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One of the quickest and surest ways to determine value in real estate is to look at comparable sales (comps). If a house that's comparable in most ways to yours sold for $500,000, then chances are yours is worth close to that amount too. It's a good idea to examine at least three to five comps to get a good sense of the local market.
Published by Levy Dalumpines 84 months ago in Real Estate Investing | +1 votes | 0 comments
Problems that inspectors look for are sinkholes, standing water, overly expansive soil, rock or pan close to the surface, and so on. The inspector, however, can check every electrical plug to see that it's property grounded and every switch to see that it functions correctly.
Published by Levy Dalumpines 84 months ago in Real Estate Investing | +3 votes | 3 comments
The inspector can be expected to poke and prod the concrete to tell you if there are rebars in it. These are put in at the time the foundation is poured and help hold it together, even when there are major cracks. Most homes and buildings are wood structures. Metal framed buildings for residential use have only come into vogue in the last few years.
Published by Levy Dalumpines 84 months ago in Real Estate Investing | +3 votes | 1 comments
Owners/sellers will often add to their properties without the benefit of building permits. There are many reasons they might do this: Permits are expensive and inspectors often demand inconvenient and costly changes; the owners/sellers may not have realized it was necessary; the owners/sellers did the work themselves; and so on.
Published by Levy Dalumpines 84 months ago in Real Estate Investing | +6 votes | 3 comments
A property that's run down isn't worth nearly as much as one that's in top shape. That's why it's so important to determine the true condition of any real estate you're considering purchasing. In the residential market, professional home inspections have become the norm. That has always been the case for the commercial market - at least for savvy investors.
Published by Levy Dalumpines 84 months ago in Real Estate Investing | +1 votes | 0 comments
You can quickly do a survey of any property's electrical system on your own. Of course, if you find anything amiss (or the professional inspector does), then you'll want to call in an electrician to check it out and give you a bid on correcting the situation.
Published by Levy Dalumpines 84 months ago in Real Estate Investing | +5 votes | 2 comments
Be sure to check if the escrow company charges a single overall fee, or whether it itemizes. If it's the overall fee, be sure that, in fact, everything is covered and that there aren't additional charges that could crop up later on. If it's itemized, try to get a total figure for all of the itemized costs.
Published by Levy Dalumpines 84 months ago in Real Estate Investing | +1 votes | 0 comments
A good agent should be able to come within a hundred bucks of telling you what your closing costs will be. Sometimes agents will want you to use a particular title/escrow company.
Published by Levy Dalumpines 84 months ago in Real Estate Investing | +0 votes | 0 comments
Be sure to check out the fee structure of the escrow company you are planning to use before opening escrow so that you won't get overcharged. Keep in mind that the party who pays the title insurance costs (including title abstract and title search) is fully negotiable.
Published by Levy Dalumpines 84 months ago in Real Estate Investing | +0 votes | 0 comments
It's important to remember that the time to negotiate with a lender is when you first apply for the mortgage. If you don't take the loan that's offered, it could take you weeks to apply for and get approved by another lender. And in the interim, you could lose the deal.
Published by Levy Dalumpines 84 months ago in Real Estate Investing | +0 votes | 0 comments
One way of reducing your transaction costs is to get the other party to pay for them. If you're a buyer, that means asking the seller to do it. If you're getting financing, as most investors are, that means asking the seller to pay for non-recurring costs. If you can transfer the transaction costs for the roundtrip - buying and selling - to the other party, you may save as much as 10 percent of the cost of the acquisition.
Published by Levy Dalumpines 84 months ago in Real Estate Investing | +1 votes | 0 comments
No matter what you buy or sell, there are usually transaction costs (also called closing costs). When you buy/sell stock, you pay a broker's fee. When you buy/sell a car there are licensing fees, taxes, and other charges. Real estate is no different, except that the transaction costs involved are often much higher than for most other items.
Published by Levy Dalumpines 84 months ago in Real Estate Investing | +0 votes | 0 comments
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