In almost all our business dealings, negotiating is a key process. In clichéd terms, its the art of making sure that you get the best deal in the best manner possible. Whether you are buying or selling a house, in the real estate business, negotiations are inevitable.
When you've finally found the right buyer or the right house you want to purchase, its time to get all your hidden tactics out to settle the deal on terms that are suitable for you.
However, there are some basic pointers you should keep in mind to ensure that the deal falls through smoothly.
Comparative market analysis of homes in the area- Get your agent to check the selling prices of the other houses in your area. Since location is one of the thumb rules of real estate, its important to check the value of your house with respect to those in your locality. While negotiating, this piece of information will prove to be beneficial to both the buyer and the seller. You can use your facts to justify the rate at which you're selling or to prove that you are actually offering a lesser rate. Or if you're the buyer, you can use the numbers to validate the lower price you are asking for.
Play poker - You don't have to actually bluff but you have to learn to keep your emotions in check while negotiating a deal. Displaying your extreme eagerness to settle quickly, may be the easiest way to have someone take advantage of you. It is essential to conduct yourself calmly during the negotiation process.
Mention your other options- Speaking of other prospective buyers or other houses you're looking at will play to your advantage. It always helps to let others know that you have other alternatives during negotiations.
Time factor- Proposing to settle as soon as possible will play a major role in clinching a deal. If you're willing to buy a house immediately and settle all formalities at the earliest, odds are that the owner may favor you over his other options. On the other hand, if you're the seller, offering to close the deal sooner may give you the advantage of negotiating on the price.
Including items - If there's a major hitch while trying to settle on the price, just include some movable items or appliances. This will help in settling for the price you want.
The above are all crucial and must be kept in mind. But it all boils down to your understanding of the other party and being creative in your negotiating style. Make sure you don't put the other party in an uncomfortable position and drive them away entirely. But once you've reached a settlement, make sure that all the terms and conditions are documented to prevent any misunderstanding later.
http://www.choiceofhomes.com/negotiatehousedeal.htm
Tuesday, September 11, 2007
Buying a Home with Bad Credit - How to Buy with Past Credit Problems
Late payments on credit cards, automobile loans, and medical bills can greatly reduce your credit score and give you a bad credit label.
Years ago, it was extremely difficult to get approved for a home loan with bad credit. However, many lenders are offering a range of bad credit loans that make homeownership a reality for the millions of people living with poor credit.
How to Benefit the Most from a Bad Credit Mortgage Loan
Bad credit mortgage loans have several benefits. Many people avoid these loans because of the higher interest rates. Instead of focusing on the negative aspect of bad credit mortgages individuals should reflect on the fact that these mortgages can help improve credit rating. Higher credit scores will qualify you for better mortgage rates in the future.
Although individuals with poor credit have options, it is important to take necessary steps to help improve your credit score before applying for a home loan. Moreover, when the time comes to find a lender, shopping around is essential for locating the lowest rate.
Make Slight Credit Improvements before Applying
Improving credit score is a long process that requires determination and patience. If you are hoping to buy a home with past credit problems, itÂ’s wise to fix credit issues before applying for a mortgage. Credit has a huge role in the approval process. Lenders prefer good credit applicants. Nonetheless, they are willing to work with those who have a low credit score.
Having good credit opens the door for many financing options. Furthermore, better mortgage rates are offered to those with a high score. There is a difference between having bad credit and terrible credit.
If you have bad credit, getting approved with a comparable rate is doable. However, you must search for a good lender. On the other hand, if you have very bad or terrible credit, it may be more beneficial to delay buying a home and make credit improvements.
Request Quotes from Multiple Lenders
Shopping around for the best mortgage rate is critical for homebuyers with bad credit. Too many lenders prey on individuals with a low credit rating because they have fewer options. The key to avoiding a lenderÂ’s scam involves shopping around and comparing quotes.
http://www.homebuyinginstitute.com/badcredit_article1.php
Years ago, it was extremely difficult to get approved for a home loan with bad credit. However, many lenders are offering a range of bad credit loans that make homeownership a reality for the millions of people living with poor credit.
How to Benefit the Most from a Bad Credit Mortgage Loan
Bad credit mortgage loans have several benefits. Many people avoid these loans because of the higher interest rates. Instead of focusing on the negative aspect of bad credit mortgages individuals should reflect on the fact that these mortgages can help improve credit rating. Higher credit scores will qualify you for better mortgage rates in the future.
Although individuals with poor credit have options, it is important to take necessary steps to help improve your credit score before applying for a home loan. Moreover, when the time comes to find a lender, shopping around is essential for locating the lowest rate.
Make Slight Credit Improvements before Applying
Improving credit score is a long process that requires determination and patience. If you are hoping to buy a home with past credit problems, itÂ’s wise to fix credit issues before applying for a mortgage. Credit has a huge role in the approval process. Lenders prefer good credit applicants. Nonetheless, they are willing to work with those who have a low credit score.
Having good credit opens the door for many financing options. Furthermore, better mortgage rates are offered to those with a high score. There is a difference between having bad credit and terrible credit.
If you have bad credit, getting approved with a comparable rate is doable. However, you must search for a good lender. On the other hand, if you have very bad or terrible credit, it may be more beneficial to delay buying a home and make credit improvements.
Request Quotes from Multiple Lenders
Shopping around for the best mortgage rate is critical for homebuyers with bad credit. Too many lenders prey on individuals with a low credit rating because they have fewer options. The key to avoiding a lenderÂ’s scam involves shopping around and comparing quotes.
http://www.homebuyinginstitute.com/badcredit_article1.php
Buying a Home with Bad Credit: 4 Steps to Success
Once upon a time, buying a home with bad credit was nearly impossible. Fortunately (for those with bad credit), times have changed.
Many factors have led to this change: increased competition in the mortgage industry, a broader range of loan products and programs, Internet-based lending, etc. Today, some lenders even specialize in providing home loans for people with bad credit.
But even though buying a home with bad credit has gotten easier, you still need a solid strategy. Here, then, are four steps to bad-credit home buying success:
Bad Credit Home Buying - Four Steps to Success
1. Get a copy of your credit report.
Begin the process by obtaining copies of your credit report from all three credit agencies: Experian, Equifax and TransUnion. Review your report closely for errors. You certainly don't need errors dragging your credit score any lower than it actually is.
If you find any errors on your credit report, dispute them online through the agency's website:
* www.equifax.com
* www.transunion.com
* www.experian.com
2. Shop for a lender.
Shop around to find a good lender. Be wary of predatory lenders who take advantage of those with poor credit. Ask for quotes from multiple lenders. Ask around. Try to stick with the trusted names in lending. Do some research online to identify "red flag" lenders.
Now for some good news. Through a combination of mortgage industry competition and government regulation, the number of reputable lenders who offer bad credit mortgage loans continues to increase.
3. Focus on improving your credit.
Improving your credit score has both short-term benefits (loan qualification) and long-term benefits (putting bad credit behind you for good). You can improve your score by paying bills on time, especially your mortgage. Try to pay down your existing lines of credit, and don't open any new lines of credit. When you've elevated your credit score, you'll be able to refinance the mortgage at a lower rate ... which leads to step #4.
4. Refinance as soon as possible.
Buying a home with bad credit can actually help you improve your credit. By holding down a mortgage and making payments on time, you can eventually elevate your credit score to the point that you quality for a lower interest rate.
When that happens, you can refinance the mortgage at the lower rate, which will in turn lower your monthly payment and get you back on track. Better credit, lower mortgage. You can do it!
http://www.homebuyinginstitute.com/badcredit_article33.php
Many factors have led to this change: increased competition in the mortgage industry, a broader range of loan products and programs, Internet-based lending, etc. Today, some lenders even specialize in providing home loans for people with bad credit.
But even though buying a home with bad credit has gotten easier, you still need a solid strategy. Here, then, are four steps to bad-credit home buying success:
Bad Credit Home Buying - Four Steps to Success
1. Get a copy of your credit report.
Begin the process by obtaining copies of your credit report from all three credit agencies: Experian, Equifax and TransUnion. Review your report closely for errors. You certainly don't need errors dragging your credit score any lower than it actually is.
If you find any errors on your credit report, dispute them online through the agency's website:
* www.equifax.com
* www.transunion.com
* www.experian.com
2. Shop for a lender.
Shop around to find a good lender. Be wary of predatory lenders who take advantage of those with poor credit. Ask for quotes from multiple lenders. Ask around. Try to stick with the trusted names in lending. Do some research online to identify "red flag" lenders.
Now for some good news. Through a combination of mortgage industry competition and government regulation, the number of reputable lenders who offer bad credit mortgage loans continues to increase.
3. Focus on improving your credit.
Improving your credit score has both short-term benefits (loan qualification) and long-term benefits (putting bad credit behind you for good). You can improve your score by paying bills on time, especially your mortgage. Try to pay down your existing lines of credit, and don't open any new lines of credit. When you've elevated your credit score, you'll be able to refinance the mortgage at a lower rate ... which leads to step #4.
4. Refinance as soon as possible.
Buying a home with bad credit can actually help you improve your credit. By holding down a mortgage and making payments on time, you can eventually elevate your credit score to the point that you quality for a lower interest rate.
When that happens, you can refinance the mortgage at the lower rate, which will in turn lower your monthly payment and get you back on track. Better credit, lower mortgage. You can do it!
http://www.homebuyinginstitute.com/badcredit_article33.php
Buying a Home After a Bankruptcy - How To Tell When You Are Ready To Buy
If you've declared bankruptcy in the past, you may wonder if it's possible to qualify for a home loan. Well, chances are you could get a mortgage loan from a lender, but are you really ready to buy? Home ownership requires a lot more than just making monthly payments on your mortgage. Other expenses, like taxes, insurance and maintenance, can chip away at your budget, too. Here are some ways to tell when you're ready to buy a house:
YOUR INCOME IS STEADY
If you have a reasonably long employment history with the same employer--at least a year--lenders will look on you more favorably than someone who's only been with their company for a few months. A steady income, such as a salary or regular wage, is also preferable to sporadic income, such as the type that comes to freelancers, entrepreneurs or the self-employed. Although you can get a home loan in these circumstances, it's best to wait until your income stream is reasonably steady so you know you'll be able to make your monthly mortgage payments.
YOU'VE SAVED A DOWN PAYMENT
Although mortgage loans exist that allow borrowers to qualify with no down payment, these loans tend to cost more. No or low down payment loans typically charge higher interest. Moreover, you'll have to borrow a larger amount, which means higher monthly payments and more cost to you in the long run. In general, you should have at least 10% of the purchase price of your home saved for your down payment, although many lenders prefer that you have 20%.
YOU CAN MANAGE YOUR CREDIT
After declaring bankruptcy, you may have signed up for a new credit card or loan. If so, take a close look at how you've been handling that debt. Are you making regular monthly payments? Are they on time? If you've been handling your new debt responsibly, you may be ready for a home loan. However, if you're struggling to pay the monthly minimum, it might be a good idea to wait to buy a home until you're on more solid financial ground. Here is a list of recommended Home Mortgage Lenders online. It's important to use a reputable lender online to make sure your personal information is secure.
It is possible to get a home loan after bankruptcy if you find a lender that deals with those types of mortgages. However, it's important to make sure that you're personally ready to handle a home loan before you seek out lenders.
http://www.homebuyinginstitute.com/badcredit_article34.php
YOUR INCOME IS STEADY
If you have a reasonably long employment history with the same employer--at least a year--lenders will look on you more favorably than someone who's only been with their company for a few months. A steady income, such as a salary or regular wage, is also preferable to sporadic income, such as the type that comes to freelancers, entrepreneurs or the self-employed. Although you can get a home loan in these circumstances, it's best to wait until your income stream is reasonably steady so you know you'll be able to make your monthly mortgage payments.
YOU'VE SAVED A DOWN PAYMENT
Although mortgage loans exist that allow borrowers to qualify with no down payment, these loans tend to cost more. No or low down payment loans typically charge higher interest. Moreover, you'll have to borrow a larger amount, which means higher monthly payments and more cost to you in the long run. In general, you should have at least 10% of the purchase price of your home saved for your down payment, although many lenders prefer that you have 20%.
YOU CAN MANAGE YOUR CREDIT
After declaring bankruptcy, you may have signed up for a new credit card or loan. If so, take a close look at how you've been handling that debt. Are you making regular monthly payments? Are they on time? If you've been handling your new debt responsibly, you may be ready for a home loan. However, if you're struggling to pay the monthly minimum, it might be a good idea to wait to buy a home until you're on more solid financial ground. Here is a list of recommended Home Mortgage Lenders online. It's important to use a reputable lender online to make sure your personal information is secure.
It is possible to get a home loan after bankruptcy if you find a lender that deals with those types of mortgages. However, it's important to make sure that you're personally ready to handle a home loan before you seek out lenders.
http://www.homebuyinginstitute.com/badcredit_article34.php
8 Steps to Buying a Home with Poor Credit and No Money Down
1. Get a copy of your credit report. You can do this yourself or you can have a Broker check it. Remember there are three bureaus, so check all three.
Some Brokers will only pull one unless you ask for three. If they won't pull all three, go elsewhere or pull them your self.
Ideally, you want a "Tri-Merge" report which merges all three so as to remove duplicate items while still showing all three scores. Your " Credit Score" is the middle of the three. Try http://www.annualcreditreport.com for a free report. At this writing, they don't cover the whole country but will soon.
You can also go directly to the bureaus. The three bureaus web addresses are http://www.equifax.com http://www.experian.com and http://www.transunion.com They may charge a fee or offer the "free" report as part of a credit watch service, which is probably a service you may want as you rebuild your credit.
2. Study the report for accuracy and have any errors corrected. You can do this through each bureau's website, the Broker's credit reporting agency. There may be a charge, but it's well worth it. Correcting derogatory errors on a report can quickly raise your score, qualifying you for higher LTV loans and lower your interest rate. This could save you tens of thousands of dollars over the life of the loan. A Broker's credit reporting agency can also help.
3. Start your road to better credit now. You want to improve it as much as possible so as to refinance as soon as possible. You might even see your score improve before you find just the right house and a package is sent to underwriting. Sometimes an improvement of only a few points will put you into a better category with a higher LTV and/or a lower rate. Ask the Broker what the lender used as your score for the loan at the time of underwriting and if that qualifies you for a lower rate. If you've done your research and found an honest, qualified Broker they will try to lower your rate below their original estimate.
4. Research your area through referrals, advertising and interviews to find a Mortgage Broker that specializes in sub-prime (less than perfect credit) mortgages that you feel comfortable with. If you don't intend on pulling your own credit, this will now become your first step in this process.
5. Discuss your situation in detail with the broker including:
a. Your credit
b. Your Rental payment history and proof of payments
c. Your Employment situation and history
d. The fact that you want a straight zero down loan or one with a seller 2nd or gift of equity with closing costs financed into the loan
e. How much house you qualify for
f. What estimated closing costs will be through a GFE
g. Obtain a Pre-Qualification
6. Find a Realtor who isn't afraid to work with someone who wants to do 100% loan with closing costs financed into the loan. Your Broker may know one. If they balk or seem hesitant, go find someone else.
7. Search the market thoroughly. Be sure the realtor is showing you homes where the seller's situation fits with your needs. This might include 1) Low Mortgage balance, 2) Good value so the appraised value will be above their asking price and 3) A seller that is motivated.
8. Make an offer (multiples if needed) on a home on your terms until you get one accepted and close your home as soon as possible before rates go up.
Have a celebration with your significant other or family. You've earned it. Enjoy your new life as a homeowner while you make all those little improvements necessary to build equity and improve your home's value for the future appraisal relating to a sale or refinance, all the while improving your credit score.
http://www.homebuyinginstitute.com/badcredit_article37.php
Some Brokers will only pull one unless you ask for three. If they won't pull all three, go elsewhere or pull them your self.
Ideally, you want a "Tri-Merge" report which merges all three so as to remove duplicate items while still showing all three scores. Your " Credit Score" is the middle of the three. Try http://www.annualcreditreport.com for a free report. At this writing, they don't cover the whole country but will soon.
You can also go directly to the bureaus. The three bureaus web addresses are http://www.equifax.com http://www.experian.com and http://www.transunion.com They may charge a fee or offer the "free" report as part of a credit watch service, which is probably a service you may want as you rebuild your credit.
2. Study the report for accuracy and have any errors corrected. You can do this through each bureau's website, the Broker's credit reporting agency. There may be a charge, but it's well worth it. Correcting derogatory errors on a report can quickly raise your score, qualifying you for higher LTV loans and lower your interest rate. This could save you tens of thousands of dollars over the life of the loan. A Broker's credit reporting agency can also help.
3. Start your road to better credit now. You want to improve it as much as possible so as to refinance as soon as possible. You might even see your score improve before you find just the right house and a package is sent to underwriting. Sometimes an improvement of only a few points will put you into a better category with a higher LTV and/or a lower rate. Ask the Broker what the lender used as your score for the loan at the time of underwriting and if that qualifies you for a lower rate. If you've done your research and found an honest, qualified Broker they will try to lower your rate below their original estimate.
4. Research your area through referrals, advertising and interviews to find a Mortgage Broker that specializes in sub-prime (less than perfect credit) mortgages that you feel comfortable with. If you don't intend on pulling your own credit, this will now become your first step in this process.
5. Discuss your situation in detail with the broker including:
a. Your credit
b. Your Rental payment history and proof of payments
c. Your Employment situation and history
d. The fact that you want a straight zero down loan or one with a seller 2nd or gift of equity with closing costs financed into the loan
e. How much house you qualify for
f. What estimated closing costs will be through a GFE
g. Obtain a Pre-Qualification
6. Find a Realtor who isn't afraid to work with someone who wants to do 100% loan with closing costs financed into the loan. Your Broker may know one. If they balk or seem hesitant, go find someone else.
7. Search the market thoroughly. Be sure the realtor is showing you homes where the seller's situation fits with your needs. This might include 1) Low Mortgage balance, 2) Good value so the appraised value will be above their asking price and 3) A seller that is motivated.
8. Make an offer (multiples if needed) on a home on your terms until you get one accepted and close your home as soon as possible before rates go up.
Have a celebration with your significant other or family. You've earned it. Enjoy your new life as a homeowner while you make all those little improvements necessary to build equity and improve your home's value for the future appraisal relating to a sale or refinance, all the while improving your credit score.
http://www.homebuyinginstitute.com/badcredit_article37.php
Tips for Buying a New Home
My wife and I recently purchased a new home in Tennessee. Here are some helpful hints we picked up along the way:
1. Use all of the online resources available. Almost every state and local government has a website where you can research real estate information. The data on home sales, taxes, and neighborhoods is invaluable when you are shopping for a home. We were able to find out the most recent sale prices in the neighborhood we selected, and we didn't have to rely on a real estate agent to get the data for us. Doing the research yourself will make you more knowledgeable about the market, which is key to making a good purchase.
2. Be realistic about how much you can spend. Try to buy a home in a price range that allows you to put down 20%. If you put down less than this, you will have to pay PMI (private mortgage insurance) to protect the lender in case you default on the loan. I know that 20% is a lot, but it's not unrealistic. You may not be able to do it on your first home, but hopefully you can on your second home. The profits from the sale of my condo enabled my husband and me to have more than enough for the 20% down payment on our home. But we didn't put it all down on the home - we saved some of the profits for the unexpected expenses that come with buying a home. We suggest that you do the same.
3. Shop for a home in the winter, preferably around the holidays. Since most people just aren't interested in buying a home when they are trying to deal with the holidays, you can pretty much be one of the few buyers out there. We bought our home right before Christmas, and it was definitely a buyers market. We had our pick of homes and were able to underbid on the asking price, even though we live in one of the hottest real estate markets in the country.
4. Use a smaller mortgage company that can offer personal service. People tend to go with large, well-known mortgage companies, since that's all they know. But the smaller, regional companies provide excellent customer service, and can often give you better rates than the big companies. Since they don't advertise and instead rely on word-of-mouth, they have to be good in order to get your service. We started off with a big-name company, but in the end, we went with a regional company because they had better rates and better customer service.
5. Always have a home inspection. I think most people know this fact already, but it is really important in areas with a hot real estate market. It can be easy to get caught up in bidding wars, and to want to get a house at all costs. Some friends of ours wanted a house so badly that not only did they overbid, but they also waived the home inspection. They got the house - and right along with it they got several thousand dollars worth of damage that would have been found in an inspection. As a final note, try to remember that buying a home doesn't have to be scary. It's very exciting to own your own home, so think of all the good things that will come once you have made it through the home-buying process. If you follow the advice above, then you should be well-equipped to make it through unscathed.
6. Save money and shop for your home insurance the easy way! Yeah, I know this is a shameless plug for our web site, but seriously, whatever web site you do use, get online and shop around for your home insurance. You can get multiple home insurance quotes from HometownQuotes.Com or any of a dozen or so reputable companies online. Go to a search engine, like Yahoo! and type in 'home insurance quotes.' This is the best way because if you get 5-10 good quotes you can decide for yourself who is the best.
http://www.homebuyersdigest.com/homebuyingtips.htm
1. Use all of the online resources available. Almost every state and local government has a website where you can research real estate information. The data on home sales, taxes, and neighborhoods is invaluable when you are shopping for a home. We were able to find out the most recent sale prices in the neighborhood we selected, and we didn't have to rely on a real estate agent to get the data for us. Doing the research yourself will make you more knowledgeable about the market, which is key to making a good purchase.
2. Be realistic about how much you can spend. Try to buy a home in a price range that allows you to put down 20%. If you put down less than this, you will have to pay PMI (private mortgage insurance) to protect the lender in case you default on the loan. I know that 20% is a lot, but it's not unrealistic. You may not be able to do it on your first home, but hopefully you can on your second home. The profits from the sale of my condo enabled my husband and me to have more than enough for the 20% down payment on our home. But we didn't put it all down on the home - we saved some of the profits for the unexpected expenses that come with buying a home. We suggest that you do the same.
3. Shop for a home in the winter, preferably around the holidays. Since most people just aren't interested in buying a home when they are trying to deal with the holidays, you can pretty much be one of the few buyers out there. We bought our home right before Christmas, and it was definitely a buyers market. We had our pick of homes and were able to underbid on the asking price, even though we live in one of the hottest real estate markets in the country.
4. Use a smaller mortgage company that can offer personal service. People tend to go with large, well-known mortgage companies, since that's all they know. But the smaller, regional companies provide excellent customer service, and can often give you better rates than the big companies. Since they don't advertise and instead rely on word-of-mouth, they have to be good in order to get your service. We started off with a big-name company, but in the end, we went with a regional company because they had better rates and better customer service.
5. Always have a home inspection. I think most people know this fact already, but it is really important in areas with a hot real estate market. It can be easy to get caught up in bidding wars, and to want to get a house at all costs. Some friends of ours wanted a house so badly that not only did they overbid, but they also waived the home inspection. They got the house - and right along with it they got several thousand dollars worth of damage that would have been found in an inspection. As a final note, try to remember that buying a home doesn't have to be scary. It's very exciting to own your own home, so think of all the good things that will come once you have made it through the home-buying process. If you follow the advice above, then you should be well-equipped to make it through unscathed.
6. Save money and shop for your home insurance the easy way! Yeah, I know this is a shameless plug for our web site, but seriously, whatever web site you do use, get online and shop around for your home insurance. You can get multiple home insurance quotes from HometownQuotes.Com or any of a dozen or so reputable companies online. Go to a search engine, like Yahoo! and type in 'home insurance quotes.' This is the best way because if you get 5-10 good quotes you can decide for yourself who is the best.
http://www.homebuyersdigest.com/homebuyingtips.htm
Curb Appeal 101: Exquisite Exteriors Add Charm, Character and Value to the Home
The next time you drive through an upscale neighborhood in your community, take the time to admire a few particular homes that seem to stand out from the crowd. Though you may not recognize it at the time, there's often a common reason why these properties catch your eye. More than likely, the homes incorporate exterior materials and designs that embrace the natural environment, creating a look that is a harmonious blend of architecture and nature.
Most realtors call this eye-catching aspect "curb appeal" - and it easily influences the home's value. So what is the best way to improve your home's curb appeal? According to the latest annual survey by Remodeling Magazine, renovating the home's exterior with upscale features provides the best financial return on investment. On average, homeowners can expect to recoup 103 percent of the siding construction cost when it comes time to sell - higher than most other home projects.
So when moving forward with renovations surrounding your home's exterior to blend architecture and nature, taking the time to do some thoughtful planning and creative thinking will pay off in a big way:
Upgrade Your Siding
The exterior body of a home is the face it presents to the world, defines the mood and character of the home and reflects the image desired by its owners. Choosing the proper siding material is a crucial step when updating the exterior.
While a number of alternative wood products have hit the market in recent years, all-natural Western Red Cedar is a popular choice as an upscale exterior siding due to its exceptional beauty, versatility and durability. Cedar brings an all-natural warmth and character to exteriors that will last for years to come. Composite or plastic materials just can't compete when compared to the beauty and feel of all-natural cedar.
In addition, advancements in cedar manufacturing mean you can spend time relaxing and enjoying your home's exterior, rather then maintaining it. Today, many manufacturers offer Western Red Cedar siding pre-finished on all sides. This finishing technology is important as it ensures the highest level of quality-finished products, thus greatly increasing consistent coating, longevity, and overall resistance to moisture; allowing you to choose the preferred finishing color and simply install. Properly finished, Western Red Cedar siding will offer decades of low-maintenance protection.
Even better, Western Red Cedar siding is an ideal choice for its all-natural beauty, durability against harsh environments and excellent thermal conductivity that helps keep the home cool in summer while reducing heating costs in winter. In addition to low thermal conductivity, its low density makes Western Red Cedar a great acoustical barrier as well.
Incorporating Nature
Real Cedar siding is available in a wide variety of standard and custom profiles, and by mixing these styles with other natural materials such as stone or river rock, your home will blend naturally with the surrounding environment.
Also, incorporating cedar landscape structures like pergolas and trellises can really add to the home's character and further integrates nature with the overall look and feel. For instance, a decorative overhead cedar trellis beam blends nicely with exterior dentil accents of similar shape, thus melding style with nature. This type of cohesiveness really creates a harmonious blend towards increased curb appeal.
Decorative Accents Add Value
Exterior accent details are the finishing touches on a home of distinction; they really set the home apart and are actually quite affordable. Give your home that elegant appeal of handcrafted beauty with decorative accents like: shutters, gables, cedar soffits or dentil moldings. These upgrades all provide an affordable, yet beautiful complement to your home's design and give it some individuality. Even better, ornamental accents at the peaks of dormers or gables give traditional charm - especially when these decorative accents are finished differently from the siding. This two-tone palette helps emphasize the visual details and gives the base of the house a pedestal-like quality.
"Exterior decorative accents offer homeowners a choice in their home's appearance so they feel like their home is not only unique to them on the inside, but on the outside as well," says Peter Lang, general manager of the Western Red Cedar Lumber Association. "They customize the home so when you drive thorough the community the house doesn't look like everyone else's on the block."
Additionally, integrating Western Red Cedar into soffit areas is an appealing look. Soffits are the exposed underside of any building overhead component such as: the roof line, balcony or porch; and upgrading soffits with stylish tongue-and-groove cedar bestows richness where these areas almost become an extension of the interior - yet blend nicely with the exterior siding and natural surroundings for a cohesive look. And because simple accents like cedar soffits do so much to improve your home's exterior, they can add to the resale value should you ever decide to sell.
http://www.homebuyersdigest.com/0206curb_appeal_101.htm
Most realtors call this eye-catching aspect "curb appeal" - and it easily influences the home's value. So what is the best way to improve your home's curb appeal? According to the latest annual survey by Remodeling Magazine, renovating the home's exterior with upscale features provides the best financial return on investment. On average, homeowners can expect to recoup 103 percent of the siding construction cost when it comes time to sell - higher than most other home projects.
So when moving forward with renovations surrounding your home's exterior to blend architecture and nature, taking the time to do some thoughtful planning and creative thinking will pay off in a big way:
Upgrade Your Siding
The exterior body of a home is the face it presents to the world, defines the mood and character of the home and reflects the image desired by its owners. Choosing the proper siding material is a crucial step when updating the exterior.
While a number of alternative wood products have hit the market in recent years, all-natural Western Red Cedar is a popular choice as an upscale exterior siding due to its exceptional beauty, versatility and durability. Cedar brings an all-natural warmth and character to exteriors that will last for years to come. Composite or plastic materials just can't compete when compared to the beauty and feel of all-natural cedar.
In addition, advancements in cedar manufacturing mean you can spend time relaxing and enjoying your home's exterior, rather then maintaining it. Today, many manufacturers offer Western Red Cedar siding pre-finished on all sides. This finishing technology is important as it ensures the highest level of quality-finished products, thus greatly increasing consistent coating, longevity, and overall resistance to moisture; allowing you to choose the preferred finishing color and simply install. Properly finished, Western Red Cedar siding will offer decades of low-maintenance protection.
Even better, Western Red Cedar siding is an ideal choice for its all-natural beauty, durability against harsh environments and excellent thermal conductivity that helps keep the home cool in summer while reducing heating costs in winter. In addition to low thermal conductivity, its low density makes Western Red Cedar a great acoustical barrier as well.
Incorporating Nature
Real Cedar siding is available in a wide variety of standard and custom profiles, and by mixing these styles with other natural materials such as stone or river rock, your home will blend naturally with the surrounding environment.
Also, incorporating cedar landscape structures like pergolas and trellises can really add to the home's character and further integrates nature with the overall look and feel. For instance, a decorative overhead cedar trellis beam blends nicely with exterior dentil accents of similar shape, thus melding style with nature. This type of cohesiveness really creates a harmonious blend towards increased curb appeal.
Decorative Accents Add Value
Exterior accent details are the finishing touches on a home of distinction; they really set the home apart and are actually quite affordable. Give your home that elegant appeal of handcrafted beauty with decorative accents like: shutters, gables, cedar soffits or dentil moldings. These upgrades all provide an affordable, yet beautiful complement to your home's design and give it some individuality. Even better, ornamental accents at the peaks of dormers or gables give traditional charm - especially when these decorative accents are finished differently from the siding. This two-tone palette helps emphasize the visual details and gives the base of the house a pedestal-like quality.
"Exterior decorative accents offer homeowners a choice in their home's appearance so they feel like their home is not only unique to them on the inside, but on the outside as well," says Peter Lang, general manager of the Western Red Cedar Lumber Association. "They customize the home so when you drive thorough the community the house doesn't look like everyone else's on the block."
Additionally, integrating Western Red Cedar into soffit areas is an appealing look. Soffits are the exposed underside of any building overhead component such as: the roof line, balcony or porch; and upgrading soffits with stylish tongue-and-groove cedar bestows richness where these areas almost become an extension of the interior - yet blend nicely with the exterior siding and natural surroundings for a cohesive look. And because simple accents like cedar soffits do so much to improve your home's exterior, they can add to the resale value should you ever decide to sell.
http://www.homebuyersdigest.com/0206curb_appeal_101.htm
Buying A Home: Reports And Inspections
When you are buying a home it seems like there are so many reports and inspections needed. You are advised to get the home appraised, inspected, checked for termites, surveyed and so on. Why are there so many different reports?
Each report will tell you something different although some clearly have overlaps. But they all offer something that other report won't cover.
Lenders make loans on the sales price or the appraised value -- whichever is less. The appraisal is an estimate of value by an independent third party. This reduces the lender's risk by assuring that the property is worth what you are paying for it. As a general rule you do not often see a �sale� appraisal with a value higher than the agreed upon sales price but it is not uncommon to see appraised value less than the sales price. This is your warning signal that you are overpaying. There is also significant information in appraisals that confirm you are buying what has been advertised by the seller.
The home inspection is very important. It is not an appraisal. The appraisal helps confirm the home's value, the inspection looks at the home's condition. The professional inspector checks all systems of the house, from the foundation to the roof and most everything between. Do the appliances work? Does the plumbing leak? How old is the roof and when will it need to be replaced? Is the electrical wiring up to code? The home inspection report will tell you what needs to be repaired and what amount the repairs could cost.
The termite or pest inspection is also important as your home is probably built of wood. Most lenders require a pest inspection but not all will require a home inspection. You should insist on both inspections to protect your best interests. You don't want to buy a home just to find out in a month that termites have destroyed the structural safety and it will cost you $25,000 to repair the home. The pest and the home inspections will help protect you.
The survey shows the boundaries of the property, where the improvements are located, the size of the property and other factors such as easements and encroachments. This information is important. For example, if the current owners have built an addition that encroaches on the lot line, a neighbor could demand its removal. It is also a way to confirm the property size is what has been advertised or the side fence belongs completely to the neighbors. The survey also shows any easements, or right of ways for others to use your property. For example, there is often a Public Utility Easement on property. This gives that utility the right to enter your property and install, maintain or repair their system.
In most cases, here in California, the only report you are likely to have much choice in obtaining is the Home Inspection. All four reports are valuable, give you different information and help avoid surprises which generally are not a good thing in buying real estate.
About Author:
Julie Jalone: Julie Jalone is an experienced professional Realtor serving the needs of buyers and sellers of residential real estate in the Greater Sacramento, CA area including Roseville, Grantie Bay, Lincoln and other communities in Sacramento, Placer, El Dorado, Yolo and Yuba Counties. For more information on Julie see her web site a http://www.jalone.com.
Each report will tell you something different although some clearly have overlaps. But they all offer something that other report won't cover.
Lenders make loans on the sales price or the appraised value -- whichever is less. The appraisal is an estimate of value by an independent third party. This reduces the lender's risk by assuring that the property is worth what you are paying for it. As a general rule you do not often see a �sale� appraisal with a value higher than the agreed upon sales price but it is not uncommon to see appraised value less than the sales price. This is your warning signal that you are overpaying. There is also significant information in appraisals that confirm you are buying what has been advertised by the seller.
The home inspection is very important. It is not an appraisal. The appraisal helps confirm the home's value, the inspection looks at the home's condition. The professional inspector checks all systems of the house, from the foundation to the roof and most everything between. Do the appliances work? Does the plumbing leak? How old is the roof and when will it need to be replaced? Is the electrical wiring up to code? The home inspection report will tell you what needs to be repaired and what amount the repairs could cost.
The termite or pest inspection is also important as your home is probably built of wood. Most lenders require a pest inspection but not all will require a home inspection. You should insist on both inspections to protect your best interests. You don't want to buy a home just to find out in a month that termites have destroyed the structural safety and it will cost you $25,000 to repair the home. The pest and the home inspections will help protect you.
The survey shows the boundaries of the property, where the improvements are located, the size of the property and other factors such as easements and encroachments. This information is important. For example, if the current owners have built an addition that encroaches on the lot line, a neighbor could demand its removal. It is also a way to confirm the property size is what has been advertised or the side fence belongs completely to the neighbors. The survey also shows any easements, or right of ways for others to use your property. For example, there is often a Public Utility Easement on property. This gives that utility the right to enter your property and install, maintain or repair their system.
In most cases, here in California, the only report you are likely to have much choice in obtaining is the Home Inspection. All four reports are valuable, give you different information and help avoid surprises which generally are not a good thing in buying real estate.
About Author:
Julie Jalone: Julie Jalone is an experienced professional Realtor serving the needs of buyers and sellers of residential real estate in the Greater Sacramento, CA area including Roseville, Grantie Bay, Lincoln and other communities in Sacramento, Placer, El Dorado, Yolo and Yuba Counties. For more information on Julie see her web site a http://www.jalone.com.
The Home Inspection
Protect your investment and get your house inspected before finalizing the purchase contract. It can save you alot of headaches later.
Buying a home is one of the most important investments you will ever make. One way to protect your investment is by having a qualified home inspector inspect your potential home prior to the closing date. The average inspection report is complex, detailed and in-depth.
When selecting an inspector, you should be able to contact references. Their references should be individuals that have used these inspection services and were satisfied with the results. Inspections are confidential and are the property of the person that requested the inspection report, so you won't be able to see an actual home inspection report.
But you can ask to see a sample report in order to make sure that it identifies and answers the questions that you need answered about your potential home. Finally, ask your inspector what their professional credentials are. There are lots of people that consider themselves qualified home inspectors with no building background whatsoever. Look for an inspector that has a background in new home construction, renovation or contracting.
After you select a home inspector, next comes the inspection itself. In my experience, inspectors tend to work from the outside in.
The inspector should actually get up on the roof and thoroughly inspect the roofing, vents and chimneys. Expect them to examine and document what type exterior finish is on the home and the condition of any exterior electrical outlets or faucets. Finally, they will take note of the condition of the driveway.
Next, the inspector examines the furnace and hot water tank for age, quality and condition. The electrical system is checked for the type of wiring, the size of the electrical service and whether or not the electrical panel is outfitted with breaker switches or fuses. The inspector should also check each individual electrical outlet to ensure that they are in good working order. As they go through the house, sinks and toilets will be inspected and any leaks, water damage or mold will be noted in the report.
Moving upwards, the inspector will check the attic area for sufficient insulation as well as for evidence of water damage. The inspection of the roof cavity also allows the inspector to examine the home's structure for structural deficiencies.
The report should be a comprehensive analysis of the entire structure, inside and out. It should identify all problems, whether major or minor. The inspector should be able to give the report some added value by identifying the scope of the repairs required and a time frame for completion of the repairs.
Each home is different, posing new challenges and potential problems. When making the decision to buy, it is a small price to pay for an inspection report especially when you consider that it may save you tens of thousands of dollars in repairs and problems.
http://buyingsellingahome.suite101.com/article.cfm/the_home_inspection
Buying a home is one of the most important investments you will ever make. One way to protect your investment is by having a qualified home inspector inspect your potential home prior to the closing date. The average inspection report is complex, detailed and in-depth.
When selecting an inspector, you should be able to contact references. Their references should be individuals that have used these inspection services and were satisfied with the results. Inspections are confidential and are the property of the person that requested the inspection report, so you won't be able to see an actual home inspection report.
But you can ask to see a sample report in order to make sure that it identifies and answers the questions that you need answered about your potential home. Finally, ask your inspector what their professional credentials are. There are lots of people that consider themselves qualified home inspectors with no building background whatsoever. Look for an inspector that has a background in new home construction, renovation or contracting.
After you select a home inspector, next comes the inspection itself. In my experience, inspectors tend to work from the outside in.
The inspector should actually get up on the roof and thoroughly inspect the roofing, vents and chimneys. Expect them to examine and document what type exterior finish is on the home and the condition of any exterior electrical outlets or faucets. Finally, they will take note of the condition of the driveway.
Next, the inspector examines the furnace and hot water tank for age, quality and condition. The electrical system is checked for the type of wiring, the size of the electrical service and whether or not the electrical panel is outfitted with breaker switches or fuses. The inspector should also check each individual electrical outlet to ensure that they are in good working order. As they go through the house, sinks and toilets will be inspected and any leaks, water damage or mold will be noted in the report.
Moving upwards, the inspector will check the attic area for sufficient insulation as well as for evidence of water damage. The inspection of the roof cavity also allows the inspector to examine the home's structure for structural deficiencies.
The report should be a comprehensive analysis of the entire structure, inside and out. It should identify all problems, whether major or minor. The inspector should be able to give the report some added value by identifying the scope of the repairs required and a time frame for completion of the repairs.
Each home is different, posing new challenges and potential problems. When making the decision to buy, it is a small price to pay for an inspection report especially when you consider that it may save you tens of thousands of dollars in repairs and problems.
http://buyingsellingahome.suite101.com/article.cfm/the_home_inspection
Perils In Real Estate: Wiring
A major concern when viewing an older home is wiring; here are some useful tips to assist with identifying substandard wiring and how to deal with the situation.
Perils in Real Estate: Wiring
More and more frequently insurance companies are refusing to insure homes with knob and tube, and aluminum wiring. With many financial institutions making financing conditional on the ability to obtain insurance, this has dire implications for real estate. Potential buyers and seller's ability to close a real estate transaction is compromised in situations where there is substandard wiring.
Knob and tube wiring was commonly used in residential construction during the early part of the century. It derived its name from the ceramic knobs, which secured the wire, and the ceramic tubes that were passed through the wood framing. The primary concern here is that the insulation that surrounds the wiring will break down creating a potential hazard.
Aluminum wiring was used during the 1960's through the 1970's, and it has now been discovered to be a potential fire hazard. This is commonly because of arcing at the connectors; which causes overheating at the connections between the wire and devices, such as switches and outlets or splices in the wire.
A simple method of identifying aluminum wiring is to examine the wire sheathing for the word aluminum. If you can't find the word aluminum embossed in the wire sheathing then look for silver colored wire instead of the copper colored wire used in modern wiring.
Removal and replacement of both knob and tube wiring and aluminum wiring can be quite costly depending on how much of the substandard wiring there is in the home. If you believe a home you are viewing has substandard wiring, it's important to have it looked at by a professional. An electrician will be able to estimate the cost of removal and replacement.
This situation can be easily be averted by having the offer conditional on a home inspection. Making the offer conditional on the inspection allows for substantial repairs to be rectified by the homeowner prior to closing or to have a deal terminated based on the inspection. A licensed home inspector or a good general contractor can usually point out and identify potential real estate pitfalls such as substandard wiring. It is a great investment with any home purchase to have the property inspected for problems that may otherwise creep up on you.
http://buyingsellingahome.suite101.com/article.cfm/perilsinrealestatewiring
Perils in Real Estate: Wiring
More and more frequently insurance companies are refusing to insure homes with knob and tube, and aluminum wiring. With many financial institutions making financing conditional on the ability to obtain insurance, this has dire implications for real estate. Potential buyers and seller's ability to close a real estate transaction is compromised in situations where there is substandard wiring.
Knob and tube wiring was commonly used in residential construction during the early part of the century. It derived its name from the ceramic knobs, which secured the wire, and the ceramic tubes that were passed through the wood framing. The primary concern here is that the insulation that surrounds the wiring will break down creating a potential hazard.
Aluminum wiring was used during the 1960's through the 1970's, and it has now been discovered to be a potential fire hazard. This is commonly because of arcing at the connectors; which causes overheating at the connections between the wire and devices, such as switches and outlets or splices in the wire.
A simple method of identifying aluminum wiring is to examine the wire sheathing for the word aluminum. If you can't find the word aluminum embossed in the wire sheathing then look for silver colored wire instead of the copper colored wire used in modern wiring.
Removal and replacement of both knob and tube wiring and aluminum wiring can be quite costly depending on how much of the substandard wiring there is in the home. If you believe a home you are viewing has substandard wiring, it's important to have it looked at by a professional. An electrician will be able to estimate the cost of removal and replacement.
This situation can be easily be averted by having the offer conditional on a home inspection. Making the offer conditional on the inspection allows for substantial repairs to be rectified by the homeowner prior to closing or to have a deal terminated based on the inspection. A licensed home inspector or a good general contractor can usually point out and identify potential real estate pitfalls such as substandard wiring. It is a great investment with any home purchase to have the property inspected for problems that may otherwise creep up on you.
http://buyingsellingahome.suite101.com/article.cfm/perilsinrealestatewiring
Contract Conditions: Financing
Each Agreement of Purchase and Sale presents special challenges. The financing condition that accompanies the agreement is of special importance. This article discusses the elements of the financing clause.
Contract Conditions: Financing
When writing up an Agreement of Purchase and Sale, you need to be aware of the elements of the conditions used in the contract. The financing clause is frequently placed at the top of the page for good reason. Without adequate financing most people do not have the funds available to purchase a home.
This is an example of the wording of a financing condition; This Offer is conditional upon the Buyer arranging satisfactory financing, at the Buyer's expense, within 5 Banking days of acceptance of this Offer, failing which this agreement shall become null and void and the Buyer's deposit shall be returned in full, without interest or deduction. Buyer reserves the right to waive this condition.
It is important to notice that it's common for financing to be paid for by the buyer. Remember that financing is for the Buyer's benefit. It is the ability to acquire the funds necessary to purchase a home that the Buyer requires in order to make their dream of home ownership come true. Depending on your financial standing you may have to pay fees to your lender for lenders fees, appraisal services, and credit reports.
Second it is imperative that you leave yourself adequate time to secure financing. Prior to even writing an offer you should have been to your lender and gotten a pre-approval. This will give you an idea what you can afford when looking at property. It is also important for the seller to not have the home tied up with an offer any longer than necessary. Usually most people can secure financing in 3 or 4 days.
The final portion of the condition allows the Buyer to get his deposit on the home returned if they fail to secure financing. This is the most important part of the wording of the condition, were the buyer is concerned. It protects the Buyer from failure to secure financing and allows the Buyer to walk away from a Real Estate transaction without penalty to themselves.
Whether you're a Buyer or a Seller it is important to understand the financing condition on the Agreement you are about to sign. Is it adequate or does it tie the home up to long? Can the Buyer escape the contract without penalty? These are just two questions that the Buyer and Seller must satisfy prior to agreeing to accept a condition.
http://buyingsellingahome.suite101.com/article.cfm/contractconditionsfinancing
Contract Conditions: Financing
When writing up an Agreement of Purchase and Sale, you need to be aware of the elements of the conditions used in the contract. The financing clause is frequently placed at the top of the page for good reason. Without adequate financing most people do not have the funds available to purchase a home.
This is an example of the wording of a financing condition; This Offer is conditional upon the Buyer arranging satisfactory financing, at the Buyer's expense, within 5 Banking days of acceptance of this Offer, failing which this agreement shall become null and void and the Buyer's deposit shall be returned in full, without interest or deduction. Buyer reserves the right to waive this condition.
It is important to notice that it's common for financing to be paid for by the buyer. Remember that financing is for the Buyer's benefit. It is the ability to acquire the funds necessary to purchase a home that the Buyer requires in order to make their dream of home ownership come true. Depending on your financial standing you may have to pay fees to your lender for lenders fees, appraisal services, and credit reports.
Second it is imperative that you leave yourself adequate time to secure financing. Prior to even writing an offer you should have been to your lender and gotten a pre-approval. This will give you an idea what you can afford when looking at property. It is also important for the seller to not have the home tied up with an offer any longer than necessary. Usually most people can secure financing in 3 or 4 days.
The final portion of the condition allows the Buyer to get his deposit on the home returned if they fail to secure financing. This is the most important part of the wording of the condition, were the buyer is concerned. It protects the Buyer from failure to secure financing and allows the Buyer to walk away from a Real Estate transaction without penalty to themselves.
Whether you're a Buyer or a Seller it is important to understand the financing condition on the Agreement you are about to sign. Is it adequate or does it tie the home up to long? Can the Buyer escape the contract without penalty? These are just two questions that the Buyer and Seller must satisfy prior to agreeing to accept a condition.
http://buyingsellingahome.suite101.com/article.cfm/contractconditionsfinancing
Mold
With every real estate transaction there are perils that must be considered. Mold is becoming a growing concern. Learn about potential problem areas, health concerns, and problems associated with the sale of a home with a mold issue.
Perils in Real Estate: Mold
A growing concern for potential homebuyers is the presence of mold in the home they are pondering the purchase of. Arming yourself with information is the only way to limit the pitfalls associated with particular molds.
Mold is a fungus that is associated with decaying vegetable or animal matter. It often appears as a black film, found in dark moist regions of the home. Areas that should be checked for mold are around sinks, tubs, basements, bathrooms and any other area where there has been moisture.
Fortunately most household molds are mild, but research has linked some molds to chronic sinus infections, asthma and other ailments. Stachybotrys atra is particularly dangerous; it has been associated with breathing difficulties, dizziness, memory loss and bleeding in the lungs. This mold produces micro-toxins and prolonged exposure to these toxins proves harmful.
Unfortunately modern construction techniques may be a significant contributing factor. Homes are being made increasingly airtight. Furnaces and air conditioning units compound the problem by re-circulating contaminated air. This means that moisture is trapped within the shell of the home re-circulating and providing an ample breading ground for mold spores.
The simplest way to deal with a suspicion of mold contamination is, if you see or smell mold then there is likely a mold problem. Mold growth is likely to recur unless the source of the moisture that has allowed the mold to grow is eliminated and the area is cleaned.
Cleaning mold contamination can be hazardous to your health, so if you are considering a property that you believe has an issue with mold contamination, then you should realize that you may be exposed to mold, strong detergents and disinfectants. During the cleaning process mold levels can be significantly higher than base levels, because you are disturbing the mold spores.
I would recommend that if there were a suspected mold problem in the home that you continue your home search. However if you were determined to make an offer I would first attempt to encourage the current homeowner to rectify the issue. If this is not possible then look at getting the mold professionally removed. If you have experience or expertise in mold removal attempt to remove it yourself, making sure that you research and use all proper safety precautions.
http://buyingsellingahome.suite101.com/article.cfm/perilsinrealestate
Perils in Real Estate: Mold
A growing concern for potential homebuyers is the presence of mold in the home they are pondering the purchase of. Arming yourself with information is the only way to limit the pitfalls associated with particular molds.
Mold is a fungus that is associated with decaying vegetable or animal matter. It often appears as a black film, found in dark moist regions of the home. Areas that should be checked for mold are around sinks, tubs, basements, bathrooms and any other area where there has been moisture.
Fortunately most household molds are mild, but research has linked some molds to chronic sinus infections, asthma and other ailments. Stachybotrys atra is particularly dangerous; it has been associated with breathing difficulties, dizziness, memory loss and bleeding in the lungs. This mold produces micro-toxins and prolonged exposure to these toxins proves harmful.
Unfortunately modern construction techniques may be a significant contributing factor. Homes are being made increasingly airtight. Furnaces and air conditioning units compound the problem by re-circulating contaminated air. This means that moisture is trapped within the shell of the home re-circulating and providing an ample breading ground for mold spores.
The simplest way to deal with a suspicion of mold contamination is, if you see or smell mold then there is likely a mold problem. Mold growth is likely to recur unless the source of the moisture that has allowed the mold to grow is eliminated and the area is cleaned.
Cleaning mold contamination can be hazardous to your health, so if you are considering a property that you believe has an issue with mold contamination, then you should realize that you may be exposed to mold, strong detergents and disinfectants. During the cleaning process mold levels can be significantly higher than base levels, because you are disturbing the mold spores.
I would recommend that if there were a suspected mold problem in the home that you continue your home search. However if you were determined to make an offer I would first attempt to encourage the current homeowner to rectify the issue. If this is not possible then look at getting the mold professionally removed. If you have experience or expertise in mold removal attempt to remove it yourself, making sure that you research and use all proper safety precautions.
http://buyingsellingahome.suite101.com/article.cfm/perilsinrealestate
Sales Contracts
You've listed your home and now you have an initial offer. How do you interpret it? Is price the only factor that needs to be considered and should it be the first priority? This article aims to answer some of the questions surrounding the Agreement of Purchase and Sale with a focus on the Ontario market place.
Understanding the Agreement of Purchase and Sale
The ability to interpret an offer and respond to it is imperative to the sale process. In some instances you may have a trained professional to assist in interpreting an offer and assisting you with any counter offers. This discussion focuses on common practices in the Ontario market place however the tips will assist in the interpretation of any offer regardless of geographic location. When you are considering that initial offer to purchase your property I would recommend that you get independent professional advice.
For an agreement to be legally binding it is important to verify that the full legal names of all parties are correct, as well as the legal description, address and lot size. If all this information is accurate and does not need to be altered then you may actually interpret the offer. If this information is in anyway inaccurate then it needs to be corrected and initialed by both the buyer and the seller.
Next I usually recommend looking at the schedule at the back of the offer prior to examining the price and deposit. The conditions in a schedule override any preprinted material in the Agreement and these usually itemize any potential problem areas that may cause the offer to be terminated by the buyer. The conditions in the schedule will give you insight into how serious your potential Buyer is and how you will proceed with negotiations.
There are several conditions that are commonly used in an Agreement of Purchase and Sale and they have several common elements that need to be considered. For starters there is the duration of the clause. The longer the conditional period is the longer it prevents you from accepting other offers. The condition also allows the Buyer a way to escape from an Agreement of Purchase and Sale without penalty to themselves. Each condition should be carefully worded and read because subtle changes to wording in a clause can drastically change the implications of that clause.
Some common conditions in residential resale are financing, insurance, and home inspection. With rural properties there should be a condition concerning potability of the water supply and possibly a warranty concerning the septic system. A sample of water should be taken at closing and so potability can be confirmed usually within a couple of days. These are just some of the more common conditions that are found in Agreements of Purchase and Sale there are various conditions that will sometimes appear and they need to be examined and considered individually.
Now you are able to look at the price being offered. Is it a number that you can accept? Is there a deposit? If not the offer should be signed back and include a deposit. Depending on your geographic location and the activity in your area will depend on the type of deposit you are able to demand. Does the closing date give you an acceptable amount of time to find new accommodations? Does the offer have any inclusions or exclusions that you were not planning on?
If at this point you have reviewed the Agreement and find it acceptable you have what is known as a conditionally accepted offer. If you find the offer unsatisfactory you need to alter the offer initialing any changes that you make and sign it back to the buyer or you can refuse the offer altogether. Any of these options have their own risks associated with them and you as a seller need to seriously consider the risks and benefits prior to making a final decision.
http://buyingsellingahome.suite101.com/article.cfm/salescontracts
Understanding the Agreement of Purchase and Sale
The ability to interpret an offer and respond to it is imperative to the sale process. In some instances you may have a trained professional to assist in interpreting an offer and assisting you with any counter offers. This discussion focuses on common practices in the Ontario market place however the tips will assist in the interpretation of any offer regardless of geographic location. When you are considering that initial offer to purchase your property I would recommend that you get independent professional advice.
For an agreement to be legally binding it is important to verify that the full legal names of all parties are correct, as well as the legal description, address and lot size. If all this information is accurate and does not need to be altered then you may actually interpret the offer. If this information is in anyway inaccurate then it needs to be corrected and initialed by both the buyer and the seller.
Next I usually recommend looking at the schedule at the back of the offer prior to examining the price and deposit. The conditions in a schedule override any preprinted material in the Agreement and these usually itemize any potential problem areas that may cause the offer to be terminated by the buyer. The conditions in the schedule will give you insight into how serious your potential Buyer is and how you will proceed with negotiations.
There are several conditions that are commonly used in an Agreement of Purchase and Sale and they have several common elements that need to be considered. For starters there is the duration of the clause. The longer the conditional period is the longer it prevents you from accepting other offers. The condition also allows the Buyer a way to escape from an Agreement of Purchase and Sale without penalty to themselves. Each condition should be carefully worded and read because subtle changes to wording in a clause can drastically change the implications of that clause.
Some common conditions in residential resale are financing, insurance, and home inspection. With rural properties there should be a condition concerning potability of the water supply and possibly a warranty concerning the septic system. A sample of water should be taken at closing and so potability can be confirmed usually within a couple of days. These are just some of the more common conditions that are found in Agreements of Purchase and Sale there are various conditions that will sometimes appear and they need to be examined and considered individually.
Now you are able to look at the price being offered. Is it a number that you can accept? Is there a deposit? If not the offer should be signed back and include a deposit. Depending on your geographic location and the activity in your area will depend on the type of deposit you are able to demand. Does the closing date give you an acceptable amount of time to find new accommodations? Does the offer have any inclusions or exclusions that you were not planning on?
If at this point you have reviewed the Agreement and find it acceptable you have what is known as a conditionally accepted offer. If you find the offer unsatisfactory you need to alter the offer initialing any changes that you make and sign it back to the buyer or you can refuse the offer altogether. Any of these options have their own risks associated with them and you as a seller need to seriously consider the risks and benefits prior to making a final decision.
http://buyingsellingahome.suite101.com/article.cfm/salescontracts
Questions To Consider
Here is a list of questions to consider when you're thinking of purchasing a house.
Some Questions To Consider When Buying A Home
Buying a home is likely the largest financial and lifestyle commitment you are likely to make during the course of your life. It pays to make an informed decision by looking at the advantages and disadvantages of homeownership. These questions should be addressed prior to making the decision to buy a home.
Are you financially ready?
Visit your local financial institution or mortgage broker so you can explore what you are financially capable of affording. Your financial institution will examine your credit history and they'll review your available down payment. They will look at your income and expenses and input all that information into a formula to determine what the maximum they will allow you to borrow.
How much will it really cost?
After you have calculated what is the maximum you can afford then you need to calculate the up-front costs and expenses associated with buying a home. I usually recommend three to four percent of the purchase price should be budgeted for closing expenses. Expenses such as land transfer tax, lawyer's fees, real estate fees, moving expenses as well as a portion of heating fuel, property taxes and possibly some other expenses can add up.
What should I buy?
Before you decide to search for a home you need to decide what type of home you are looking for. Is a basement or garage important? Does the style and aesthetics meet your tastes? Do you just want to move in or do you mind fixing it up? Take some time to decide what you need and want from your home, because it will likely be something you live with for a long time to come.
What professionals should you call on?
You'll need to use several professionals to help in your real estate transaction.
Select a lawyer. They are responsible for searching the property title and ensuring that there are no liens against the property. Your lawyer also will mediate the closing of the home. That means that they mediate between the bank and the seller's lawyer.
Select a financial institution or mortgage broker to assist in pre-approving a mortgage application and setting up financing conditions.
It's a good idea to use a Real Estate agent to assist in the home buying process. Agents tend to be familiar with the local market place and will be able to guide and advise you on the available properties and their history. Agents also have the education and expertise to assist with all of your buying and selling questions.
Select an insurance broker. Most financial institution requires proof of insurance to close a sale. I also recommend a couple of other professionals to my clients as well, such as a home inspector, or a builder and a surveyor.
If you have followed these steps and done your homework, you are now ready to go out and find the right house. You have selected the features that you need and want, the location you would like to be in. You have consulted the professionals you're going to deal with and are now ready to go out and actively start looking to enter the world of home ownership.
http://buyingsellingahome.suite101.com/article.cfm/questions
Some Questions To Consider When Buying A Home
Buying a home is likely the largest financial and lifestyle commitment you are likely to make during the course of your life. It pays to make an informed decision by looking at the advantages and disadvantages of homeownership. These questions should be addressed prior to making the decision to buy a home.
Are you financially ready?
Visit your local financial institution or mortgage broker so you can explore what you are financially capable of affording. Your financial institution will examine your credit history and they'll review your available down payment. They will look at your income and expenses and input all that information into a formula to determine what the maximum they will allow you to borrow.
How much will it really cost?
After you have calculated what is the maximum you can afford then you need to calculate the up-front costs and expenses associated with buying a home. I usually recommend three to four percent of the purchase price should be budgeted for closing expenses. Expenses such as land transfer tax, lawyer's fees, real estate fees, moving expenses as well as a portion of heating fuel, property taxes and possibly some other expenses can add up.
What should I buy?
Before you decide to search for a home you need to decide what type of home you are looking for. Is a basement or garage important? Does the style and aesthetics meet your tastes? Do you just want to move in or do you mind fixing it up? Take some time to decide what you need and want from your home, because it will likely be something you live with for a long time to come.
What professionals should you call on?
You'll need to use several professionals to help in your real estate transaction.
Select a lawyer. They are responsible for searching the property title and ensuring that there are no liens against the property. Your lawyer also will mediate the closing of the home. That means that they mediate between the bank and the seller's lawyer.
Select a financial institution or mortgage broker to assist in pre-approving a mortgage application and setting up financing conditions.
It's a good idea to use a Real Estate agent to assist in the home buying process. Agents tend to be familiar with the local market place and will be able to guide and advise you on the available properties and their history. Agents also have the education and expertise to assist with all of your buying and selling questions.
Select an insurance broker. Most financial institution requires proof of insurance to close a sale. I also recommend a couple of other professionals to my clients as well, such as a home inspector, or a builder and a surveyor.
If you have followed these steps and done your homework, you are now ready to go out and find the right house. You have selected the features that you need and want, the location you would like to be in. You have consulted the professionals you're going to deal with and are now ready to go out and actively start looking to enter the world of home ownership.
http://buyingsellingahome.suite101.com/article.cfm/questions
The Right Time For Buying A Home
The American dream of buying a home is a multi-step process. But the first, and most pivotal decision involved, is when to buy your first home. For first time buyers hearing about the ups and downs of the housing market can put them into a state of fear and inaction. The often ask- is this a bad time to buy? Can I qualify? Will my interest rates soar? But realtors and mortgage brokers will all tell you that the right time to buy is contingent on more factors than the national, or even local housing economy.
A Solid Investment
One of the reasons that realtors tout home ownership as the investment of a lifetime is because your home will appreciate over the time you live there. While an investment property seeks a different type of return, the outcome is the same. Most people will eventually sell their home for far more than they paid for it. Keep in mind personal factors like the livelihood of future moves, income, and growing families. A good realtor will take all these factors into account when helping scope out your ideal home.
I you are already paying rent, it generally makes sense to turn that outgoing cash each month into an investment that will accrue equity immediately. Use the knowledge of local realtors and mortgage lenders to get a feel for the local market. This will be more pertinent than national trends for your immediate needs.
High Interest vs. Interest Deductions
Realtors and mortgage lenders report that high interest rates are one of the biggest areas of concern for people buying a home for the first time. As national sales have dropped in the first half of 2007, lending standards have tightened, and obtaining low interest rates has gotten more difficult- especially for lenders with poor credit or little money for a down payment. According to the National Association of Realtors, high priced homes are selling strong, and the overall real estate sales are expected to increase gradually in the second half of the year.
How does this affect the right time to buy? Obviously, if your credit is poor and you have little cash, this could make obtaining a loan challenging. But realtors report that many first time home buyers find themselves needing to buy a home due to a relocations, or new baby in the family. Does this mean the times just not right, and they should rent another year or two to get cash save up? Maybe.
A good guideline realtors give is that no more than 33% of your income should go towards housing. So if getting into a home right now would really stretch those numbers, responsible realtors and mortgages lenders advise taking some time to get your credit in shape and save up some cash.
On the other hand, if you can swing a reasonable down payment a slightly higher interest rate than was offered a year or two ago isn’t really a reason to put off buying. Realtors say this is a great time for buying since the market is flooded with reduced priced homes. And you actually can benefit from mortgage interest deductions. Ask your realtor, lender or other real estate professional to explain the how mortgage interest is completely deducted from your taxes.
Still Unsure?
Just remember- look at the numbers. The best realtors will lead you towards homes that are in your price range- but you need to know what that really is. Realtors and mortgage lenders can only give feedback on the information you give them. By considering your lifestyle, income and desires, only you can really determine now is the right time for buying a home.
http://www.articlesuniverse.com/Article/The-Right-Time-For-Buying-A-Home/50571
A Solid Investment
One of the reasons that realtors tout home ownership as the investment of a lifetime is because your home will appreciate over the time you live there. While an investment property seeks a different type of return, the outcome is the same. Most people will eventually sell their home for far more than they paid for it. Keep in mind personal factors like the livelihood of future moves, income, and growing families. A good realtor will take all these factors into account when helping scope out your ideal home.
I you are already paying rent, it generally makes sense to turn that outgoing cash each month into an investment that will accrue equity immediately. Use the knowledge of local realtors and mortgage lenders to get a feel for the local market. This will be more pertinent than national trends for your immediate needs.
High Interest vs. Interest Deductions
Realtors and mortgage lenders report that high interest rates are one of the biggest areas of concern for people buying a home for the first time. As national sales have dropped in the first half of 2007, lending standards have tightened, and obtaining low interest rates has gotten more difficult- especially for lenders with poor credit or little money for a down payment. According to the National Association of Realtors, high priced homes are selling strong, and the overall real estate sales are expected to increase gradually in the second half of the year.
How does this affect the right time to buy? Obviously, if your credit is poor and you have little cash, this could make obtaining a loan challenging. But realtors report that many first time home buyers find themselves needing to buy a home due to a relocations, or new baby in the family. Does this mean the times just not right, and they should rent another year or two to get cash save up? Maybe.
A good guideline realtors give is that no more than 33% of your income should go towards housing. So if getting into a home right now would really stretch those numbers, responsible realtors and mortgages lenders advise taking some time to get your credit in shape and save up some cash.
On the other hand, if you can swing a reasonable down payment a slightly higher interest rate than was offered a year or two ago isn’t really a reason to put off buying. Realtors say this is a great time for buying since the market is flooded with reduced priced homes. And you actually can benefit from mortgage interest deductions. Ask your realtor, lender or other real estate professional to explain the how mortgage interest is completely deducted from your taxes.
Still Unsure?
Just remember- look at the numbers. The best realtors will lead you towards homes that are in your price range- but you need to know what that really is. Realtors and mortgage lenders can only give feedback on the information you give them. By considering your lifestyle, income and desires, only you can really determine now is the right time for buying a home.
http://www.articlesuniverse.com/Article/The-Right-Time-For-Buying-A-Home/50571
Buying a Home in an Historic District
There are many advantages to buying a home in a designated historic district, including stability and resale values. Still, there’s much to learn before taking the plunge.
Perhaps you have been searching for several months or even years, and now you have found the perfect home. Your dream comes with elaborately detailed scrollwork, a hand-carved newel post, or stately white columns. It is also listed as a contributing resource to an historic district on the National Register of Historic Places. What does that mean? What things should you consider before determining that this house is for you?
Part of Something Larger
Pacific Union Senior Sales Agent Tom Zannelli of San Francisco indicates that a listing on the National Register is a particular, upscale amenity that attracts a specific group of homebuyers. Others may fall into this possibility during a house hunt. Tom and Lynn Wood, architects and principals of Timeline Architecture, consciously chose to live in their neighborhood of redeveloped military housing at Fort Ethan Allen in Essex, Vermont. Both the surroundings and the house encouraged residential reuse, while the space offered uncommon design, craftsmanship, and materials. “It was a chance to be part of something larger and unique,” said Lynn.
Return on the Investment
A National Register citation confirms a home's historic significance, but the real worth may be realized in the stability and strength of the property's value. A 2000 study of South Carolina home sales shows that homes in Columbia's historic districts sold 26 percent faster than the overall market; while historic Beauport owners saw a whopping 21 percent greater sale price. In Rome, Georgia, properties in designated historic neighborhoods increased in value 10 percent more than similar properties without historic designation between 1980 and 1996. Studies in Texas, New York, and Pennsylvania corroborate the positive effect an historic district designation has on property values, with overall increases between 5 percent and 20 percent. The stability of property value appears to extend to owner tenure as well: There is a reportedly lower owner turnover within historic districts than in neighborhoods lacking that distinction.
Playing By the Code
National Register inclusion is an acknowledgment of a property's importance to its community, state, or the nation. Some homebuyers may be anxious about this designation from the National Park Service, fearing infringement of their property rights. These concerns are unfounded, as long as the work receives no federal money, and requires no federal license or permit. Owners are under no obligation to restore their property, or to open their doors to the public.
Many municipalities, however, have designated design control districts in areas that have been identified as having particular historic, architectural, scenic, cultural, or visual significance. Buildings in these areas may be subject to review for any proposed alteration, addition, or demolition. A prospective homebuyer of a property within an established historic district would be well advised to visit the local planning and zoning office to determine what guidelines may apply to them. Preservation ordinance helps homeowners protect their investment by preserving the historic character of their neighborhoods. Review of any project may run the gamut from a cursory evaluation by a zoning administrator to review by a secondary commission that advises specifically on questions of historic sensitivity and architectural compatibility.
For certain types of work, homeowners may need to secure a permit called a Certificate of Appropriateness (C.O.A.), or Permit for Minor Work from their planning office or historic review board. Communities that rely on heritage tourism frequently have more stringent review procedures: Historic Savannah requires review for alterations as minor as changing awnings. In New York City's Row House District, a C.O.A. is necessary before changing exterior shutters. Review only applies to the exterior of any structure in an historic district, and does not affect any interior changes.
Some historic district commissions may require replacement of damaged materials in kind, that is, with material or design features original to the building. While the alteration of an historic home may require specific or expensive materials or craftsmanship, it will be balanced with the likelihood that the investment will hold. Additionally, your neighbor's protected property is also less likely to be altered in a manner that might reduce your property value.
Preservation Resources
In some instances buildings listed as contributing resources on the National Register may be eligible for limited financial aid through grants, loans, or tax incentives. Georgia has provided an eight-year freeze on property-tax assessments designated historic properties. The Federal Government currently limits tax credit opportunities to structures that are income producing (rather than strictly residential). Preservation organizations are another resource for modest financial assistance. Preservation easements may also be arranged through local governments or private organizations like Historic New England (formerly the Society for the Preservation of New England Antiquities.) These arrangements can lessen property-tax burden while providing for the preservation, protection, and maintenance for your historic property.
Programs differ from one state to another, so check with your State Historic Preservation Office (SHPO), local planning agency, or community historical society.
Thousands of historic districts have been listed by the Federal government on the National Register, ranging from the landmark homes of Newport to modest mill housing of New England. Owning property within an historic district offers you the unique opportunity to interpret and share the history of your home, as steward of a recognized contributor to our nation's past.
For further information, contact www.cr.nps.gov/nr, or your local State Historic Preservation Office.
http://www.bobvila.com/HowTo_Library/Buying_a_Home_in_an_Historic_District-Home_Buying-A1541.html
Perhaps you have been searching for several months or even years, and now you have found the perfect home. Your dream comes with elaborately detailed scrollwork, a hand-carved newel post, or stately white columns. It is also listed as a contributing resource to an historic district on the National Register of Historic Places. What does that mean? What things should you consider before determining that this house is for you?
Part of Something Larger
Pacific Union Senior Sales Agent Tom Zannelli of San Francisco indicates that a listing on the National Register is a particular, upscale amenity that attracts a specific group of homebuyers. Others may fall into this possibility during a house hunt. Tom and Lynn Wood, architects and principals of Timeline Architecture, consciously chose to live in their neighborhood of redeveloped military housing at Fort Ethan Allen in Essex, Vermont. Both the surroundings and the house encouraged residential reuse, while the space offered uncommon design, craftsmanship, and materials. “It was a chance to be part of something larger and unique,” said Lynn.
Return on the Investment
A National Register citation confirms a home's historic significance, but the real worth may be realized in the stability and strength of the property's value. A 2000 study of South Carolina home sales shows that homes in Columbia's historic districts sold 26 percent faster than the overall market; while historic Beauport owners saw a whopping 21 percent greater sale price. In Rome, Georgia, properties in designated historic neighborhoods increased in value 10 percent more than similar properties without historic designation between 1980 and 1996. Studies in Texas, New York, and Pennsylvania corroborate the positive effect an historic district designation has on property values, with overall increases between 5 percent and 20 percent. The stability of property value appears to extend to owner tenure as well: There is a reportedly lower owner turnover within historic districts than in neighborhoods lacking that distinction.
Playing By the Code
National Register inclusion is an acknowledgment of a property's importance to its community, state, or the nation. Some homebuyers may be anxious about this designation from the National Park Service, fearing infringement of their property rights. These concerns are unfounded, as long as the work receives no federal money, and requires no federal license or permit. Owners are under no obligation to restore their property, or to open their doors to the public.
Many municipalities, however, have designated design control districts in areas that have been identified as having particular historic, architectural, scenic, cultural, or visual significance. Buildings in these areas may be subject to review for any proposed alteration, addition, or demolition. A prospective homebuyer of a property within an established historic district would be well advised to visit the local planning and zoning office to determine what guidelines may apply to them. Preservation ordinance helps homeowners protect their investment by preserving the historic character of their neighborhoods. Review of any project may run the gamut from a cursory evaluation by a zoning administrator to review by a secondary commission that advises specifically on questions of historic sensitivity and architectural compatibility.
For certain types of work, homeowners may need to secure a permit called a Certificate of Appropriateness (C.O.A.), or Permit for Minor Work from their planning office or historic review board. Communities that rely on heritage tourism frequently have more stringent review procedures: Historic Savannah requires review for alterations as minor as changing awnings. In New York City's Row House District, a C.O.A. is necessary before changing exterior shutters. Review only applies to the exterior of any structure in an historic district, and does not affect any interior changes.
Some historic district commissions may require replacement of damaged materials in kind, that is, with material or design features original to the building. While the alteration of an historic home may require specific or expensive materials or craftsmanship, it will be balanced with the likelihood that the investment will hold. Additionally, your neighbor's protected property is also less likely to be altered in a manner that might reduce your property value.
Preservation Resources
In some instances buildings listed as contributing resources on the National Register may be eligible for limited financial aid through grants, loans, or tax incentives. Georgia has provided an eight-year freeze on property-tax assessments designated historic properties. The Federal Government currently limits tax credit opportunities to structures that are income producing (rather than strictly residential). Preservation organizations are another resource for modest financial assistance. Preservation easements may also be arranged through local governments or private organizations like Historic New England (formerly the Society for the Preservation of New England Antiquities.) These arrangements can lessen property-tax burden while providing for the preservation, protection, and maintenance for your historic property.
Programs differ from one state to another, so check with your State Historic Preservation Office (SHPO), local planning agency, or community historical society.
Thousands of historic districts have been listed by the Federal government on the National Register, ranging from the landmark homes of Newport to modest mill housing of New England. Owning property within an historic district offers you the unique opportunity to interpret and share the history of your home, as steward of a recognized contributor to our nation's past.
For further information, contact www.cr.nps.gov/nr, or your local State Historic Preservation Office.
http://www.bobvila.com/HowTo_Library/Buying_a_Home_in_an_Historic_District-Home_Buying-A1541.html
The Greatest Home Buying Tip
Everywhere you look online there is a home buying tip that is supposed to be the best home buying tip available. Most of the time the tip is to use this or that mortgage company for your loan. The truth of the matter is that tips for buying homes are a dime a dozen and often worth little more than a dime. Buying a new home can be a frightening prospect, especially if you are going it alone so to speak. For this reason, the best tip I have to offer is to find a great realtor and learn from their experience and guidance.
It cost you nothing as a buyer to go with a realtor, they make their money in a commission from the sale of the home and are often smart enough to realize that a percentage of a bargain basement price on a home is better than a percentage of a lost sell. They are generally going to be your greatest ally in the home buying process. If you are still nervous about using the services of a realtor because of divided loyalties, then perhaps you'd be interested in hiring a 'buyers agent'. This is essentially a realtor that will work for you, the buyer.
A buyer's agent can negotiate his or her fee to be paid as part of the closing costs from the seller, but this will have to be negotiated and can be refused. That means that you could end up paying the fees for your buyer's agent. That is often not the case and the realtor's manage to work things out between themselves in order to split a commission and keep the sell. This is one home buying tip that I would seriously recommend you take as it can save you time and money and help introduce you to homes in areas for
You do not want to make a HUGE mistake that may take your years to correct!
There is something really special about owning a home. Being a homeowner can make a person feel a little more like a giving member in a community, and less like a nomad.
If you've ever wondered what you need to know and do before investing in a house or you want the cut through the gray matter and get down to the real bare bones information you need without the candy coating that some in the housing market may try to lambaste you with!
Great ebook you simply cannot afford to miss.
prices that you might find astonishing.
A great realtor or buyer's agent will help you find homes that meet your criteria and your budget. He or she can often be credited with achieving the impossible and are well worth every penny they earn in commission and then some. Not only do they help guide you through the process of finding your dream home, they also help you during the bidding, negotiating, inspecting, and appraising process all the way through the closing process. I assure you, the closing can be by far the most intimidating and the most exciting (until you're on your second hour of signing you name to the bottom of countless pages).
The bottom line is that it's a toss up between the realtor and the mortgage broker who is your best friend in the home buying process but my vote goes to the realtor. The right realtor can make or break the experience for you. He or she can show you the road to your dream home in the perfect neighborhood for the perfect price and if you feel at any time during the process that your realtor is not listening to your needs, then it might be time to have a serious heart to heart, redefine your needs and offer to find another realtor. That is generally a great motivator if it comes down to it. Most of the time it will not and your realtor will work relentlessly to insure that your deal goes through and your home closes according to your wishes and satisfaction. As I've said before I could offer a home buying tip for almost every occasion, the best tip by far is to find a great realtor to work with from the very beginning of the process.
http://www.advancingwomen.com/easyhome/index.php
It cost you nothing as a buyer to go with a realtor, they make their money in a commission from the sale of the home and are often smart enough to realize that a percentage of a bargain basement price on a home is better than a percentage of a lost sell. They are generally going to be your greatest ally in the home buying process. If you are still nervous about using the services of a realtor because of divided loyalties, then perhaps you'd be interested in hiring a 'buyers agent'. This is essentially a realtor that will work for you, the buyer.
A buyer's agent can negotiate his or her fee to be paid as part of the closing costs from the seller, but this will have to be negotiated and can be refused. That means that you could end up paying the fees for your buyer's agent. That is often not the case and the realtor's manage to work things out between themselves in order to split a commission and keep the sell. This is one home buying tip that I would seriously recommend you take as it can save you time and money and help introduce you to homes in areas for
You do not want to make a HUGE mistake that may take your years to correct!
There is something really special about owning a home. Being a homeowner can make a person feel a little more like a giving member in a community, and less like a nomad.
If you've ever wondered what you need to know and do before investing in a house or you want the cut through the gray matter and get down to the real bare bones information you need without the candy coating that some in the housing market may try to lambaste you with!
Great ebook you simply cannot afford to miss.
prices that you might find astonishing.
A great realtor or buyer's agent will help you find homes that meet your criteria and your budget. He or she can often be credited with achieving the impossible and are well worth every penny they earn in commission and then some. Not only do they help guide you through the process of finding your dream home, they also help you during the bidding, negotiating, inspecting, and appraising process all the way through the closing process. I assure you, the closing can be by far the most intimidating and the most exciting (until you're on your second hour of signing you name to the bottom of countless pages).
The bottom line is that it's a toss up between the realtor and the mortgage broker who is your best friend in the home buying process but my vote goes to the realtor. The right realtor can make or break the experience for you. He or she can show you the road to your dream home in the perfect neighborhood for the perfect price and if you feel at any time during the process that your realtor is not listening to your needs, then it might be time to have a serious heart to heart, redefine your needs and offer to find another realtor. That is generally a great motivator if it comes down to it. Most of the time it will not and your realtor will work relentlessly to insure that your deal goes through and your home closes according to your wishes and satisfaction. As I've said before I could offer a home buying tip for almost every occasion, the best tip by far is to find a great realtor to work with from the very beginning of the process.
http://www.advancingwomen.com/easyhome/index.php
Making the Decision to Buy a Home
Why and when should I buy a home?
Today, home buyers have more choices than ever before. You can choose financing options that are flexible and affordable, home styles that fit a variety of lifestyles, and professional services that make the process fast, effective and enjoyable.
Here are some facts about buying a home that you should remember:
* Buying a Home can be a good investment opportunity. A house offers leverage and the possibility for appreciation in value. And, you can use this investment while it's working for you!
* You can't afford to overlook the tax breaks of homeownership. Since mortgage interest and property taxes are deductible, homeownership can save you money each year.
* Young people aren't priced out of the market. Figures from the National Association of Realtors put the average age of first-time buyers at 32 years old.
* Renting doesn't protect you against rising prices. Rental units are just as susceptible as houses to increases in taxes, insurance, utilities and other costs. Landlords will pass along these increases to the tenants.
* Waiting for prices to drop can work against you. Home prices fluctuate from city to city, and go up more often than they go down. Don't put off buying a home waiting for prices to come down.
Starting the Home Buying process
* Choose a professional who specializes in residential real estate. She or he should have specific knowledge of the local real estate and mortgage markets.
* Consider references carefully. An experienced, confident Agent can provide you with names of recent buyers in your market with whom he or she has worked.
* Select a professional who will listen to you. Your Agent should be interested enough in you to find out about you and your housing needs and preferences.
* Select a professional who puts service first. Strong customer service is key in today's real estate business. For Premier Service GMAC Real Estate Agents, this service goes above and beyond giving buyers only what they expect and need.
Your GMAC Real Estate Agent can show you any house that's for sale in your market - not just the homes listed by our company. If you see a house for sale that you like, arrange a viewing through us.
Commit yourself to working with one Agent who can learn your likes and dislikes in homes and make your home-buying process much easier. Turn to a GMAC Real Estate Agent for your real estate needs.
http://www.gmacrealestate.com/tools/rc_art_profile.cfm?l_topic_id=1&l_article_id=227
Today, home buyers have more choices than ever before. You can choose financing options that are flexible and affordable, home styles that fit a variety of lifestyles, and professional services that make the process fast, effective and enjoyable.
Here are some facts about buying a home that you should remember:
* Buying a Home can be a good investment opportunity. A house offers leverage and the possibility for appreciation in value. And, you can use this investment while it's working for you!
* You can't afford to overlook the tax breaks of homeownership. Since mortgage interest and property taxes are deductible, homeownership can save you money each year.
* Young people aren't priced out of the market. Figures from the National Association of Realtors put the average age of first-time buyers at 32 years old.
* Renting doesn't protect you against rising prices. Rental units are just as susceptible as houses to increases in taxes, insurance, utilities and other costs. Landlords will pass along these increases to the tenants.
* Waiting for prices to drop can work against you. Home prices fluctuate from city to city, and go up more often than they go down. Don't put off buying a home waiting for prices to come down.
Starting the Home Buying process
* Choose a professional who specializes in residential real estate. She or he should have specific knowledge of the local real estate and mortgage markets.
* Consider references carefully. An experienced, confident Agent can provide you with names of recent buyers in your market with whom he or she has worked.
* Select a professional who will listen to you. Your Agent should be interested enough in you to find out about you and your housing needs and preferences.
* Select a professional who puts service first. Strong customer service is key in today's real estate business. For Premier Service GMAC Real Estate Agents, this service goes above and beyond giving buyers only what they expect and need.
Your GMAC Real Estate Agent can show you any house that's for sale in your market - not just the homes listed by our company. If you see a house for sale that you like, arrange a viewing through us.
Commit yourself to working with one Agent who can learn your likes and dislikes in homes and make your home-buying process much easier. Turn to a GMAC Real Estate Agent for your real estate needs.
http://www.gmacrealestate.com/tools/rc_art_profile.cfm?l_topic_id=1&l_article_id=227
What are the costs associated with buying a new home?
What are the costs associated with buying a new home?
Are you thinking of buying your first home? Or do you need a home loan?
In buying our first home, my husband & I had no idea whether we could even get approved for a home mortgage loan. We didn't understand the mortgage application process, or even know how much of a downpayment we would be required to have.
Everthing seemed like a mystery...especially, "closing costs". How did the home buying process really work? I spent hours upon hours researching the Internet, looking for some kind of list that explained the what happens when you buy a home. What ever I found never seemed like what I was looking for.
When we found our mortgage lender, we asked her for "list" or something that described the home buying process. She said that "every home loan is different" so she couldn't give us one. We seemed to hear that a lot. When we found our real estate agent, we asked HER for one...it took over 2 weeks to send us some cheeky little list that SKIPPED a lot of very important information in the home buying process.
So what you will find here is OUR LIST. A list of how it went for us to apply for a mortgage loan and buy our first home. It includes a time line from finding a mortgage lender to finding a house and moving in and expands into the step by step details for gathering the loan documents for our pre-approval application to ordering the house inspection, termite inspection, etc.
I made this list WHILE in the process buying our first home, and my girlfriend was just starting to look at real estate and mortgatge lenders as we were closing. I recall that the year prior she and I both went to a local real estate seminar hoping to better understand the process, and especially the potential COSTS with buying our first home -- so she asked me if "there was some kind of list"...as she had been searching the Internet for days.
I photocopied my hand-written list and she found just what she was looking for, just a little DE-MYSTIFICATION of the new home, home loan process. And while each home loan or home buying adventure WILL VARY, here is my list...for you to use.
Happy house hunting!
http://guruknowledge.org/articles/546/1/What-are-the-costs-associated-with-buying-a-new-home/What-are-the-costs-associated-with-buying-a-new-home.html
Are you thinking of buying your first home? Or do you need a home loan?
In buying our first home, my husband & I had no idea whether we could even get approved for a home mortgage loan. We didn't understand the mortgage application process, or even know how much of a downpayment we would be required to have.
Everthing seemed like a mystery...especially, "closing costs". How did the home buying process really work? I spent hours upon hours researching the Internet, looking for some kind of list that explained the what happens when you buy a home. What ever I found never seemed like what I was looking for.
When we found our mortgage lender, we asked her for "list" or something that described the home buying process. She said that "every home loan is different" so she couldn't give us one. We seemed to hear that a lot. When we found our real estate agent, we asked HER for one...it took over 2 weeks to send us some cheeky little list that SKIPPED a lot of very important information in the home buying process.
So what you will find here is OUR LIST. A list of how it went for us to apply for a mortgage loan and buy our first home. It includes a time line from finding a mortgage lender to finding a house and moving in and expands into the step by step details for gathering the loan documents for our pre-approval application to ordering the house inspection, termite inspection, etc.
I made this list WHILE in the process buying our first home, and my girlfriend was just starting to look at real estate and mortgatge lenders as we were closing. I recall that the year prior she and I both went to a local real estate seminar hoping to better understand the process, and especially the potential COSTS with buying our first home -- so she asked me if "there was some kind of list"...as she had been searching the Internet for days.
I photocopied my hand-written list and she found just what she was looking for, just a little DE-MYSTIFICATION of the new home, home loan process. And while each home loan or home buying adventure WILL VARY, here is my list...for you to use.
Happy house hunting!
http://guruknowledge.org/articles/546/1/What-are-the-costs-associated-with-buying-a-new-home/What-are-the-costs-associated-with-buying-a-new-home.html
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