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PinkyCrown01
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| Joined: | Wed Jul 9th, 2008 |
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Posted: Thu Jul 10th, 2008 01:29 am |
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There is no doubt that opportunities for home buyers are more abundant than they have been in decades, particularly in urban markets where India Real Estate Prices soared to record heights. Suddenly, the idea of home ownership is not longer unrealistic for average income families. It is a regrettable fact that many homes now available at affordable prices land on the market because of foreclosures. Perhaps the solace, for the newly qualified buyer, is that they will not be subjected to predatory practices and poorly structured mortgages that fueled the real estate decline. Along with greater vigilance and more conservative practices in the lending business, buyers have been educated by the media. Headlines let people know the dangers of adjustable mortgages with balloon payments, the costly danger of no-down payment loans, and the dishonesty of lenders who get "creative" in qualifying buyers.
With this in mind, new buyers of foreclosed, bank owned homes still need to be wary. There is a great deal to think about when purchasing a home the largest and most significant investment most families will ever make. First, for families with absolutely no experience in the real estate market, many communities and some financial institutions offer home buying seminars. Of course, it's important to be aware of who is teaching the class and why. A real estate brokerage or a lender has a vested interest in attracting your attention, no matter how unbiased the information offered may seem. Instead, look for seminars offered by colleges, adult education programs or nonprofit community groups. This is to say, get educated, but be careful who you choose for a teacher.Fortunately, there are online resources for first-time buyers. Again, it's critical to select Web sites that are not selling you anything at all - such as xxx, sponsored by the xxxxx.
Once you have some familiarity with the purchasing process and real estate and lending terms, it's time to take the next important step. Find a good, compatible and trustworthy real estate agent. In my experience, this is best done through referrals from someone who has had an excellent experience with a real estate agent. You may receive solicitation through the mail and see lots of advertising asking for your business but, remember, it's marketing. Ask friends, neighbors, family, and other home owners for referrals to agents who made their buying experiences pleasant and successful.Then, interview agents. Make appointments with a few select agents from established companies, invite them to your home and have a chat. The relationship between buyer and agent is important. You should be a compatible team and share a mutual trust. Ask questions; get a sense of the person's business ethics and experience. Ask for referrals from a few of their satisfied clients. Don't make your decision on the spot when the agent is at your dining room table.
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