Frequently Asked Real Estate Investment Questions:
I am interested in becoming a real estate investor in the Spokane, Washington area. Now what?
It is said that when all else fails, investors return to real estate. But the market is volatile and investing involves risk. You need to work with a team that will help you minimize that risk.
The first step is to let our team sit down with you and learn about your desires, understand your expectations and map out a plan of action. Backing us up is an experienced team of lenders, financial advisors, attorneys and others with a background in home repairs and inspections, finance, law, tax planning, and real estate.
Is there risk involved in investing in real estate? All real estate investing involves a certain amount of risk. Though we cannot guarantee success in investing, we work hard to manage your expectations, meet your needs and minimize your risk. We have helped dozens of first-time and seasoned investors profit from wise and timely investments. All of Spokane's Best Real Estate investors must meet certain criteria to qualify as an investor.
Protect what is most important--your future. Do your due diligence and work with Leigh and her outstanding investment team to help guide you through the investment process. It can be fun!
What options are available to me in the way of property, financing, home repairs and property management in Spokane?
Your options are virtually unlimited. The good news is we do our homework form alliances with a trusted, experienced group of those we call "Advocate Business Partners" who believe in our business driver: Knowledge, Integrity--Peace of Mind.
We also match local and out-of-state investors with handymen, residential cleaning services, lawn care companies, and property management services.
Keep in mind that though we know and trust our Advocate Partners, you're at liberty to use the financial institutions, home repair companies, property managers, etc of your choice.
I have only a general knowledge of terms like HUD Repo, "flipping," and title insurance. Can you give me more definitive explanations? Sure. Here are the definitions of the most frequently used terms.
HUD Repo: Simply put, the property had an FHA insured loan on it that went into foreclosure for lack of payment. (HUD stands for Housing and Urban Development.) Search HUD listings here.
REO Property: Stands for Real Estate Owned. This is real estate that had a bank loan on it that went into foreclosure and the bank has reacquired the property for nonpayment.
Flip: The process of purchasing a house with the intent of placing the house back on the market within a short period of time for a financial gain.
Lease Option: A traditional rental agreement that gives the renter the option of purchasing the property for a predetermined price at the end of an agreed-upon time period. Typically the renter is responsible for all maintenance on the property and a portion of the monthly rent may be applied to the down payment on the home at the time of purchase.
Title Insurance: Eliminates any risks and losses caused by faults in title from an event that occurred before you owned the property. This will protect you from risks or undiscovered interests. There are two types of title insurance: one protects the homeowner while the other protects the lender.
Agency: A legal relationship between a real estate broker and a consumer. The services you can expect will depend upon the level of agency that you define with the brokerage. Both buyers and sellers can be legally represented by their own broker for their protection during a real estate transaction.
Home Inspection: A home inspection is generally done after an offer to purchase a home has been accepted, but before the close of escrow. This can be placed as a contingency in the purchase agreement in order to protect the buyer from any defects found during the home inspection. A typical home inspector will examine the home from crawl space to roof. Defects in plumbing and electrical will be noted as well as any other areas of concern on the interior or exterior of the house. This is traditionally an expense that is paid for by the buyer.
For a complete glossary of real estate terms, click here.
Where can I find more resources and links to information on Washington property that may be considered investment?
Back to Spokane's Best Real Estate Homepage/Welcome
MORE SPOKANE REAL ESTATE RESOURCES--Click on the links below:
- Search all Homes for Sale: Start your "Dream Home" Search today and get ALL ACTIVE real estate listings in the Spokane and Spokane Valley, WA area via email from Leigh Wilson.
- Relocating to the Spokane area? We help you relocate with ease! Email us and you will receive a relocation packet for the Spokane and Spokane Valley, Washington area free of charge.
- Should you Rent or Buy Real Estate? Use our calculators to decide whether or not to rent or buy your own home, condo or building lot in the Spokane, Washington area courtesy of Spokane's Best Real Estate Team
- Buyer's Tips: A comprehensive list of tips for home buyers courtesy of Leigh Wilson and Spokane's Best Real Estate Team.
- Seller's Tips: Getting ready to sell real estate in the Spokane area? Our seller's tips are helpful and relevant--and only a click away!
- Why you should Invest in Spokane. Real estate investing in Spokane, Washington is our specialty. Find answers to Frequently Asked Real Estate Investment Questions here!
- Real Estate Directory: Complete real estate dictionary and glossary of real-estate related terms you'll use when you want to sell your home or property in Washington, including legal definitions and more.
- Who is Spokane's Best Real Estate? Meet the team at Spokane's Best Real Estate. We handle all your real estate needs, from listing your home or property to guiding you through the transaction process to escrow and close.
- Contact Information: How to contact Leigh Wilson, Spokane, Washington real estate agent.