Many opportunities may knock at our doors in our lifetime. Are we prepared to take the time to analyze them? If we want to make them successful, most take time to properly analyze. They often have an expiration date, so we need to be ready for them. Recently, I changed brokerages to pursue a career as a Sales Manager and Recruiter for Realtors. This opportunity was a great opportunity for me at this time in my life. I was eager to share my knowledge and find talent, and make a difference. It was an amazing opportunity that I am so grateful I did not pass up. Sometimes we miss the opportunity because of one reason or another. There are many reasons home- and Investment Property buyers miss the opportunity to buy real estate. While some are valid, others can be regrettable. We can learn from the “Don’t Do’s”, and we can be ready to answer the door when the opportunity presents itself.

You don’t want to wait in order to have your finances in order when buying real estate. This should be done in advance. Ask yourself, “Will it be cash or credit?” Now is the right time to talk to a mortgage lender about financing. It is important to determine how much you can afford before you start looking at properties outside your budget. You may be eligible for more than you think, which could expand your options. Talk to a lender before you make any decision.

How do you choose the right lender? What type of loan are your needs? What type of loan are you looking for? Conventional, FHA, VA or home equity loan? You might consider using a hard-money lender, which generally has a lower interest rate and a shorter repayment period. No matter which route you take, be careful as there are always scammers in every business. A bad lender could cause the deal to fail. Are you unsure who to call? Instead of searching the internet for information, you can ask your friends, family members, and other homeowners for suggestions. If you’re financing, make sure to get pre-approval and not just pre-qualification.

Although they may sound the same, Pre-Qualification and Pre-Approval are different. Pre-qualification is easy and doesn’t require any financial documentation. Anyone can apply by simply calling. Pre-approval involves pulling your credit report, possibly gathering all financial information, such as tax returns, bank statements and pay stubs, and then submitting an application. If all goes well, the lender will issue you a mortgage commitment that includes the pre-approved loan amount and a time period. This is by far the best route. To purchase the property, you must have a pre-approval letter. A pre-qualification, on the other hand, will give you an idea of your current situation. A deal is not possible unless you have found the property that you love. Be ready for any opportunity that may present itself before you even look at it. Avoid major purchases that may jeopardize your pre-approval. Okay, now you are pre-approved. Well done. You can now resist the urge to buy that Mercedes you’ve always wanted. Instead, watch your expenditures even more. Why? Why? Because the underwriter of your mortgage lender will reevaluate your financial situation and check your credit report before closing in order to determine if you are still eligible for the loan. Don’t purchase the boat until you have closed. Make sure to budget for closing costs before you close.

Before you make an offer on a property, your lender can give you an estimate of your closing costs. Although closing costs can vary depending on where you live, they typically range from 2% to 7 percent (or more depending upon your loan type) of the property’s purchase price. While buyers and sellers may negotiate closing costs, buyers typically bear the greater burden with 3% to 44% while the seller has 1% to 33%. This is just a generalization. Every deal is different and can be negotiated. I would advise you to make sure that you have enough cash available for closing. We are getting ahead of ourselves, however, because we still have to select the property to close.

The best way to find the right property is online. While this is a good place to begin, it’s always a good idea to speak with a professional about any property. You can also look through the forum posts for information on different markets. I’m a Pittsburgh PA resident. A trusted Realtor can help you find the right property for you. So that you can find the right property for you, it is important to have several options when searching online. They can also set up an automated search for you based on your criteria. They will only look at properties that are on the Multi List. You are free to search off-market wholesale or For Sale by Owner (FSBO), deals. You will receive a seller’s disclosure for properties on the MLS. If you are represented by a Realtor you will have access to valuable information about the property, especially when you are going to the bargaining table. Everyone wants to make a deal. Remember that a low-ball offer is the best way to stop a deal from happening. Most sellers will accept or counter any reasonable offer. You run the risk of making a low-ball offer that could cause you to offend the seller and make them refuse another chance. They don’t have the right to. Do your research and get professional assistance in the negotiation process. It’s a business transaction, and both sides are trying to reach an agreement. The ultimate goal of the deal is to close it!

Your motto should be the Boy Scouts of America. :”Be Prepared”. “Be Prepared” is the key to success in Real Estate Business..