When Teaming Up With a Real Estate Agent And a Mortgage Lender

Teaming up with a real estate agent and a mortgage lender will prove to be a couple of the best moves you make on your way to buying a home. This makes no difference if you are a first time home buyer or have purchased many homes throughout the years.

The real estate game plan seems to change every year. The Internet has made the competitive housing markets more competitive and the lending rules have changed more in the last few years, than in the last few decades. Other changes that take place annually occur within the real estate contract itself.

Consider this, if you purchase (or sell) one house a year, that will be approximately 15 less than an average real estate agent. A good agent like the one from Lake Norman homes for sale will sell more than that, but the point is, each transaction offers a number of variables that can get in the way of closing. And, if the contract falls apart, you will have spent several hundred to several thousand dollars on the failure of a contract to close.

With that in mind, the home buyers have a great opportunity when they hire a buyer’s agent. That is a real estate agent that will work specifically with you in the purchase of your home. Their fees are covered by the seller or the builder, so as a home buyer, their services are free. A home buyer would be absolutely foolish not to hire a buyer’s agent.

They can guide you on the entire process. This includes helping you to get more familiar with an area, as well as what you type of housing you can get for your money in that area. They will also sit by your side as they write the contract up, negotiate the deal, and then make sure the whole team is informed of the process.

That team is going to include your mortgage lender, home inspectors, repair service providers, land surveyors, title insurance people, home insurance agents, real estate attorneys and a home appraiser. Unless you know what each one of these people are going to need from you, and how to navigate through the process from contract to close, you should get yourself a real estate agent. And, again, for buyer’s, their services are free.

For the home seller, the cost runs into thousands of dollars in commission fees. There is no getting around that. Make sure to choose your home wisely, and it will have provided the cushion you need to make a profit and pay your future real estate agent’s commission fees when it is time to sell it.

The equity gain is the sweet spot. Ideally, you will purchase a house, and while you are paying down your mortgage note on it, the local market is bringing it up in value. Right in the middle of that is your equity. If you choose to purchase your home in a hot market area, the odds are very good that your value will rise faster than someone who purchased elsewhere.

For those in the hot market versus elsewhere, you will still both be paying down your mortgage rate at the same pace, but the hot market is moving your equity upwards much faster, and will deliver more cash back to you when it’s time to sell. Just keep that in mind as you decide where to place your housing dollar. It will make all the difference on your profit margin.

What We All Need to Know About the Housing Market

The housing market is back in full swing with buyers eagerly jumping online each morning, hoping that the home of their dreams will pop up on their computer. Unfortunately, if you are in a hot housing market, that house may be picked off before they even get a chance to go and view it in person. That’s the new state of the real estate market.

Those that are beating others to the punch, are represented by real estate agents that have set up personal home portals for them. And, if they are determined shoppers, their agent has set them up with a home portal that delivers the properties to them as soon as they hit the market. If you’re serious, that’s what you want, Charlotte lake homes for sale. If you keep missing the boat, and are working with an agent, your portal is most likely set up for a daily update, instead of one that sends the properties to you as soon as possible.

The Multiple Listing Service (frequently referenced as the MLS) is where real estate agents first submit their listings online. This is where all the other servers get the information. That includes the two largest real estate portals, Realtor.com and Zillow. Without the MLS, those two portals would have nothing to send your way.

The beauty of the personal home web site, is that your agent can fine tune it to your specific needs. That could be just about anything. If you are too specific, you may have nothing come through your portal. So, the trick is to be broad enough to capture houses that might be of interest to you, and then reject them and at the same time, be specific enough that you are not getting an update on new listings each hour of every day.

Some good areas to narrow your criteria will include zip codes, areas, cities, and then narrow those down into specific neighborhoods. If you are still not sure of the neighborhoods, narrow your search by the specific amount of bedrooms, bathrooms, garages, and year built. You definitely want to place a tight price range in the search, as that will keep your results within your purchasing range.

If you have to have the master bedroom on the main floor, then make sure to place that as part of your criteria. Your agent’s software is far better than any other home shopping software on line, and they can get your search down to some very specific levels. If you have to have the laundry upstairs, that’s another area you can fine tune. There’s no need to look at houses that have the laundry downstairs when you definitely want one upstairs.

Other areas to think about would be the yard. You can say the yard should be no larger or smaller than a certain acreage, as well as stating you need the yard to be fenced. If it doesn’t matter to you, say nothing at all and leave these options wide open. The software will produce what is available in the market to you.

The last area that you might want to offer some specific criteria for, would be the neighborhood amenities. If you want a neighborhood with a community pool, tennis courts, walking trails, a clubhouse, golf course then you should make sure your agent knows that, and they can set your search up accordingly.

For those that want to be in area that is not governed by a home owner’s association, you should tell your agent that as well. The sky’s the limit as far as your options go, but be practical with your approach and you will be the one getting to the new listing first, while others are still gazing at their computer screens.