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“Try On” Your New Home Before Buying

It’s commonplace to try on suits, dresses, trousers or shoes before buying them. People instinctively know they need to try on clothes to be sure they fit, feel comfortable and are attractive on them. What about a home? It’s probably the most expensive purchase you’ll ever make. Isn’t it even more important to “try on” a home before you purchase it?

What on earth do I mean? Well, it’s usual to look for a home in places that are convenient to work and schools. Most folks take the daily commute into consideration when shopping for a home. Why not take the daily, weekly, and even monthly activities of family members consciously into account, too?

Case Study

I once helped a young, single woman named Wendy to find and buy her first home. She worked for Geico, was rising very nicely in the company and wanted a home of her own and the tax break home ownership affords. She asked my advice about choosing, and we had a conversation in which I men…

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Successful Real Estate Investor Tips

Becoming a successful real estate investor Becoming a successful real estate investor requires being able to find good real estate investment deals and put them together. Your job is not to become an closing attorney, a management expert, or a repair person. Use professionals!

You must learn how to appraise and find the true value of real estate this information will help you make better investment decisions. Realtors, appraisers, and banks determine what a property is worth by looking at comparable sales usually three to five sales of similar property that has recently sold in the same neighborhood. You must be able to do the same.

Getting a list of comparable prices of properties bought or sold (and when it sold) for the neighborhood you need information about, and asking active real estate investors in your area what the market is like will be helpful and making a better investment decision. …

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“Renting Back” After Your Home Is Sold

Sometimes it’s helpful to sell your home before you really want to move. This often happens when you are having a new home built, but aren’t sure of the completion date. Is there any way you can sell your home so you’re sure of the funds available for the new purchase, but continue to live in your old home until construction of the new one is complete. Yes, there is with the renting back strategy.

Enter the Lease-Back or Rent-Back Agreement

The particulars of this strategy vary from state to state, but in the strong seller’s market we’re experiencing, buyers will often agree to let the seller stay in the home for a period of time as long as rent is paid. In a competitive situation, the buyer willing to do this will often have the winning bid even though there is another offer as high as his.

The agreement covering the situation states the length of time the seller will remain. It can be done with a specific date named or wording that allow…

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