elifeblog: Introduction to Real Estate

Introduction to Real Estate

5:11 AM

Real estate business plays a huge role in the U.S. economy. The buying and selling of residential homes makes up only a portion, yet a large portion, of the real estate business in the U.S.

Until you have experienced buying and selling a home the complexity and scope of it isn’t always clear. Luckily there are groups of people and organizations to simply matters and help along the way.

1. Real estate brokerage firms are everywhere. Brokerage firms bring buyers and sellers together. Many of these brokerage firms consist of sales agents and Realtors whom work for and represent the firm.

2. Buying a home usually requires getting a home loan. Bank financing is a critical part of buying a home. Start this process early to overcome potential problems that may arise. Getting preapproved for a home loan sets how much home you can afford, speeds the buying process, and shows the parties involved that you are serious.

3. The home appraisal step is the process of determining the current market value of the property, even more so what the bank is will to lend for the purchase of the home. Often times the bank that is financing the loan will have the appraisal done at the buyers’ expense.

4. Home inspection isn’t always a mandatory service but it should be. Having a thorough home inspection done can expose serious issues with the home that may of not been exposed otherwise.

5. Rely on your real estate agent’s expertise during the negotiating and closing of the transaction is where you negotiate the purchase and terms of the sale. Pay special attention to the contracts as they go back and forth and make sure you understand what they say and what you will be getting or not getting.

Buying and selling real estate is taking place every day across the U.S. and is a billion dollar industry. When you are ready to get a piece of the pie ally yourself with knowledgeable and professional people who can help you come out on top.