Admin

Understand the Process of Buying a Home

#Mortgage #RealEstateTips  #DreamHome #HomeBuyer #PropertyTips 
hire a real estate agent representing their interest.

First-time homebuyers need to understand that they can't just hire a real estate agent representing their interest. Agents don't work for the bank, but sometimes it is in their best interest to represent the bank. 

Not just your typical real estate agent, but your lawyer, too. If you're a first-time buyer who doesn't understand all the nuances of buying a home, and there are some that you don't understand, you should hire someone who does. 

Here are some tips to help you understand what is happening in the transaction. Get the assistance of a lawyer and real-estate agent who are in the know. You will pay for their service, and you will be working with them to gain the best advantage. That will cost you money. Understand that they have a financial stake in the transaction, and you will be working with them to gain their best interest. 

This is not your typical business transaction where they are representing you and your interests. This is about them and their own financial interest and not yours. If they represent the seller, they will have an agenda. They will be concerned with their own financial interest. Your lawyer is your personal financial advisor, not just working for you but representing your interests. When you understand how they work, you will gain the best advantage possible. Understand that you are responsible for paying their fees.

This is very important, and you need to understand that you are expected to pay the fees. As a first-time buyer, you will not be able to borrow the money to pay for the representation of the real-estate agent and the lawyer. That is how they make their income. You will pay for their representation, and they might be working with someone else who will have an agenda.

You may have a hard time getting approved for a mortgage. Even though there are now pre-approved mortgages, and even though lenders are working harder than ever to approve loan applicants, there is still the credit report issue. People still have trouble getting approved for a loan. The banks still have their agenda. This is not the normal situation, and this is not your banker. If the bank represents your interests, they will have your interests in mind, not the banks. 

You are working with someone who has your best interest in mind, not with the banks. If you are getting pre-approved, that means the lender has reviewed your financial position and sees you as an acceptable risk to lend to. Not that you are perfect, but that you are an acceptable risk. If you do not have a pre-approval letter, that does not mean you will not be approved for a mortgage. It just means that the bank will not take the risk on you.




It takes time to be approved for a loan and understanding the process is crucial to being prepared to act. Remember, you will not be able to change anything in the mortgage process once it begins. The bank is required to approve you for the loan, even if there are problems with your credit report. The lender is required to loan money to you. There is nothing you can do to speed things up or change the status of the loan application. By being aware of the process and the things you must do to be ready, you can be prepared to apply for a loan if you are approved.

I hope you found this article helpful? As you continue your quest for wealth and financial security, the investment strategies laid out in Think Like a Tycoon by Dr. W.G. Hill is the resource you should seriously consider. 

Think Like A Tycoon by W.G. Hill

How to Make a Million in Three Years or Less

I am a real estate investor for 10 years now and personally involved in 40 real estate transactions. With that said, this is the book to read. Read this book if interested in real estate investing. Don't if you aren't.
(Michael - Real Estate Investor)

Make your fortune from “distressed property” using other people’s money and this property tycoon’s no-brainer strategy

…NOW is your golden opportunity to turn bargain property deals into 1 MILLION in just 3 years…

…using other people’s money and this property tycoon’s no-brainer strategy…

What you have to do to secure your future and avoid becoming another government statistic

It’s simple: Make your fortune from “distressed property”. And Dr. W.G. Hill can show you how.

For your convenience, we have added a link to Think Like A Tycoon on all the Amazon marketplaces, for the fastest delivery please choose your local marketplace. If "Currently unavailable" choose the marketplace nearest your location.

Note! Think Like a Tycoon is only available in English.

America - Canada - Sweden - Germany - Italy -  France - Spain - Poland - Netherland -  Mexico - Brazil - India -  Japan - Singapore - United Kingdom - Australia & UAE ships from the UK!) - Saudi Arabia - China -

Stay tuned for more free videos, articles, tools, and other valuable resources.

Please continue the conversation for this post on the
Think Like a Tycoon Forum - LinkedIn - Facebook 


 

Email Post
Category

More Tips & Tricks You may also like…

Image

How To Find Distressed Properties For Sale

#PropertyInvestment #PropertyHunting #FirstTimeHomeBuyer #RealEstateAuction  Some people are skeptical of these opportunities. They think the deals not worth the trouble. But this is not true. The best deals to find are distressed properties that are cheap and reasonable. How To Find Distressed Properties For Sale The first thing to do is be clear of the risks involved in buying these properties. The key to doing business in a competitive market is to anticipate the needs of the market. The real estate business has become very competitive because of the number of homes entering the market. The market is filled with homes for sale. Most of them are distressed. How to Spot Distressed Properties For Sale There are certain signs that the homeowner may be under extreme financial strain. The homeowner may decide to sell the property very quickly. They may put their house up for sale below market value, especially in areas where competition is stiff. A distressed property is one that has gone
Learn more »
Image

Disclosure of Information on Foreclosure Listings

  #ForeclosedHomes #ForeclosedProperty #DistressedProperty #DistressedHome #PropertyTips The majority of distressed properties are occupied by individuals or couples in residential contracts with their lender to purchase a property.  I'm assuming this for several reasons. The first is that most distressed homes are sold "As-Is." They are bought with only a mortgage State". Secondly, many distressed home sales are made short sales". This means the homeowner has tried to contact their lender via servicing statements or other documentation. They've made references to their accountability period and final determination date. They've tried to get other agencies to assist them, such as a HUD counselor, but those agencies are also out of service. If your bank is a non-traditional lender, they are likely to have an occupancy mandate with homeowners they buy a distressed home from. This means they're not going to be doing any short sales, distressed sales, or
Learn more »
Image

How to Get Started With Real Estate Investing

#RealEstateInvesting    #RealEstateInvestor    #MentorTips  That was a bold statement for sure, and I know it is a challenge to follow it. However, it is really not that hard to put it to work for you if you have the education, understanding, and resources to do so. Below are several strategies and suggestions that should help you succeed. First and foremost, seek out great investing mentors. When seeking out a mentor, you should know the criteria for an excellent mentor. Mentors should have worked in their field for at least two years or longer, be financially secure and able to work full time in the field of their choice, preferably in your industry, be someone who is already making money, and know what success looks like. You should build your relationship with your mentor by going into a local bar, chat, or phone call every few weeks to make sure you are not on the same page. A lousy mentor could drag you down and take away from your learning because your mentor didn't show you
Learn more »