Wealth-Coaching

It’s very easy to buy a home for investment purposes.  Closing a deal can be done effectively or it can cost you the purchase.

First in closing the deal, be sure you are getting a deal.  Don’t jump into a property just so you can say you have one.  When closing a deal pay attention to several key elements:

• Sale price.  Be sure that your purchase price is in writing before getting into negotiations or contracts.  Putting the agreed price in writing signed by both parties with an ‘intent’ to purchase will protect you from last minute changes.
• Sign contracts.  No matter what, get a signed contract, especially when doing a ‘by owner’ purchase.  Even though you have to get them resigned at closing, they will make a stronger deal.
• Exhange a deposit.  Putting a small security deposit payed to the owner will ensure that your deal has some solidity.
• Closing date.  Set a closing date asap.  This eliminates the cold feet of potential sellers once this date is set.

It’s also a good idea to phone the seller and remind them a day or two before closing about the appointment.  If your title and closing company are willing, they can do it for you.