Provided By Trulia
If a lender takes ownership of a property, either through an agreement with the owner during pre-foreclosure or at public auction, the lender will usually want to re-sell the property to recover the unpaid loan amount. Check out the tips below to find out how you can navigate a bank-owned purchase.
•Find and file properties
•Research potential bargain
•Contact the bank
•Negotiate a purchase agreement
•Close the deal
Find and file properties
It's important to get up-to-date bank-owned property information and act on it as quickly as possible.
If there's no redemption period mandated by state law, the bank may re-sell repossessed property quickly.
Develop a system to keep track of properties that interest you. A good tracking system is important as most foreclosure buyers pursue many properties, sometimes over a period of several months.
After you find a property online, it's a good idea to drive by the property to get a better idea of the property's condition and the type of neighborhood. Some buyers and investors who have driven by the property have found notices posted there that provide more information about the bank who now owns the property. You'll also see if the property is listed with a real estate agent.
Research potential bargain
When you find a property that interests you, perform some preliminary research to make sure the property represents a good bargain opportunity. Your research should not take more than one or two days because you do not want to delay too long before contacting the foreclosing bank. The key pieces of information you need to gather are the estimated market value of the property and the bank's break-even amount.
The bank's break-even amount includes the unpaid balance of the loan, any fees and costs incurred during the foreclosure process and any other liens the bank had to pay off to take ownership of the property.
Contact the bank
You or your real estate agent should initiate contact with the bank to express your interest in the property. Before you expend the time and effort to contact the bank, make sure you're fully prepared to buy.
At this stage of foreclosure it's more likely the property will be listed for sale on the Multiple Listing Service used by real estate agents, so make sure you or your agent checks the MLS. If the property is listed for sale, you can contact the listing agent directly. Keep in mind that the potential bargain often diminishes if a listing agent is involved.
If the property is not listed with a real estate agent, you'll need to take some pro-active steps to contact the foreclosing bank directly. The bank's main focus is not selling property, which means you may need to do some digging to find the department or person at the bank who manages repossessed property.
When you call the foreclosing bank, you should ask for the REO (Real Estate Owned) department, bank-owned homes department or asset management department. Be patient and persistent at this point because it may take some time to get through to this department.
If you have trouble contacting the bank by phone, another option is to overnight or fax a letter to the bank stating your interest in the property. Some buyers and investors include a check made out to a local escrow company to get the bank's attention. This check is usually a small percentage of the total purchase price and should be refunded if no transaction takes place, but it shows you're a serious buyer.
Negotiate a purchase agreement
Once you make contact with the bank's asset manager or REO officer, you should arrange to walk through the property (with your agent if applicable) to make sure it fits your criteria as a buyer.
If both you and the bank agree to proceed, you should start negotiating the terms of the purchase agreement. A real estate agent can be a valuable resource during the negotiating process.
If state law allows a redemption period for the owner after the bank takes ownership of the property, you may have to wait until the end of the redemption period — several weeks or several months, depending on the state — before the bank is willing to sell the property. During the redemption period the owner can regain ownership of the property by paying the total amount owed to the bank plus any applicable foreclosure expenses.
The bank's primary goal is to at least break even on all the costs that it has sunk into the property. That includes the unpaid balance of the loan, the expenses associated with the foreclosure proceedings, other liens and repairs to the property.
Your goal as a buyer is to purchase the property below market value, minus any estimated repair costs. This is often possible if you contact the bank quickly and are a prepared buyer ready to make a purchase.
In the recent real estate market, buying directly from the bank has not been as profitable as buying during pre-foreclosure or at the public auction. That's not to say there aren't good deals available. Many buyers and investors prefer to buy directly from the bank because it's typically a more predictable process than buying during pre-foreclosure or at a public auction.
You'll probably get a better bargain if you're willing to buy the property "as is", meaning you're willing to buy the property in need of a list of repairs disclosed by the seller. Of course, you'll still want to figure estimated repair costs into your final purchase offer.
Banks may be more willing to sell at a below-market price if they have a glut of foreclosures, which are non-performing assets from their perspective. If you're an investor or buyer looking for more properties to purchase, you should let the asset manager or REO officer know to contact you in the future if the bank needs to quickly unload foreclosure properties.
Close the deal
Once you've arrived at an agreement with the foreclosing bank, you can put the agreement in writing. You should have a local real estate agent or real estate attorney help if you're not familiar with how to draw up a purchase agreement.
Any purchase agreement should make closing of the deal contingent on a full title search conducted by a title company or attorney. The purchase agreement should also allow for a professional inspection of the property before closing the deal.
An escrow company, who acts as a third party, can manage the transfer of money and property ownership. Assuming that you have your financing secured, this should be a fairly smooth process.
Bank owned homes can be one great deal! Call the experts to find out more at 972.772.7000or email us at frontdesk552@kw.com.
Friday, June 10, 2011
Wednesday, June 8, 2011
Moving Advice: Happy Pets
Provided By Realty Times
Transitioning to a new home and routine can be difficult for many pets. The stress and worry can cause out of character behavior, as well as lowered immune responses.
In order to ease your pets into a move, it's important to consider what makes them feel safe, secure, and stable.
First, if you are moving out of the area, be sure that your pet is current on all of their vaccines and treatments. Refill any prescriptions and consider microchipping your pet, as moves are a common time that pets become lost.
Be sure that you are well-stocked on their normal food and treats. Changing diets can cause upset tummies and general unrest. In fact, it may be best to pack a Ziplock bag of dry food in your overnight bag. This way there is no scramble to find food at the last minute.
On the day of the move, when doors are left wide open and strangers are coming and going, consider dropping your pets off with a friend or leaving them at doggy day care. This is as much for your benefit as it is for your pets'.
Before you introduce a dog to your new home, create a space that is all their own. Choose a room and set up their bed, food, and toys. Cats will want to check out their entire "kingdom." Just be sure they know where their litter box, food, and water are.
Cesar Milan, known as The Dog Whisper, recommends that when traveling with your dog you do the following:
1.Prepare. Have a game plan ahead of time. Are you going to need food, water, or medication on the drive? When and how often will you take breaks?
2.Bring along a favorite blanket or toy. Dogs love their stuff. Blankets and toys can bring comfort to an otherwise stressful situation.
3.Don't feed your dog for 6 hours before a plane ride.
4.Use Lavender scents. This great scent can be calming to both you and the dog. Consider mixing a small spray bottle with water and a few drop of natural lavender essential oil.
5.Take a long walk. It's always good to stretch your legs!
6.Take breaks. This is especially true for long rides.
Falling back into routine quickly is a great way to comfort your pets. This is easier said than done after a big move, but at the very least, take walks and have meals at the usual time. Our pets are members of our families. By taking a few simple precautions, you can make your next move as seamless and possible.
Do you need more moving advice? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Transitioning to a new home and routine can be difficult for many pets. The stress and worry can cause out of character behavior, as well as lowered immune responses.
In order to ease your pets into a move, it's important to consider what makes them feel safe, secure, and stable.
First, if you are moving out of the area, be sure that your pet is current on all of their vaccines and treatments. Refill any prescriptions and consider microchipping your pet, as moves are a common time that pets become lost.
Be sure that you are well-stocked on their normal food and treats. Changing diets can cause upset tummies and general unrest. In fact, it may be best to pack a Ziplock bag of dry food in your overnight bag. This way there is no scramble to find food at the last minute.
On the day of the move, when doors are left wide open and strangers are coming and going, consider dropping your pets off with a friend or leaving them at doggy day care. This is as much for your benefit as it is for your pets'.
Before you introduce a dog to your new home, create a space that is all their own. Choose a room and set up their bed, food, and toys. Cats will want to check out their entire "kingdom." Just be sure they know where their litter box, food, and water are.
Cesar Milan, known as The Dog Whisper, recommends that when traveling with your dog you do the following:
1.Prepare. Have a game plan ahead of time. Are you going to need food, water, or medication on the drive? When and how often will you take breaks?
2.Bring along a favorite blanket or toy. Dogs love their stuff. Blankets and toys can bring comfort to an otherwise stressful situation.
3.Don't feed your dog for 6 hours before a plane ride.
4.Use Lavender scents. This great scent can be calming to both you and the dog. Consider mixing a small spray bottle with water and a few drop of natural lavender essential oil.
5.Take a long walk. It's always good to stretch your legs!
6.Take breaks. This is especially true for long rides.
Falling back into routine quickly is a great way to comfort your pets. This is easier said than done after a big move, but at the very least, take walks and have meals at the usual time. Our pets are members of our families. By taking a few simple precautions, you can make your next move as seamless and possible.
Do you need more moving advice? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Monday, June 6, 2011
10 Questions to ask your next listing agent
Provided By Trulia
So you have decided to hire a listing agent to assist you in marketing your home. But who should you hire - your brother-in-law, your neighbor two doors down, or the lady who sends you a calendar in the mail every December?
Amazingly, according to the latest National Association of REALTORS® Profile of Home Buyers and Sellers, 67% of sellers interview only one agent before making the decision to list with an agent. But is that wise? No, probably not. Instead successful sellers often find it prudent to meet with multiple agents and treat each appointment as a job interview.
So what questions should you ask each interviewee? Let's take a look at 10 questions to ask your next listing agent:
How long have your been selling real estate and are you a full time agent?
Agents who have been in the real estate business for more than five years are likely to have double or even triple the income of newer licensees, but don't pull the trigger too quickly. Many new licensees represent the new breed of college educated, internet enabled, smart phone packing entrepreneurs who may be just the kind of aggressive agent you've been looking for in this challenging market.
How much real estate did you sell last year?
Past performance can often be an indicator of future results. It may be harsh but agents who are having a hard time selling homes may also be suffering through a cash crunch which can affect their ability to invest marketing dollars into promoting your listing. Although a word of caution - don't be too surprised if you find that even the top producers in your marketplace have had a tough last twelve months.
How many homes have you sold in my area?
A great way to find a listing agent is to identify agents who have sold homes in the last six to twelve months in your specific neighborhood. Agents that are consistently selling homes in your market area will have a better handle on how and why buyers prefer living in your community. The ability to market these positives can be a huge plus when trying to locate a buyer for your home.
What is your average market time vs. the market?
The average market time is a measurement of how long it takes the average home to sell - from the time it lands on the local multiple listing service to the day it closes escrow. Strong listing agents can often outperform the overall market by using innovate and aggressive marketing techniques that can help a home sell faster and for more money.
What is your list price to sales price ratio vs. the market?
If homes in your market area are selling for an average of 96% of their asking price, in real estate lingo this is often referred to as the list price to sales price ratio. Ideally strong listing agents will be able to "beat the street" by helping sellers price homes closer to real market value.
May I see a portfolio of other listings you have sold?
If you were going to hire a doctor to perform heart surgery you probably wouldn't hire a dentist, right? The same is true in real estate. Ideally you want to hire an agent who specializes in your specific type of home - waterfront homes, golf course properties, and condos for instance. These agents will be better equipped to provide specialized services that will give you better odds at creating success.
Do you provide a written report to sellers, and if so, how often?
Communication is vital in a constantly changing real estate market. An agent that provides updates, even automated updates, on marketing, website activity, buyer showings, or even the sound of crickets (if nothing is happening) is a huge asset. Be clear and up front about your expectations and, if possible, set aside a day of the week to check in with the agent.
May I see your resume or personal brochure?
Asking for a resume is a great way to learn in-depth information about your potential new partner in the sale of your home. It can also reveal details you might never have known - like their job history, educational background, and list of references. Don't be afraid to dig deeper by asking for permission to call previous clients for a testimonial.
Do you have a specific marketing plan in mind?
Aggressive agents have aggressive marketing plans that ensure that their listings are exposed to every potential buyer in the marketplace. By coming to a meeting of the minds about what the specific marketing plan will be for your home at the outset of the listing agreement, you will set the stage for a successful relationship.
Do you have internet strategy and how will you market my home online?
The vast majority of buyers today use the internet as an information resource when searching for their next home. Because of this you want an agent who has embraced an internet strategy as an integral part of their marketing plan. Ask to see their personal website, samples of virtual tours, web pages, and a list of portals where your home will be marketed.
Don't be too surprised if some agents aren't quite ready to answer all the questions you have prepared for them. To be fair you may wish to provide them a list of your specific questions in advance so they can come to the listing appointment ready to impress you. Also, to make the most unbiased choice, ask agents to leave their pricing suggestions at the door. This will eliminate the natural but incorrect tendency of hiring the person who tells you the highest price and focus the interview solely on each agent's individual strengths and weaknesses.
If you are ready to sell your home, call the professionals you can trust at 972.772.7000 or email us at frontdesk552@kw.com.
So you have decided to hire a listing agent to assist you in marketing your home. But who should you hire - your brother-in-law, your neighbor two doors down, or the lady who sends you a calendar in the mail every December?
Amazingly, according to the latest National Association of REALTORS® Profile of Home Buyers and Sellers, 67% of sellers interview only one agent before making the decision to list with an agent. But is that wise? No, probably not. Instead successful sellers often find it prudent to meet with multiple agents and treat each appointment as a job interview.
So what questions should you ask each interviewee? Let's take a look at 10 questions to ask your next listing agent:
How long have your been selling real estate and are you a full time agent?
Agents who have been in the real estate business for more than five years are likely to have double or even triple the income of newer licensees, but don't pull the trigger too quickly. Many new licensees represent the new breed of college educated, internet enabled, smart phone packing entrepreneurs who may be just the kind of aggressive agent you've been looking for in this challenging market.
How much real estate did you sell last year?
Past performance can often be an indicator of future results. It may be harsh but agents who are having a hard time selling homes may also be suffering through a cash crunch which can affect their ability to invest marketing dollars into promoting your listing. Although a word of caution - don't be too surprised if you find that even the top producers in your marketplace have had a tough last twelve months.
How many homes have you sold in my area?
A great way to find a listing agent is to identify agents who have sold homes in the last six to twelve months in your specific neighborhood. Agents that are consistently selling homes in your market area will have a better handle on how and why buyers prefer living in your community. The ability to market these positives can be a huge plus when trying to locate a buyer for your home.
What is your average market time vs. the market?
The average market time is a measurement of how long it takes the average home to sell - from the time it lands on the local multiple listing service to the day it closes escrow. Strong listing agents can often outperform the overall market by using innovate and aggressive marketing techniques that can help a home sell faster and for more money.
What is your list price to sales price ratio vs. the market?
If homes in your market area are selling for an average of 96% of their asking price, in real estate lingo this is often referred to as the list price to sales price ratio. Ideally strong listing agents will be able to "beat the street" by helping sellers price homes closer to real market value.
May I see a portfolio of other listings you have sold?
If you were going to hire a doctor to perform heart surgery you probably wouldn't hire a dentist, right? The same is true in real estate. Ideally you want to hire an agent who specializes in your specific type of home - waterfront homes, golf course properties, and condos for instance. These agents will be better equipped to provide specialized services that will give you better odds at creating success.
Do you provide a written report to sellers, and if so, how often?
Communication is vital in a constantly changing real estate market. An agent that provides updates, even automated updates, on marketing, website activity, buyer showings, or even the sound of crickets (if nothing is happening) is a huge asset. Be clear and up front about your expectations and, if possible, set aside a day of the week to check in with the agent.
May I see your resume or personal brochure?
Asking for a resume is a great way to learn in-depth information about your potential new partner in the sale of your home. It can also reveal details you might never have known - like their job history, educational background, and list of references. Don't be afraid to dig deeper by asking for permission to call previous clients for a testimonial.
Do you have a specific marketing plan in mind?
Aggressive agents have aggressive marketing plans that ensure that their listings are exposed to every potential buyer in the marketplace. By coming to a meeting of the minds about what the specific marketing plan will be for your home at the outset of the listing agreement, you will set the stage for a successful relationship.
Do you have internet strategy and how will you market my home online?
The vast majority of buyers today use the internet as an information resource when searching for their next home. Because of this you want an agent who has embraced an internet strategy as an integral part of their marketing plan. Ask to see their personal website, samples of virtual tours, web pages, and a list of portals where your home will be marketed.
Don't be too surprised if some agents aren't quite ready to answer all the questions you have prepared for them. To be fair you may wish to provide them a list of your specific questions in advance so they can come to the listing appointment ready to impress you. Also, to make the most unbiased choice, ask agents to leave their pricing suggestions at the door. This will eliminate the natural but incorrect tendency of hiring the person who tells you the highest price and focus the interview solely on each agent's individual strengths and weaknesses.
If you are ready to sell your home, call the professionals you can trust at 972.772.7000 or email us at frontdesk552@kw.com.
Friday, June 3, 2011
Creative Ways to Curb Spending
Provided By Realty Times
Now is a great time to buy. Homes are affordable and interest rates are at historical lows. Lending is tight, however. You need a stellar credit score and a clean credit report to even get your foot in the door.
And long gone are the days of zero-down down payments. You need money down to venture into the housing market. Some financial experts recommend at least a 20 percent downpayment.
Here are some creative ways to curb spending so you can save up for the house of your dreams.
The first rule of saving is to be patient. Large nest eggs are built up over time. We live in a society that thrives on instant gratification. This is partially responsible for the housing crisis we now find ourselves in. Buyers who should have waited until they could truly afford their dream house took advantage of a flawed system that allowed them to instantly gratify their desires. So, be patient. It may take months or years before you have saved enough.
The next key is to cut out unnecessary spending. It can be easy to give into our wants, or to confuse them with needs. For example, you need food to survive. What you don’t need is to go out to lunch or dinner multiple times a week. It may be time to change habits and learn to pack a lunch for work and to cook meals at home. The same goes for the morning coffee. A home brewed cup can be just as satisfying as a $4 cup from a coffee house. And you just might save yourself $500 a year.
Don’t use credit cards. Credit cards charge exorbitant interest rates. It can take decades to pay off balances when you only make minimum payments.
A great way to avoid overspending is to avoid going to stores. It sounds extreme, but if you go to a store, you’ll buy something. Find fun things to do at home, instead of using shopping as a hobby. Even $20 a week can add up to $1,000 a year.
Substitute spending is another tactic for saving. Let’s say, for example, that you have a gym membership charging $40 a month. That translates to $480 a year. You can buy a simple elliptical, recumbent bike, or treadmill for less than that. Add in a few workout DVD’s and weights and you have a home gym for a fraction of the cost.
Lastly, automatic savings transfers can help procrastinators save. You have to remember to transfer money to savings to build up your account! Most banks allow for automatic savings amounts to be set. You can choose what amount works best for you. $100 a month will translate to $1,200 a year!
With just a few of these scenarios we discussed today, our example saver could save at least $3,000 a year!
Stick to your plans and budget and the dream of homeownership can become a reality.
Do you need more ideas on how to sell your home? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Now is a great time to buy. Homes are affordable and interest rates are at historical lows. Lending is tight, however. You need a stellar credit score and a clean credit report to even get your foot in the door.
And long gone are the days of zero-down down payments. You need money down to venture into the housing market. Some financial experts recommend at least a 20 percent downpayment.
Here are some creative ways to curb spending so you can save up for the house of your dreams.
The first rule of saving is to be patient. Large nest eggs are built up over time. We live in a society that thrives on instant gratification. This is partially responsible for the housing crisis we now find ourselves in. Buyers who should have waited until they could truly afford their dream house took advantage of a flawed system that allowed them to instantly gratify their desires. So, be patient. It may take months or years before you have saved enough.
The next key is to cut out unnecessary spending. It can be easy to give into our wants, or to confuse them with needs. For example, you need food to survive. What you don’t need is to go out to lunch or dinner multiple times a week. It may be time to change habits and learn to pack a lunch for work and to cook meals at home. The same goes for the morning coffee. A home brewed cup can be just as satisfying as a $4 cup from a coffee house. And you just might save yourself $500 a year.
Don’t use credit cards. Credit cards charge exorbitant interest rates. It can take decades to pay off balances when you only make minimum payments.
A great way to avoid overspending is to avoid going to stores. It sounds extreme, but if you go to a store, you’ll buy something. Find fun things to do at home, instead of using shopping as a hobby. Even $20 a week can add up to $1,000 a year.
Substitute spending is another tactic for saving. Let’s say, for example, that you have a gym membership charging $40 a month. That translates to $480 a year. You can buy a simple elliptical, recumbent bike, or treadmill for less than that. Add in a few workout DVD’s and weights and you have a home gym for a fraction of the cost.
Lastly, automatic savings transfers can help procrastinators save. You have to remember to transfer money to savings to build up your account! Most banks allow for automatic savings amounts to be set. You can choose what amount works best for you. $100 a month will translate to $1,200 a year!
With just a few of these scenarios we discussed today, our example saver could save at least $3,000 a year!
Stick to your plans and budget and the dream of homeownership can become a reality.
Do you need more ideas on how to sell your home? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Wednesday, June 1, 2011
Smart moves for home buyers
Provided By Trulia
Buying a home is a big step -- it's possible that it'll be the largest purchase you'll ever make. You want to get it right. Use these tips to guide you through the process:
Save for a down payment
Usually, the more money you can put down on a home, the better. That's because the more you borrow for a home, the more you'll pay in interest on your mortgage down the road. It's easier to qualify for a mortgage if you have a down payment. Having a down payment also may help you to qualify for a lower interest rate on a mortgage, and may make your mortgage payments lower -- and easier to make -- once you own a home.
Determine how much you can afford
Before you set out to buy your dream home, compute how much you can afford, keeping in mind your current expenses, how much it will cost to own and maintain the home and how your expenses may grow or change in the future. There's no sense spinning your wheels looking for that mansion when a more affordable condo is more your speed.
Weigh needs vs. wants
Sure, many of us want a home in the very best location with all the latest amenities in the latest style. But is that what you need? While it'd be great to find a place that fills all our needs and wants, often we have to sacrifice and buy a place that meets just some of our necessities and desires. So, think about what you must have (e.g., a reasonable commute to work), versus what you'd like but can do without -- say, a backyard with a pool and a hot tub. Doing so will make it much easier when it comes time to go house hunting.
Secure financing
Have a lender pre-approve you for a mortgage. Being pre-approved means that a lender has agreed to lend you a certain amount based on your credit rating and finances. Being pre-approved puts you in a better position to look for a home -- you know exactly what you can purchase, and when it comes time to bid on a home, you'll be in a better strategic position than a buyer who hasn't been pre-pproved.
Research
Use Trulia to investigate your local market and the homes you're considering. Knowing the strength of your real estate market (e.g., whether it's a buyer's or seller's market) and the history of a home (such as when it was purchased and for how much) will help you bid more intelligently on a home, and will give you an edge when negotiating with a seller.
Get an attorney
Buying a home is a complicated process -- so it's best to recruit the assistance of an expert. A real estate attorney will look out for your needs during the home-buying process, will read the fine print and will help explain anything you don't understand. Think of it as an insurance policy against running into troublesome real estate hassles after you've signed on the dotted line.
Inspect
Once you find that home you'd like to buy, get the property inspected by a qualified professional and make your purchase contingent on satisfactory inspection results. By doing so, you can find out if a home is in good condition, or be alerted to any serious (and costly) problems with the home. If you make your purchase of a home contingent on your satisfaction with the home's inspection reports, you have an out should those defects prove to be too expensive to fix.
Are you ready to buy your first home? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Buying a home is a big step -- it's possible that it'll be the largest purchase you'll ever make. You want to get it right. Use these tips to guide you through the process:
Save for a down payment
Usually, the more money you can put down on a home, the better. That's because the more you borrow for a home, the more you'll pay in interest on your mortgage down the road. It's easier to qualify for a mortgage if you have a down payment. Having a down payment also may help you to qualify for a lower interest rate on a mortgage, and may make your mortgage payments lower -- and easier to make -- once you own a home.
Determine how much you can afford
Before you set out to buy your dream home, compute how much you can afford, keeping in mind your current expenses, how much it will cost to own and maintain the home and how your expenses may grow or change in the future. There's no sense spinning your wheels looking for that mansion when a more affordable condo is more your speed.
Weigh needs vs. wants
Sure, many of us want a home in the very best location with all the latest amenities in the latest style. But is that what you need? While it'd be great to find a place that fills all our needs and wants, often we have to sacrifice and buy a place that meets just some of our necessities and desires. So, think about what you must have (e.g., a reasonable commute to work), versus what you'd like but can do without -- say, a backyard with a pool and a hot tub. Doing so will make it much easier when it comes time to go house hunting.
Secure financing
Have a lender pre-approve you for a mortgage. Being pre-approved means that a lender has agreed to lend you a certain amount based on your credit rating and finances. Being pre-approved puts you in a better position to look for a home -- you know exactly what you can purchase, and when it comes time to bid on a home, you'll be in a better strategic position than a buyer who hasn't been pre-pproved.
Research
Use Trulia to investigate your local market and the homes you're considering. Knowing the strength of your real estate market (e.g., whether it's a buyer's or seller's market) and the history of a home (such as when it was purchased and for how much) will help you bid more intelligently on a home, and will give you an edge when negotiating with a seller.
Get an attorney
Buying a home is a complicated process -- so it's best to recruit the assistance of an expert. A real estate attorney will look out for your needs during the home-buying process, will read the fine print and will help explain anything you don't understand. Think of it as an insurance policy against running into troublesome real estate hassles after you've signed on the dotted line.
Inspect
Once you find that home you'd like to buy, get the property inspected by a qualified professional and make your purchase contingent on satisfactory inspection results. By doing so, you can find out if a home is in good condition, or be alerted to any serious (and costly) problems with the home. If you make your purchase of a home contingent on your satisfaction with the home's inspection reports, you have an out should those defects prove to be too expensive to fix.
Are you ready to buy your first home? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
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