When aspiring homeowners look to purchase a home, they generally look for properties that are for sale by the owner, or from a realtor. Buying a foreclosed home comes with considerable risk, but you can eliminate this risk by paying close attention to how you search for foreclosures and analyze them.
Using the tips below will help you buy a foreclosed property with complete confidence.
Hire a Realtor with Foreclosure Experience
Most realty agents charge somewhere around 6 percent of the total home price for selling houses. This percentage includes both commission and fees, and it amounts to a significant amount of money in most cases. Although you might have to use a real estate agent if you want to get your home sold quickly, you don't necessarily have to pay that 6 percent. Use these two creative ways to get your real estate agent to cut their percentage when selling your house!
Renting a new apartment can be a very exciting and fun experience, but there are a few precautions that you will want to take before moving in. By inspecting your apartment thoroughly before moving in, avoiding doing any basic repairs yourself, and purchasing increased renter's insurance, you can avoid any costly apartment charges or losses.
Inspect the Apartment Thoroughly
One part of the apartment rental process that many people try to rush through is the apartment inspection.
Do you have a property that you want to sell? Are you facing a substantial capital gains liability on the property? You may want to sell the property under something known as a 1031 exchange. A 1031 exchange is a transaction allowed by the IRS that gives seller the ability to exchange one property for another without facing any capital gains tax. The catch is that the proceeds from the sale of the first property must go into the purchase of the second property.
There are many cases in which a homeowner rents out a part of their home, such as a single floor or an addition, to a tenant. If you're thinking of renting an apartment that is in the same building as your potential landlord's home, you'll want to carefully weigh the pros and cons of this living arrangement before signing a lease.
Pros of Living in the Same Building As Your Landlord