Did you know that many real estate agents spend just as much time with home buyers as home sellers? This is something that a lot of consumers are not aware of. The reason for this is that you can purchase a home without the help of an agent. But with the competition and details that need to be taken care of in today’s day and age, getting help from an agent is almost necessary.
The question is: are certain real estate agents better at helping home buyers than others? This is a difficult question to answer, and one that is based on the agents who do business in your area. Generally speaking, if an agent is familiar with the area and has experience, they should be able to help you to find a home. In other words, real estate agents do not do anything out of the norm when it comes to helping home buyers; they all pretty much offer the same services.
When it comes down to it, you will want to find a real estate agent that has experience helping buyers in your part of the country. Even though any agent will be able to lend some sort of help, only those who know where to look will be the most beneficial to your situation. When a real estate agent has knowledge of an area, he or she will be able to pass this along to you, the buyer. Remember, if an agent does not know where to look for homes, they could point you in the wrong direction which could end up being quite harmful in the end.
The nice thing about getting the help of an agent when buying is that they will never charge you for their service. Instead, they will split the commission with the agent that is selling the property. This means that you get all kinds of professional help without having to pay for it. Does it get any better than that? Too bad home sellers cannot get the same deal!
Overall, more and more real estate agents are helping home buyers just as much as home sellers. If you are in the market, find an agent who you are comfortable doing business with.
One option to buying a house when you can’t get a mortgage for the full amount is called owner financing (or seller take back).
There are many details to consider if you are going to get involved with owner financing.
Remember, this is not the same as getting a loan from a bank or mortgage lender. If you are going to get involved with owner financing, that is perfectly fine. But with that in mind, you need to make sure that you are aware of the details that surround this type of deal. Remember, when you are not working with a bank or lender, things are going to be a bit different. While this may not bother you, some people feel that owner financing is a bit too risky.
All in all, this is a decision that you will have to make on your own.
The first thing that you must consider is how long you will have to pay your loan when dealing with owner financing. With a traditional 30 year fixed rate mortgage, you more or less know exactly what you are up against. But with owner financing, this may be far from the case. Make sure that the term of you owner financing is detailed in depth so that you do not end up getting the bad end of the deal in the long run.
To go along with the owner financing term, you also need to take a closer look at the interest rate that you are going to pay. Just like a loan that you will get from the bank, you are going to have to pay interest to the owner. Of course, this should be negotiable, but with owner financing you usually have to pay a higher rate. This is common because it goes a long way in protecting the owner of the property.
But speaking of protection, what are you doing to keep yourself safe? When dealing with owner financing, you need to make sure that you know what you are getting yourself into. Is the owner somebody that you can trust? Are you afraid that they are going to leave you hanging? The best way to avoid a skeptical situation is to not get involved at all. But if you are going to, make sure that you take the time to have a perfect contract in place.
As you can see, owner financing is not something that you should jump into without thinking about what you are doing. Take your time when deciding if owner financing would suit your current financial situation.