Buying, Selling And Foreclosure Of Property

Posted by Jeet Mandair on December 13th, 2016

The buyer and the seller both of them should fulfill several legal and financial formalities. So a real estate agent is appointed by both the parties. The real estate agent provides comprehensive information regarding buying and selling properties. They are certified and licensed by government and hence they can monitor that the transactions that take place between the buyer and seller are genuine.

Types of properties purchased and sold

The buyers seek for different types of homes such as apartments, cottages, independent houses, condos etc. Many people want to buy condos because they can live independently. People are also selling properties such as land, townhouses, farms,

Foreclosure

Many properties today are held for foreclosure as the home owner is not able to clear his or her dues as laid down by the government. So, many people want to buy foreclosed condos. But for buying a property, the buyer should consider different points such as location, mortgage loan that is pending and to be paid by the previous homeowner, etc. A real estate agent online can provide information about foreclosed condos for sale.

The buyer should first decide if he or she wants to buy a home or construct a new home. The history of the homeowner should be reviewed, if the buyer wants to buy their property. But comprehensive information cannot be provided by anyone. Real estate may provide detailed information but sometimes the sellers may be fraudsters. The buyer should also access his or her financial position to know if he or she can pay the loan on time. Several documents should be produced to buy a new home.

Selling a property

Even selling a property is not an easy task. The seller should find out if the buyer is genuine and know his or her current financial status. The seller should access the market conditions and should sell the property at right time. For pricing their homes, the homeowner should fix a competitive price to attract buyers. They can generate Comparative Market Analysis Report to know the range of prices that are suitable for the homes. They should also know the loan status of the buyer so that the amount of EMI should be paid on time.

Buying a foreclosed property

Foreclosure properties can be brought but the buyer should be careful about the price of the property. The price should be much lesser than the market value of the home. The bidding purchaser should be much aware about the foreclosure process. They should know the foreclosure rules laid down so that they buy or sell the right type of property.

Many people usually buy a property beyond their financial capacity and are later on unable to clear the dues. So, a buyer should be careful before buying a property.