Tactics To Make The Most Out Of Your Real Estate Purchase

Buying real estate can be an exhilarating and frustrating time. If you are nervous about buying a home because you don't feel like you know enough about the process, keep reading. This article has put together a lot of great information for you on making and getting the best deal.

Consider leasing a property instead of buying it outright. One technique that first time investors often find lucrative is a lease option, or rent to own. The benefits are that you get a significant down payment and regular monthly payments. The tenant gets the option to purchase the property at some point in the future. There are many intricate details that will need to be included in the contract offered to the tenant/buyer.

If you plan on having more children, it is wise to buy a home with extra bedrooms. Many times, people do not take the fact that they may have more children into consideration when buying a home, and they do not end up having the space for their growing family.

Before shopping for a new home, it is wise to have an initial consultation with a mortgage lender. By doing this, it is possible to receive a pre-qualification or pre-approval, which gives buyers increased credibility in the eyes of sellers. This process also helps buyers understand exactly how much house they can afford and helps narrow their home search parameters.

Insisting on a home inspection can save you thousands of dollars. There are many things that can go wrong in a home that are not easy to see. One example is the electrical system. There can be problems in the wiring that you cannot see by simply turning on a light. Having a real estate inspector come in, can help reduce the chances that you will get any unwelcome surprises, after the purchase.

Condos

If you are looking to purchase a place with a sense of community, it may be smarter to purchase a condo. Many condos have areas where neighbors can get together and get to know each other. Also, by purchasing a condo, you do not have to worry about maintaining a lawn.

Don't forget your pets when you evaluate a potential real estate purchase. It is not just apartments and condos that can impose strictures on pet owners; some ordinary private homes are subject to regulations that can affect your pooch or kitty. No matter how appealing a possible new home is to you, you should make sure your pet will find it equally welcoming.

So now that you know a little bit more about the home buying process, you can use these tips and nuggets of information to be a pro buyer in no time. Real estate purchases don't have to be scary, it's all about what you know and having the confidence to make the right moves.

Buying A Home Without A Real Estate Agent Can Cost You BIG!

Finding a home that is priced below market value and navigating through the mechanics of the real estate transaction are not easy! If you have a tax question, or need legal advice, you seek a professional. When it comes to finding the right house for hundreds of thousands of dollars, and making sure the transaction goes smoothly, you need your real estate professional!

Best Part Is, It doesn’t Cost You A Dime!

When you a buy a house through your real estate agent, she or he is taking care of you at no cost to you. The seller typically pays your agent, so you get representation for free! That’s a bargain, considering all of the service your agent will provide for you:

Finding Your Home

Your real estate has access to the right resources and networks to find homes that are “undervalued”. Of course, you can find homes on the Internet or through local ads . . . but houses that are placed on the market below market value often don’t ever make it to the MLS, let alone the Internet! Real estate experts know that less than 15% of the homes sold in America are ever advertised in the newspaper or in a magazine. Your real estate agent is privy to these “steals.” She or he is in constant contact with the other agents who have listings coming onto the market. Working through your agent, you can get “first crack” at these properties before they are advertised to the public.

In addition, your agent can find you the “right” home while you’re at work and tending to your other responsibilities, and show them to you at YOUR leisure! What’s your time worth? Your agent can save you plenty of time!

Making the “Right” Offer and Negotiating

A lot of thought and analysis needs to go into your “offer”. Factors like comparable properties on the market, recently completed transactions, location and the seller’s circumstances all play a part in the amount of the offer. Your real estate agent will help you present the most reasonable offer. In addition, your real estate agent is an accomplished negotiator who can make sure the deal moves smoothly to closing (making sure the deal doesn’t fall apart is critical!)

Obtaining Financing

Most real estate agents work closely with one or several good lenders. Your real estate agent can help explain the myriad of loans (VA, FHA, Conventional, ARMs, etc) and set you up with a good mortgage lender. This person will help steer you through the application process and the paperwork maze. Most importantly, this person should help get the best loan for you. Take advantage of your real estate’s team – which usually includes a good mortgage lender.

Due Diligence & Settlement

Due Diligence is the process of trying to discover potential problems in the house you are buying before you buy. These problems can range form structural or cosmetic (for example, termites or leaky roof) to problems with the title, taxes or homeowners association. Your agent has experience uncovering these problems, and can save you a lot of money and grief. Furthermore, your agent typically has preferred structural and termite inspectors that are a part of her or his “team.” This inspector can help uncover any problems that may cost you money and grief later on. Also, your agent will make sure you bring everything you need (paperwork, the exact monies, etc.) to the settlement table. They’re job is to make sure the settlement goes smoothly!

Building a New Home

Many new home buyers erroneously believe that if they buy a home from a builder without going through a buyer’s agent, they will save money. The fact is, most builders pay a commission, and if you do not use an agent, the builders simply keep that money for themselves as profit. The worst part is, in this case, you will forgo FREE representation!

Negotiating without representation can be a disaster! Most builders do not fall under state real estate commission laws, and therefore do not have to use approved commission purchase contract forms. Most likely, the builders had their own purchase contracts drafted in their own interest . . . NOT YOURS. Most real estate agents are familiar with these contracts, and can recommend inclusions are exclusions to save you trouble. Agents

can also help negotiate important points like “final walkthroughs”, contingencies, and closing dates. Best of all, real estate agents have experience negotiating, and may for example, be able get the builder to do upgrades at no additional cost!

Be certain to work with a broker that can act as your advocate. Most states have a broker relationship known as a buyer’s agent. Avoid working with agents that are neutral such as transaction brokers, dual agents or seller’s agents and sub agents, as they do not represent you. Become familiar with the types of agency available to you in your area and ask your real estate professional to guide you.

I hope this informational report was informative. As your local real estate professional, I am constantly aware of “good deals” on the market, and can help you determine what type of house and location is “right” for you. You can call me at any time for advice, and please remember that you are under no obligation or pressure of any kind. I would very much like to help you.

Striving to make a difference,

Juan F. Ugalde

LC. Real Estate Broker

Check out this great information

Miami Beach Real Estate tips

www.UnlimitedRealty.org Free Miami Beach Real Estate consumer tips for any type of properties even the luxury real estate miami, we offer free Miami Beach real estate listings, and get one of a kind miami real estate agents.