Real Estate Advice
Buying or selling a home is the biggest transaction of most people's lives. It can be emotional, exciting, and even a little scary. Guidance and straight talk help. The tips below can explain a few things, put your mind at ease, and get you started.
Home Buying
Buying a home is a big decision. The financial and emotional stakes are high, but the rewards can make it all worth it. This material can help you prepare to start your home-buying journey.
Home Selling
Selling a house can be stressful. Making the decision, preparing the house for sale, keeping it clean, waiting for a buyer, dealing with offers, and advancing to the closing table – all of these steps can involve discomfort. This is a huge financial transaction with many emotional aspects. But you can get it done – and it may even be easier than you anticipate.
One thing to keep in mind is that you're not alone. An experienced, professional real estate agent can guide you through the process, help resolve any issues that come up, and ensure that your home sells for the optimal price in a timely manner.
Here are a few things to keep in mind when putting your home on the market and learning how to sell your house:
Mortgage
The concept of a mortgage is quite simple. It's basically a loan for a home wherein the property itself is used as collateral.
Securing a mortgage, however, can be complex.
The process may take more than a month, as several parties – from the escrow officer to the loan underwriter – work behind the scenes to put it all together.
A trusted real estate agent can recommend a reputable mortgage professional and help you navigate through the process.
Agents
It's vital to understand how to choose a Realtor. Like selecting any service professional – from an accountant to your family doctor – it’s important to do your homework before deciding on a real estate agent. Your home purchase or sale likely represents one of the most significant financial transactions of your life, and you definitely want to find the right person for you.
Title and Escrow
Although it's not the most talked-about aspect of buying a home, escrow is nonetheless a vital component of a successful transaction.
Your RE/MAX agent can answer your questions on escrow and help you through the process. Here's a brief overview on what escrow is, and how it works into the overall scheme of things.
Foreclosure
The most common type of foreclosure property you'll encounter in your home search is a Real Estate Owned, or REO, property. REOs are properties that have been foreclosed and are now owned by the bank.
REOs may be vacant or in need of repair. But often they look and feel just like other homes for sale, and they're listed by a real estate agent. Although they're typically sold as-is, it's not uncommon for an REO to be in move-in condition. But the process of buying an REO is different than other home purchases.
With the help of a qualified real estate agent who knows the terrain of the REO market, your REO transaction will run more smoothly – and you'll likely get a great deal in the process.
RE/MAX agents lead the industry in distressed property training. Working with an agent experienced in REO transactions will make the difference between a successful purchase and a frustrating, confusing experience.
Short Sales
With the number of short sales steadily increasing in many housing markets over the past few years, chances are high that you'll encounter this type of sale in your home search. Short sales are now common in many markets.
Or, you may be one of the many homeowners considering the short sale option for your home.
While at one time short sales were viewed as too complex and burdensome to deal with from a buyer's perspective, this isn't necessarily the case today.
With the help of an educated and experienced real estate agent, a short sale is not only manageable, but can result in a great deal on the home of your dreams. And for a seller who's facing foreclosure, a short sale can be the best outcome in a bad situation.
This material here covers the basics. But if you're going down this route as a buyer or seller, it's absolutely critical to work with an agent who understands short sales.
RE/MAX agents lead the market in experience and education, so you've come to the right place.
Home Inspection Advice
Your home purchase is one of the biggest investments of your life, and it's important to know exactly what you're buying. The best way to ensure this is through a professional, thorough home inspection.
(NOTE: While this material speaks primarily to buyers, it's also a good idea for sellers to do an inspection prior to listing their home. See more in Tips on Selling a House.)
Forms and contracts
Here is a line-by-line explanation of the
Universal Residential Loan Application:
