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We are a Real Estate Investers, We buy and sell old houes, fix them up and rent them out
Some Info on REALESTATE INVESTING
Negotiate Your Terms
It's important to keep your perspective during negotiations. If you're working with an agent, tap their skills, experience and--most importantly-- their objectivity. Negotiations should be friendly and progressive, not antagonistic. Other basics to keep in mind:
Start with your best offer.
That means a realistic price based on market conditions and comparable listings. The closer you are to reality, the closer you'll get to closing.
Save room to maneuver.
Don't put everything on the table right away. For example, you may be willing to pay a higher price to close sooner, but that's a negotiating point to save for the counteroffer.
Match the seller, move for move.
For example, if you offer $10,000 less than the list price, and the seller lowers the price $3,000, raise your offer $3,000 the next time around.
Avoid obsessing about a small price difference.
It may seem like a lot to you now, but over the life of your mortgage, that extra $1,000 is negligible for a house you really want.
Negotiate Your Terms | Inspect The Home | Close The Deal | Turn The Key
Inspect the Home
Include an inspection contingency in your purchase contract. Many lenders now require at least a termite inspection as a condition for making a loan. You may also want to have the house inspected for property defects, lead, radon or other environmental hazards.
Think of these evaluations as quality control. A trained professional may take several hours and charge several hundred dollars to do a detailed home inspection, but it will save you grief and money down the road. Some sellers have their homes inspected before putting them on the market, and make the report available to you. Hire your own expert.
What to look for in a home inspector:
Experience
Professional qualifications or specialized training
Membership in professional home inspectors' group, such as the American Society of Home Inspectors (ASHI), California Real Estate Inspection Association (CREIA), or National Association of Home Inspectors (NAHI).
Full-time employment as an inspector
Errors and omission insurance
Quick turnaround on a written report
References
Willingness to let you attend the inspection
Negotiate Your Terms | Inspect The Home | Close The Deal | Turn The Key
Close the Deal
Once your offer is accepted, it can take from 15 to 90 days to finalize your purchase, or close on the property.
During that time:
A third party takes over the paperwork.
Your lender approves your loan (if not, the contract could be canceled).
You and the seller satisfy contingencies in the contract, such as inspections and clear title (if not, the contract could be canceled).
You arrange for title and homeowners' insurance (a condition of the mortgage).
You decide how to hold the title (as a sole owner, as a joint tenant or as a partner).
You review closing costs with lender (usually 2 to 7 percent of home purchase).
You and the seller schedule closing day.
You hire an attorney if you need or want one to represent you on closing day.
You arrange for final walk-through inspection.
You organize and schedule your move.
The closing process differs from area to area. On actual closing day, you and the seller may be in two different rooms passing checks and documents back and forth through real estate agents, attorneys, escrow officer or settlement agents. Or you may be sitting across the table from each other. At this point, there should be no surprises.
Negotiate Your Terms | Inspect The Home | Close The Deal | Turn The Key
Turn the Key
Now the real work and the real joy of homeownership begins. If you organized your move to coincide with closing day, be sure you allow enough time (several hours) between the closing and the movers arrival. If you have several days between closing and moving in, this is the time to paint, re-carpet and make any minor repairs not covered in your transaction.
The most important thing you can do is to start rebuilding your finances:
Create a new monthly budget.
You will probably need to make some adjustments to accommodate your new mortgage. Budgeting to Buy suggests 20 ways to save and explains the new home buyer IRA.
Consider paying your mortgage through electronic transfer.
This is one way to ensure that you pay your loan on time.
Try not to accumulate new credit debt.
You've just taken on a mortgage. If you need to refinance, the lender will scrutinize your credit record again.
Set aside new emergency funds.
You may have depleted them to add to your down payment.
Start a record file for home improvements.
Keep a list of what you do, when you do it, and costs (keep receipts). Should you decide to sell, it can help you price your home, and buyers may request documentation for the work you've done.
Be prepared for new junk mail.
Most will come from companies that want to sell you life insurance to cover your mortgage, biweekly loan payment services and homestead protection. The majority are unnecessary expenditures.
Enjoy building equity and tax savings.
These are not the only reasons you bought a house, but they're darn good ones.
Negotiate Your Terms | Inspect The Home | Close The Deal | Turn The Key
...................[Unknow]
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