What you need to know about Real Estate Basics

Real Estate Basics

Buying:

Selling:

Leasing/Renting:

1. Hire a Realtor – Select a seasoned real estate agent to help you find your dream home.
2. Get your loan approval – Your next step should be to visit with a lender, which determines your buying power especially when you are making an offer.
3. Shop for houses – Now you’re ready to visit houses. Ask your Realtor to schedule visits to the possible homes that fit your desires. Develop a rating system that will help narrow the field down.
4. Make an offer – Once you’ve pinpointed your dream house, it’s time to put the offer in writing, place a deposit to show good faith, and complete your property under contract.

5. Closing – Is normally schedule 45- to 60 days after contract date begins. Next step are your inspections, then your loan commitment and final schedule a day for closing.

1. Big why? Determine why you are selling. This will be a critical to meet your request.
2. Interview Realtors – Speaking to agents will give you a good idea of what is happening in your local market. The highest price is not always the best.
3. Present your homes – studies show that 70% of the people who would buy your home.Will buy it for the same reason you bought it.
4. Prepare your move – This is where most sellers get stuck, they don’t know where they are going. As you are selling your home make sure you are taking the proper steps for your buying move.
5. Accepting offers- Prior to accepting an offer review the following; price is not the only important item. A seller must make sure that security deposits, lender approval, inspection periods, repairs concerns, closing date are all critical items to a good closing

1. Tenants – Select the area that you are interested in. Choose and Realtor to help you in your search.
2. Shop for a home – When visiting homes take notes of turn offs and turnons, condition, amount space, views, accommodations.
3. Making offers – Most landlords have overhead such as property taxes, maintenance, up keep, mortgage. Take all this is account when making an offer.
4. Qualify landlord – Make sure the landlord is not in foreclosure.
5. For Landlords – Selecting a qualified tenant is critical to your investments. Consider the tenants job, credit, security deposit are all factors.
6. Repairs – Repairs are a combined responsibility of both landlord and tenant. Using are if the damage is due to the tenant negligence it is the tenants responsibility other wise it the landlord responsibility. Have you Realtor clarify the details.