What To Do After Your Offer Gets Accepted

By Tanya Chu

For many first time investment property buyers, they often don't know what to do after their offer gets accepted. To help you in your final process, follow these steps that I use:

1) Get your realtor to go out to the property within 72 hours to take LOTS of pictures of the property, both inside and out. They should also take pictures of each of the 4 houses to the right, and each of the 4 houses to the left of your property. Plus, the 9 across the street from yours.

2) Get at least 3 property managers from different companies to go out to the property and take pictures as well. They should each produce you with a report of all the income and expenses they anticipate you'd be accountable for when you possess the house.

3) Once the pictures come in, you want to take a closer look at the property and decide if there will be lots of repairs required.

4) From the property managers' reports, you want to recrunch your numbers and your numeric analysis.

5) Re-do your insurance quote. Get at least 3 from different brokers.

6) Have your realtor do a Broker Price Opinion (BPO) if he's qualified to get an "accuraate" appraised value. Recrunch your numbers and twik your analysis.

7) Get an appraisal. Recrunch your numbers and recalculate cashflow.

8) Get an home inspection done. If the amount in repairs is reasonable, then proceed. Again, recrunch your numbers and recalculate cashflow.

9) Renegotiate the sales price by filling out an addendum.

10) Once the Seller agrees with you on a price and you're happy with the proposal. The sale is complete. Wire your money into Seller's escrow agent.

Voila! Congratulations on your home purchase!!!