Factors to Consider When Making Your Offer
February 28, 2008
Once you have found that prime piece of Fort Worth Texas Real Estate you have been dreaming about and you are ready to make your offer, there are a few things you should consider before offering a specified dollar amount.
Condition of the Home
In addition to any observations you make on your own, hire a home inspector to check the structural integrity, as well as the condition of such things as plumbing, electrical wiring, and functionality of the appliances. Have him check for water damage, a cracked slab, or other deficiencies that could cost you dearly down the road. If the home needs significant repairs, you need to decide whether to buy the house or not, or how to reach an agreement with the seller for reparations.
Market Conditions
Hopefully you will have done your homework and know what the state of affairs is in the Fort Worth TX Real Estate market. Prices of comparable homes in the neighborhood combined with factors such as how long the home has been on the market will help you determine the amount of your initial offer.
Seller Motivation
Many times the seller has already purchased another home and cannot afford to continue making multiple mortgage payments. There is also the possibility that the seller is in financial trouble and needs a quick sale to avoid repossession or bankruptcy. In these instances, you may be able to negotiate a fair – but reduced – selling price.
Remember as you enter into the Fort Worth Real Estate market that it is easier to bid low and negotiate up from there. Once you have made an offer, it is unusual to be able to negotiate the price down. Keep these above tips in mind as you prepare to submit an offer on your new home.
Fort Worth Real Estate Transactions
February 28, 2008
When you finally make your offer to purchase your new piece of Fort Worth Real Estate, there are certain disclosures the homeowner is obligated to make. If the seller does not voluntarily discuss disclosures with you, you should begin asking questions to ensure you will not run into trouble later on.
Functional Disclosures
The seller should tell you about anything in the house that does not work properly or is damaged. This is especially important for such things as electricity, plumbing and appliances like the water heater. Defects in these areas can lead to significant damage to your new home.
Natural Disasters
If the home lies within an area that is prone to certain natural disasters, such as on an earthquake fault line or in a flood plain, the seller must disclose such information to you. Normally you will receive a geology report that will include this information.
Endangered Species
This disclosure is particularly important if you are purchasing a piece of Fort Worth Texas Real Estate that is as of yet unimproved and you plan to build on it. If you have a resident endangered species on your property, such as a rare toad or lizard, you may not be able to build on the property. Make sure you know why the land is still vacant – even certain forms of shrubbery cannot be disturbed, so take the time to ensure the property is buildable.
Other considerations to keep in mind are whether your prospective piece of Fort Worth TX Real Estate has hazardous materials on the property, which can be difficult and costly to dispose of, or if it is in a noise zone, such as within the flight path of a major airport. In order to protect yourself you need to be aware of all of these important disclosures
Realize the Buyer has all the Power
February 27, 2008
Buying a home for the first time can be an intimidating process. Not only do you likely not understand the key words and concepts that pop up as you negotiate, but you may have no real understanding of exactly how a Fort Worth Real Estate transaction is processed. That is okay, though, as long as you have someone trustworthy guiding you through the process.
You Hold All of the Cards
This may not have been quite as true when the market was performing at its peak, but it is certainly true today. Sure, the seller may have to accept your offer, but you are the one with the money to spend. You may even find yourself bargaining with someone teetering on the edge of foreclosure, in which case you have the ultimate power.
Those who are facing certain foreclosure are desperate. They need your money to rescue themselves from financial hardship, so they will be very motivated to strike a deal with you. Be careful not to take advantage of a poor situation, though. In negotiating, maintain your character so the seller may retain his dignity. Do not be afraid to deal, but be careful not to take advantage. If you treat the seller with due regard, you will be rewarded in kind.
Do Your Homework
The best way to avoid intimidation by the process is to know what you are getting into in the first place. Before you ever go look at a home, research the real estate laws in your area and learn exactly how property transactions are carried out. This way, you can walk into a deal confident that you understand how the process works and whether it is being followed.
Always take the time to do your homework. The Fort Worth Texas Real Estate market is a good place to invest your money, so make sure you do it wisely.
Greatest real estate agent in the world
February 13, 2008
Greatest Real Estate Agent In The World
Who is the greatest real estate agent in the world? Soon the world will know who truly is the greatest real estate agent, since the contest is according to the highest ranked site on Google.
Several agents and webmasters started a fun competition to decide the Greatest real estate agent in the world contest and since there is about $5,000 in prizes for the highest ranked site, I decided to join in on the fun.
Here is the link to my official contest page: Greatest real estate agent in the world
Little Things that Fort Worth Home Sellers Can Do
February 7, 2008
Fort Worth Realtors know that it is usually the little things that sell a home. Sellers can do a number of things to make a home more inviting and warm to a prospective buyer. For example, a well-maintained manicured yard may help seller’s gain an advantage over other Fort Worth homes for sale.
A seller, when their home is shown to buyers, should be concerned with lighting, housekeeping, smell, mood, sound and the overall first impression that their house leaves with the prospective buyer. A good first impression can be the first step to the successful sale of your home.
When concerned with lighting a seller should open all of the draperies, window shades and shutters in order to let the maximum amount of light in. Also, it is important to install mirrors that are designed to magnify a feeling of openness and light. If your home has a dark area, then install indiscrete track lighting.
When a seller is trying to sell their home they should make sure that the entire house is neat, tidy and spotless. Make sure that all of the children’s toys are stored away. As an additional touch, you should always have fresh towels or dishtowels in the kitchen and bathroom.
To create an inviting atmosphere you can light a scented candle or boil cinnamon sticks. Both of these options provide your house with a warm, inviting scent. When a house is being shown you may want to play soft, instrumental music in the background. Always make sure to have your radio and TV turned off.
As an added touch you may want to leave out a plate of fresh-baked cookies, or neighborhood brochures as a bonus for prospective buyers. Each of these “little things” can aid in the successful sale of a home.
Fort Worth Home Buyers Should Consider Having a Pre Approval Letter
February 6, 2008
Fort Worth Realtors all agree that a first-time home buyer can gain an edge by having a preapproval letter. What this means is that a first-time home buyer needs to apply for their mortgage before they begin to shop for their home.
Here are the reasons why a first-time home buyer benefits from being pre-approved:
1) A first-time home buyer can hand their pre-approval notice to a real estate agent and immediately begin looking at homes that are within the amount that the home buyer has been pre-approved for. This makes it ten times easier when searching, for the perfect house, among dozens of Fort Worth homes for sale.
2) A pre-approved first-time home buyer will be able to spend more of their time examining the homes that fit into their specific parameters and budget,
3) A first-time home buyer that has been pre-approved, for a mortgage, has more confidence in purchasing a home. A pre-approval notice reduces the amount of anxiety felt by a home buyer when searching for their first home.
4) A pre-approval notice can actually increase the home buyers negotiating power. A seller is much more likely to accept an offer from a pre-approved buyer, even if the offer is below the seller’s listing price.
5) A buyer that has been pre-approved will reach closing much faster. This is because the purchase of the home is not held-up waiting for the approval of the loan application.
A first-time home buyer should be pre-approved before they start shopping for their first home. A pre-approval letter is an easy way for a first-time home buyer to gain an edge in a seller’s market.