Real Estate Buyer Services

Determine why you want land, determine your market, and identify your professional team. It’s tempting to begin with a casual search to see what is out there. Don’t get caught in this trap! When you are serious about buying, get prepared. Investing a few minutes here could save you anywhere from days to weeks of search time.

Use your price, geography, and wish list to execute a laser-focused search of only properties meeting your criteria. Make a list of candidate properties to visit. You’ll know when you’ve found the right place. Nothing will replace boots on the ground, but technology provides a wealth of virtual information you can see from the couch. Use it strategically! In the old days, a buyer might have visited 20 properties before selecting one. An agent with market knowledge and excellent skills identifying and developing buyer needs should be able to put most buyers on the right property in 3-10 properties.

Depending on property size and the distance between candidate properties, visiting 2-3 properties can fill a day. Bring plenty of water and food. By the time you’ve seen 3 properties, one of two things should begin bubbling to the surface, a top property that meets most of your criteria, or a clear adjustment to make to your criteria.

Once the property is selected, the buyer submits to the seller an “offer” establishing the terms of the deal, such as purchase price and timeline for completing the sale. An offer may be a written purchase contract, a letter of intent, or it could be verbal to get things started. A good offer strategy is one that considers the needs of all parties and establishes a realistic timeline. Since you’ve identified in advance your lender and Pro Team (closing attorneys, title companies, surveyors, soil scientists) you can put together a smart offer that includes any lead time required for surveys, septic permits, soil tests, etc.

Once you’ve made an offer, the seller may accept, reject, ignore, or submit a counteroffer to you that changes some element of your offer. Price is not the only important element in a good offer. Earnest money amount, length of time needed to complete the sale, cash vs. financing, who pays for closing costs, and contingencies (appraisal, needing to sell another property before closing, etc.) are some of the many factors a seller will consider, especially if there are multiple offers.

When the parties reach an agreement on the offered terms and sign the contract, you are “under contract”! The parties work toward fulfilling the expectations established in the contract terms, which may include due diligence and contingencies.

Once you are under contract, the parties work toward completing due diligence matters and resolving contingencies, if any. A contract’s Due Diligence Period is a specified window of time for buyers to do additional homework about the property, such as surveys, title research, and permitting. If the buyer decides not to buy the property during this due diligence period, they may be able to cancel the contract. Depending on the contract terms, the buyer will either retain or forfeit their earnest money. Issues that come up during this period may be resolved with agreement of the parties. If a concerning matter arises, the seller may agree to pay to resolve it or, in lieu of directly resolving it, the parties could agree to a credit or price reduction to satisfy the concern. If a sale is contingent on other events, such as buyer’s ability to get financing, or selling another property owned by the buyer, the parties must work through those matters prior to closing.

To finalize the purchase and sale of a property, the ownership of the property is transferred and the funds for the purchase exchanged, involving paperwork, signatures, etc. Some states require a closing attorney to conduct real estate transactions. A proposed date or number of days from acceptance is determined in a contract. Like many things in a contract, if all parties agree, this can be adjusted.