Categories > Cartoons > 6teen
How To offer Without a Property Agent
Yes, it's true when it comes to a short sale; the lender is in the driver's seat. And since they hate to lose money they tend to reduce the amount of
?Blocked
Yes, it's true when it comes to a short sale; the lender is in the driver's seat. And since they hate to lose money they tend to reduce the amount of commissions by an average of 1%, meaning that if your area pays out 6%, they will only approve 5%, which will be split by both the agents involved in the transaction.
Attorney. It might be cost some money and may seem expensive but you can use it repeatedly if you'll have a Real Estate Attorney help you draw a sales contract.
Take the contract to your closing attorney or title company to open up escrow and to do a title report. Make sure you get the report and title insurance before you close. This way you can make sure your subject property doesn't have any legal items tied to it, and you have insurance in the event that the title company makes an error in the search.
If you're looking for a deal, you need to know where they are. You real estate agent is a excellent resource for finding deals. They work in your market and probably know of several sellers that may have special circumstances. These circumstances could be divorce, relocation or loss of job. Work with your agent on this and you may be able to save yourself thousands.
So when you buy a house, the involvement of the title company is very important. When it comes to securing your legal right to become the new owner of the property, they can help out. In this article, you will learn more about their roles and why they should be part of the home buying transaction.
How is it different from playing bank and putting a mortgage on the property? The primary difference is that the deed is not signed over to the buyer until after the last payment. With a mortgage, you give the buyer the deed and take back a mortgage, which then pledges the property as collateral for the money owed to you. mandarin flBut which is better?
B. How much is the rehab going to cost? I have seen a lot of people in this business that are very experienced. The majority of them will tell you that their rehabilitation cost will run 1 1/2 more than they expected or estimated. It's a must to build in cost over runs. If you are a new investor take your estimated cost and double them for figuring your rehab.
I was buying a wholesale deal from another investor/friend. It was a short sale he was working on with the bank. I told him I wanted to go with him when he talked to the seller. I asked for copies of all the paperwork that he and the buyer signed. The investor did all the talking with the bank.
Attorney. It might be cost some money and may seem expensive but you can use it repeatedly if you'll have a Real Estate Attorney help you draw a sales contract.
Take the contract to your closing attorney or title company to open up escrow and to do a title report. Make sure you get the report and title insurance before you close. This way you can make sure your subject property doesn't have any legal items tied to it, and you have insurance in the event that the title company makes an error in the search.
If you're looking for a deal, you need to know where they are. You real estate agent is a excellent resource for finding deals. They work in your market and probably know of several sellers that may have special circumstances. These circumstances could be divorce, relocation or loss of job. Work with your agent on this and you may be able to save yourself thousands.
So when you buy a house, the involvement of the title company is very important. When it comes to securing your legal right to become the new owner of the property, they can help out. In this article, you will learn more about their roles and why they should be part of the home buying transaction.
How is it different from playing bank and putting a mortgage on the property? The primary difference is that the deed is not signed over to the buyer until after the last payment. With a mortgage, you give the buyer the deed and take back a mortgage, which then pledges the property as collateral for the money owed to you. mandarin flBut which is better?
B. How much is the rehab going to cost? I have seen a lot of people in this business that are very experienced. The majority of them will tell you that their rehabilitation cost will run 1 1/2 more than they expected or estimated. It's a must to build in cost over runs. If you are a new investor take your estimated cost and double them for figuring your rehab.
I was buying a wholesale deal from another investor/friend. It was a short sale he was working on with the bank. I told him I wanted to go with him when he talked to the seller. I asked for copies of all the paperwork that he and the buyer signed. The investor did all the talking with the bank.
Sign up to rate and review this story