Al Hartman – Critical Steps for Purchasing Real Estate
You can hardly read a story about real estate today without finding out that the market is going up again and is projected to continue that way for some time. Making an investment in real estate is rarely a bad idea provided you mimic experts like Al Hartman who has learned to time the market right and buy the right property. No matter whether you are looking for property in Miami, Dayton, or Houston, this takes some faith, skill and training.
For those looking at real estate as an investment it is also important that you know the ins and outs of buying and so here is some critical information for you to read and note.
Hire an Experienced Realtor
When you are looking to buy real estate property, you need to find an experienced and successful real estate agent. Every city have hundreds of real estate brokers who buy and sell properties in that city. If you break down these realtors in terms of their skills and success you will find that most are not making money and are poorly skilled. A large percentage do make some money, but only enough to have realty as a part time job. Finally there is a small percentage that is very skilled, are full-time realtors and make lots of money selling real estate. You need to make sure the realtor you work with is a part of this last group.
An experienced realtor will steer you toward the best properties, make sure that there are no hidden issues with the property, help you with all of the purchase docs, help you get your loan closed and then insure that everything is sewn up with no loose ends. This person might charge more to get these things done, but the extra expense will save you money in every other way. So look for the best when you are looking to purchase and you will avoid headaches and get the right property at the right price.
Make a Well Thought Out Offer
When your real estate agent takes you around to view properties to purchase you will more than likely find several that fit your criteria. Once this occurs you have to create a winning proposition for yourself, by deciding on an offer price for the property. Your offer should be based on several key factors:
The appraisal price: The appraisal of a property is based on a compilation of the prices of similar properties that have sold in the neighborhood. The size condition, style and other factors about your property are taken into consideration and then an appraisal price is determined. This forms a guideline for you to craft your offer, but other important factors are also relevant.
The overall marketplace: Is the market for properties in the neighborhood where you want to buy hot or cold? Are properties like the one you want unsold for longer and longer times? Are rents rising or falling? Is real estate in general an in-demand investment or not?
The summation of the answers to these questions also need to be considered when you make an offer. Make too high and offer and you might be paying too much. Make too low an offer and you might not be taken seriously or even lose the property. Your broker is key here in giving you good advice about where to place your offer and get the seller excited to sell to you.
If your offer get accepted remember to do an inspection before you agree to ensure that everything is as it seems with the property.