How do I get started?
What is the difference between Fee Simple and Leasehold?
How can I determine my price range?
What is a Realtor?
What is the key question to ask each real estate salesperson I deal with?
Do I have to use the services of a real estate agent in buying or selling my
home?
At what step in the transaction should I retain a Mortgage Broker?
Will I be responsible for the conduct of my Broker?
How do I get started?
The best way to get started on this exciting venture is to ask relatives or friends about Realtors they know. Call and make an appointment to meet with them and choose someone you are comfortable and confident with. Discover and talk about your long-term goals so options can be explored and discussed.
In order to get started, you also need to understand the
buying process and market conditions. Both
of these are equally important. There are hundreds of books and articles
written
on
this subject, plus information on the Internet, including this site. Ultimately,
you may need to conduct a question and answer session with a professional
to get to the next level: making an offer and securing
the funds for the purchase. That is when you need the right real estate professional.
To find a home, it is best to meet with your agent and work together to find
a suitable lender.
Once you know your qualified loan amount, you
can begin
the
process
of searching for homes that match your desires and qualifications.
What is the difference between Fee Simple and Leasehold?
Ownership is the difference. With fee simple, you literally own and control the land until you sell or pass that ownership on to someone else. The leasehold system allows you the use of the land with stipulations of rents to be paid and the duration of this rental agreement. Lease terms and conditions vary so judge them case-by-case. There should be a difference in value in the properties depending on those stipulations.
- Fee simple is the normal method of ownership of real estate. You will own the structure(s) on a parcel of land and also own the parcel of land the structure(s) is/are on.
- Leasehold simply means you own the right to occupy the property based on the terms of the lease. You can think of it as if you have a very long lease on a rental property. At the end of the lease, you will be moving on to another property.
How can I determine my price range?
The best way is to have your Realtor bring a mortgage broker to your interview or set up an appointment to discuss your budgets and available financing. Mortgage programs vary in their creativity and risk. The price range you determine as comfortable will depend on the program.
What is a Realtor®?
A Realtor® is an individual licensed to list and sell real estate, one who is also a member of a local Board of Realtors, the State Association of Realtors and the National Association of Realtors. As a member of these three professional trade associations, a Realtor is bound by a strict Code of Ethics, the canons of professional behavior that guide daily activities in the real estate business.
A Realtor pledges fidelity to clients, but also pledges to treat fairly all
parties to a real estate transaction. A Realtor is knowledgeable about various
aspects of the real estate profession and maintains current information regarding
market conditions. Realtors have an affirmative obligation to serve property
owners and prospective buyers to the best of their ability.
A Realtor is the recognized professional in real estate. The distinctive Realtor "R" is
your guarantee that you are dealing with the elite of the profession, a member
of an association of Realtors, a professional who deserves your trust: a Realtor.
Do I have to use the services of a real estate agent in buying or selling my home?
No, you don't have to. However, the expertise a good agent will bring to the transaction might be of great assistance to you.
At what step in the transaction should I retain a Mortgage Broker?
The earlier, the better. The Broker's services will cost you the same whether you involve the Broker at the outset or at the eleventh hour, and a good Broker will help you to avoid pitfalls at every stage of the transaction.
Will I be responsible for the conduct of my Broker?
You may be. For example, if you are selling a home, any representation true or untrue your Broker may make about the property to a potential buyer is binding on you. Thus it is important that you work as closely as possible with your Broker at all times.
is a service mark of
The Prudential Insurance Company of America. Equal Housing Opportunity.