2 Team Members To Help You Buy Your Next Residence Or Rental Property
Buying a home as your residence or as a rental property is a process in which you want to complete correctly and not miss any details. With the help of the right team members, you can make a successful buying decision on a property and get the best deal for it. Here are two team members who can help you as you buy a rental property or your own residence:
Real Estate Consultant or Agent
As you begin searching for a home to buy, it can be beneficial for you to use the services of a real estate agent to help you look for properties that fit your criteria. A real estate agent can search for recently sold comparable properties to determine if a home's asking price is priced right. They will be knowledgeable in real estate law and have experience in contract negotiation to help you put in a competitive offer on the property you choose. And keep in mind, as a buyer, your real estate agent's commission is paid for by the seller.
If you are buying a property to rent as an income property, it can be helpful to hire a real estate agent who works with investors or is a property investor themselves. You can also hire a real estate consultant to help you look for and analyze potential investment properties. A real estate investment consultant is trained to work specifically with investors and can help you find a property that will be a good investment with positive cash flow.
Along with a real estate professional, you will need to look for a mortgage broker to find financing for your home purchase. They will look for a loan program based on your income, credit score, and any potential income an investment property will bring in. Your mortgage broker can pre-qualify you before you begin to look for properties to determine your buying power based on your circumstances. Your mortgage broker can give you an approximate mortgage payment based on the terms of the loan programs they are looking to approve you for.
Your real estate agent can usually recommend a good mortgage broker for you to work with, as they have likely worked with many. If you are tempted to talk to your bank or credit union about getting financing with a mortgage officer, keep in mind they only have access to their financial institution's lending programs. A mortgage broker has access to a wide variety of lending programs from many different banks and organizations. This increases your chances of your broker finding a low rate mortgage with the most favorable terms that will fit your requirements.
Contact a company like Brown Real Estate Consultants for more information and assistance.