Real Estate Financial Incentives

Posted by on Jul 10, 2017 in Investing, Real Estate |

When making the offer on your dream home, you can ask the seller if they will help out with the closing costs, or give you other financial incentives. For example, it may be to your advantage to ask for an interest rate “buy down.” Adding financial incentives to offers will make sellers less willing to negotiate selling prices. Make a list of questions you want to ask, and take it with you when you interview real estate agents. Some questions to consider is are you a buyer’s agent, a seller’s agent or a dual agent. Other questions include the average number of listings the agent carries and the average home prices. The real estate agent should be ready to answer any of your inquiries in a professional way. http://www.davis-brown.co.uk/

Before purchasing a home in an unfamiliar neighborhood, check out that neighborhood using your state’s sex offender database. All states provide public sex offender information, but that doesn’t mean that a seller or even a real estate agent is going to tell you if an offender lives in the neighborhood. Research on your own! Assume that needed repairs are a given when you are considering purchased any foreclosed home. The majority of foreclosures have been sitting empty on the market for quite some time. The lack of a tenant means that maintenance has generally been neglected. A foreclosed home will likely need one or more major system repairs, and possibly the services of an exterminator.

Prequalification for a mortgage is essential prior to searching for a home. One main benefit is the ability to search with confidence within the range that you know you can afford and be approved for. Another reason to pre-qualify is that the loan approval process can be lengthy, so it’s best to be ready. Ask your real estate agent how long she has lived in town when you are interviewing her to represent you. A long-term resident will know more about the community’s infrastructure, local laws and neighborhood characteristics that a newcomer may not know. If it can be done, try to locate a Realtor who is ultimately familiar with the neighborhood, because they have made a long term home there.