Most people who do not deal with real estate every day, often do not pay attention to the most important aspects of Real Estate Transactions. Here are five facts that you need to know about.
When buying real estate, you would assume that you’re acquiring a property or a piece of land with a house. But in fact, you’re actually buying the right to dispose of this property at your own discretion. Basically, you are buying documents that give you those rights. Yes, yes, you pay thousands and thousands of dollars not for the property itself, but for several sheets of paper!
A real estate transaction is, first of all, a negotiation process. But for some reason, most buyers pay more attention to the color of the walls when they’re interested in a property, and not on the people who are selling it. A professional knows that it is not as necessary to collect detailed information about the walls or flooring, as much as more about who is selling. Play the player, not the game.
The sale of real estate, especially residential, is more often based on a “set of chains”. The owners believes they will receive money for their home. In fact, if in exchange for their home they acquire a new one, then in an alternative chain, the money goes to pay for the new home. This means, the owners do not even hold the money in their hands – the buyer will literally be paying for the owners new home.
Probably, it is surprising to find out that, by acquiring the right to own one property, you’re actually paying for the sellers new home. Taking that into account, a professional can always use this fact to their benefit.
It takes more than a handshake to transfer ownership of real estate from one person to another. Each state has its own rules about these matters, to which you must adhere to make it happen.
If you decide to sell on your own, be aware that checking and understanding documents is a difficult process. It is not so easy to check and take into account all the data about the property and its previous owners. There are a lot of indirect signs that can be detected only by examining the current practice of judicial decisions. Therefore, do not try yo save money on experts.
Some financial monsters claim to be able to replace an agent. But the agent is neither a mortgage broker nor a lawyer. While an online home appraisal sounds fast and convenient, the realty is, it will never be accurate.
Besides, such institutions will never be interested in buying real estate that’s more profitable to you, or selling yours for more. At the same time, the task of the agent is precisely the financial benefit of the client and the optimal conditions of real estate transactions.