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Making an Informed Real Estaste Purchase Decision
You have narrowed you search and are now zeroing in on a few homes and neighborhoods.
As you plan a strategy for negotiations you realize the importance of detailed information on the home and seller. Certainly you would benefit from knowledge on such factors as the amount the owner owes on the loan and the homes sales history. For sure, you don’t want to be blindsided by the discovery of an extra mortgage, notice of default or any other transaction on the property?
So let me be of assistance. We can define the type of information you need and I will pull reports specially formatted to meet your needs. A snap shot of the community and neighborhood, market trends (sales, listings, cancellations) in the exact neighborhood you are considering, detail on each home under consideration.
One of my most valuable Brokers Tools; a service provided by Realtor’s Property Resources.
REALTOR’S PROPERTY RESOURCES
[blockquote]What is RPR®?
Comprehensive data, powerful analytics, and dynamic reports for each of NAR’s constituencies
100% Owned by REALTORS®
Created by NAR for the sole purpose of providing REALTORS® with the data they need to meet the demands of their clients.
Only available to REALTORS®
No third party or public access…guaranteed. The only way a non-REALTOR® has access to the data in RPR is through an RPR report that has been created, branded and sent by a REALTOR®.
RPR provides me access to 117 million properties nationwide and 1.6 million active listings. This is data from the source; it is current and the most accurate available – your best source of in depth, real time market information.
The following paragraphs explain the various reports available to you that will help in your selecting between two homes. I have added downloads of sample reports that help you understand their value.
The Property Report
What to Look For? You immediately know what the owner paid and what he/she owes on the loan. How long it has been on the market and any price changes. You have an immediate snap shot of how the home compares in the market. Valuable information for us in setting an offering price. The key areas are summarized below.
Check deeper into a listing: Get the full picture on a home. Information on the sales history including time on the market and price changes over time. Add a history of the homes estimated value compared to the market area, any price changes during its listing history, the inventory of homes listed for sale and what price ranges are selling – what a mouth full! Any foreclosure activity will appear here as well.
Property Ownership Information: Key information critical to an informed decision. Who purchased the home and when, the original purchase price.
Financial Condition: Initial loan amount, any refinancing or second mortgages. Lender information, interest rate. With knowledge of the mortgage details, you will have insight to a home’s existing financial condition.
The following Downloads are “Property Reports”. There are two Property Reports. The basic Property Report and the Seller’s Property Report (the more detailed of the two).
What will I find in this Sellers – Property Report
Subject Property Summary
- Property Values
- Listing Price
- Estimated Value
- Estimated Value Change
- Refined Estimate Comp Analysis Result
- Home Facts – Extended Home Facts
- Property Photos
- Property History Tax and Assessment History
- Mortgage History
- Property Comparison Char
- Neighborhood: Housing Stats and Chart
Here are two other reports that are available upon request. The Neighborhood Report and Market Activity Report