A Step By Step Guide to Buying Property In Guam
It’s not at all difficult to fall in love with Guam. The beautiful scenery, rich culture and warm people make you want to go back to experience more. Moving to Guam is perhaps the most exciting and the best decision you’ve made, but settling in is no easy feat.
Making that kind of investment should never be taken lightly. So if you’re not sure how to go about finding the right property for you, follow these simple steps and start your search today!
We’re Here to Help You
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.
Choose an agent
Ellen’s Realty has a team of experienced and highly trained sales agents, each equipped with their respective skill sets and personality type. This first step in the buying process is perhaps the most crucial. It is important to find an agent that you are comfortable working with, can communicate effectively with and most of all, one that you can trust to understand and work towards meeting all your needs.
Identify your requirements
Real estate agents are always ready to provide you with all the necessary information and trends related to the current real estate market in Guam. This data will help you find the properties that suit your requirements. Make sure you communicate with your real estate agent all about your needs and expectations. It’s you’re agent’s primary goal to find a property that is well-suited to your personal requirements.
Qualify for financing
Your real estate agent will recommend a preliminary meeting with a lender to help you secure a pre-qualification for a mortgage loan. Loan funds are an essential part of the purchase process. The lender will present you with a document that will show you loan funds that will be provided by the lender, the personal funds you will need to cover the balance of the purchase amount and additional funds you will need for closing costs. It’s important to discuss this report with your real estate agent.
Search for properties
You’ve identified your budget and target price, now it’s time to search for your property. A lot of buyers start their search online where they discover Ellen’s Realty webpage, which is a premium one-stop shop for those searching for property to purchase. The site is easy to navigate and is up to date with the latest listings and covers almost all of the prime areas on the island.
Many also drive through neighborhoods and look for “For Sale” signs. There are some who look through real estate magazines. You may employ all of these methods, and your real estate agent will be able to help you a lot through this process.
Tour your potential properties
Your real estate agent will arrange for you to view and visit the properties you’ve identified for potential purchase. While on tour, make sure to ask a lot of questions about the history of the property and the surrounding neighborhood. Make notes and take pictures. Make a short-list of up to 3 candidates that meet most of your needs. Visit and re-visit these properties at various times of the day and night, and even on weekends to help you get a better feel of the neighborhood conditions.
Sign the Purchase Offer
Once you’ve identified a property, discussed 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.
When your offer has been presented, the Seller may either decide to accept the offer as is, counter the conditions in your offer, reject your offer or simply let your offer expire. When you receive a counter offer, you will need to discuss with your real estate agent its pros and cons. You must also work on a strategy on how to move forward with the negotiations.
Check current property conditions
Contracts are usually dependent on financing, home inspections and appraisals. Your real estate agent should be able to coordinate all of these efforts to make the process as smooth as possible.
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.