Guidelines to Help You When Buying Real Estate

If you are not aware of the things to be considered when buying real estate, it is more likely that you will be duped and will feel sorry in the end. Following are some guidelines which you can follow when buying real estate.

Research and gather comprehensive data on the real estate market. Lack of knowledge can lead you to nowhere, thus you need to equip yourself with adequate information on real property and apply it when choosing your house. Knowing the rules of buying real estate will assist you in your search for a house.

Picture in your mind the kind of house that you want. The real estate market offers various kinds of houses. With the so many designs and styles, you can be sidetracked on the exact house that you are looking for. The Internet offers plenty of options to help you decide prior to your purchase.

Look for referrals from your relatives, friends, co-workers, etc. If you have a new neighbor, you can ask him where he got the information on the house that he bought. People you know are one of the best sources of information apart from the Internet. They can lead you to the best real estate agents.

When you have finally found the real estate broker, set an appointment and discuss your immediate needs. You will know if you have found a reliable agent by checking on their previous records and meet up with them. Set the meeting in their office so you will know if they are bogus or not. Read the certificates posted on the office walls and look for their business license. If there are clients waiting, you can talk to them. Do not agree to meet them outside. The first meeting should always be in their office. You also need to check on their charges, if there is any. It is customary that the agent who sells the house and the agent who referred the buyer gets 2.5% each of the selling price from the seller. Therefore, the buyer is freed from this responsibility.

When you have finally decided on the house that you wanted, set an appointment with the real estate company so you can see the house physically. Once you are there, check on the surroundings if it is suitable for you and your family. Check each room, the paint, the ceiling, the walls, floors, the bathroom and toilet, etc. Check the outside premises, too. Make sure that the necessary furnishings or accoutrements are in proper order. Do not readily give any deposits or reservation fees without making a general check of the house.

Once you are finished inspecting the house and were pleased and happy with it, you can talk to the realtor about its prices. Once you have agreed on a certain amount, your realtor will process the documents like the deed of title and sale as well as other pertinent ownership documents. Before signing the documents, ask a lawyer to review it. Some legal terminologies may be difficult for you and that can cause you problems in the future. Ask the lawyer to explain those points that are quite vague to you. Ensure that you fully understand everything that is written in the documents before signing them. This will make certain that your house is protected and that you will not encounter any problems when the sale ends.

16 Tips to Buy Real Estate Successfully

1. Do not overanalyze. You may lose a lot of great opportunities to make great deal of money. Start making offers.

2. Get the property under a contract first with a safety clause.

3. Ask fellow investors, real estate broker about the property value. If it makes sense go ahead with the purchase.

4. If you are buying for a quick flip neighborhoods do not matter. What matters is the $$$ you are going to make.

5. Your perfect buy should be a house/condo/building in excellent condition and good neighborhood.

6. Your Second choice should be a cosmetic fixer in a good neighborhood.

7. Inspect the property. Try to get as many things fixed by the seller as possible. Check the neighborhood. Drive around the block. Look at the houses in the neighborhood, what is their condition. Look at the cars parked in the street. Old cars normally can tell you a lot about the neighborhood. Trash on the sidewalks can spell less then great neighborhood. Which in turns means you should buy and sell quickly (most of the time). Renting in those neighborhood could be challenging, especially for the new investor.

8. Use a real estate agent or broker. My first great deal was found by a broker. Try to get access to the MLS so you can look for deals yourself.

9. Shop around for Financing. My experiences with the loan officers tells me one thing. Email them your questions and ask them to email you back their answers or put them on paper. They tend to always change terms and rates (though illegal), and put junk charges.

10. Try to reduce your Title/Escrow charges review them with an experienced investor or real estate agent.

11. Use a real estate attorney for your foreclosure/pre-foreclosure purchases.

12. You can check these free Real Estate Investing Educational sites:

3. Make connections with other fellow real estate investors. You can learn great deal first hand experience from them. One peace of advice alone could be worth thousands for you. So if you like challenges and lifetime learning Real Estate Investing is a great field to work and have fun.

14. Advertise yourself. Get business cards hand them to interested people. Place ads in the newspaper and use whatever other means of advertising you can think of.

15. Use the right Real Estate Forms when you buy and sell. If you don’t have any forms here is a website you can print for free:

16. Do not be afraid to buy real estate. Fear and lack of knowledge are the number one factor for failure.

This article can be published by anyone as long as the reference box remains intact and all links are kept live.

Copyright © D. S. Peter is a successful real estate investor for over 14 years.

Make Money Buying Real Estate

For three years, real estate was every investor’s darling. Double digit appreciation paired with low interest rates made real estate investing appear to be a no-brainer. However, the real estate investing playing field is littered with the bodies of house flippers and cash flow mis-calculators. The next few years will be easier to make money buying real estate than the previous “boom” years. The question is, who will recognize the opportunity and take advantage?

The opportunity to make money buying real estate lies in the overwhelming need for real estate buyers. In a classic sense, investors plus home buyers equal demand. However, in light of the credit crisis, mortgage disaster, and housing bust, for the first time since the Depression their is a true need for investors to buy property. Foreclosure has become a staunch reality for thousands of Americans. Foreclosure is looming for millions more. Banks are completely overwhelmed with late payments, loan modifications, foreclosures, and Bank Owned Real Estate.

Here is the most commonly over-looked key to the current real estate investing situation: bank rates. Go check out the current mortgage lending rates. They are still in the low 6% range. Historically, that rate is rock-bottom. Collectively, American’s have been taking these rates for granted for five years now. If you have a real estate agent worth their salt, or a HP12C financial calculator of your own, calculate what your money buys at 6.25% vs. 9.25%. It is staggering.

These rates will not last. How do I know? It is very simple. I know that they will not last, because they never do. Rates go up and rates come down. They bottom out just under 5% and go as high as 21%. They average out somewhere around 9%. Our rates have been unusually low for years. It will not be long before they start creeping up. As rates creep up, you can buy less home for the same monthly payment. So, even if values are sliding moderately, you stand more to lose by waiting out the market to find the bottom of the real estate market.

To make money buying real estate be sure to do your homework. Knowing where the opportunities are is one of the most important pieces of research to uncover. All market conditions provide opportunity for the savvy real estate investor. This market is becoming so easy, the savvy part of the equation may soon be optional.

Why Buy Real Estate On The Water

How would you like to live on the water? This is a dream that most people want to fulfill at some point and that is why I highly recommend buying real estate on the water. Not only will this give you a better home right now, it will also be better when it comes time to sell it. Just keep in mind that real estate on the water is very limited and that is why you need to get it now and hold onto it as long as you can.

Why Buy Real Estate On The Water

Better View – One of the reasons why you should buy real estate that is on the water is because it will come with a much better view. When you are looking at another house right in front of you that won’t get you the biggest price tag, a view of the water will though. This is why a lot of people like to buy real estate on the water because they know that once they are done enjoying it, then they can sell it for a huge profit to somebody else that wants to enjoy the water just as much as they did.

Higher Resale Price – Did you know that a view of the water will yield you a much higher retail price once you are ready to sell it? This is a good reason to buy houses on the water because you will be able to get more out of it when you are ready to sell it. Just keep in mind that it will cost more at first but it is well worth it in the end.

Always Wanted – Being that real estate on the water is in limited supply, they are always wanted and because of that you can get a great offer if you own a nice property. This is why many people look for real estate on the water because they know that they might spend a little more for it at first but once somebody comes along and wants it, they will more than get their initial investment back.

Buying real estate on the water is not for everybody and it will matter where your property is located. If you are buying a piece of property on the back of a swamp, then that might not increase the value that much, however, if you are buying a house on the water in Malibu, then the amount will increase drastically. Just know where is the best place to buy a house and how important water is in that area.