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Some Tips to Assist in Getting a Good Real Estate Deal

Jun 21, 2008
When looking to purchase a home, you may hear about "steals" or "great deals" which can be very tempting when you are preparing to spend large sums of money on what could very well be your biggest purchase, ever. But before you jump at the first offer, take a look at the following tips that could just keep your money AND your mind in check:

* BE COMFORTABLE WITH YOUR REAL ESTATE PROFESSIONAL. A legit real estate professional should always put an investor's interest first. However, if the real estate professional is representing the seller then the seller's interest should be foremost. Be leery of the professional who is handling both. The seller's interest will more than likely take a back seat to the buyer's. Not to say it can not be done, it just can not be done too often, successfully.

* RESIST PRESSURE. Predatory lenders involved in mortgage scams and "investing with no money down" scams usually rush an investor into giving information (e.g. social security number, money and signature) without giving a full understanding of the product and/or transaction. If you feel rushed to seal the deal...DON"T.

* GET EDUCATED. Learn as much as you can on your own before paying for information. Study the market. Educate yourself on things like inventory level (how many homes are for sale in the area you are looking), how long the homes have been on the market, and the average sale price of the homes vs. the asking price. Much of this information can be found from a realtor's preliminary market analysis which they offer for no cost. This information can prevent you from buying or investing in an overpriced house or a rundown foreclosed property that will cause you more headaches in the future. Always remember, a legitimate source shows you the pros and cons of investing in the property whereas a "scam" artist will tell you only the "too good to be true" stories.

* RUN THE NUMBERS. Be aware of the financial implications of the deal. Sit down with a real estate professional and calculate the average money returns. Find out up front how much money the lender will provide based upon your income, assets and debt. Before you sign any agreements forms for mortgage loans, know that there are two types of interest rates - fixed and adjustable. With adjustable rates, be clear on how they will change and when they will change over the life span of the loan.

* GET A SECOND OPINION. Before you decide on one real estate professional, interview two or three. See how they plan to market your home, find out what their fees are, how long of a contract you must sign with them and see what suggestions they might have to increase the marketability of your house and as such decrease the time your house remains on the market. Ask them if they have any listings currently on the market and see what the average length of time their houses remain on the market. Weigh all of their answers and then make a decision on which realtor you want to handle your property.
About the Author
This is Emil from investing-in-property.com coming to you with this article on property investment. If you'd like to find out more please visit my website .
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