Foreclosure Or Short Sale - Which Problem Is Greater
The best thing to do is to start small, especially if you will be purchasing from foreclosure sales or if you will be purchasing tax sale properties. You will want to purchase a small parcel of land - just to see how the whole process works. This way, you are getting your feet wet without having to spend a lot of money. Once you get the hang of it, you will move up to the bigger and better real estate.
Abogado de bienes y raices In most cases, you can seek out an agent or a firm that specializes in real estate. They can provide you with the guidance you will need to make some good investment decisions. If you have never dabbled in this industry before, you don't want to attempt any type of transactions or enter into any type of agreements without getting some expert advice first.
If you are serious about buying a home, then get to work and find yourself a real estate agent. For every horror story you've heard there are twice as many good ones signing our praises.
Every city, town or village has a town plan. This plan sets out how large the houses can be, how tall they can be, how far away from the road they have to be situated etc. Before you purchase an apartment it's prudent to check out what is being planned for the neighborhood. Is there an empty plot of land next door? Is it slated to be for public or residential use? Could a tall building be built there?
Absentee Purchase I don't think this is a very frequent occurrence, but it's a good story so here goes. Many investors will assign power of attorney to the real estate company to complete their purchase. There is nothing wrong with this and it's a common, usually safe practice, as long as you're dealing with a reputable agency. But a friend (let's call him Mark) signed over power of attorney to his Spanish teacher, a woman he had known and worked with for a couple years and trusted. The woman bought the $50,000 house as directed - and put the title in her own name! He sued, but was never able to get his money or his house back. By the way, Mark was a divorce lawyers near me 33545 in the U.S. Enough said.
In the contract, after your name as the buyer, you put the words "or assigns" or something similar (ask a Real Estate Lawyer for the language that is used where you are). This gives you the right to assign the contract to another investor, who will take your place and actually close the deal. Explain to the seller that this is so you can bring a partner in to be sure that the deal closes (in other words, make this a good point rather than a problem).
It's a Buyers Market. Interest rates are low and the prices of homes are the most affordable than they have ever been. This makes for a great opportunity for those who are ready to make a purchase. I like to say its like when you get a coupon in the mail for 20% off your favorite retailer what do you do? You rush to the store. Well nows the time to make a purchase of a home.
Title Company - You need to find a title company that works with investors and knows how to handle the types of deals you are going to be doing. They must also understand the investor terms you will be using and be able to close quickly if possible. Like the real estate agent, it may take awhile to find a title company you can work with.
