Real Estate Buyer

Real estate Buyer s are what makes the world of real estate go 'round. When I am looking for a good property to live in or to generate cash for me, I always keep in mind that as much as I am looking for something that meets my needs or investment criteria, there is a seller out there looking for me to meet their needs and buyer criteria. As I view property, inspect structures and experience the colors of the current owners, I keep my cards "close to my vest" so only I know my complete interests and abilities. And I keep this one thing in mind - there is no deal I can't walk away from (unless my wife loves it - then I have a different set of issues, but we usually agree on value at least.)

The internet is THE place to start your search and to get tons of free information. Newspapers can be a source, official town sites can be a source, sites that show all the real estate agents or companies that ACTUALLY work in a town, like REindex.com are great! Don't be afraid to be a real estate buyer who uses the bookmark part of your web browser when you find a good site. You can even create folders for specific towns, streets, or neighborhoods. One of the most priceless items in my bookmarks for research is a knowlegable, informative, agent. I don't care what company they work for, I want the person. (Some of the big names are just factories for newbies. Many of the best agents are independent.)

Another one is a site where I can see ALL the activity in a town, and not just those who have paid to be there. Most sites require agents/companies to join. I only know of one that hunts them down and adds them without waiting for them to join, it is www.Real-Estate-Index.com and I have bookmarked it. I am a real estate Buyer and I want information! For a long time real estate professionals have had a lock on information relative to buying and selling real estate. In general, the internet has changed that for the real estate buyer. HOWEVER, if you are only making one purchase every few years, I strongly recommend using an agent to buy property or to sell real estate. Here's why if you're a real estate buyer: they do it every day. Now you DO have to find an agent that is what I call an ASR or Actually Sells Real Estate

If they are new, if they live off a pension and this is only a hobby, if they haven't done more than a few deals this year, if they don't have listings, they may not be up to speed with current laws or the best values and deals. You WANT an "ASR". Real estate agency is best done full time. Part-timers can do well if they have been local forever, know the territory, and have a good support staff at their company, but "ASR"s are best for a real estate buyer. If you are a real estate BUYER and not a tire kicker, you want an ASR.

Steps to buying:

1. Get your Credit score. Link to the Credit page

2. Decide how long you may own the property: A) If you will be there forever, the financing terms are up to your preference. B) If you don't know, or if you think less than 7 years, seriously look at adjustable mortgages of 3,5,7, or 10 years. C) If you don't know, you haven't done enough planning. Sketch out where you think you'll be and what you think you'll be doing in 5 years, and then 10 years. Nothing fancy, just ideas. This will help you understand how to plan your financing. Helpful books and games

3. Find out how much you can borrow (you don't have to use it all, but it will help you to know your limits.) Loan planning

4. Decide how much you will be putting down. Your loan originator has probably asked this already. My idea is to put as little down as possible for the best rate that meets my plan. Real Estate Buyer s Plan

5. Set a time frame you plan to buy in. Don't worry, you'll find something and you'll miss some. But, the one you get will be great!

6. Get on the net and look at real estate in areas you want to invest in. Easy Real Estate search by town

7. Learn the names of agents for that area that are on the net. (they will be they ones easiest to communicate with.)

8. Drive by addresses and see if what is on the net is actually what you like. You have to do this to learn which agents embellish their listing information. Some are WISYWIG (what you see/read is what you get) and some are baiters.

9. Start going in properties. Either contact a few agents and go out with them or go to open houses. Don't commit to any agent for more than 24 hours on paper. Let them know you will respect their commission interest in any property they show you in that 24 hours, but you are still beginning to search and interview agents, and you don't know them yet. Assure them that if they take you across the threshold, they are your agent for that property. When you talk to any agent, tell them what you want and that you are a real estate buyer, because you never know if they'll get a listing for you that afternoon or next week. Once you decide on one agent, make sure any other agent you speak to knows up front that you have an agent. You will get much further more quickly and with less hastle. Trust me.

10. Pick an agent you like and find your property. The agent will assist you with paperwork, lawyers, inspectors, title companies, etc. Close on the property - this is a fun day! Even if there are problems closing the deal, once you own it that is all behind you.

11. Most important - take care of your investment, because you will be selling it in the next few years.