Real Estate - Tips

Real Estate properties and insurance - Tips
Most people do not know that HOME BUYERs can actually interview a Real Estate Agent or Realtor. Of course, there are certain questions that you want to ask, in order to make sure you're working with the right Agent.

Before you even call a realtor or agent, check the following list for your own safety.

Things to know about the Neighborhood

• Check for Crime Rate.
• Sex offenders.
• Drive by at different times (to make sure there're no surprises afterwards).
• Look at environment (Trees - the bigger they're the Older neighborhood is).
• Call Police Dept. for the record of the neighborhood.

Questions to ask your realtor:

• Do you do Real Estate Full-time or Part-time?
• Are you a Realtor or Agent? (the difference between a realtor and agent is below)
• How many transactions have you closed last year?
• How many transactions you are working with?
• How many listings do you have?
• How long ago did you close last deal?
• Do you know about First Time Home Buyer Program? (if you're 1st time home buyer only)
• Can you show me the record of past transactions?

Since many people assume that Realtor and Real Estate Agents are the same thing, here is the correct definition by their job/duty:

• Realtor: belongs to an area (county/state) has access to full listings.
• RE Agent: is licensed to SELL properties, DO NOT have access to listings.

You can also call the local Association of Realtors to verify the realtor or agent that you're working with.

Home Owner Association (HOA)HOA fee is applied mainly for condos, which almost plays a role of insurance up to certain percent of coverage (usually covers only exterior part i.e. walls). So if you are buying a condo, you want to make sure what is the HOA fee and what does it cover.

Ask a Realtor/Agent to meet with the HOA president.

Here what you want to know about Condo and HOAs:

• How much is my personal property covered for? (clothes, toys, guns etc.)
• What types of losses are my personal property against?
• What are the limits in my policy? (electronics and cash)
• How much building coverage is covered on my policy?
• How much is covered under the loss assessment part of the policy?
• Does this policy contain replacement cost? (will the stolen thigns will be replaced?)
• How much liability protection do I have?
• What is my being deductible? (The HIGHER deductible, the LOWER premium)
• What are my discounts?
• Do you offer Umbrella Policies? (will it cover cars etc.)
• Where the HOA money is going?
• Can HOA be Financed? 
• Are there any pending "court decision" (suing) HOA or vise verse.
• What does HOA cover?

If you are buying Insurance for HOME:

• What is my replacement cost for my home?
• What cost per square footage is used to rebuild my home?
• What types of losses is my home covered against?
• What are the limits in my policy? (electronics and cash)
• What is my being deductible? (The HIGHER deductible, the LOWER premium)
• Does this policy contain replacement cost? (will the stolen things will be replaced?)
• How much liability protection do I have?
• What are my discounts?
• Do you offer Umbrella Policies? (will it cover cars etc.)