What Are The 5 Most Popular Real Estate Purchases That We See In Escrow?
What Are The 5 Most Popular Real Estate Purchases That We See In Escrow?
To achieve real estate investment success, one must first become educated about the real estate market. Investors should become familiar with different types of investment properties such as residential and commercial properties as well as investing in real estate land contracts.
Following are the 5 most popular real estate purchases that we see in escrow:
1. Single-Family Residences
Single-family residences are the most common type of real estate purchased by homebuyers who want to start their own family. Usually, a traditional single-family home offers the easiest buying and selling process as well as a fairly dependable market and rate of return. Whether you are buying a traditional single-family home, a town house, a condo, these all fall under the category of single-family residential properties.
2. Mobile Homes
Mobile homes are a manufactured type of residence built in factories and taken into a location where theyare occupied. One of the major reasons why investors choose to invest in a mobile home is that it presents relatively low risk. It’s a good idea to invest in a mobile home for profit. If you purchase a mobile home carefully, you can earn good profits just like when you own a house or commercial property. However, the rules with mobile homes are different. So, it is recommended that you do your homework before investing in them.
3. Commercial Properties
Commercial real estate includes a variety of different properties such as apartment complexes and condominiums, retail shops, office buildings, and warehouses. Investors usually partner with investment groups or other investors when buying commercial properties in order to cover the management duties and costs required to maintain them. Commercial properties have the potential to generate considerable profits as long as investors assess market conditions.
4. Short Sales
Many homeowners opt to sell their homes at loss in order to avoid foreclosure. When they do this, they are deciding to go through with a short sale. A short sale prevents a foreclosure from showing up on a credit report of the homeowner. Which means that a short sale gives them a clean start. Numerous websites and newspapers advertise short sales. When buying an investment property, short sales are a good option. The property is usually in fair condition. You can also inspect it before making a purchase. However, lenders must approve the terms of a short sale.
5. Bank-owned (REO)
A bank-owned property is the one that goes through a foreclosure process but fails to sell at a courthouse auction. In this way, a lender officially owns the property because the sale has been unsuccessful. This type of property is also known as a real estate owned (REO) property. Usually listed on lender’s websites, a REO property is sold “as is”which means that it is unlikely that the lender has made any changes or improvements to the property after the foreclosure process. However, the lender would have taken care of any unpaid debt or tax liens. You can also inspect the REO property before purchasing it.
Inland Empire Escrow provides escrow services for a diverse variety of real estate transactions, including all of the above, and more. We differentiate ourselves from the competition by featuring specialized departments. With a residential and commercial real estate purchase department, real estate refinance department, mobile home department and business/bulk sale department, you will always work with escrow professionals that are trained and experienced in their particular field. Additionally, your escrow is streamlined due to being processed in a specialized department, giving you the benefit of quick turn times with knowledgeable escrow professionals. With offices in Chino CA and San Bernardino CA, we quickly and professionally service all the surrounding cities such as Chino Hills, Ontario, Rancho Cucamonga, Upland, Riverside, Redlands, Colton, Grand Terrace, Yucaipa, and more. To hear more about how we can give you a great escrow experience, contact us today at (800) 917-9387.
