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The property buying process is often described as an experience that is both exciting and equally stressful that you’ll ever go through. It doesn’t matter if you’ve bought many homes or if you’re looking to buy your first. It holds true whether you’re in the market for a new residence, an investment property or that perfect vacation escape.
The real estate market in Guam offers more opportunities, but can also be filled with more risks at the same time. As there are many factors to consider and decisions to make, it’s very important to have all available information and resources needed to help you make a well-informed decision. You must also have the right amount of time to make use of the information because deciding on a relatively large investment on real estate is not a decision you should make hastily.
Setting out to a venture into real estate in Guam may seem like a daunting task. These steps will help you realize that although the process may seem difficult, it’s actually a very simple process.
- Sign up with a trusted real estate professional. Make sure you get expert guidance at every step of the buying process. Buying real estate is a complex matter. There are many factors to consider as no 2 property transactions are alike. And with all the diverse opportunities and possible hazards of the current market in Guam, it’s even more necessary to contact a real estate professional once you’ve decided to purchase. Your real estate agent will guide you through the property search, financing, negotiation and transaction process. It is essential to consider his professional knowledge of the local market, experience and track record.
- Define your goals. Whether you’re buying your first parcel of land, a home or a commercial property, the decision to do so is a huge step in itself. It’s important to educate yourself as much as you can.
- Determine your reasons for buying the property.
- Examine your current financial situation and project how much you can afford to invest in real estate property.
- Research property mortgage options
- Create an action plan and timelines.
- Secure pre-approval for a loan. Before you start viewing property, perhaps it would be a good idea to get pre-approval for a loan first. Your real estate professional can help introduce you to reputable and reliable lenders, who you will authorize to examine your current financial status and credit history. Based on this examination, the lender will document details of the total amount you can borrow to purchase your property. You’ll find that you will be taken more seriously when you make an offer because you’ve been pre-qualified by a lender.
- Search for properties. The key to finding the right property is knowing what you’re looking for. You will need to distinguish your “must-haves” versus the “like-to-haves.” The internet is always a good place to start your search. With websites like Ellen’s Realty you can view many properties and their details, take video tours and have access to neighborhood information. It is also important to view the properties in person. Although the details may seem similar online, property can vary in terms of layout, design, location among other aspects. Your real estate professional should be able to help by pointing out some things you may have missed and provide you with expert analysis.
- Make an offer and negotiate. You’ve found your property in Guam and you’d like to buy. Discuss all the conditions related to the purchase and determined a price at which you are willing pay, you will then prepare and draft a purchase offer to be presented to the Seller for consideration. Remember that as you prepare an offer to present, there are other potential buyers interested in the property that you intend to purchase. Generally, the seller can accept your offer, reject it or counter it to start the negotiation process.
- Finalize your financing. As soon as you have an agreement with the seller, it’s time to go to your lender to finalize other details to close the deal. Settle your down payment, interest rate, regular payment schedule and all other conditions related with the closing.
- Close the deal. As soon as all of the conditions of the contract have been satisfied and a clear title has been confirmed, the transaction can now close. You will receive the deed to your property and other closing documentation.
Guam is an island full of promise. It is no surprise that many visitors are open to the idea of investing in Guam real estate.
Ellen’s Realty has been helping property buyers in Guam since 1997. With their large pool of real estate agents, you can be assured that exceptional service will be rendered to all their buying clientele, as they are all well-seasoned, professional and highly trained. Their negotiation skills and extensive knowledge of various financing alternatives will go a long way in helping you land the best property that will suit your needs.