Real Estate Tips / Advice

     Over the years I've seen people make a lot of mistakes. Here's some general advice for buying or selling a home...

- Talk to a lender before looking at houses.

- Hire an inspector. It's an extra $250 or so, but when you're purchasing a $100,000 home, it's very worth it. Make sure you're getting what you think you are.

- Don't hire part time agents. They might not be there at crucial times and they just don't have the resources.

- For investments or residential decisions, it's often a good idea to buy the worst house in the best area. Fixing it up yourself can substantially raise the equity for investments. If you're going to live there, you can always fix up the house, you can't fix up the area.

- When selling a house, don't overprice it. As soon as it hits the market, a lot of people will be looking at it. If they pass you by because of price, you'll have to settle a lot lower to sell later. In the end, it'll pay more to price right in the beginning.

- Clean up your house before you sell it. Even if it's a few thousand dollars for repairs, equity will most often outweigh that cost by a good margin.

- Remember- there's a loan for every buyer, regardless or credit or available cash.

- Beware of submitting to multiple internet lenders. Every time your credit is viewed, it takes a hit against it's rating. Have 25 companies view it and bid, and your rating will drop substantially.

- Use a local lender if possible. It may cost a few dollars more, but it is easier to get ahold of them. If you have a problem, you can get to them and it is easier to hold them responsible. If you're buying an $80,000 home, a big lender in California (for example...) that can lend to people buying $400,000 homes will have you at the bottom of their priority list.

- Get an Owner's Title Insurance Policy. Protect yourself against title problems that may arise. If your garage or septic tank is on your neighbor's property, an Owner's Policy will protect you against the inherent cost of fixing the issue.

- Don't forget to consider well water and septic tank issues when buying a home.