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Real Estate Tips
Here are a few things I have learned from my time in real estate. Hopefully they will help you along your way.
1. Do not bother with online lenders. LendingTree and other operations shop out mortgages to lenders hoping to find a match. LendingTree then charges a fee (around $625 for a $150k loan) to the lender that takes your loan, which is then passed along to you, the borrower. These loans usually do not have the best rates, or charge other “junk” fees. Better to go to a bank, sit down in front of a loan officer, and work directly with them. Otherwise, your loan officer could be in another state or three time zones away! Usually closings are slowed due to these loans.
2. Closing with an attorney, as opposed to a title company, may cost you. Attorneys generally work in several different areas of law. Because of this, they are not as efficient at the real estate closing process and may cause your closing to be delayed. You will probably end up paying double the closing fee. If possible, go straight to a title company.
3. Getting a signed contract is just half the battle. Between signing and closing, something is bound to go not according to schedule. Realize it ahead of time and you won’t be thrown off guard when it happens.
4. Home inspectors will find something wrong with 99.9% of homes. Yours is no different. He is paid to find something wrong and will try very hard to find anything. Buyers should always hire a home inspector!
5. The homeowner who asks, “How can I fix up my home to make it sell quicker” is the homeowner that is probably doing everything correctly already. If you are unwilling to make cosmetic repairs and de-clutter your home, you are going to have a hard time competing against other properties, unless you lower your price to reflect condition.
6. If you, as a buyer, are willing to replace flooring and repaint, you can get a fantastic deal on a short-sale!
