Where do I start? A step by step guide to buying your first Horse Property
You’ve browsed 17 websites trying to dig out the just the acreage listings. You’ve called 6 different real estate agents to find out how big the barn is in the add or if the land is suitable to horses, only to find out that they don’t even know what “no climb” horse fencing is. STOP wasting time! At least speak to a real estate broker that knows the difference between a round pen and an arena!
To save you frustration, time and possibly money, follow this step by step guide to buying Horse Property around Salem Oregon:
- Take 10-15 minutes to really spell out what your equine property needs are. Consider how many horses you have now and how many you would like to aquire over the next 5-10 years (allow for 1-2 extra, because you know we have a tendency to “collect” more horses than we need.) What is your primary discipline? Will you be trail riding most of the year or showing? How often would you use a covered arena, and should you consider simply living near a boarding facility that allows haul-ins? If you would like a PDF form to walk your through aspects you may not have considered, toss me an email to request yours for free.
- Request my “Buying Horse Property Trail Guide” that allows you to check off each checkpoint of the horse property buying process around Salem Oregon to assure your “trail ride” goes off without a hitch
- Check out my bio page to see if you think we will get along. If so, feel free to call, email or Facebook to make contact. We can chat (over the phone, email, fb or in person) to make sure we are going to work well together. Sort of like buying a horse, we have to get along if we are going to work together!
- Now that we agree that we can work together, it’s time to get serious. Unless you intend to make your purchase with cash, you are going to need financing. There are several great reasons to get your loan pre-approved before you even start to look at property, here are just a few:
- As much as 40% of the current inventory is either bank-owned or in a short sale situation. Most of these won’t even look at your offer unless you submit your pre-approval letter along with it. So you “that’s fine, if I find the right property, I will go get a letter from my lender.” While you can do that, it can take a week or longer to get the letter. If this property is a great deal, somebody else that has done their homework will come along and write an offer with their pre-approval letter while you waiting for yours. Why risk losing such a good deal?
- Getting pre-approved is not just about how much you can afford, although that is important to establish. It also gives you options about what types of loans will work best for your situation. Are you looking at manufactured homes on acreage? Not all types of loans will allow you to buy one, so why waste 3 months looking at manufactured homes only to find out you can’t buy one anyway? Or a fixer, are you looking for something that you can build a little sweat equity in? Your loan may not allow you to buy a fixer. Better to find out now.
- Another thought on loan types-will you be paying for your loan fees or do you want to fold them into your loan? This has to be decided up front when writing an offer. If you are going to ask the seller to contribute to your closing costs, you had better know how much they are. I can not think of one seller that would commit to an ‘open’ amount. If you need a list of local lenders that will take excellent care of you, just ask!
5. Ok, we tacked up, saddle bags are packed and we are ready to go! Request a list of current listings from ALL real estate companies throughout the valley. Once received, let me know which ones you would like to view. Often times the owner, or tenant still lives in the house and appointments must be made.
6. View available properties, select one or keep looking.
7. Write offer on property of your choice. ( I will be with you every step of the way )
8. Negotiate offer until accepted or rejected.
9. Work through escrow process including title, inspections, appraisal and other contingencies (see Trial Guide for more details.)
10. Close in escrow and move in!
As your Buyer’s Agent, there is no cost for my services, so let’s talk about your needs!