Steps before buying Property

[Max Lichtenstein]

Hi BP community,

I wanted to know what are your steps you take before buying a property. You get your pre approval mortgage from a lender and for the position I am in that is what I have to do. What do you look for in a property, the town you are buying in, what type of questions do you ask your realtor.

Thank you for your help.

[Scott E.]

This is a loaded question... a novel could be written about the steps you take before buying a property. But I'll give you a rough summary:

1. Get pre-approved from a lender to determine how much you can afford (sounds like you already have done this)

2. Pick a neighborhood that you want to live in or invest in (a TON goes into this decision). As they say location, location, location.

3. Hire a real estate agent. Ideally somebody you know, or a referral. Give them all of your criteria (what you must have, what you don't want)

4. Start shopping. Realtor will send you listings, you will browse Zillow a ton, you should drive around and go to open houses

5. Start making offers. You might need to make a few before one gets accepted. Lots of nuances to this phase as well.

Once you get your offer accepted you enter your inspection period where you have ~10 days to do your inspections and make 100% sure that the property meets your expectations.