How To Locate And Assess Homes For Sale

When you're looking for a new home, it's almost like you've picked up a second job. And that's the way it should be. The time it takes to really evaluate the homes for sale in your desired area is a good precursor for the financial investment you are about to make. There are two main steps in your process of finding appropriate homes for sale. The obvious first one is to locate them- not as simple as it sounds. The second step is to evaluate those homes for sale with a good set of criteria.

Locating Ideal Homes for Sale

The biggest problem isn't locating homes for sale, it's locating the right homes for sale. You know the methods- drive through neighborhoods, online MLS listings, work with a realtor, scan the classifieds, and stock up on real estate homes for sale magazines. The issue can be one of there being too many homes for sale to even know where to start. Hiring a realtor can give you another set of legs to eliminate stale and out of date listings and other inappropriate properties. But don't think that hiring a realtor lets you off the hook completely. Even if you do choose to work with an agent, it will be in your best interest to always be on the look out for homes for sale on your own. Here's why.

It's in your realtor's best interest to sell you the pricier home. Now honestly, a difference of a few thousands dollars may not make that big a difference in commission. But even the most honest realtor may not consider looking for deals below your stated price range of homes for sale. The other factor is that only you really know what you want in the homes for sale you see. You may have told your realtor that you really need 4 bedrooms. But once you see that sprawling lawn of an otherwise perfect 3/2, your priorities could change. So take advantage of a realtor to help you sort through the numerous homes for sale, but keep looking anyway.

Assessing the Homes for Sale

Maybe you know exactly what you want in the homes for sale that you tour. Or maybe you're still trying to decide what your highest priorities are. Older house, lower cost- newer house, less maintenance? Since everyone's priorities are different, one of the best tools for assessing homes for sale is to create your own evaluation form. Make it out by hand, or design a simple spreadsheet. But make a few copies of the form and take it with to assess the homes for sale you are interested in.

Items to include on your Homes for Sale Assessment Form:

• Structural and Maintenance concerns- Has the home been well maintained? Any signs of wood or water damage? Mold?

• Amenities- Number of bedrooms and bathrooms, kitchen and storage requirements, yard care and size, extras like sunrooms, garages, sheds or pool

• Locale- Proximity to schools, stores, busy streets, your job, your family, type of neighborhood...

• Red flags- How does the property handle drainage? Are there dumps or industrial areas nearby? Dangerous traffic areas, crash zones, on-going construction?

Primarily knowing what you want and having a way to compare the homes for sale you visit will put you in a better position to make your final buying decision. In the process of buying a home, it is the most informed buyers who end up happy homeowners.

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About John Harris

John Harris is a researcher and writer on applicable real estate topics such as economics, credit improvement tips, home selling advice and home buying preparations. For more information please visit http://www.twtrealestate.com/CarmelValley-homes.html/


And here is another random article you might be interested in...

Home Foreclosures and Big Profits? Just Another Myth

Everyone would like to find a way to make a lot of money without doing a lot of work. Getting rich quickly seems to be the American dream. And if you watch a lot of late night television, you might think that you have found the ticket to fast riches by investing in foreclosed homes. There are advertisements that offer to tell you the "secrets" of buying distressed property with no money down and five figure profits in as little as 48 hours. Other advertisements state that foreclosed houses are available "in your area" at rock-bottom prices or that some troubled owners are "desperate to sell." Can this be true? Is there easy money to be made buying and selling foreclosed property?

Home foreclosure is the process by which a home is taken from a buyer by someone with a lien against the property. Most of the time, the lender initiates this when the buyer has not made payments on the mortgage for an extended period. Lenders are not really interested in taking back houses; they would much rather have cash. As a result, foreclosed houses are usually sold at auction in so that the lender might recoup their investment.

Due to rising interest rates and rising house prices, many people have found themselves with mortgages that they cannot afford. But are people really letting houses go at auction for pennies on the dollar? Can you buy a foreclosed home today and sell it next week for a huge profit?

The truth is quite a bit less exciting then the advertising would suggest. Here are some reasons why buying and selling foreclosed property isn't all it is made out to be:

There is tremendous competition at the auctions. Believe it or not, you will not be alone if you appear at a real estate auction. In fact, in these times of sky-high prices, bidders will be plentiful as everyone is trying to save a few dollars. Most of the time, the hammer price on such auctions will be very close to, and sometimes higher than, average market prices. The competition is fierce.

You must pay, in full, right away. If you do purchase a home in a real estate auction, you will be expected to pay for it, in full, immediately. If you don't have six figures in liquid cash sitting around, this might not be for you.

A lot of such property is damaged. Property damage is common, and you may not be permitted to do a full inspection of the property or the damage ahead of time. This is truly a case where "buyer beware" can apply.

There may be title issues. It may or may not be possible to obtain a clear title on the property. Most professionals who buy such property spend countless hours doing title research, thus putting a dent in the notion that you can make money this way on a part time basis.

What about the owner who is desperate to sell before the lender forecloses? The current market is still pretty lively. No one is going to sell you property at one third off when they can just put a "for sale" sign in the front yard.

The idea of making a fortune buying and selling foreclosed property is lucrative for those people who market books about the topic. For everyone else, it's an expensive, risky, time consuming job. If you are looking for a quick dollar, you won't find it in foreclosed property.

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About Charles Essmeier