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New Economy Triggers Changes

New Economy Triggers Changes

pq-1The new economy has triggered drastic changes in real estate. Following the real estate crash it’s particularly important to get each and every home buyer pre-qualfied. But it’s also equally important to make sure every home seller is able to legally convey their property to a new purchaser. Pre-qualifying real estate buyers and sellers saves time and limits the number of problems involved in any real estate transaction.

Things have changed drastically in real estate in the new economy. Years ago a real estate agent taking a listing on a home was a bit of a no-brainer, but with millions of home owners underwater on their mortgages and with other legal problems, it’s become equally important for home owners to be pre-qualfied. Checking mortgage amounts owed, however, is only the start. There are a series of other steps that need to be taken and questions posed before any responsible real estate agent puts a home or other property on the market for sale.

Eliminating potential problems in the future is a critical part of marketing a home, condo or other real estate. In Las Vegas there are lots of homes that have title issues and cannot be conveyed to a new owner, and many times home owners are unaware of these issues. Most home owners who have problems with the legal standing of their homes are unaware of the issues until it comes time to sell, but in most cases the problems can be cleared up quickly.

However, sometimes the problems are so troubling that homes may need to be held off the market until the problems are resolved. As a consequence, it’s a fairly good idea to look into the legal chain of title of real estate long before it’s time to put a home or other property on the market for sale.

Pre-qualifying buyers is a little easier. Mortgage lenders can pre-qualify buyers quickly in just a few minutes, but getting pre-approved for a mortgage is a bit more involved, including apq-4thorough credit check and other confirmations, including employment. Knowing just how much home buyers qualify for as far as their home price range is particularly important when it comes to shopping for a home.

After all, there’s no sense in looking at homes that are listed for $500,000 when you qualify for a home limit of $200,000.

It’s better to know how much you qualify to start with than be disappointed when it comes to shopping for a home. The experience of purchasing a home should be enjoyable.

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Mike Colpitts

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