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What is The Meaning of Property Sourcing

<br>Property sourcing refers to the art of finding, analysing, and negotiating property deals for your personal use or selling them to investors. A property source will scour the local market and build up a network of contacts, looking for suitable properties that have the potential to make money for an investor. They then do the leg work in terms of agreeing a sale price with the vendor as well as sorting all the sale terms and conditions.<br>

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What is The Meaning of Property Sourcing

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  1. What is The Meaning of Property Sourcing? Property sourcing refers to the art of finding, analysing, and negotiating property deals for your personal use or selling them to investors. A property source will scour the local market and build up a network of contacts, looking for suitable properties that have the potential to make money for an investor. They then do the leg work in terms of agreeing a sale price with the vendor as well as sorting all the sale terms and conditions. Why use property sourcing? Not all property investors have the time or know-how to source suitable properties. However, they do have the money to invest. In this situation, they may find it useful to use the services of a property sourcer to find a suitable property and arrange all the terms of sale. It makes the process much more straightforward and requires much less involvement in the purchase.

  2. Once the property has been sourced and purchased, the investor or developer can then undertake the conversion or renovation project with a view to making money. This is especially useful if you are investing in an area with which you are unfamiliar or if you are just starting out in the business and need a hand to find the right kinds of opportunities. How does the process work? Once you have found a property sourcer, you will sign a non-disclosure agreement and provide proof of funds. This is to show the sourcer that you will not be wasting their time and are a serious investor.

  3. They will then either show deals that they already have in place, if suitable, or take some time to find out more about what you are looking for. Once they find you a suitable deal, the deal will be agreed and you will need to provide two forms of ID and pay a reservation fee. A memorandum of sale will then be sent to both solicitors to indicate that a deal will go ahead.

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