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Chapter 8.


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Chapter 8. Learning Objectives (part 1 of 3). Decide whether to buy or rent. Obtain information on houses for sale Understand the benefits and costs of using a realtor to buy or sell a house Explain the common features of a bid to buy a home
Transcripts
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´╗┐Section 8

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Learning Objectives (section 1 of 3) Decide whether to purchase or lease. Get data on houses available to be purchased Understand the advantages and expenses of utilizing a broker to purchase or offer a house Explain the basic elements of an offer to purchase a home Discuss the procedures of setting an approaching cost for a home

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Learning Objectives (section 2 of 3) Discuss the methodologies of building up an offer cost for a home Discuss the issues connected with the idea of square footage of living zone Discuss how to choose a home reviewer Discuss the duty treatment of moving costs

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Learning Objectives (section 3 of 3) Decide what kind of auto you ought to purchase Explain the pertinence of MSRP and merchant's expense in purchasing another auto Discuss how to make an underlying offer for another auto

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Buy versus Rent Decision (1 of 2) Sometimes no decision Lack up front installment May not meet all requirements for a home loan Family needs Expected term of inhabitance Expected change in lodging costs

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Buy versus Rent Decision (2 of 2) Impact on wage charges Property charges Interest on home loan Opportunity expense of cash Mortgage financing cost Closing expenses

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Steps to purchasing a home Decide sort of lodging sought Identify alluring groups Find out what is available www.realtor.com Multiple posting administration (MLS) Decide on regardless of whether to utilize a real estate agent

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Benefits & Costs of Using a real estate agent Selling broker versus purchasing real estate agent Agency issue A recorded vender has effectively consented to pay for the purchasing real estate agent Realtor offers access to all properties in the MLS Realtor does not indicate FSBOs

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Making an offer for a home (1 of 2) All properties have asking costs Projected shutting and ownership dates Details of what is being bought E.g., pendulum's clock Contingencies Mortgage endorsement Building investigation

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Making an offer for a home (2 of 2) Earnest cash Counteroffer Counter-counteroffer Risk of outsider entering

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Setting the primary offer value Desirability of property to purchaser Current level of action in the business sector If market hot, a great property can go in first day at a cost more prominent than the offer In a moderate market, a 5 or 10% cut from the asking may work Don't won't to kill dealer so he won't arrange

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Using a Realtor to Sell Can attempt FSBO Incur own promoting costs Miss considerable movement Exclusivity Commissions for purchasing & offering real estate agent Expiration Date of agreement Asking Price

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Setting the underlying asking value Realtor suggestion Highballing & Lowballing Too high Lose potential purchasers Remains on business sector The more drawn out available, the less alluring Too low => do without benefit

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Square feet of living zone No all inclusive definitions for estimations Some individuals number completed cellars Measurement can be founded on outside of house, inside, or from the center of the divider's width

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Choosing a home assessor Most states have no authorizing prerequisites Realtors can prescribe National Association for Home Inspectors American Society of Home Inspectors No assurances

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Tax Treatment of Moving Expenses Mileage test Time test Three classes of costs Packing, shipping & protection Travel to new home Utility detachments and snare ups

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Selecting an auto to purchase New versus Utilized New has high devaluation rates Used has higher expense of support & repairs To minimize normal yearly cost of auto possession Buy a somewhat utilized auto and drive it until it passes on

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MSRP & Dealer's Cost Manufacturer's Suggested Retail Price (Sticker cost) is the thing that the merchant is requesting an auto Dealer's expense ought to be the beginning stage of arrangement in purchasing an auto Many prescribe an underlying offer of merchant's expense + $100