DC Fawcett Real Estate – Guidelines On Purchasing The First Property
Understanding about the real estate plays a major role before buying the first investment property as it involves incredible amount of savings. DC Fawcett Virtual Real Estate Investing club
DC Fawcett, the real estate tycoon reviews on how to buy the first property, the risks and benefits involved.
It is one of the important criteria to know where you stand by looking at the credit profile. You can obtain the copy of the credit report from authenticated websites through which you can check for the eligibility for the loan based on the credit points. If the credits points are high, the chances of availing the loan is high, else you can clear the debts and other disputes involved and still avail the loan.
Types of investing
The tax advisors can help you out whether a second home or an investment property is suitable for you after the credit report eligibility. The location must be the first preference for both the options. Some may prefer to buy a rehab home, fix the repair and sell it quickly at a higher price whereas some may buy a house which is in pre construction stage and then sell or some may purchase a fully furnished home and give it out for rent and make income out if it or buy a vacation home for at the location where they are currently staying or nearby to have recreation and rent it out for the rest of time not spent in a year. Any choice can be made with the help of tax advisor keeping in mind the amount you must spend on advisor fees, down payment, tax, repair work etc. You can visit the mortgage lender for approval of loan in legal manner so that the seller gets a conception that you are qualified.
Keep all the copies of financial documents required. Investors can join the virtual real estate investing club to read the blog which would help you further on the documents needed. Real estate expert team comprising tax advisor, real estate attorney, mortgage professional, insurance agent can be formed for the assistance so that work becomes easier and you can avoid legal troubles. 20% Down payments is necessary, so allocate funds in such a way once loan is approved.
Finding a property
Find out the area where market is good and you can invest. You can find nearer to your home so you can inspect often. You keep visiting the sites you like, find about the neighborhood and facilities available average rent and returns you will get and zero on one which you think will be a lifetime investment.
Real estate scams are common. Make sure you appoint a reliable real estate agent because most of the scams happen through email hack and stealing information online. They may show a property which is not worth or exist in real and try to sell it off at higher price. DC Fawcett helps investors on how to prevent real estate scams through his blogs, conducting webinars on virtual wholesaling.
DC Fawcett Real Estate Guidelines On Virtual wholesaling
In order to avoid risk and play safe game, virtual real estate marketing is preferred by the investors as it doesn’t require any money or experience.
The advantage is that the possibility of spreading their markets vast likes short sales, REO’S, investments on commercial properties which will increase the potential on return investment through DC Fawcett virtual wholesaling.
What is meant by real estate wholesaling?
It is a method, by which best real estate deals are determined and sent to real estate investors for which they are being paid, although it is only legal when paper work is done.
How to being virtual wholesaling?
Investors feel comfortable in earning money with minimum or no risk within short span of time, for such people virtual wholesaling is recommended as it has the following advantages
- Less competition as virtual real estate investors are less, many markets are undiscovered
- If local markets are saturated, investors can prefer other markets which have better options
- No need to – buy houses , sellers , buyers, make down payments, marketing cost
- No prior knowledge required on house repair and renovation
- Profit margin is 100 percent
What does a virtual real estate investor need in virtual wholesaling?
- Ensure you have a license to do the marketing safe, you can also sell and buy properties through virtual wholesaling.
- Hiring very reliable real estate agents and contractors, it can be few or many in number because if one fails to work or show up, other agents can help you out. Give them time to send you photos and report on the property.
- Send postcards and do mailing campaign, respond to the sellers who showed interest regarding terms, negotiate the price and mark them under contract list. Find a buyer and assign this contract, follow them up until deal closes and receive your check.
- You can find genuine buyers online through advertising and research well before you sign a deal always and build good rapport with buyers and follow them up until deal is closed.
- Go ahead to purchase or resell your property once you feel it is viable and worth the investment. Ensure that you sign a deal with a company which is known nationwide and title of the company is known in the market.
- In the initial stages of investing, make investments in your local region. In the later stage, once you are familiar with the trends and strategies, start house flipping.
- When you commit mistakes, try to learn and never repeat them again, you need to be careful while investing as there are many types of scams going around
DC Fawcett reviews on how to prevent scam:
- When you wholesale virtually, never sign deals in a fast manner and take time to investigate the property on a whole.
- Though there are real estate agents to help you out, never trust them blindly.
Your home needs to be sold? You cannot find potential buyers coming and visiting your property all by themselves. You need an agent to promote your property in a right way which is the work of a listing agent. Listing agent has different roles to play in real estate.
Hire an experienced and educated agent so that he can prepare the sale deed for the property, fixing price, negotiating with the buyer, promote your property.
Communication: he must be able to gather information from the buyer about his needs. So that the deal can be made in such a way that it impresses the buyer.
The listing agent must know about the locality in which your apartment is located. He must be able to with the information about the neighborhood. He should be aware if the location is not good. For e.g. theft, robbery, criminal surroundings. Enquire about the listing agent marketing strategies. Collect details like agent website, social media usage and details, reputation in real estate field, blogs and statistics.
Questions to be prepared by the buyers to ask the agent before the listing agent presentation
- Is the agent a member of any association?
- Broker fees /commission details
Any suggestions to improve your property before selling like does it need home staging, any repair and redesign needed?
- Prospective buyers list if any
- Enquire whether he can provide you with the buyers feedback about the property
- How and when to contact? How and what will be the regular updates be like?
The listing presentation will have CMA / comprehensive market analysis. CMA is used to give a comparative study about similar homes and active listings, recently sold properties. The expertise knowledge of the agent should be able to promote and sell your property in short span of time.
The age old advertising like print media (news papers, magazines rental/selling column) can be another way to find potential buyers. Conducting open house is a way to welcome all the buyers in and around your surroundings to see your property.
Dc Fawcett complaints on listing agents
Do not choose an agent based on the commission. Often sellers choose an agent with lowest commission and his house stays in the market unsold for a long time.
Do not overprice your property; make an assessment from various agents and professionals to fix a price. If you find your listing agent price is highest, then he is trying to betray you.
Sellers usually save their dollars by not hiring an agent but that myth fails because a seller will almost spend same or more amount to sell his house like escrow, inspection and lawyers.
Pros of having a listing agent
- Helps out in marketing and advertising on web.
- Using pictures taken in various angles to promote in property portals.
- Showing your property to potential buyers. Saves times for seller.
DC Fawcett Real Estate Guidelines On Multiple Offer Situations
Real estate market is unpredictable because a property may remain unsold for weeks or get multiple offers at the same time. The buyers are bound to extra pressure as multiple offers have both advantages and disadvantages.
The real estate agents play a vital role in decision making while choosing between multiple offer situations as they guide the buyers to choose the right seller.
DC Fawcett reviews on multiple offer situations
Pre-approval and pre-qualification
The lender looks at the buyer’s financial overview and credit report. If the mortgage guidelines are satisfactory, the buyer is eligible to receive a pre-qualification letter from the lender.
Pre- approval requires much more detailing like a combination of credit report, lender information and bank statements which is a sort of mortgage commitment. Pre approval is essential and acts as a deciding factor for multiple offer situations on choosing the seller.
Financing are of different types which are conventional loan and FHA program offering loan scheme having strict guidelines. If the buyer has FHA loan approved, he would be obviously eligible for conventional loan. Depending on the mortgage, the seller should consider which buyer to proceed with.
Plans of the seller
It is must to know the future plans of the seller and it is the duty of the real estate agent to gather information whether the seller is planning to sell the property immediately or retain the ownership and give it out for rent. Then the real estate agents should make corresponding offer to the seller.
Deposit and down payment
If the buyer is keen on purchasing the property, he would go ahead and pay the security deposit to the seller. The amount differs from buyer to buyer and the seller now chooses the buyer who has deposited the larger amount.
Down payment will also attract the seller to choose you as he gets a perception that the buyer has saved a large amount of money for the down payment. The one who makes highest down payment will be favorable for the seller.
Decade ago, the buyer would go for home inspection only if the offer is approved and seller would show his property. Nowadays, home inspection may create an opinion in seller mind that you are keenly interested in buying and you will stand ahead of the other buyers. Do not skip home inspection as it is turning out to one of the contingency.
A piece of letter would actually have an emotional value and some sellers consider you during the “multiple offer situations”.
Bidding and closing date
When you know you are competing with 10 or more buyers, stay firm with your offer and terms. Make sure your real estate agent also convey the same to the seller and enquire about the closing date from the seller.
DC Fawcett Reviews – Guidelines hiring a buyer agent
To make your home searching process easy and efficient, hiring a buyer’s agent is recommended. Listing agent is legally responsible to meet the buyer’s need. So the buyer‘s needs are to be satisfied by both agents (listing and buyers). The listing agent treats the buyers as his client, so the prospective buyers are treated with more care and concern. All the services are provided when you enter buyer-agency relationship. DC Fawcett reviews discusses about pros and cons of hiring a buying agent, his responsibilities.
The duties of the buyer’s agent
Ensure the information remains confidential and financial details remains within the buyer’s agent. The agent must support and guide the buyers throughout the process.
The agent must provide solutions when buyer is undergoing any confusion or problem while purchasing a property.
He must be able to convey all your needs to the seller and his agent as well as find a home that suit all the buyer needs.
Initially the duty of the agent is to do comparative assessment of the properties they visit.
Once a home is finalized, the agent has to guide the buyer in home inspection.
The agent should be able to inform and take care of the deadlines, legal formalities, mortgage approval. He should make sure all these are done within the budget and not exceed your financial status.
If the agent is not having much idea or experience about home inspection, he must appoint home inspectors to make the process easier.
Pros of hiring a buyer’s agent
- No need to pay commission, the seller pays for both the agents.
The agents are the first people to know about a property even before it appears on MLS.
The agent might give you information about the neighborhood and facilities available in the area.
The emotions are too high when you find a home that meets all your needs, to make you feel grounded and lists the drawbacks of the home, the agent help is needed indeed.
How to choose an agent
Has he got license? Enquire about his reputation and specialty, like what are the neighborhoods he is familiar with? His previous projects? Any suspicious activity recorded previously? How much he charge? What all he does during the process?
Real estate agents are not trustworthy; hence you hire very reputable and reliable agents while buying a home. There are several scams, for e.g. the scammer pretends to be an agent and get all your money and personal information and runs away once amount is credited to his account.
The scam may happen via a real estate agent itself stating that someone else have won in the multiple offer situation or pretends if there are multiple offers for the same property or telling you to bid the highest so that seller may choose you.
In order to prevent such scams, DC Fawcett, the real estate professional has started a virtual real estate investing club where blogs on multiple offers situations can be read by the investors.