Are you about to take one of the most important steps of a lifetime, the selection and purchase of some kind of real estate? If you are like thousands of others, you are seeking something in the country or in a small town. You see, more and more Americans are moving to small towns or in the country to establish a lifestyle away from the big city or suburbs.
If you have decided to make this move, finding what you want might appear impossible. But this decision doesn’t have to be overwhelming, so if you don’t have an inside track about what’s for sale and where, it is time to consult a professional. What’s the first thing to do? Find free real estate publications that have properties in the areas where you want to buy. Or, use the internet to select the area and type of properties you are interested in. This will also guide you in finding a licensed real estate professional that can assist you in finding a property quickly and efficiently.
Remember, many small town or country real estate companies serve a large surrounding area. Once you have selected a realty professional, discuss with him/her the type of property that is suitable for your needs. To do this, you must ask yourself some questions:
As with other professionals, when you select a real estate agent, demand high standards. Make sure that trust and integrity are not just a spoken claim but granted by deserved reputation in the community that the agent serves. Determine if the agent has established a strong record of consistently fulfilling promises and providing customer satisfaction. Consider the agent’s educational training. Is it appropriate? Does it enhance the skills? Request a summary of the agent’s experience and review the track record. Agents all have different personalities and philosophies. Try to select one with a philosophy and personality that you find agreeable and who you can communicate with easily.
You should have confidence that the person you select will be a trusted advisor. It is imperative that you work with an agent who you feel has your best interests in mind.
Excellent communication skills are a must. Select an agent that you feel will have the ability to work cooperatively with sellers and other agents during the entire process of purchasing your property.
A good agent can be the foundation of your real estate team. An agent can help you find a home that meets your needs, negotiate for that home on your behalf, supervise property inspections, and coordinate the closing. Agents often have useful leads for mortgage loans. A good agent’s negotiating skills and knowledge of property values can save you thousands of dollars.
If you are involved in buying or selling real estate. Or, just for your general knowledge. There are numerous terms, commonly used jargon, in the real estate industry that make up a peculiar language all its own, which would be beneficial for you to learn.
This jargon isn’t difficult to master, but there is real danger of hearing and using words you don’t fully understand.
Following are some basic terms that are often misunderstood:
MLS(Multiple Listing Service) —An organization that collects, compiles, and distributes information about properties listed for sale by its members, who are real estate brokers. Membership isn’t open to the general public, although selected MLS data may be sold to real estate listing websites. MLS’s can be local or regional. There is no “one” MLS covering the entire nation.
PITI—Principle, interest, taxes and insurance (PITI) are the four components of a monthly mortgage payment. Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage. Interest is the fee charged for borrowing the money. Taxes and insurance refer to the amounts that are paid into an escrow account each month for property taxes and mortgage and hazard insurance.
CMA—Comparative Market Analysis. A CMA is a report that shows prices of properties that are comparable to a subject property and that were recently sold, are currently on the market or were on the market, but not sold within the listing period.
Closing Costs —The entire package of miscellaneous expenses paid by the buyer and seller when the transaction closes. These costs include the brokerage commission, mortgage-related fees, escrow or attorney’s charges, recording fees, title insurance, etc. Closing costs generally are paid through escrow.
Contingency —provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. One common example is a buyer’s contractual right to obtain a professional home inspection before purchasing the home.
Title Insurance—An insurance policy that protects a lender’s or owner’s interest in real property from assorted types of unexpected or fraudulent claims of ownership. It’s customary for the buyer to pay for the lender’s title insurance policy.
This content last updated on Tuesday, October 27, 2020 10:30 AM from NTREIS.
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