Get Smart And Follow These Tips On Buying Real Estate | Eric Chua ...

With all the complexities and red tape of buying real estate, you can quickly be overcome by confusion or overwhelmed with the stress. It is imperative to learn the tricks of the trade in the real estate market in order to have a great home buying experience.

If you are purchasing a home that has been foreclosed, keep in mind that it may call for some renovations. Most foreclosed homes may have been sitting vacant for some time before going up for sale, meaning that regular maintenance has not been done. A foreclosed home that has been sitting empty for a while may require pest control measures and a new HVAC.

Do not let the price of a house you are interested in be influenced by the fact it has a view. The view might not be something that is worth it for the next buyer. This will cause you to lose a ton of money. Estimate the view as part of the house?s total package, try to place a price on it, and find what your magical number is for the house.

TIP! Buying commercial property can be easier if you have a partner that you can trust. When you have a partner who has a good financial standing and reputation, it is much easier to quality for the loan needed to purchase the property.

During your first meeting with an agent make sure to ask all the questions which are pertinent to your situation. Ask them not only the number of homes they have sold in the past year, but also, how many were the type of home you are looking to buy. A good agent will be happy to answer these questions for you.

Square Footage

A home?s square footage will be listed in a variety of documents. You can ask the homeowner to see documentation verifying square footage or bring a tape measure to measure rooms yourself to verify a home?s size. Take the time to verify that the square footage recorded in public records matches what the owner has referenced in the listing. They don?t have to be exact, but they should be within a hundred square feet. If this is not the case, you may want to think twice about the purchase and/or ask some questions to find out the reason for the discrepancy.

TIP! When selecting an agent to help you with your home search, ask them how long they have lived in the area. If they have lived in the area for only a short period of time, they will not be as familiar with the roads, neighborhoods, and local restrictions as someone who has lived in the area for an extended amount of time.

Keep an eye on homes in pre-foreclosure status. If you have enough time to ferret out bargains on investment property, you might want to look at some that are in pre-foreclosure. Real estate in pre-foreclosure is delinquent, but not quite to the point of the bank stepping in and taking the home back. Any lender can provide you with a list of possible pre-foreclosures, or you can place an advertisement to alert people that you are interested in purchasing homes for cash. A good tactic is to talk with the owner of the property and offer them slightly more than they owe on their loan. You can sometimes benefit greatly by this method, particularly if the payoff is much lower than market value.

Approval Letter

If you already have an approval letter, a seller will be more interested in your offer. A pre-approval letter from a lending institution usually cuts down on the time it will take for you to go to closing because much of the paperwork has already been handled by the prospective lender.

TIP! Make a request, in your offer, for the seller assist with closing costs, inspection fees, and other expenses accrued in the process of the real purchase. It is common to ask the seller to ?buy down? the interest rate for a year or two.

Look for parking areas near the home you are considering buying. This should be an important consideration in the house you choose, especially if you are not offered an attached garage or driveway. You don?t want to end up paying more money to rent a parking space, and you don?t want to walk a mile to get to your car.

Buy a warranty for your home. You should always inquire about a warranty when buying a home, regardless if it is newly constructed, or it has a few years under its belt. New home builders normally offer protection for one to three years. When purchasing a previously owned home, be sure to get a warranty for a year.

Real estate agents would do well to reach out to former clients during the holiday season or the anniversary of a purchase date. They will be reminded of how you made their home buying experience a great one. Give them your card and let them know that your work is based on referrals, and that it would be a huge compliment for them to recommend you to people they know.

TIP! Do not rush into purchasing real estate without doing your homework. Lots of people try to participate in the real estate market too fast.

When you want to add more value to the property you own, do some remodeling and repair work. Watching the value of your property go up is an immediate investment return. Sometimes, the property value will increase more than your investment value.

If you are investing in foreclosure properties, consider hiring an attorney that specializes in real estate. Short sales can be extremely time consuming and complicated, so be sure to get professional guidance. You could save a lot later on because of this.

Use the information here as your initial vantage point in procuring the knowledge and resources you want in your search for a new home. Use this information to your advantage in order to avoid common mistakes. Have a blast looking for your new

TIP! One simple way to start the entire real estate buying process is to get organized. Pick up a notebook that you can use to write down any info you find in online searches, in the newspaper, or from friends or an agent.

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