Advanced Real Estate: A Comprehensive Guide to Modern Buying and Selling
REAL ESTATE NEWS ( Los Angeles, CA) — The world of real estate has come a long way from traditional methods of buying and selling property. Today, advanced real estate techniques have emerged, providing buyers and sellers with innovative solutions to make transactions easier, faster, and more efficient. Some of these methods require special training, special permission, extra disclosure, extra steps and special paperwork from a highly experience, license broker. Not for beginner agents, we’ll take a closer look at the top advanced real estate methods available today. | MORE
Every Day Open House
Gone are the days when buyers had to schedule an appointment to view a property. With the Every Day Open House concept, buyers can visit a property at any time of their convenience, with or without an agent. This system allows potential buyers to tour a property at their own pace and get a better sense of the home and its surroundings.
Guaranteed Sale
Sellers who need to sell their home quickly can use the Guaranteed Sale method: This program assures sellers that their home will sell within a certain timeframe or the real estate agent will buy the property themselves. This provides peace of mind for sellers who need to sell their home quickly, but don’t want to compromise on price.
Seller Carry Financing
This advanced real estate method is ideal for buyers who have difficulty obtaining traditional financing. With Seller Carry Financing, the seller acts as the lender and finances the property for the buyer. This allows buyers to purchase a home with little or no money down and can be a great option for buyers with poor credit or those who are self-employed. Some cash buyers may pay mostly cash, except for a small portion of the purchase price that is financed by seller carry.
Guaranteed Offer
Sellers who want a hassle-free transaction can use the Guaranteed Offer method. This program guarantees that the seller will receive a cash offer for their home within 24-48 hours, eliminating the need for showings, open houses, or negotiations.
Local Agent Network
A group of real estate agents who work together to sell properties in a specific area. This network allows agents to share their listings with other agents in the network, increasing exposure for the property and helping it sell faster.
Land Lease
For those who want to purchase land but don’t want to own the property, Land Lease is an advanced real estate option. In this arrangement, the buyer leases the land for a specified period and can build or use the land during that time. This option is ideal for those who want to build a home or business on the land but don’t want to purchase the property outright.
Land Lease or “Ground Lease” also refers to buying a home or other structure in which the land is on a long-term lease, not included in the price of the home. When more typical ownership of the land is included in the price of the home, it’s called “Fee Simple” ownership.
Rent to Own
A popular option for those who want to own a home but have difficulty obtaining traditional financing. With Rent to Own, the buyer rents the property for a specified period and has the option to purchase the property at the end of the lease term.
Lofts
A type of living space that has become popular in urban areas: These open-concept spaces typically feature high ceilings, large windows, and industrial-style finishes.
Probate Sale
When a homeowner passes away, their property may need to be sold through a Probate Sale. This is common if the owner did not have the property in a trust. This process involves selling the property through the court system and can take several months to complete.
Reverse Mortgage Sale
For homeowners who need to access the equity in their home, a Reverse Mortgage can be an advanced real estate option. This allows the homeowner to receive a lump sum or regular payments in exchange for some of the equity in their home. When the owner passes away, a Reverse Mortgage Sale can help the inheritor to extract the remaining equity, sometimes more than they might expect.
Short Sale
When a homeowner owes more on their mortgage than the home is worth, they may need to sell the property through a Short Sale. This involves negotiating with the lender to accept less than what is owed on the mortgage.
Pre-Foreclosure
When a homeowner has missed mortgage payments and is at risk of foreclosure: During this stage, the homeowner can sell the property and pay off the mortgage before the foreclosure process begins.
REO Foreclosure
If a property goes into foreclosure and is not sold through a Short Sale or Pre-Foreclosure, it becomes an REO Foreclosure. This means that the property is now owned by the bank and is listed for sale on the market.
FNMA Foreclosures
Properties that have been foreclosed on by the Federal National Mortgage Association (FNMA), commonly known as Fannie Mae: These properties are often listed for sale at a discount.
Auction
A public sale where a property is sold to the highest bidder. Auctions can be a great way to sell a property quickly and can result in a higher selling price than a traditional sale.
Pocket Listing
A property that is not listed on the market, but is available for sale: These properties are typically only available to a select group of buyers and are often sold at a higher price than a traditional listing.
Expired Sale
A property that was listed for sale but did not sell before the listing agreement expired: These properties may still be available for sale, but may need to be re-listed with a new agent or at a different price.
FSBO
For Sale By Owner, which means that the homeowner is selling their property without the help of a real estate agent: This can be a great way to save money on commission fees, but can also be challenging for homeowners who are not familiar with the real estate market.
FRBO
For Rent By Owner means that the homeowner is renting out their property without the help of a property manager or real estate agent. This can be a great way to save money on management fees, but can also be challenging for homeowners who are not familiar with the rental market.
Multi-Unit
Buildings with multiple units, such as apartments or condominiums: These properties can be a great investment opportunity for those looking to generate rental income.
Commercial
Commercial real estate includes properties used for business purposes, such as office buildings, retail spaces, and warehouses. These properties can be a great investment for buyers looking to generate income from rent or lease agreements.
New Construction
New developments, homes or buildings that are being built from scratch: Buyers can purchase these properties before construction is complete, allowing them to customize the home to their liking.
Condominium
A type of property ownership where the buyer owns the unit and shares ownership of the common areas with other owners: Condos can be a good option for buyers who want the benefits of homeownership without the maintenance of a single-family home.
Distressed Property
Homes that are in poor condition or have other issues, such as foreclosure, bankruptcy or otherwise difficult to sell. These properties can be purchased at a discount but may require significant repairs, renovations, patience or expertise.
Unlisted Properties
Properties that are not currently listed for sale but may be available for purchase: Buyers can work with real estate agents to find unlisted properties that match their criteria.
Unclaimed Homes
Properties that have been abandoned by the owner and are now owned by the state, or the owner has been otherwise unable to sell the property. These properties can be purchased through a public auction or sold directly to buyers.
Guaranteed Offer in 24 Hours
Similar to the Guaranteed Offer method, the Guaranteed Offer in 24 Hours program provides sellers with a cash offer for their property within 24 hours of submitting their information.
Quick Cash Buyer
Investors who can purchase properties quickly and with cash: This method can be useful for sellers who need to sell their property quickly or who want to avoid the traditional selling process.
Lease Out
Advanced real estate method that allows homeowners to lease out their property to tenants while still retaining ownership of the property. This method can generate rental income for the owner without the need to sell the property. Sometimes a renter tenant can get permission from the owner to sublet the property to another renter, perhaps for a larger rent to generate a profit. This is how some short-term AirBNB style of investors make money without a large capital outlay.
These advanced real estate methods offer buyers and sellers a range of options to buy, sell or generate revenue from a property that may not be available through traditional methods. From distressed properties to unlisted homes and lease out options, advanced real estate methods can help investors and buyers find a property that matches their needs and budget, while sellers and landlords can receive revenue from their property quickly and for a fair price or better. It’s important for buyers and sellers to work with a reputable real estate agent or company who can guide them through the process and ensure that all legal requirements are met. | QUESTIONS OR COMMENTS
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Some of these advanced real estate tactics for special purposes, and may not recommended for everyone. For banks and some other official strict financial documentation requirements, an appraisal is recommended by a licensed real estate appraiser. For real estate law questions and legal advice, consultation with an attorney is recommended. For financial advice, consult with a license financial advisor. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.