One of the best real estate investing tips you can receive is “caveat emptor,” which is Latin for “let the buyer beware.” In most cases, real estate sales are final, so it’s up to the buyer to know what he or she is purchasing and to review the contract meticulously before signing. Some states require a three-day right of rescission on all contracts, which essentially means you can change your mind and be released from obligation by notifying the other party within 72 hours of the time when you signed the contract. That’s not the case in most states, however. Know your investing guidelines.
Two Kinds of Knowledge
Information is the name of the game, so if you want to be a real estate player, you’ve got to have two kinds of information: knowledge and data. The more general knowledge you have about the real estate industry–pricing, value, market values, contract terms and similar topics–the better off you’ll be. A strong knowledge base provides you with the necessary confidence to seek out and execute real estate deals.
The second kind of information you need is accurate, reliable property, sales comparables and foreclosure activity related data. Remove emotion from the transaction by relying on solid, objective information about the value of a particular piece of property and any area risks associated with that land. The more data you have, the better your decision-making should be.
Let us assist you in gaining an informational edge. We offer fast, reliable reports with useful information, at an affordable price. Our HomeSmart Report provides you with detailed information about known area risks such as foreclosure statistics, sales turnover, value fluctuations, market strength and more. The HomeSmart Value Report is essential before making an offer or negotiating a price on any individual piece of residential property because it helps you understand the specific value of that property.