The ABC Book of Buying and Selling Real Estate

By Thaddeus Faulknor

This little Handbook is your road map to your first Real Estate transaction, whether you are a buyer or a seller.

Thaddeus Faulknor is a native of Jamaica's West Indies. He does Carpentry and cabinet maker by trade and later further his studies as a vocational instructor. He traveled to many different Is

• Language: English
• Publisher: Thaddeus Faulknor
• Release date: Oct 17, 2021
• ISBN: 9781956529111

Thaddeus Faulknor

Thaddeus Faulknor is a native of Jamaica's West Indies. He has traveled to any different islands and countries, including Bermuda, where he worked on the South Hampton Princess Hotel as a finish carpenter. He later taught vocational education in Jamaica. His hopes were to one day write a book to share his experience. Mr. Faulknor migrated to the United States in 1979, and took up residency in Yonkers, New York. There, he continued in the woodworking trade while pursuing his education in business administration and later became a real estate broker. He has never ceased to strive to become better. His hard work and family dedication has led him to obtain two United States patents. His testimony is, "You can make it if you try" and "Thank God for his marvelous grace towards me."

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The ABC Book of Buying and Selling Real Estate

Copyright © 2021 by Thaddeus Faulknor

All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the author, except in the case of brief quotations embodied in critical reviews and certain other non-commercial uses permitted by copyright law.

ISBN

978-1-956529-12-8 (Paperback)

978-1-956529-11-1 (eBook)

Buying Your First Home

How to purchase your first home with Little or no money down…

Buying Your First Home

Facts about your real estate transactions

BY THADDEUS FAULKNOR

PRINTED BY: Thaddeus Faulknor

Table of Contents

Introduction

Good Intentions

Buying Your First Home

A Good Realtor

What Price Home Can I Afford

Viewing Homes

How many Houses Should I Look At Before Buying

Things You Should Look For When Buying A Home

Spotting Defects

House Hunting Tips

The Decision-Making Process

Should I Buy Or Rent

What Is An Equity?

Buying A New Home

Making Your Offer

Accepting Your Offer

Buyers Guide

Increase Your Property Value

Increase Your Credit Score

Home Owners Tips

The Basics Making An Offer

Why Do I Need An Attorney

Earnest Money Deposit

What Is A Home?

Finding A Bargain

When to Buy A Home

About Your Home

Hints on Calculating Your Mortgage

Buying a Foreclosure Home

How to Purchase With Little or No Money

Should I Buy A Handyman Special?

How Do I Find Foreclosures

Establishing a Working Relationship

How Do I Sell My Home

Something That Will Make Your Home Sell

The Best Time To Sell

Marketing Your Home

What If My House Don’t Sell

How Do I Price My House?

What is a Fair Market Value?

Should I Fix My House Before I Sell It?

What Will Make My House Sell

Reaching Prospective Buyers

Showing Your House to Prospective Buyer

When Do I Start Looking For A Home?

Do I Need A Lawyer When Purchasing A Home?

How Do I Find The Best Bargain?

Real Estate and People

Real Estate And The Community

Caption Pages

Acknowledgments

Introduction

I was propelled to put out this little hand book because of the latest trend that the Real Estate Industry has taken. When you listen closely, you will hear more and more Americans complaining about the real estate market. Most people are very much concerned about the escalation of prices, and how inflation is eating up their income which makes it hard to own a home. In other words, the rapidly accelerating change has dampened their hopes of ownership. Many have to resort to taking two jobs to keep up with the times.

It can be seen clearly that the economy will not get better, and the financial challenges facing us will not get better but worse. Many times, we might have questions about our future, and try to find out what is ahead. There might not be any immediate solution to the questions and the crises which present themselves, but the beat goes on. These situations pose hard and tough decisions in these days and times. This is no fairy tale because many of us have listened to our friends and relatives complaining about this.

The message that has been conveyed is quite plain and simple. Everything is at a fast rate of speed and has been eating up by inflation, therefore, simple logics will tell anyone to find a vehicle that accelerates faster than what we are experiencing. At the present time, we bow our heads over the classified ads section of the newspaper day after day with our markers in hand with their bright tips, confused and fed up, oh yes, but this will not solve the race to poverty.

In the pages that follow, you will come face to face with reality and realize that two jobs are not the real solution. I am not trying to frighten you, but we have got to learn how, and when to face the realities of life. I am trying to encourage you to learn to fish and not to settle for a one night of fish eating. This will only satisfy the immediate gratification and would not consider the days ahead. I want to share my knowledge with you; I want to help to begin a journey towards financial independence and self reliance that will bring you the means for a promising future. I will borrow the words of the great Martin Luther King when he said I have seen the promise land, and I know that one day I shall reach there, I know not when but mine eyes have seen it Every one of us has faced with guns or butter decisions each day. Money spent is money earned; remember it takes money invested in real estate to bring all that butter. If you want to get ahead of inflation, I urge you to use the real estate edge which will accelerate faster and will give you the edge over the rate of inflation to catch up. The best vehicle to help catch up with inflation is real estate. You might not be sure of the type of real estate to go into, or when to do it, you may not have any prior knowledge, so that is why I am doing this book for you. I am not trying to take a bite out of your pocket, but show you how to add some resources to your portfolio. We called it dollars & cents. I am confident that real estate is for you.

If I may, I would like to introduce myself to my readers. To some, it might be interesting and to others not. Some of you reading my transcript might have known me personally, but whatever is your knowledge of me, the better it is for you to read what I have to say. There are many good things about the thoughts I have shared in this little hand book. I am confident that after reading this book you will not be as you were but will be ready to assume the challenges that lie ahead.

I have been to institutions of learning but my greatest teacher was the things that I have to do in order to share my knowledge with those of you that will seek to make strides, in search of excellence. In one of the epistles of Paul he penned these words. From my youth, I have learned to know the Holy Scriptures, he went on to say, It has made me wise unto salvation. My point is, from a youth, I have learned to like real estate and I would like to shed some light to someone desirous of getting in the real estate industry.

My road to real estate was by way of the wood work industry. After leaving high school, I thought it would be a good idea to learn carpentry and cabinet making. Why would I want to be a carpenter and a cabinet maker? One of the things I thought about was that I would build my home and later would be able to furnish it. Consequently, I embarked upon my thoughts and was able to show my experience in this fashion.

It was after visiting many different countries that I began working as a carpenter and cabinet maker. I then returned to my native Island of Jamaica where I taught the trade in high school for about six years. I then migrated to the United States, where I went to a higher institution of learning, but, amidst it all, I loved real estate and would not take anything for granted. Real estate for me can be the answer to my dreams, but I do not believe in just dreams, I believe that if a dream is to be lived, it has to become a reality. When we speak of real estate, what are we talking about? Real estate is to stop dreaming and to bring these dreams to reality. You are paying rent and dreaming of owning your home, but you have to stop talking about what you want to do and do it. Unless a significant step is taken, there will not be a completion. My real estate ambitions are not yet fully met, but I am on my way. No turning back. I believe that life owes every man a living, and it is for us to go in search of that which the Lord has in store for us. I am a strong believer in destiny.

Good Intentions

I hope this little hand book will be helpful to every one, (1) the Tenant (2) buyers, (3) sellers, and (4) investors. It was written specifically for those who want to learn more about the real estate industry without the knowledge of how or where to start. Some are even in but are afraid, of taking further steps. They are so afraid; they stay on safe grounds by doing nothing. My book addresses buyers and sellers alike. If you are buying for the first time or if you are a second time buyer, I can’t stress enough to reminder you that each transaction is different and may have different levels of involvement.

It has been the American dream to buy real estate, nothing is wrong with that if it is a dream, but that dream should be fulfilled no matter what it takes. Some times the process of owning is hard and painful, but no one has promised an easy path to progress, therefore we should have the courage to weather the storm. I have spoken to several people on different occasions, including sellers, buyers, while others are undecided. However, whether or not you should enter the real estate arena or just remain a tenant, there is nothing to risk.

I would like to enlighten the minds of the buyers and sellers alike. I have walked the streets on many occasions and have listened to many people over the years. Most have done some real estate transactions while others have not. As an experienced real estate person, I would like to help both sellers and buyers alike, even those that have not yet decided what they want to do. There are three categories of people, and I am directing my thoughts to all three, the first are the ones that are still young in the business and still need plenty of guidance. The second is looking for a home and is just waiting for the opportunity to get in, and the third will never think of ownership.

This book will help you to see your needs, and more so identify those needs. I do however have concerns sometimes for the new buyer. They are new to the industry and are not quite sure of the first step to take. 2Most times they do not know the first question to ask. I would like to give some inside tips on the process of buying and selling. To those that are on the edge, I would like to say this effectively, and try to educate my readers. If I could only enlighten the minds of my readers, my goals would have been met.

We are well aware that the task of buying a home is not an easy one; therefore, one has to be strong along with great determination. It is a big step that has to be well thought of and should be entered in to very thoughtfully. A well-informed buyer is what I like