Tubs Dream Deal

Tubs Dream Deal

Purchasing real estate can be exciting and scary at the same time, if buyers are not fully prepared for the process.

Meet the five common errors and omissions made by potential buyers and how to avoid them can go a long way in making the agreement a success.

If not ranked
One of the most common reasons a deal will fall through because buyers end up being unable to qualify for a mortgage. This could be avoided through pre-qualifying with a local lending institution.

It's frustrating for home buyers fall in love with a house, only to discover it is outside your price range and are unable to secure a loan.

Pre-qualification can make the process easier buying houses because buyers will search for a home knowing that their spending limits. It also tends to have a psychological effect. It tends to show a seller that the buyer is serious about buying.

This also speeds up the final process of mortgage applications, since a large amount of information the buyer already been provided. There are several elements required for the prequalification process smoothly. Here are some examples:

 • A list of the current debts, including the names of creditors, amounts owed to each and monthly payments.
 • Address of the last two places of residence. If rented prior residences, indicate the owner's name, address and telephone number. Yes, include name, address and telephone number of the mortgage holder.
 • Employment information, such as names, addresses and phone numbers of employers for the past three years.
 • Bank statements for the past three months.
 • recent pay stubs.

Closing costs
Often, buyers do not realize the initial costs involved in purchasing a home. Closing costs involved in closing a real estate transaction generally include fees for legal services, title search, appraisal, stamp duty stations and government mortgage.

The stamp tax government's duty is on a sliding scale and is a percentage of the selling price of the house. It can range from two percent to 10 percent.

Failure to get the money to cover these costs may cause a transaction to fall through.

Title property
Sometimes through autumn offer because the person trying to sell the property has no title. Have clear title to a property means no mortgages, loans or mortgages on the property.

Realtors can prevent this situation from killing a deal to ask to see the documents of title and a copy of a plan when making an announcement. If this occurs, generally means that the seller has title to the property.

Undisclosed Information
Deals can fall through an inspection when it is done and the potential buyer learns the attributes of the reserved property by a vendor who could make the buyer does not want to buy property.

Sometimes the elements disclosed may not be an honest mistake. For example, if a Jacuzzi or a security system in a home that was never used by the seller, who might not know if the elements did not work.

Realtors can take steps to avoid this by reviewing statements and questions to obtain as much information as possible about the property.

Zoning
There, Sometimes a property on the market may appear as a commercial property, but when you set the closing, the buyer discovers that in fact the residential zoning and will not suit the purposes of the buyer was in mind. So it's important to find out through the Interior Department the proper zoning of the property.

Rachel Pinder, principle broker and realtor of Island Living Real Estate which is a full service real estate company with experienced Bahamas realtors who serve all the Islands of the Bahamas and are specialized in luxurious waterfront properties as well as investment properties in the Bahamas Islands.