UAE Real Estate Guide
Have you made up your mind to take the plunge and buy the home of your dreams? Now that you have set your eyes on the final one, let’s explore exactly what you should expect from the entire process of buying a home by home buyers itself. Sure, this can be a chaotic time with counteroffers and offers flying furiously, however, if you are ready for the paperwork and the hassles that tag along, then you can get through this process with your insanity intact.
With the house of your dream almost in your hands, here is the basic progression that you can expect. Explore Your Options before Buying a Home You should make sure that you take advantage of all the options available for finding homes on the property market, including using the help of your realtor, searching online for listings as well as driving around the neighborhoods that spark your interest in the search for houses for sale. In addition, you can put up feelers with your family, friends, as well as business contacts. Doing so will give you the upper hand and you will never know where a good lead or reference to a home may come from. Inspect the Home Regardless of whether the home you wish to purchase appears flawless, there is no particular substitute when it comes to having a trained person to inspect the quality of your potential new home for the safety, quality and the condition. At any stage, if the home you wish to buy reveals defects after inspection that the seller was not disclosing, you will be able to reconsider your offer and claim your deposit back. You should negotiate with the seller to work on necessary repairs, offer you a discount and then you can make your claim. Make Your Offer When you find a home you like, you can coordinate with your real estate agent, who could help you to decide on how much money you should offer for the house you prefer along with the necessary conditions you want to ask. Your property agent will then present this offer to the seller’s agent, who would accept the offer or end up issuing a counter-offer. At this stage, you can wait for them to accept your offer of buying a home, or if there is any form of delay in the process, you can quit. However, if you are lucky to reach an agreement, you will have to make a deposit for the property and this process will then transition into “escrow.” When talking about escrow, you should know that it refers to a short period (about 30 days), a time where the seller will take the property off the market with the expectation that you are ready to finally buy the house, after a thorough inspection. The Bottom Line The brief overview above should help you to proceed on your path to buying the home of your dreams. Of course, at any stage, if you feel you are not able to understand the process, you can consult your realtor or educate yourself more about the entire process way before time. This way, it will also prove to be a less stressful one and you will likely get the house for the price you were aiming for and have it with a wide smile on your face!
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