Real Estate Tips - Information
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Tip 1 - Buying A Home (Beginning Stages)
 There
are probably few things in life that are as exciting--or as nerve-
racking--as the search for a house. All the good emotions and the
bad emotions seem to converge when the house hunting begins. Don't
worry, this is a normal reaction, and is found in seasoned home
buyers as well as those who are looking for their first home. One
of the first decisions you need to make is whether you want to do
your house hunting on your own, or by using an Agent. If you decide
to go it on your own, you will be able to see (and buy) those houses
that are For Sale by Owner (known as FSBO's). Depending on your
area and the overall market, this will be around 20% or so of the
total homes available (the other 80% are the "listed" properties--being
sold through an Agent. Those homes you can't buy--or even see--on
your own). Remember the agent selling the home represents the sellers
best interest not yours. If you decide to use an agent, have your
own. You certainly wouldn't call upon the prosecuting attorney to
represent you in your defense or answer your questions. Get to know
your agent by familiarizing yourself with the way they work. Trust
is an important factor. Ask questions.
Once the decision to buy a home has been made, take the time to
prepare before you go on your home search. Yes, it is very tempting
to rush out and actually look at houses, but to do so without full
preparation can be both disastrous and expensive. You will find
that "house hunting" is down on the list.
Get your financial affairs in order first! I can't stress this
enough--it will save you an enormous amount of time, aggravation
and heartache.
Determine what your budget will comfortably allow and stick to
it. Don't spend yourself into a "house poor" situation.
Get pre-approved for a mortgage. This will not only give you a
clear idea of how much a lender will approve for you, it will make
your home buying process a great deal easier (and save a lot of
time later). Ask your Agent for lenders they work with and recommend.
(There are a lot of lenders out here, not all created equal)
Get familiar with the different housing types available to narrow
your search.
Determine your minimum requirements as well as any desired additional
features-your needs and wants.
Take note of any items that you don't want in a house.
Determine the desired location (schools, work, public transportation,
etc.) Cleveland proper? Surrounding suburbs? (Lakewood,Parma,Euclid,North
Olmsted?) More rural area? (Lorain,Geauga,Medina?)
Familiarize yourself with the mortgage process.
As you are looking, use a scorecard to compare homes. A scorecard
is a great tool when it comes time for comparisons (and for remembering
which home had which features!)
When you find something you like, make sure your Agent pulls recent
comparable's and researches the property. This way you know the
true value and what an appropriate offer would be.
Maintain your perspective--and your cool! You may find an acceptable
house on the 1st day--or the 50th. The important thing is to get
the home that is best for you!
^ Back to Index ^
Tip 2 - Questions To Ask A REALTOR®
When
you are ready to select a REALTOR®, here are a few questions you
can ask.
Make sure the REALTOR® presents a "listing presentation" to you. This presentation
should answer many of these questions. If you will need a buyer's agent, also
make sure everything is explained up front.
- How long have you been a REALTOR®? Full or part time?
- What professional organizations do you belong to?
- Do you have a valid Department of Real Estate License?
- What is your responsibility to me as your client?
- Do you represent both buyers and sellers at the same time? If so, Who's best
interest are you looking out for?
- How will you keep me informed of new listings that I may be interested in?
- What does the listing agreement entail, what are the beginning and expiration
dates, and what are the fee amounts I will be paying?
- Is there a charge or contract when working with buyers? (Some brokers/agents
DO have contracts and fees)
- What is your marketing philosophy? Ask for their complete marketing plan
A-Z.
- What can the Agent's company do for you?
What is their company's share of the local market? Are they part of a large
or world wide referral network?
- What types of things separate you from your competition and will you give
me some feedback? - How effectively will they advertise? Do they have 24-hour
advertising capability?
- What disclosure laws apply to me and what do I need to be aware of?
- How does the REALTOR® market to other Realtors?
- Are they a REALTOR® or a Real Estate agent? (There is a difference)
- Does the REALTOR® have a strong internet presence? If not, why? Will your
home have enough exposure for all potential buyers to view? (85%
of buyers go to the internet first) ^ Back to Index ^
Tip 3 - Being A Landlord
1. Find the right tenants. New landlords must select solvent, solidly employed renters capable of sending their checks in on time and must not exclude anyone protected by federal Fair Housing laws -- racial minorities, the disabled, single mothers with children, etc.
2. Set the right rent. You can easily check ads and visit
comparable apartments to figure out the market rent for your unit.
The tricky part is collecting enough money up front to cover any
damage the tenants cause while they're there. If you charge a security
deposit equal to one month's rent, you can usually assume the tenants
will use it to cover their last rent check, and you'll have nothing
left to replace the carpet, repair the walls they've filled with
nail holes etc. Instead, insist on a security deposit equal to two
months' rent.
3. Know how to fix toilets. Or find somebody who does. hire a handyman on an hourly basis to make minor repairs and compile a list of phone numbers of professionals -- plumbers, heating and air-conditioning repairmen, etc. -- that you can keep handy in case of real emergencies. 4. Find experienced landlords who will share their mistakes -- and their successes. 5. Know the law. "Every Landlord's Legal Guide" by Marcia Stewart, Janet Portman and Ralph Warner has state-by-state summaries of landlord-tenant laws, plus a CD-ROM full of all the forms and documents you'll ever need. Rules on evictions, for instance, vary from state to state and sometimes city to city. Free downloads, forms, tenant laws, credit reports and great information is located at thelpa.com You
can also visit landlord.com
I hope this has been helpful. If you are currently a landlord or are thinking
of becoming one, contact me for more information.
^ Back to Index ^
Tip 4 - Understanding Credit
What are Credit Scores? A credit score is a number that is calculated based on your credit history to aid lenders in determining your credit-worthiness. This number is intended to help a lender ascertain the level of risk they may be taking in loaning you money. The system awards points based on information in your credit report. Lenders can predict how likely someone is to repay a loan and make payments on time. What Can I Do to Improve My Score? * To get the best credit score, you need a mix of different credit types including revolving accounts (credit cards, lines of credit) and installment accounts (auto loans, personal loans, mortgages). * Reduce your balances on credit cards to 75% or less of your available credit. Don't charge more than you can pay off in a month. You don't have to pay interest on a credit card to get a good credit score, and it's a smart financial habit to pay off your credit cards in full each month. * Pay your bills on time. (This is probably the most important of all!) * If you don't already have established credit or you need to rebuild, get a secured credit card. Secured credit cards report your credit payment history information to the credit bureaus just like a regular credit card. They are "secured" by your money. Check with your personal banker. Avoiding over-inquiries There are two types of credit inquiries that can be made to your credit report: hard inquiries and soft inquiries. A hard inquiry occurs when you seek to obtain credit. This happens when you apply for a loan or credit card, for example. Each time you fill out a credit card application at a department store, the inquiry counts as a hard inquiry. Only you can authorize a creditor to perform a hard inquiry on your credit report. A prospective lender or other creditor will likely be concerned with an applicant whose credit report shows a high volume of hard inquiries. That's because it suggests a carefree attitude in applying for credit or an effort to borrow excessively. Borrowing too much -- a situation called over-leveraging -- is a potential red flag for creditors. It signals you may face more difficulty in repaying your debts in cash-strapped times than a person who judiciously applies for credit. If you're going to ping your credit report with frequent hard inquiries, it may be best to concentrate them around the time you apply for a home or auto loan. If you're thinking about applying for a mortgage loan, please contact me for advice and information before starting. A soft inquiry is one where the inquiry is not tallied on your credit report. A soft inquiry does not constitute a bona fide request for credit. For example, a soft inquiry occurs when you obtain a copy of your report. There is no fast and easy way to repair damaged credit that took months or years to occur. The law allows negative information to appear on an individual's credit record from seven to 10 years. Get a copy of your credit report. If you are being turned down for credit you need to be sure the reason is valid. Many credit reports have errors. Dispute any inaccuracies you find. Get
a credit report from all three bureaus. Each one may have different
information and maybe errors in your file. You can't know which
bureau's data will be used to evaluate your credit application,
so check them all.
Addresses / phone numbers of the three major credit bureaus:
........
Equifax (CBI) PO Box 740249
Atlanta, GA 30374
(800) 685-1111
........
Experian (TRW) (888) 397-3742
........
Trans-Union 555 W. Adams
Chicago, IL 60661
(800) 916-8800
(312) 466-8385
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Tip 5 - Credit Card Common Sense
You need to establish a reasonably good financial foundation before a lender will approve you for a mortgage loan. Lenders look for a good credit rating, sufficient funds to make the initial down payment and pay the closing costs, and a stable employment situation. People who have just qualified for a mortgage loan are usually in better-than-average financial shape. If you have recently purchased a new house, don't be surprised if you receive a lot of offers from retail stores and other credit card companies offering you pre-approved revolving credit. Be
careful about accepting these offers! New home owners often use
most of their savings in the process of financing the transaction,
and they need everything from linens to furniture to get settled
in the home. With all of the immediate credit available, it may
be very tempting to just say "charge it." If you're not careful,
you could be "up to your ears" in debt very quickly. It takes discipline
to reach the goal of home ownership--and it takes that same kind
of discipline to maintain financial health after you leave the closing
table.
^ Back to Index ^
Tip 6 - Are You Curious?
Perhaps you have no plans to buy or sell a home right now, but
you are curious about your possibilities. Real estate professionals
can answer any questions you may have about the ins and outs of
real estate. We can provide you with information to help you make
a decision.
We will discuss the local real estate market with you and help you
determine whether it is a good time for you to buy or sell. If you
are a first-time buyer, you may have questions about legal descriptions,
fair housing laws or sources of financing. You may be curious about
how sales prices are set. A real estate agent's job is diverse,
and the best agents are excellent sources of information. Each day
I am actively involved with mortgage lenders, attorneys, surveyors
and taxing authorities.
Finding the right real estate agent is like finding the right physician.
The help of a professional can help satisfy your curiosity. Maybe
you are just curious about a particular property in the Cleveland,Lakewood,Parma,Westlake,North
Olmsted etc. area. I can tell you what the property is listed for
or what is has sold for. Call me with your real estate questions.
^ Back to Index ^
Tip 7 - Real Estate Agent's Advice
A real estate agent may ask you to do some things that you really
don't want to do to in order to get you moved into your new home
as quickly as possible.
When real estate agents advise you about what you can do to make
the transaction work, they are acting as part coach and part business
consultant. If you find the house you love and want to "sleep on"
the decision for a few days, the agent knows that you run the risk
of losing the house. If you are inclined to complicate your offer
with clauses that may make the contract unattractive to the sellers,
the agent may ask you to consider some modifications. Should you
call the week before the closing with an attack of "buyer's remorse",
your agent knows the cure. Following your real estate agent's suggestions
will increase your chances for a successful move!
^ Back to Index ^
Tip 8 - Finding Buyers
When a home owner tries to sell "By Owner", they basically use
two techniques to get the word out--a plastic sign from the local
hardware store and classified ads in the local newspaper. When a
seller lists their home with the professional real estate agent,
however, a very sophisticated process begins in order to make sales
happen.
Real estate agents have a backlog of prospective buyers for the
homes in their market. Through the Multiple Listing Service, the
agent cooperates with other brokers in the area who will show your
home to their prospective buyers. Professional real estate agents
also combine direct mail, telephone calls, and specialized advertising
techniques and media, such as the Internet, to reach the sales market.
In this way we create activity on our listings that help them to
sell quickly--and for top dollar.
^ Back to Index ^
Tip 9 - For Sale By Owner
It is not unusual for homeowners to yield to the temptation to try to sell their own home. It seems easy enough--just place an ad in the weekend paper and wait for buyers to show up. Although it may seem easy, real estate sales are extremely complicated transactions.
The first pitfall can come with pricing your property realistically. Homeowners often price their property too high initially, then, in a panic, drastically slash the price. Even if a buyer agrees to the initial asking price, there could be trouble if the buyers begin to feel that they have agreed to pay too much or if the lender's appraisal values the property at far less than the agreed-upon price.
The virtue of self-reliance is as American as baseball and apple pie--except if you are trying to sell your own home. Here such a "virtue" can cost you time, effort--and possibly money.
The overwhelming majority of homes that sell are listed with a real
estate agent (90%), so you will be going against significant odds
if you decide to sell your own home. The experience of a real estate
professional may get you a better price and help you to avoid all
the "little" things that can go wrong in a real estate transaction.
Not to mention safety,hassle,out of pocket expense.
When you list with a real estate professional, you are not paying for any
of the marketing. You pay NOTHING until your home sells. A lot of
For Sale By Owner's end up paying for their own marketing out of
pocket, taking the time to do it on their own, deal with strangers,
and THEN finally turn to a professional to complete the job. List
before you spend. You lose nothing if your agent doesn't sell it.
The desire to "save" the commission on a property is the reason
most people decide not to work with a real estate agent. Prospective
buyers who look for properties that are "For Sale By Owner" (FSBOs)
are also wanting to avoid the commission--and to get a less-than-market-value
deal. However, nothing is saved in the majority of FSBO's. Listing
your home with a real estate professional can save you money, spare
you the inconvenience of showing your home, and save you the time
you would spend talking to buyers who could not qualify for a loan.
^ Back to Index ^
Tip 10 - Listing Presentations
The listing presentation is the first step most sellers take when
they are looking for a real estate professional to market their
home. They communicate what they expect from the real estate agent
who will list their home, and the agent explains their marketing
strategy, including pricing recommendations, advertising, and any
special programs they or their companies offer.
A good listing presentation takes careful planning. A written market
analysis will help you get a clear idea of local market conditions.
Many real estate agents will include a marketing plan, as well as
suggestions on how to make sure that your home shows well and is
accessible to agents. If you are talking to several companies, resist
the temptation to go with the person who quotes you the highest
price for your house. Look for an agent who is well prepared, professional,
and has the best ideas. The most successful transactions involve
careful collaboration between the sellers and the real estate agent.
^ Back to Index ^
Tip 11 - Selling Tools
After a month of trying to sell your home "By Owner" you have
listed it with a real estate agent. You begin to notice that your
agent doesn't seem to be marketing your home the same way you did.
You ran classified ads every weekend, but your agent has only advertised
twice all month. At the same time, you notice there is a lot more
activity than you were able to generate on your own.
When your home is being marketed professionally, your real estate
agent has many powerful selling tools that make it worth hiring
someone who is experienced and competent. Some advantages to hiring
an agent are the national and worldwide referral networks, the Multiple
Listing Service, and the Internet. We advertise extensively in almost
every media available including TV, magazines, mailings, phone calls,
and of course word of mouth with our own buyers. Any of these may
bring in a call from the people who will buy your home. We work
cooperatively with other brokers and share information about listings.
Communication is the key to our success. We use all of these tools
to market our listings aggressively to get sales action! If you
have a home you are thinking of putting on the market in the Cleveland,Lakewood,Rocky
River,Westlake etc. area, I would be happy to visit you and your
home and discuss with you my complete marketing plan.
^ Back to Index ^
Tip 12 - Sold!
Some things are hard to measure, and others are easy. Success in
a real estate sale is easy. It occurs when the "SOLD" sign is in
your front yard. And having that occur as quickly as possible is
another goal.
You have undoubtedly heard that old saying about the "hard way"
and the "easy way" to do something. The hard way to get the "SOLD"
sign up is to try and sell it yourself. And the easy way is to use
the services of a sales professional, someone who is not only trained
to get it sold ASAP, but to get as much for your home as the market
will bear.
Remember, the agent doesn't get paid until your home is "SOLD".
And the amount they earn in commission is dependent upon the amount
of the sale. That's a lot of genuine motivation to do the job right.
So save yourself headaches and frustration when you are ready to
sell--call a professional real estate agent.
^ Back to Index ^
Tip 13 - Choosing A Lender
When you are buying a new home or refinancing your present one, it is wise to do some comparison shopping among lenders. A low interest rate isn't the only criterion by which to evaluate a loan. You should also consider the terms of the mortgage, what your closing costs will be and the reputation of the lender.
Real estate agents are a good source of information about loans
and lenders, whether you are buying a home or just refinancing your
present home. We routinely assist buyers when they need a mortgage
in order to purchase a home. We know what loan packages are available
and the qualifying requirements. The companies with the lowest rates
sometimes have very conservative underwriting guidelines, and may
not be willing to make loans on certain types of property or to
buyers who are marginally qualified. You need to know which lenders
will lend on property in Cleveland. If it is commercial property,
We can also assist you with finding the right lender. We can tell
you which companies and loan officers will go the extra mile to
provide excellent service to make sure that the transaction closes.
^ Back to Index ^
Tip 14 - The Rewards Of Home Ownership
People
buy a home for a lot of different reasons. They may want to put down
roots in a community and create a sense of stability in their lives.
Then there are the financial considerations and the "forced" savings
that builds up in the form of equity. In addition, the monthly cost
of owning a house is usually much more stable and predictable than
renting.
If you are considering the possibility of purchasing a home, contact
a knowledgeable real estate agent in your community. An important
part of our job is to educate prospective buyers about the potential
benefits and responsibilities of renting versus owning a home in
the Cleveland Ohio area and surrounding suburbs. We can help you
determine your purchasing power and show you the best homes in your
price range. We can also give you a side-by-side comparison of the
costs of owning a home compared with what you pay for rent. When
you fix up your home to suit your needs and taste, you benefit from
the added value of the improvements instead of the landlord!
^ Back to Index ^
Tip 15 - Property Appreciation
A home grows in value over the years. The rate of appreciation
depends on many factors--the location, interest rates, and the general
economic climate in the community. If you purchase a property for
$100,000 which grows in value at the rate of 5 percent each year,
it will be worth approximately $121,000 at the end of five years.
At a 10 percent annual rate of growth, the value of your investment
will go up to $146,000. While rent increases for those who lease
a home, your payments (with a fixed-rate mortgage) will remain constant
for the life of your mortgage, and the value of your home increases
as you build up equity.
^ Back to Index ^
Tip 16 - Communicating With Your Realtor
There are two basic types of buyers. The first kind of buyer is the one who thinks that the way a real estate agent makes house hunting easier is by eliminating all the houses that are either too big or too small, too unattractive, too overpriced by unrealistic owners, or houses that are just not what they think their buyer wants. The second group of buyers is terrified that the real estate agent will miss the absolutely perfect house, and they want to see everything. You don't really have to see every house on the market if you can establish good communication with the real estate agent with whom you decide to work. If the real estate agent encourages feedback and tries hard to listen to what you say and to what you don't say, and you feel he or she truly understands your criteria and will be able to narrow down your choice to the homes which would suit your needs, then there is really only one type of buyer to be.
It is extremely important to always contact your agent FIRST before
enquiring about a specific property. Calling the number on the sign,
newspaper, internet, etc. you are talking with the LISTING agent.
They represent the seller NOT you. Your agent may not be able to
represent you with the transaction if contact has been made with
the listing agent. Always let your agent know if you plan to go
to an open house.
^ Back to Index ^
Tip 17 - Submitting Offers
Many of the offers we submit for prospective buyers aren't exactly what the sellers want. The price may be lower than what they are asking or the offer might include terms that will require negotiation. What happens after the offer is submitted?
The seller's real estate agent will present the offer to the sellers,
along with the buyer's qualifications. If the sellers accept the
offer, this constitutes a purchase agreement. If the sellers counter
the offer, the next action is initiated by the buyers. If you want
to buy a particular house, your chances of succeeding are greater
if your offer is as close to the asking price as possible. You could
save money by engaging in lengthy negotiations, but you run the
risk of offending the seller or losing the home if a better offer
is presented.
^ Back to Index ^
Tip 18 - Getting Organized
Looking
at homes can become overwhelming for many prospective buyers. The
properties start to run together, and you have trouble remembering
which homes you liked a lot and which ones you didn't. Real estate
agents use a few good tricks that you can use to help you remember
what you have seen.
Usually the real estate agent will give you a copy of the listing
with all the pertinent information. Write down one distinctive feature
on the listing sheet that will help you remember the house. Maybe
the house had unusual moldings in the dining room, a red door, or
unusual wallpaper. If the house was particularly interesting to
you, put a big star on the top of the page to remind yourself that
you would like to see it again or even perhaps make an offer. If
there are features for which you have a strong preference, or if
you eliminate a house from consideration for any reason, be sure
to tell the agent why.
Communication between you and the real estate agent is key. This
will save you a lot of time and effort in your search because the
agent will show you only the homes that meet your particular needs.
^ Back to Index ^
Tip 19 - Lenders Want To Say "Yes"
If
you consider yourself incapable of getting credit, you may be living
in the past in terms of assessing your financial situation. Lenders
are now bending over backwards to give money to borrowers. A recent
survey of mortgage lenders revealed some interesting trends. Ninety-six
percent of those surveyed had cut their standard down payment requirements
for moderate-income buyers, and 93% said they are more lenient regarding
debt-to-income-ratios. Ninety-four percent of those surveyed said
they now have more flexible approaches to credit histories, and look
at rent and utility payments more than credit cards.
Seventy-nine percent of lenders say they have relaxed employment
criteria. They now look more at your capacity to generate a stable
flow of income rather than requiring a long history at one job.
There are more lenders today, and they are in fierce competition
with each other. The home loan industry has created entire markets
that cater to those with less-than-perfect credit.
^ Back to Index ^
Tip 20 - Affording A Home
It
is important to know how much you can afford before you begin looking
at homes to purchase. Talking with a lender and getting pre-approved
for a loan puts you in a stronger negotiating position with sellers.
As a rule, your monthly housing costs should not be more than 28%
of your monthly pre-tax income. These costs include the mortgage
payment, real estate taxes, and insurance. If you have long-term
debts, such as student loans or car payments, your monthly payments,
including your housing costs, should be less than 36% of your pre-tax
monthly income. Some loans, such as VA and FHA loans, are more flexible
with these basic guidelines.
Depending on which type of mortgage you select, you can consider
houses in various price ranges. An adjustable-rate mortgage will
usually enable you to qualify for a higher loan amount. Your real
estate agent can help you make the basic calculations. Remember
that buying at the top end of your price range gives you more time
to outgrow your home, and can save you money over the long term.
^ Back to Index ^
Tip 21 - The Elements Of Location
When
you are in the market for a home, how should you evaluate the properties
that appeal to you? There is an old cliché about the three most important
factors of a piece of property--location, location and location.
Some neighborhoods have a certain distinction that attracts buyers,
but there are other factors to take into account. A house in the
best part of town may have a few points subtracted if it is located
on a busy street. There are buyers who would like to be close to
schools, shopping, and churches, but don't want to live across the
street from these facilities. You may want an easy commute to your
job, but would not consider a location close to the "on" ramp for
the major route into town. A location close to a airport could be
convenient if you are a commercial pilot, but could make it difficult
to sell even the most wonderful house.
As you balance all of the factors, remember that a location liability
which gets you a great house at a reasonable price will probably
require you to pass a similar savings on to future buyers.
^ Back to Index ^
Tip 22 - Bargaining
You
have done everything that your agent recommended to make your home
look wonderful and you have cut your asking price to the bone. Even
so, an offer comes in which is so low that you are offended! Is it
possible to reconcile your differences and reach a meeting of the
minds when presented with such an offer?
It may not take many concessions on your part to make the transaction
work if the people who love your house also love to bargain. Even
though it may seem that you are far apart in dollar amount or terms
of sale, the real distance may not be all that great. Your real
estate agent can help you determine if the buyers are ready, willing
and able to carry through with the transaction. If they are qualified,
the next step involves evaluating your differences. Look for areas
where you have some flexibility to negotiate. You may have to go
back and forth several times in order to make the transaction work.
The trick is to be patient and to not take the process personally!
^ Back to Index ^
Tip 23 - House-Hunting Tips
You have just spent the entire day looking at homes and now they have all become
a giant blur. Which house had the beautiful great room? Was it the
same one with the small master bedroom? How can you remember what
is important about each of the many properties that you saw? Use
the little tricks developed by real estate agents to help them identify
the thousands of properties they see.
Carry a notebook with you when you are house-hunting, and give
each house its own page. At the top of the page, note the address
and price. Write down the exterior construction, style and color,
as well as the color of the living room carpet and walls and any
other major feature that will jog your memory later. You can nickname
the houses--"the cow mailbox house" or "organic garden house"--anything
to help you retain a mental picture of the property. This will enable
you to recap the day and give your real estate agent important feedback
that can speed up your search for the perfect home!
^ Back to Index ^
Tip 24 - Down Payment Assistance
Perhaps
the most common deterrent to first-time home buyers is the lack of
a down payment. The home loan industry has practically re-created
itself in the last ten years, making it easier than ever to obtain
a mortgage, and new mortgage programs are always cropping up.
Some states sponsor loan programs that allow buyers to purchase
a home without putting any money down. A parent or other relative
can guarantee repayment of ten percent of the loan if the buyer
defaults. The only cash needed is for the closing costs, which typically
run about three percent of the loan.
Parents can also give their children down payment help through
a personal note or second trust deed. The terms can be set up for
monthly payments or annual payments amortized over a period of time.
You could pay the interest only, and have the payoff due when the
property is sold.
With so many alternatives, doesn't it make sense to call your real
estate agent for a free consultation? You may be closer to home
ownership than you think.
^ Back to Index ^
Tip 25 - A Buyer's Market
Is
the real estate section of your local paper filled with stories about
how slow the real estate market in your area is? Is it taking months
to sell the homes on the market? If this description fits your area,
and you have been waiting for the perfect time to buy a house, now
is the time!
This kind of market is referred to as a "buyers' market" for good
reason--it is an opportunity for buyers to select from a large number
of homes that could satisfy their needs. Everyone involved is ready
to bend over backwards to make it possible for you to buy your dream
home. Most sellers are highly motivated and so are the local real
estate agents, loan officers, title companies, and other professionals
involved in the transaction. It is important to remember that the
real estate market runs in cycles, and conditions can change without
a lot of warning. This could be the perfect time to contact a good
real estate agent to discuss your needs and to explore the possibilities
available to you. There are many homes for sale right now in the
Cleveland Ohio area including, Lakewood, Parma, Rocky River, Westpark,
Berea, Strongsville, etc. Contact me to find out how many are for
sale in your area.
^ Back to Index ^
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Buying A Home (Beginning Stages)
