Bank REO Training

Buying your first property is a daunting prospect for anyone. What puts many people off is the commitment and responsibility of a long term loan coupled with the purchasing of an asset which fluctuates in value unpredictably. This is completely understandable and especially in today’s environment where getting a foot on the property ladder is becoming more and more difficult, first-time buyers need all the help they can get. In a bid to try and offer some useful advice on the process, this article has been compiled with some basic information on the process leading up to the purchase of your first property.

To begin with, before starting out on the viewing process, you need to write a list of exactly what you need from a new property and also what you want. The ‘want’ list must contain things that you can compromise on, as finding the perfect property to suit you or (even harder) you and your partner, is next to impossible. Consider factors such as proximity to local services such as hospitals and schools, supermarkets and public transport systems, as well as the details of the actual property.

After you think you have found the right place, you need to go away and think about it for a few days, then schedule another viewing. With this second viewing you need to take a more critical view of the property and do a bit more research in terms of the local area and also the repair and renovation history of the property. You should speak with the previous owner as well as neighbors to find out as much as you can to better understand the property and its local environment.

If you are still sure on the property at this stage, you should now look into getting a survey carried out on the property to check for any underlying structural issues or possible future problems with the construction. There are two possible structural surveys to choose here depending on your budget and concerns. If you found no evidence of structural issues or damp, or any other faults in the construction then you should opt for the homebuyer’s survey. If, however, you have reason to believe that there is more to the property than meets the eye, you can choose a full structural survey to be carried out.

The next part is the conveyancing process which, although does not specifically require the help of a solicitor, it is highly advisable due to the amount of paperwork involved, and the benefit of experience. The length of the buying process will vary between 6 to 12 weeks, with most property purchases in the UK taking the latter end of that scale until completion of purchase. This stage can be very confusing so it is advisable to do a lot of research before you dive in.

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