http://www.affinityproperties.com Just another WordPress weblog Wed, 28 Jul 2010 05:25:41 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 http://www.affinityproperties.com/wordpress/2010/04/07/tips-for-buying-foreclosed-homes/ http://www.affinityproperties.com/wordpress/2010/04/07/tips-for-buying-foreclosed-homes/#comments Thu, 08 Apr 2010 02:41:10 +0000 Austin Realtor http://www.affinityproperties.com/wordpress/?p=907 Buying a foreclosed home offers significant benefits in many cases, but can present serious challenges for unprepared buyers who may not understand fully what they are getting into. Here are some tips for home buyers looking for bargains in today’s housing market. Work through an agent In many cases, lenders are not willing to negotiate directly with potential buyers; a qualified buyer’s representative can offer expertise in the foreclosure market and will represent your interests with the property owner. Additionally, your real estate agent can determine if you need legal representation and guide you through the complexities of purchasing a foreclosure, allowing you to proceed with confidence in this challenging field of real estate investment. Inspect the property While many foreclosures are in move-in shape, other homes may have serious structural or cosmetic damage that can cost hundreds or thousands of dollars to repair. It’s usually wise to have a qualified inspector go over the home carefully to determine its condition and to make the offer contingent on the home passing inspection. Ensuring that the home is in good condition can save you time, trouble, and cash over the long run. Research the market Knowing the current values of comparable homes on the market can help you avoid overpaying for a foreclosed property. While many foreclosures are sold at significant savings over their probable value, others may be overpriced in comparison to similar homes for sale on the general real estate market. Your agent will be of great help in determining if the foreclosed property you are considering is a steal or a swindle; when in doubt, trust your agent and go with your instincts. Arrange financing beforehand Because foreclosed properties often sell fast, it’s in your best interest to have your financing in place before you make any offers. Banks and lenders that sell foreclosed properties look more favorably on prospective buyers who have already arranged their financing before bidding on a foreclosed home; this can make the difference between success and failure in this volatile real estate market. By working with a skilled and knowledgeable real estate agent, doing the necessary research, and presenting yourself as a well-qualified buyer, you may be able to purchase the home of your dreams on the foreclosure market. The housing market is showing definite signs of recovery, so there has never been a better time than now to get a great deal on an exceptional property.]]> http://www.affinityproperties.com/wordpress/2010/04/07/tips-for-buying-foreclosed-homes/feed/ 0 http://www.affinityproperties.com/wordpress/2009/09/02/avoiding-real-estate-scams-or-misnomers/ http://www.affinityproperties.com/wordpress/2009/09/02/avoiding-real-estate-scams-or-misnomers/#comments Wed, 02 Sep 2009 21:42:00 +0000 J Cline http://www.affinityproperties.com/wordpress/?p=653 Federal Trade Commission site. The site can provide critical information that can protect you and help you steer clear of hidden snares used by unscrupulous real estate investors, or to simply clarify contract misnomers. When focusing on the purchase of an investment property, there is no shame in nit-picking for clarity in every section of your contract. Typically this is a very large investment. Contracts tend to have terminology that we do not use on a daily basis. A slight misnomer in a contract can make a huge impact on whether or not you will be making a good investment or an expensive blunder. Make sure to contact your real estate agent or attorney to answer any questions and provide any options that may be available to you, before making any commitments. Taking a logical pragmatic approach to making your investment is vital to making your investment a good one. There are common downfalls to resisting this pragmatic approach. The most common downfall is fixating on the “perfect property”. Once you put yourself in that position, you lose perspective on the fundamental issues that must be addressed. In addition, you may overlook or simply ignore problems or imperfections in the property or contract. It is essential for negotiations to stay focused. Making an investment in the right property and making sure you understand the contract, can be tricky, but following a few worthy tips and consulting with a trusted real estate agency or attorney are highly recommended.]]> http://www.affinityproperties.com/wordpress/2009/09/02/avoiding-real-estate-scams-or-misnomers/feed/ 0