act as your
advocate. Best of all, they are paid by the seller and are free to
buyers. Contact Gamzeh Realty to
save money and get the best results.
4. Insure.
As soon as your offer has been accepted, obtain homeowner's insurance.
You will need proof of this for settlement, and it takes time.
Listings
- Metropolitan
Regional Information System "MRIS"
- Search MRIS -Datebase of homes for sale in
Washington DC, Maryland and Virginia.
- Bargain
Sales
- HUD Homes - HUD sells homes around the
country that have been foreclosed on and that often need repair.
Purchases are made by a single blind bid online. Purchasers must
usually occupy the home, and preference is given to police officers and
teachers. If unsold in the first round, investors may bid. Contact a
real estate agent to place a bid for you, or learn more here.
Public Property Records
News
Insurance
The
following companies provide homeowner's insurance in the Washington
D.C. area:
Financing
- Mortgages
- Lenders
- Laws
Protecting Borrowers
- Federal Law Update
- RESPA - Real Estate Settlement
Procedures Act - mandates a good faith estimate of settlement costs at
the time of application for the loan, disclosure of the closing
statement (Form HUD-1) one day prior to settlement, and more.
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