Helpful Real Estate Buying Advice

If you are interested in foreclosures or short sale these are some of the things you really should do. You need to get pre-approved. I am not talking about pre qualification. You can get that anywhere with absolutely no real information being provided. Pre qualification is what you get in the mail from credit card companies. The banks want you to be pre approved. If you have the tri merge credit report run as well that will put you in the better bargaining position.

If you are shopping for homes that are not in foreclosure, you would still do well by yourself if you choose to get pre qualified. It can come in handy, and make your offer stronger, especially if you end up offering to buy the same house as another buyer.

When deciding on an offer price, don't guess. Ask your agent to do some research into what has sold in the area, how much it sold for and when. Also, look into what is on the market and what maybe was withdrawn from the market. Just saying that you are going to offer 10, 15 or 20 % less than the asking price is not a good plan. If the seller has the house at the right asking price, you may need to offer the full asking price. Certainly, bargaining is happening, but I am also seeing houses get priced correctly wt the beginning of the listing and selling quickly.

What about the location of your home? Do you want to live in a community with an HOA? Buying a home in a community with an HOA can be very advantageous, but it can also back fire if you do not follow the rules. The H.O.A/'s duty id to all of the homeowners, and in reality, to their property values. Yes they may arrange for the grass to be cut, and snow to be removed. They may even have a pier or a playground, but if you have too many cars out front of your house, or want to build a garage, you had better be sure it is allowed in your community. Make sure you read the HOA documents carefully. You need to know what the assessments and charges are, and what they are for. Also, plan on joining the board. It is a great way to help protect the values of your home.

Get a buyer's agent. Remember that there is no good reason not to have an agent who owes their allegiance to you. The seller got somebody to represent them when they hired their agent. You should have somebody as well. The really great news is that the buyer's agent is going to work for you, but they will get the seller's to pay for it! Do not go to new construction sites without an agent either. The agent there is only looking out for the builder, and again, your buyer's agent will be paid for by the builder! What a deal.

I wanted to mention that the first meeting of the real estate Investor Club went great. We will be meeting again on the 7^th of May. This meeting will feature a guest speaker who will help us all understand many different ways to obtain the cash we need for investing in real estate. If you would like to attend, contact me at 301 672 1925, or just show up.

Buyers, seller renters and investors contact me at PatrickDugan@mris.com