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Tips for First Time Buyers or Investors


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Categories
Buying Rental Property
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First Time Buyer

 

With the real estate market displaying indications that this may well be the last opportunity to pick up a property at a steal, there is many an aspiring homeowner or landlord eyeing the market with interest. However, if you are a first time buyer, or you simply have a lack of experience in these matters, you may want to proceed with some caution.


For one, getting financing is getting more and more difficult – for primary homes as well as investment properties – even though the economy has eased up a little. Secondly, you may simply be getting lured by market conditions so make sure you get your motivations right. The approach for housing and investment properties is often different.


Banks are hoping that the incentive payments will cut out resistance from homeowners and offer up the best solution for all. It is a win-win for the banks, particularly because they skip out on a potentially long legal battle on the one hand, and take advantage of making a better deal through a short sale on the other.

First time home purchasers need to begin by getting a thorough understanding of their credit history. If you have no idea what that is, it is time to take an interest, because in the current scenario no lender will entertain a prospective buyer with a weak credit history. With this in place, sit down and think over what kind of a home or investment property you want and how much you are willing to spend on it. These decisions are best made at an early stage, or the market could end up befuddling you. Finally, get the right people on your side before you jump in, for it is going to be a long and interesting ride.

Click for an even more detailed article from Realty Times on tips for first time buyers.



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