Are all Real Estate Agents REALTORS? The answer is no. REALTORS have a code of ethics they are supposed to stand by. Given this situation what would you do? An investor calls into the office and has cash. He lives out of state and has found a home for $20,000 online. He wants to buy it sight unseen. (He has attended some seminar on how to get rich in real estate) Do you sell it to him? Or do you educate him? A good REALTOR will explain the risks involved. A good REALTOR is in it for the long haul. We just don't take one clients money and send them on their way. A good REALTOR will ask questions, explain the risks, make sure he knows EXACTLY what is going on. This was a real call into our office today. Do you think we sold him a house? Make sure your REALTOR is working for you! And wants a long term client relationship! If they don't ask you questions they probably do not have your best interest in mind! Century 21 Bailey has a Quality Service Award from our past customers! This is all rated by past transactions. What is important to you QUALITY or QUANTITY? Go with someone you KNOW you can trust!
To Inspect or Not to Inspect?
Posted by: CENTURY 21 Bailey & Co.
To Inspect or Not to Inspect? The answer is in most cases you should have an inspection. Many consumers believe if the home has been inspected by the local municipality that should be enough. Or they believe if they are obtaining financing the appraiser will inspect the home. Appraisers are there to find value. If they notice a potential health or safety issue they may ask for it to be repaired. However they do not inspect the home. Local municipality inspections are also limited. Normally your local inspector will not get up on the roof, get in the crawl space, or enter the attic. A licensed inspector will spend several hours in the home. They check the windows, the heating and air conditioning, the wiring, the roof, the outside of the home, the basement, the crawl space. They also offer inspections for termites, and radon. You wouldn't buy a car without taking it for a test drive. Buying a home without an inspection is a very big risk. If you are asked to waive your inspection you should proceed with caution.
Considering a Contract for Deed
Posted by: CENTURY 21 Bailey & Co.
Should you consider a contract for deed? This is a big question and lot to consider for buyer and seller. Most importantly you both should consult with an attorney! There is way to much on the line to enter into these contracts lightly. For example, if you are the seller and the buyer doesn't pay you, depending on how your contract is written, how much money is put down and the term of the contract, may mean you can not simply evict the buyer if they do not pay. In the State of Illinois you may have to foreclose. The Foreclosure process is much more expensive and much longer. You could go almost a year or more without a payment. That doesn't mean there is no risk for the buyer. What if the owner owes on the home and stops making payments. What if they decide to refinance the home, cash out and then not make payments. There are lot of scams out there. Homeowners Insurance, Taxes, repairs, all of these should also be considered also. While a REALTOR may help introduce both parties. A REALTOR should not be writing the terms of the contract. A real estate attorney should handle this and you should close at a title company.
Getting Rich in Real Estate Investing
Posted by: CENTURY 21 Bailey & Co.
INTERESTED IN GETTING RICH IN REAL ESTATE INVESTING? A REALTOR is worth their weight in Gold! Fact #1 We don't charge you thousands of dollars to educate you on investing! We provide our services for free. We get paid when you buy a home. Fact #2 We are LICENSED! We are regulated by the State! We have a code of ethics! So we are not interested in selling you some books or online education on how to get rich! Ask our many investors what we have shared with them! Let's talk today about OCCUPANCY INSPECTIONS. So you want to buy a house and flip it? Do you know and understand the local municipality codes? Do you understand that most buyers have to be able to live in it in order to buy it! What does that mean? If a buyer could buy the home you are buying for pennies on the dollar they would. So they probably can't and will need to get some kind of financing. Financing means the banks are involved. Most lenders require the home pass the local occupancy. They are not going to loan money to first time home buyers on a home they can not live in! The house needs re-wired - then the seller is going to need to rewire it before the buyer can get a loan on it. Now there are opportunities for buyers to get loans to fix up the home, however these are not your traditional loans and they require a lot of work on the loan company and the realtor to put these deals together. They also require LICENSED CONTRACTORS to do the work.
