If someone were an amatuer at purchasing real estate?

Question

what pitfals should he look out for? Any advantages he should look for? Is there anyway to finance a transaction without bankrupting oneself?

Answer 1

Use a realtor, and then use one for whom you can find references of quality work from someone you know. In most states, under law, the realtor is required to represent the interests of the seller, unless you engage the services of the realtor under a buyer agency agreement, which I fully recommend. Under such an agreement, the realtor is contracted to work for YOUR interests.

Once you find a property you like, ask the realtor for evidence of recent sales (comparables) in the given area to verify that the asking or offered price is in line with that of recent sales.

Have the property fully inspected by a quality home inspector to help reveal any physical deficiencies so that you know what you are buying and what sort of expenses you might incur in the near future (older water heaters, furnaces, roofs and the like).

When looking for financing, shop around. Not all mortgage lenders charge the same brokerage fees for obtaining financing.

Do your homework and ask questions whenever you are unsure of something.

If you do the 'due diligence', you vastly reduce your chances of being taken to the dry cleaners.

Good luck !!

Answer 2

You aren't utilizing the right terminology. An present to buy isn't a agreement. It is simply what it says - an present to buy. It turns into a agreement whilst the vendor accepts it as it's written. Unless your present rather knocks the dealers' socks off, they'll most often provide you a counter present, or they'll present to be given your present with precise alterations or contingencies. It truthfully turns into a agreement most effective in spite of everything phrases had been agreed on and signed via all events involved. If you're a amateur, and judging via your query, I could bet that you're, you surely will have to acquire authentic recommendation earlier than writing an present. If your phrasing isn't right, you'll get yourslef into deeper water than you desire to be in. I advise that if y ou should not have a truly property agent representing you, you surely want an ttorney to write down the present for you and to advisor you by way of the whole transaction. Be precise to get an legal professional who makes a speciality of truly property legislation. As a ways because the sort itself in involved, you'll acquire one from any workplace desk bound provide retailer. You do not rather desire a specified sort regardless that. You can write or form an present on a undeniable sheet of paper, however since you're a amateur, I don't advise this for you. Please acquire the offerings of both a Realtor or an legal professional in your defense. DO NOT strive to try this for your possess. There are too many possibilities so that you can make a significant mistake.

Answer 3

Best thing to do is hire a Realtor. Doesn't cost the buyer a thing and the agent will take care of everything :)