What is a Real Estate Auction and how does it work?
This is a way of offering Real Estate for sale. The house or land is advertised to the public for 4 to 6 weeks. On the set date and time all interested Buyers come together and bid on the property. Within a very short time the high bidder will be announced. They will have up to 30 days to close on the property.
What does Contigent or Absolute Auction Mean?
Contigent means that the owner of the Real Estate has agreed on a price for the property before the sale. If the bid does not reach that price the owner does not have to sell.
What does Absolute Auction mean?
If Real Estate is auctioned Absolute that means that when the final bid is accepted the property will be sold.
Why should I work with a RealtorŪ?
1-Navigate a complicated process- A knowlegable expert will help you prepare the best deal, and avoid delays or costly mistakes.
2-Information and Opinions- RealtorsŪ can provide local community information on utilities, zoning, schools, and more. They'll also provide objective information about the property.
3- Help finding the best property out there. Sometimes property you are seeking is not actively advertised in the market.
4- Negotiating skills- There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. Your agent can advise as to which investigations and inspections are recommended or required.
5- Property marketing power. Real estate doesn't sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practioner's contacts through previous clients, referrals, friends, and family. Your RealtorŪ can prescreen and accompany qualified prospects through your property.
6- Someone who speaks the language- If you don't know a CMA from a PUD, you can understand why it's important to work with a professional who is immersed in the industry and knows the real estate language.
7-Experience- Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. Even if you have done it before, laws and regulations change. RealtorsŪ handle hundreds of real estate transactions over the course of their career. Having an expert on hand is critical.
8-Objective voice- A home often symbolizes family, rest and security--- it's not just four walls and a roof. Becuause of this, homebuying and selling can be an emotional undertaking. And for most people, a home is the biggest purchase they'll ever make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.
What factors decide my credit score?
Scores range between 200 and 800. Scores above 700 are considered desirable for obtaining a mortgage.
Your payment history- Whether you paid credit card obligations on time.
How much you owe- Owing a grat deal of money on numerous accounts can indicate that you are overextended.
The length of your Credit History. In general the longer the better.
How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay promptly.
The Types of Credit you use. Generally, It's desirable to have more than one type of credit-- installment loans, credit cards, and a mortgage, for example.
