The answer, with a few exceptions, is always "yesterday". Prices have fallen a bit after a long runup, but will no doubt rise again in the future — but there is no way to tell just when. Start your shopping by looking at properties via a website such as realtor.com.
I would like to be prepared and better informed on the realestate business. So I would like to know what to ask a realtor and attorney regaring buying a coop or condo.
The most imprortant thing to know about is restrictions. Some co-ops don’t allow pets, small children and renting out YOUR unit to tenants. You said you wanted to learn about Real Estate. I seriously doubt that co-op is Real Estate. It’s more like a personal property, since you don’t own the land or the unit. Focus on restrictions. Stay away from co-ops if you can. They are hard to finance and simply not worth all the trouble.
There was a late night info-mercial abut it on the 5th of aug. around 1or 1:30am
Be wary of the advertising for getting rich quick. All of it is bogus. With that out of the way, almost every jurisdiction in the country will allow sale of land, property that is tax delinquent. Usually this is on a specific day at the steps of the courthouse. It is advertised and ordinarily done like an auction. The county is interested in getting the back taxes paid, period.
I have helped to buy and sell more than 100 bank owned properties in GA, and I have never encountered a bank that would offer any type of disclosure. The simple reason for this is, a disclosure statement relays first-hand knowledge of the property’s condition, and a bank has no first-hand knowledge. Your best bet when making an offer is to ensure you have a clause in your contract allowing you the right to inspect the home and re-negotiate or terminate based on the findings. Always get an inspection, even if there is a disclosure, but especially if there isn’t.
I have helped to buy and sell more than 100 bank owned properties in GA, and I have never encountered a bank that would offer any type of disclosure. The simple reason for this is, a disclosure statement relays first-hand knowledge of the property’s condition, and a bank has no first-hand knowledge. Your best bet when making an offer is to ensure you have a clause in your contract allowing you the right to inspect the home and re-negotiate or terminate based on the findings. Always get an inspection, even if there is a disclosure, but especially if there isn’t.
or afterward
Technically, the seller pays both agents, but it comes out of the proceeds of the sale, so both end up paying it in the end.
You don’t pay the agent anything upfront! The only money you give them is the check for the buyer called earnest money.
Work with someone who specializes in first time home buyers so you can get some info. Make sure you can get perapproved for a mortgage before wasting an agents time, and look at a price range WELL BELOW what the mortgage company says you can afford. I would reccomend 20-30% lower. Why? One, you won’t be financial stretched. Two, most people usually go up in budget anyway.
But now is a good time to buy if you have decent credit!! Good luck and congratulations in advance!
If realestate is below market value & you can get a loan (if your not a cash buyer) than, yes.
interested in buying another house but afraid that my other house wont sell before i close on the other one. i cant afford 2 mortgages, yet it seems people do this all the time. how do they do that?
Better idea is to get a bridge loan from your lender. Anyone who will buy the house under the conditions you are stating will offer you a very low amount. Real Estate people will be very happy fo offer you 50% of what the house is worth and then flip it at a higher price to someone.
interested in buying another house but afraid that my other house wont sell before i close on the other one. i cant afford 2 mortgages, yet it seems people do this all the time. how do they do that?
Better idea is to get a bridge loan from your lender. Anyone who will buy the house under the conditions you are stating will offer you a very low amount. Real Estate people will be very happy fo offer you 50% of what the house is worth and then flip it at a higher price to someone.
I’m tire of buying those get rich quick programs ( no money down, options, tax liens, creative realestate methods,buying notes, foreclosures,etc). I want to know from an investors experience what I have to do to be suceessful. Do I need out of pocket cash? good credit? Do I need to open up a corporation or LLC? Tell me everything.
You need more just an answer here, but just some basic beginner’s steps:
1. Buy as many books as you can (I’ll recommend some below) about investing.
2. Avoid expensive real estate seminars costing more than $150. Look for the book alternative instead.
3. Open an LLC to protect your future assets.
4. Make sure your credit score is 650 or more to get some starting capital from loans and banks. Disputing credit reports are free, so don’t fall for a credit repair scam.
5. Some must have websites you want to visit:
www.InvestingWithoutLosing.com
Forums.Biggerpockets.com