Purchasing Residential Real Estate: The Parties and The Contract
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Purchasing Residential Real Estate - Randall Beach
WORK.
Introduction
In 2012, 4.65 million existing homes were sold in the United States¹. That’s a big number, particularly when the housing sector is just now beginning to come out of a five year slump. Think about it. That means 4.65 million individuals and families purchased a home in 2012! By all accounts, annual sales for 2013 should be even higher, as the sector recovers and begins to return to a normal
level.
The number of nation-wide home sales seems even more significant when you recognize that, for the vast majority of families, the purchase of a home represents a huge investment. Some will purchase one home and remain there for the rest of their active adult lives. Increasingly, though, more people will purchase several homes throughout their lives as they relocate both geographically and economically. Regardless, for most people purchasing their home is the biggest single investment they will make.
Most people naturally get more concerned with their purchasing as the price tag of the target item increases. The Average Joe does not think much about the $20 purchase he makes on a weekly basis. Plopping down $2000.00 for the newest flat screen TV though, is more likely to involve more thought. That purchaser might take some time to do a bit of on-line research before making the decision to purchase the $2000.00 flat screen. And the new family car? How many of us randomly walk into a dealership and purchase a $30,000.00 car on a whim?
So what about purchasing a home – the biggest purchase many of us will ever make in our lifetimes? Luckily, there are thousands of well-trained real estate brokers and agents out there to help guide purchasers when it comes to selecting a new home. Ideally, these real estate professionals are there to help a purchaser: (i) determine the type of house they are looking for; (ii) determine the type of house they can afford; and (iii) find that home in the selected geographic area of their choice.
When it comes to making the biggest purchase of their lives, homebuyers have an incredible resource to look to in real estate brokers. Of course, as in all things, some real estate agents are better than others,