For most people, buying a house is the biggest and most emotional purchase they will ever make. It can seem daunting at the outset but, being informed is the best way to tackle any major decision and purchasing real estate is no different. It takes a lot of research, compromise and sometimes, disappointments to find your perfect property. Here at 1 OAK Bahamas, it is my job to make it as easy as possible for you. Here are the 5 steps involved in buying a house in The Bahamas.
Get Prequalified
When buying a home, its important to meet with your loan officer and determine how much house you can afford by the amount of money your financial institution of choice is willing to lend you. This number is dependent on your annual income, current debt to income ratio, how many people are included in the loan and number of years you've been employed. Loan conditions and terms will differ from financial institutions which include but are not limited to banks, Credit Unions, and Mortgage Companies. Here at 1 OAK Bahamas, we have an in-house mortgage broker, so at no cost to you we can help you find out what you're pre-qualified for. Click here to get prequalified instantly.
2. Make an Offer
As your search begins, it is important to remain realistic about the market and what to expect. Finding the right realtor is as important as picking out a life partner. 1 OAK Bahamas' agents are honest about your expectations as well as what the market has to offer. Your realtor negotiates on your behalf and prioritizes your interests. They liaise with all of the necessary parties to ensure a smooth home buying process. So, you've found your perfect property and you're ready to make an offer. Once you've viewed the property, it's time to make an offer. Given comparable homes in the neighborhood and the current condition of the property, your realtor will advise you on the best offer, that is within budget and most likely to get accepted by a motivated seller.
3. Submit Your Deposit
Congratulations! Your offer was accepted, now it is time to submit your deposit to your attorney. Your attorney represents your best interest and ensures that there is a clear title and the sale is above board.Once submitted, the seller's attorney will send your attorney a sales agreement for approval. Once approved and signed by both the buyer and the seller, the sales agreement is the legal contract that clarifies the terms between both parties. This signed sales agreement goes to your attorney along with the appraisal.If you do not have an attorney in mind, we would be happy to recommend one for you.
4. Get an Appraisal
A bank approved appraiser will conduct a formal assessment of the property to determine the market value of the property. Factors such as comparable properties in the neighborhood, the current market conditions, age and size of the home and updates or renovations to the property. The appraisal is then taken, along with the signed sales agreement to your loan officer. The market value as determined by the appraisal must be the same as or more than the sales price. If the appraisal amount is less than the sales price, the bank will only loan the amount of the appraisal value and the difference would need to be covered by the buyer.
5. Move in
The entire home buying process takes about six to nine months on average. For all cash buyers, the process is expedited as many steps are skipped and takes a much shorter time.
Once the bank approves the loan, you've secured the mortgage and now you're ready to close. The deed is transferred to your name, the transaction is finalized and you receive the keys to your property and it is time to move in.
Visit https://www.majorcay.com/major-blog for more information on buying, selling and renting property in The Bahamas.