Using the Internet to Buy and Sell Real Estate

April 29, 2009 by  
Filed under Real Estate Investing

In recent years, the vastness of the growing Internet businesses has come to affect every type of real estate dealing that any investor can take advantage of. Using this technology to access dedicated sites can significantly reduce costs and energy put toward buying and selling any property.

In the past, investors were forced to read through local and out-of-town publications to find an ideal property. Real estate agents were required to aid in this search and narrow the field to a few choices fitting the needed features and requirements. Now, it’s easier than ever to perform a simple search and view information and statistics about properties in virtually any part of the world.

Several photos and video tours can also be viewed, serving as a great tool for far-away properties that may serve as a vacation or seasonal home. Data including taxes paid and estimated future payments, title and lien information, legal and zoning information, as well as any type of relevant structural or repair issues can be found with the click of a mouse. This is also an ideal tool for moving out of state to an unknown area, preventing the need to take time out of your busy schedule to travel to and tour the town.

New possibilities in the realm of real estate loans are also catered to on various sites; you can apply for and download a pre-approval form before ever leaving the house to view a property in person. There are several lower-cost home loans available through local and national lenders, as well as those with only a virtual presence and significantly lower overhead.

Properties available around the world allow for investing in European or Australian properties, and provide a great rental income when you aren’t visiting the area yourself. Conversely, foreign citizens are also able to invest in American properties, allowing everyone a piece of the real estate pie.

Selling has also become less expensive and easier through use of the Internet. For Sale By Owner sites are frequently visited by potential buyers, as they are tight on time, too! Buyers have no more time than sellers do to physically visit every potential property, and these dedicated sites present a great way to peruse and narrow the field based on specific search criteria.

No longer is it required to fork over a huge sum of money to pay real estate agents’ commissions; typical percentages can reach as high as 6%, or $6,000 on a $100,000 sale. This is not cheap! Advocates of For Sale By Owner properties know that this expense is immediately foregone.

The Internet allows for creative marketing and selling strategies with individual attention that only you can provide. Although real estate agents provide a valuable service, sufficient marketing is still easily achieved through free and low-cost online listings.

It’s expected that this entire industry will become advanced enough to allow for even electronic sales to take place over the Internet, preventing the need for first-hand meetings and negotiations. Buyers and sellers can communicate electronically, but it is suggested that all seriously considered properties be visited in person before signing the dotted line.

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