When ever you are going to buy a property be sure that the documents belonging to the property which you are buying are clear and far away from any type of disputes. after checking out with the documents go for the property (site) check that each and every thing which is written in the documents are correct. And always before buying the property know about the market price.
I think that the best advice is, can we do it by ourselves? Because if we can get informed and do it alone we save all the money from the agency. Well, maybe not if the house is being sold by an agency, but if you're selling it yourself do it without the agency for 10% profit.
There was a very short time I thought that "for sale by owner" was the way to go... but after realizing the nightmare it could cause, I'd never go that route now. There has to be some kind of accountability... checks and balances. And the paperwork would be horrendous. I'm aware that many people buy and sell real estate "by owner" but it's just not for me. Knowing my luck, I'd be the unlucky one finding the buyer who becomes that nightmare. Everything I'd be told about the house would have to rely on the owner's word. A real estate agent knows how to assure that what the buyer is saying is actually true. So many things could go wrong.
I agree with Waseem59, I recently bought a home about 2 years ago, just as the market was starting to come back but the price value of homes were still low. Now I have about $100,000 in equity in my home and I haven't done anything to it. You never want to buy a home at the top of the market because you take the chance of the market crashing and being underwater. I agree that you need to thoroughly check into the property that you are buying and make sure that you are not stuck with any liens on the house. Hope this helps someone looking to buy.
I've learned that if I am really motivated to sell quickly and get the best price, I should get it appraised myself and sell it without a realtor. Buying can be a little different. But I've learned in general not to trust real estate agents to necessarily do what's best for me when I need it done.
I listed my home with a realtor and waited the entire 6 months for the realtor to sell it. Nothing happened. After the 6 month period I decided to try for sale by owner. 3 days after listing the home online and placing a sign in my yard there was a couple seeing the house across the street from me. We happened to be outside playing with the kids and overheard them discussing our home. I invited them to come over and see it, we signed the contract that night!!! No one will work as hard as you are willing to work for yourself. It is just the selfish nature of ourselves. Not to say my agent wasn't any good maybe just meant to happen that way!
I agree that it is important to really scrutinize the contracts and documents before making a purchase. My aunt faced a problem where she just paid for a property in the countryside only to realize years later that there was a lawsuit related to the contract (which she had nothing to do) and she had to go through the proceedings since she's the new owner now. It was too much of a hassle and she had to go to the place at least once a month to attend the hearings. It was a property she bought from a friend but it seems when it comes to property purchase, you really can't trust anyone that much and you need to be personally vigilant before making any final decisions.
Well, this is true, it can be a nightmare, but considering that agents can take around 5 to 10% in a 150.000€ deal it mean 15.000€ in the 10% case, so it's a huge sum of money...
Act as though you don't really care one way or another. DON'T show any emotion, no matter how much you may like the property or want the property. Always think to yourself and convey to sellers that you can walk away and have other options. Do your homework ahead of time, and make an offer for no more than 80% of the asking price. If they reject it, walk away. If they counter, make a deal for no more than 90%. Maybe 95% if you REALLY want or need it. Don't pay asking price. It will need to be appraised if not paying cash. You may want it appraised anyway, and be prepared to pay for the appraisal and the necessary title work handled by the attorney. And an attorney will need to close the deal and file it at the local courthouse.
