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Lexington Park Real Estate OverviewQualifying the Buyer for your Lexington Park PropertyEither you or your agent will want to weed out potential buyers who cannot afford to purchase your Lexington Park home. Items to investigate include the buyer’s debt and credit history, current income and employment, the availability of cash for a down payment, the time the buyer needs before closing on the home and the buyer’s level of interest in your home as compared to other properties. Lexington Park Real Estate...Homeowners InsuranceLexington Park real estate Insurance costs can vary by hundreds of dollars depending on the insurance company from which you buy your policy. There are different types of policies that differ in the amount of coverage they provide. The most popular type is called HO-3. This kind of policy offers Area property protection and liability insurance. Lexington Park real estate or property protection means that you will be reimbursed for losses or damages to the house and its contents. Liability Insurance protects you against personal liability, medical payments for injuries to others and damage to other people’s property. There are policies with more extensive coverage and are usually called “deluxe” or “executive” policies. If you do major remodeling to your home, make sure you upgrade your coverage. If you have an office in your home, you might want to consider special insurance for your computer equipment. Lexington Park. How Much Should You Offer?Or more precisely, what does the seller owe on the property. If a seller owes $400,000 on the Lexington Park real estate he or she is not likely to welcome an offer for $350,000. If you want to negotiate price, make sure you don’t waste your time negotiating where there is no room to budge. Even if the loan is high, if the seller is in default there is a possibility of a short sale as many lenders will reduce the loan balance in order to move the property. Most lenders do not want to foreclose and manage homes and the Lexington Park market is no exception. Building Lexington Park Home EquityAs a Lexington Park homeowner you have the right to pay more towards the principle loan amount each month. Let’s say your monthly payment is $700.00 a month and $100.00 a month is being applied to the principle. If you choose to pay $900.00 instead of $700.00, the $200.00 overage will be applied entirely to the principle. Thus, instead of gaining $1,200.00 a year in Lexington Park home equity, you gain $3,600.00. The only factor being considered here is Home Equity. In individual cases it may be wiser to invest than to pre-pay your home loan. It also may be wiser to pay off high-interest, non-deductible loans before considering your Lexington Park home equity building options. Your financial advisor is the one to consult for these matters. If you would like up-to-the-minute information about Lexington Park home appreciation values in your area, please call or E-mail me today. Buying a Lexington Park Fixer-UpperFinding the right Lexington Park fixer upper often involves finding a seller who is in financial difficulty and wants to sell in order to protect their credit or to avoid foreclosure. Various government agencies such as VA, HUD, IRS and others offer homes in foreclosure for sale and these homes can make excellent fixer-uppers. Bank owned properties known as REOs, real estate owned, offer good opportunities since financial institutions want to eliminate their real estate holdings by selling foreclosures quickly. Join my network of Lexington Park buyers looking for specific types of properties. Call or Email me today. Buying Lexington Park Below MarketOn most real estate Websites you can enter the parameters you want for your Lexington Park. Include the price, size, features and location and the technology will notify you automatically the moment a property that meets your needs comes on the market. Now if what you are looking for is a particular type of property for a price that is significantly under market, you’d better be prepared to act quickly because you aren’t the only one who’s looking for a bargain. Often times, when a home comes on the market priced under the market there are extenuating circumstances. Maybe the house needs maintenance. Maybe the yard needs work. If you are prepared with a certain amount of knowledge about the costs of roofing, painting, landscaping and other types of deferred maintenance, you will be in a position to evaluate whether or not the Lexington Park is priced well enough that it truly is a bargain and not a fixer-upper nightmare. |
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