Do You Want To Buy A House?

Hi,

If you are like most people, shopping for a house is an exciting and sometimes scary adventure. 

There are really two different approaches:

1. Do it yourself, or

2. Enlist the services of a Real Estate Agent. 

Approach 1. Do it yourself:

Nobody knows what you want more than you do. That's why if you have the time and energy, by all means start searching yourself. Here are some factors to consider in your search:

• Location is more important than the house itself. Decide where you would like to live, or if you are purchasing an investment property decide on locations where the houses are appreciating (going up in value). Remember that location includes proximity to stores, schools, shopping, churches, parks, etc.

• When evaluating a house, look at the big-ticket items first. Does it need a new roof, plumbing, electrical work, heating and air conditioner. Is the house structurally sound?

• Ask the seller or the seller's agent for a disclosure sheet. This will tell you whether there have been problems in the past and how/when they were fixed. Anything not disclosed could leave the seller open to a lawsuit.

• Find out what houses are selling for in the area. Ask the county if they can make available housing prices in the area. Many counties keep a close eye on housing prices, so they can make more tax revenue. Some counties send out their own competitive market analysis (CMA). Ask the buyer or even a neighbor for this. If it is older than about one year, you will have to adjust for current appreciation in the area.

  Visit this online resource for home valuations: Electronic Appraiser

• Don't be scared to negotiate and walk away if necessary. If you are dealing with a seller's real estate agent, remind them that they have to present any offer to the seller.

Approach 2. Use a Buyer's Agent:

You may have heard of the term "buyer's agent."  A buyer's agent is a real estate agent who works on your behalf, with your best interests at stake. Don't confuse a seller's agent with a buyer's agent. A seller's agent works on behalf of the seller and has his/her interests as a primary goal.

The nice thing about using a buyer's agent is their commission comes from the sale of the property. Agents also have access, through their broker, to the Multiple Listing Service (MLS). The MLS is a comprehensive database used by all brokers to help buy and sell real estate. Agents can easily run searches using criteria such as price, zip code, number of bedrooms, etc. Agents can also take the hassles out of paperwork, negotiating, finding inspectors and working with a title company.

If you are thinking about using the services of a real estate agent, a great place to start is at AgentConnect.com.

Visit their site and fill out the quick profile form and let me know about your experience.

I wish you success,

Michael Williams
Co-Author, Rogue Real Estate Investor Collection
geoguy@mindlikewater.com

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