Information On Home Buying Articles and News

Making Sense of Home Equity Loans

2007-11-15T02:34:00.000-08:00

A generation ago, home equity loans were often made by shady characters to the financially distressed. Today, second mortgages are a legitimate financial tool that can be of benefit to homeowners. They come in all shapes and sizes to meet the needs of various homeowners. Let’s examine their characteristics -- their pros and cons.

Second mortgages are increasingly popular today. Let’s be honest. Almost all of the A-paper borrowers in the country got a really cheap loan in 2002 or 2003, like 4% or 5% loans. If they need money for some good purpose, they are not going to want to refinance at current rates. It’s better to get a second mortgage.

There are two main types of seconds. The first is the Home Equity Loan and the other is the popular Home Equity Line of Credit, aka the HELOC, or “equityline” loan.

The typical home equity loan is distinguished from its popular counterpart, the equityline loan, in that the loan is for a fixed amount and the payment schedule amortizes the loan over a pre-set period of time. For example, if you borrow $50,000 at 7 percent for 15 years, the payment will be $449.41 per month and the loan will be paid off slowly over 15 years. Most lenders also offer a “30 due in 15” where the balance is amortized over 30 years. It has a balloon at the end of 15 years if you haven’t paid it off by then – hence the emphasis “due in 15.”

What makes home equity loans enticing and perhaps the most suitable is when their purpose is to finance a specific project, like re-modeling. These loans are widely available and you can get up to 90 percent of your home’s current value. But they are pricier. If your home is worth $500,000, you can borrow up to $450,000, so if your current mortgage is $300,000, you can borrow another $150,000.

You can also borrow what you need with a home improvement loan, one taken out to finance improvements to the property, like adding a recreation room or swimming pool or modernizing the kitchen. Such improvements add value to a property, so the lender will do an appraisal based upon the value after the improvement is completed and grant a loan on that increased value. I should warn you that the paperwork required on this kind of loan can be horrendous, but if you can’t get the loan amount you need based upon the current value of the home, this may be a good solution.

The negative of a home equity loan is that, once in place, it cannot be increased should some other need arise in the future. Let’s say you have such a loan and another need arises that requires a chunk of money. You can go get another home equity loan -- unless you made the mistake of getting your first one with a prepayment penalty.

A positive is that the loan is guaranteed to disappear over a period of time. Also, you do not have the temptation of drawing on it for some fleeting purpose as you can with an equityline loan.

As with HELOCs, discussed next, the market for these loans is highly competitive and there are precious few differences between them. That means the benefits of being a shrewd shopper are fewer as there are just not enough different options to choose from. The first stop should be to the loan officer or broker who helped you buy your home. All of us have numerous sources for these loans. Local banks are okay too, and existing customers will receive favorable treatment. Credit unions usually charge lower fees but you have to be a member. Finally, there are many Internet sources.

WARNING: Avoid prepayment penalties that lenders love to slip in when you aren’t looking.

While the interest paid on a home equity loan is tax deductible, remember that it is of benefit only to the extent that all of your deductions exceed the standard deduction available to all taxpayers. Also, there are some limits on deductibility of interest on loans over $100,000. Consult your tax advisor to see how the rules apply to you.

WARNING: I would advise against getting one of the heavily advertised 125 percent loans where the lender will lend you more than the equity in your home. Technically, they are not equity loans but “equity-destroying” loans.

http://www.credit.com/credit_information/mortgages/Making-Sense-of-Home-Equity-Loans.jsp

Home Equity: How to Build it, How to Use it

2007-11-15T02:31:00.000-08:00

When homeowners purchase their first home, their equity is small. The only equity may be just the initial down payment, which is perhaps only 5% or 10% of the value. Or it maybe nothing, as is the case with people who bought with “no money down” in the recent days of profligate lending.

During the next 30 or so years, equity increases as a result of appreciation in property value and by slowly paying down the mortgage balance. A worthy goal for many people is to maximize their home equity by the time they retire. In fact, for many people, building equity in their home is a simple and relatively painless way to increase their net worth.

Indeed, for those who have modest retirement benefits, building substantial equity holds the key to a successful retirement. This series will focus on developing strategies to assure, first, that you maximize your equity in the manner most suitable for your situation, and second, to consider how you can use equity to further other purposes you may have.
Building Equity after Buying

Whatever equity you started out with, it is important to build it quickly. At the current date, mid-2007, we have come to the end of a period of spectacular increases in real estate values. Lots of homeowners were beneficiaries of this. Today, you can't count on that and equity may have to be built the old fashioned way -- by paying for it!

At some point in time you may want to sell your home and buy another one. It will be important to be able to take as much equity as you can with you to your new home. This isn't easy when you start out having to pay a 6% real estate commission. Don't assume that you can sell without a broker. You may get lucky, but maybe not!

If you bought your home with no money down, you have to scratch up 6% equity just to get out with no money. With normal amortization on a 30 year loan, the mortgage balance won't have been paid down to 94% of its original value until after 4 years have passed. For those who got the popular Interest-Only loans, they never will get there!

Bottom line: You need to manage your mortgage debt by paying it down so as to meet your objective. I know that all borrowers stretch in making mortgage payments, particularly on their first home, and here I am talking about increasing the monthly payment. But that's reality and you need to deal with it. If you get lucky, we'll see renewed appreciation and you'll get a little help.

There are many calculators on the Internet that can help you figure out a plan to meet your objectives. Try the ones at http://www.mtgprofessor.com/calculators.htm
Building Equity for Retirement

Your Sure Fire Happy Retirement Plan is to pay off your mortgage the month you retire. Your income will drop when you retire, but when you also eliminate the largest expense item in the budget, retirement can be a joy.

However, one of the funny things about time is how quickly it passes. All of a sudden, you're 60 years old and you “forgot” to make those extra principal payments you talked about and you still have a hefty mortgage balance. Owning your home free-and-clear, as the expression goes, sound pretty good. With a plan, you're likely to achieve your goal, so let's talk about goals and planning.

To achieve this goal, you must start years earlier. You've seen the examples that show the advantage of starting to contribute to your 401(k) in your twenties rather than later in your career. The mortgage payoff plan is no different. Ideally, the plan should be implemented when you are just entering your fifties, if not before.

Your income is close to its peak and your expenses are down after launching your kids. You're comfortable with your monthly mortgage payment but you now have more disposable income. That's the time to increase your payment to a level that will have the loan paid off at a specific time in the future. Let's work through an example.

Say you and your spouse are 47 years old and you want to have your mortgage paid off when you are 63 years old, 16 years into the future. Let's assume that you got a 6% $250,000 30-year loan seven years ago. The payment is $1,499 per month. The current balance is $224,088 but if you don't do something different, it wouldn't be paid off until you were 70. By increasing the payment to $1,818 per month, you can reduce the length of the loan to 16 years. In addition, because you've paid the loan down faster, you save a total $64,500 in interest over that 16 year period. All that went to paying down the principal faster.

Sometimes you can hasten this process by refinancing. In the next article in this series, we'll explore the costs and benefits of refinancing and discuss how you can decide if it makes sense for you.

http://www.credit.com/credit_information/mortgages/Home-Equity-How-to-Build-it-How-to-Use-it.jsp

Home Buying Questions - Am I Ready to Buy?

2007-11-15T02:27:00.000-08:00

For obvious reasons, this should be the first home buying question you ask yourself. After all, if you're not ready to buy a home, there's no point in asking all the other home buying questions.

This is a question that only the home buyer (or potential home buyer) can answer. Buying a home is one of the biggest financial decisions you will ever make, so you need to weigh the facts carefully and be honest with yourself.

Helpful Resources
Here are some resources to help you answer this all-important home buying question, "Am I ready to buy a home?"

* Are You Ready to Buy a Home?
* How Much Can You Afford?
* Buying vs. Renting Calculator
* The Buying vs. Renting Decision

http://www.homebuyinginstitute.com/homebuyingtips/labels/Home%20buying%20questions.html

Home Buying Questions - Choosing a Neighborhood

2007-11-15T02:24:00.000-08:00

Continuing our series on home buying Q&A, we come to another frequently asked question among home buyers: "How do I choose a neighborhood?"

This is a great home buying question to ask, because it shows you're thinking the right way about real estate. When you buy a home, you are also buying into the neighborhood in which the home resides. You are also buying into the school system, property tax situation, and other factors that affect the value of your home.

There's also the more human aspects of choosing a neighborhood. Obviously, you want to choose a neighborhood that you'll enjoy coming home to every day ... a neighborhood where other home owners care about the appearance of their homes, and the appearance of the neighborhood as a whole.

In other words, you want to choose a neighborhood that complements your home, as opposed to detracting from it.

Here are some resources to help you choose the right neighborhood before buying a home.

* Neighborhood Scout
* Yahoo Neighborhood Reports
* Helpful article on-site (scroll down to "location, location, location")
* Choosing the right neighborhood (About.com)

http://www.homebuyinginstitute.com/homebuyingtips/labels/Home%20buying%20questions.html

Home Buying Challenges Outlined in Report

2007-11-15T02:23:00.001-08:00

Industry Survey Reports on New Challenges Facing Home Buyers

ARLINGTON, Va., Nov. 9 /PRNewswire-USNewswire/ -- Recently media attention has been heavily focused on the difficulties home sellers face with the current glut of inventory and the tightening of the sub-prime mortgage market. However, according to a Fall member survey and report from the National Association of Exclusive Buyer Agents (www.naeba.org), home buyers are also facing new challenges. The report, titled "Under-Reported Home Buying Issues: How home buyers can overcome the latest buying challenges" contains survey results, case histories, and strategies buyers can use to best meet these challenges. The report is available as a free download at the association Web site: http://www.naeba.org/challenges.

The report highlights many important issues for buyers, but the rising use of buyer agent bonuses and difficulties when buying foreclosed homes were two of the most revealing.

"One of the top issues for buyers, in what industry insiders refer to as 'buyer agent bribes,' is when a seller offers a bonus to the buyer agent to put a full price contract together on their home. A buyer's agent should be loyal only to the buyer and sometimes buyers don't find out about these bonuses until the deal is done," reported Jon Boyd, President of the NAEBA.

The report also includes recommendations buyers should keep in mind when considering a foreclosed property including tactics on contract addenda and contract timing. "A challenge that scored high in the survey was the difficulty associated with buying foreclosures. Awareness of the five tips we offer in the report can make the process of evaluating and purchasing a foreclosure a lot less frustrating," Boyd said.

The National Association of Exclusive Buyer Agents was founded in 1995 to help consumers become educated home buyers. NAEBA is a nonprofit organization whose purpose is to be the "champions of real estate buyers' rights and representation." NAEBA offers industry standard certifications, ongoing education, client referral services, technology and information sharing. The NAEBA Code of Ethics pledges undivided loyalty to real estate buyers only. More information about NAEBA can be found at www.naeba.org.
Website: http://www.naeba.org/

Note: One of the areas of difficulty mentioned in this press release was the act of buying a foreclosed home. You can learn more about buying foreclosed homes on our website.

Buy with Resale in Mind

2007-11-14T04:04:00.000-08:00

What are you thinking about when buying a new home? Are you thinking about the way that you can start your new life there? How about the money that you are going to spend? While there are some things which keep your mind busy when you are shopping for a real estate and there is one thing which you should not forget. Do you know what that may be? Whether you buy real estate with the idea of reselling. Sure, you may live in your home for a long years but you should not forget the resale opportunities.

When buying a home you need to remember that you are not going to live your rest of your life in the same house. This means you want to own the real estate and resell it to somebody else. For most people this is not a difficult, but if you do take this into consideration when buying in the first place you may find yourself in deep conflict. Take this situation for example.
You may find a great home that suits your every need, including your budget. The only issue is that the home is in a part of town that has been on the deterioration in recent years. If you really want the home you may end up buying it, and hoping that everything works out; and it may work for you. But what happens if the neighborhood continues to rapidly decline?

Very soon you will be living in your dream home in an unsafe area. In turn,it may be complicated when you go to resell this real estate . This will lead to losing money on the deal in the long run. And anytime that you lose money on real estate you should not be happy with yourself.

There are sufficient of lands that you can buy which will increase in value over time. Overall, you need to buy real estate with the idea that you may have to sell it sooner or later. Anyhow this should not be the only thing that you consider, but it is definitely something that should be ingrained in the back of your mind.

http://www.realestatearticledirectory.com/articles/home-buying/article230.html

Budget your Money before you buy

2007-11-14T04:03:00.000-08:00

If you are going to buy a new house there are several details that you should refer before getting started .One of the highly imperative is your budget. It will be complicated if you don't know how much you are going to afford and how much you are left with .

Your budget plays a major role in buying a home and how you are going to move further. There are two different things that go into your budget. First, you need to look at your monthly income .If you are getting a steady paycheck then it is easy to move forward . On the other side if you are self employed it will be little bit complicated.

Just make sure that when you are looking at these things that you write down information. If you mess up this process you could end up in a bad situation. Now you know your monthly income , the next step is to consider your expenses. This includes everything from utilities to loans to money that you need for fun. When you know all of your expenses, you can then decrease that number from the money that you make each month.

This will give you a very good idea as to how much money you have left over on a monthly basis. From there, you can probably guess how much you can afford to a home. As you can see, a budget is very important if you are going to be buying a new home. Not only it will help you to prepare for the buying procedure, but it will also help you when you own your home . Sure, you may be able to get away without planning your budget but this is not a risk that you should be willing to take. Instead, take a few minutes and plan out an exact budget that you can follow during the entire buying process.If you are going to buy a new house there are several details that you should refer before getting started .One of the highly imperative is your budget. It will be complicated if you don't know how much you are going to afford and how much you are left with .

Your budget plays a major role in buying a home and how you are going to move further. There are two different things that go into your budget. First, you need to look at your monthly income .If you are getting a steady paycheck then it is easy to move forward . On the other side if you are self employed it will be little bit complicated.

Just make sure that when you are looking at these things that you write down information. If you mess up this process you could end up in a bad situation. Now you know your monthly income , the next step is to consider your expenses. This includes everything from utilities to loans to money that you need for fun. When you know all of your expenses, you can then decrease that number from the money that you make each month.

This will give you a very good idea as to how much money you have left over on a monthly basis. From there, you can probably guess how much you can afford to a home. As you can see, a budget is very important if you are going to be buying a new home. Not only it will help you to prepare for the buying procedure, but it will also help you when you own your home . Sure, you may be able to get away without planning your budget but this is not a risk that you should be willing to take. Instead, take a few minutes and plan out an exact budget that you can follow during the entire buying process.

http://www.realestatearticledirectory.com/articles/home-buying/article228.html

How to buy a house - a step by step guide for first time buyers (UK)

2007-11-14T04:02:00.000-08:00

Buying a house can be quite a confusing process especially if you haven't done so before. To help make it easier to understand the process of buying a property we have created a helpful list.

Take a good hard look at your lifestyle and decide which type of property is the most suitable for the way you live. Do you need a house with a garden or an apartment which is not on the ground floor? Where do you want to live? How many bedrooms do you need? Do you need a garage or parking space?

For most people, the cost of their home depends on how much they earn and therefore how big a mortgage they can secure. As a rough guide, most lenders will allow you up to two and a half times your salary, some more than this. Based on this calculation you should be able to find out how much you have to spend. It may be that at this point your dreams of a country mansion transform into a two bedroom city flat. Be realistic about the amount of money you have to spend. Save up as much deposit as you can - aim for at least 10% of the property value if possible.

Arrange a mortgage in principle with a lender - this will help you when you start viewing properties as you will taken more seriously by the estate agents and vendors.

Make contact with a solicitor who will be able to take charge of all the legal aspects of buying a property. A good starting point is to ask friends and family if they know of any good solicitors who they can recommend to you. You can speak to several and ask for an estimate of what their services will cost you before choosing which one to stick with.

Now that you have decided on the type of property you would like to buy, have your finances agreed in principle and have found a suitable solicitor you can contact/register with estate agents and start viewing suitable property.

Once you have found a property that you like you can make an offer via the estate agent. If you feel that the property is correctly priced and do not want to miss out on your ideal home you may wish to offer the full or near asking price.

If your offer is accepted it is a good idea to ask for the property to be taken off the market which will help deter other offers on the property.

At this point your solicitor should be asked to start work on the legal process of buying a house.

A survey will need to be undertaken on the property. You may like to conduct a full survey to be sure that the property is in good condition and that you will not have any nasty/costly surprises in the future.

Once the survey is completed and as long as there are no problems with the property the lender will agree to lend you the money.

The survey report will be sent to the solicitor to check. Your legal team will carry out a local search to make sure there are no plans for anything which will affect the value of your property. The contract is then finalised and they will then confirm with the lender the mortgage.

The deposit for the property should now be given to the solicitor who will hold it for you.

Contracts are exchanged between the solicitors of both parties concerned (the seller/vendor and you the buyer), deposit is given over to the seller and a date for completion is agreed.

Transfer deeds are prepared by the solicitor to be signed.

The mortgage money is transferred into the seller's account via your solicitor. You will then receive the transfer deeds, land registry certificate and keys to your new home.

On completion you can now move in to your new home which you now legally own.

Your solicitor should pay stamp duty, have the deeds stamped and pass title deeds to the mortgage lender. You will only receive the title deeds once your mortgage is completely paid back.

You will have to pay your solicitor for the work he has carried out on your behalf.

http://www.realestatearticledirectory.com/articles/home-buying/article18.html

Re-Financing with an Interest Only Mortgage

2007-11-14T04:01:00.001-08:00

Interest only mortgages are a relatively new phenomenon in the re-financing industry as well as the home buying industry. While the appeal of an interest only mortgage is typically a greater monthly cash flow, this increased cash flow can come with a hefty price tag. In exchange for more cash flow each month, the homeowner may be sacrificing the ability to obtain a fixed rate mortgage as well as the ability to build equity.

Greater Monthly Cash Flow - The one main advantage for many homeowners in an interest only mortgage is the ability to increase monthly cash flow. Homeowners who re-finance by utilizing an interest only mortgage will likely have more money available each month because they will only be paying interest on their mortgage initially.

While interest only loans may not be ideal, they can be beneficial in the situation where the homeowner is having a great deal fulfilling his monthly obligations. In this case, the homeowner may be willing to sacrifice an overall financial loss for the ability to continue to pay monthly bills in a timely fashion.

Unknown Risks of an ARM - Interest only re-finance loans are typically offered with an adjustable rate mortgage (ARM) this means the interest rate is not fixed and may fluctuate with the rise and fall of the prime index. This risk can be quite costly for the homeowner if the interest rate rises significantly. There is usually a cap placed on the amount, in terms of percentage, the interest rate can rise in a certain period but this can still be a very costly mistake for the homeowners.

An ARM re-finance option with an interest only component may be worthwhile in some situations. For example if the homeowner has a hybrid mortgage which features a fixed interest rate during the interest only portion and an ARM during the principal and interest portion of the loan they might benefit from this situation if they do not plan to stay in the home for longer than the interest only period. This period may vary depending on the lender and the circumstances.

No Equity in the Home - Another disadvantage to the interest only re-finance loans is they do not allow the homeowner to build equity in the home during the initial period where only the interest on the loan is repaid. This can be a problem for homeowners who are looking to profit through the sale of their home. These homeowners may find the participation in an interest only re-finance has had a damaging effect on the profit they are able to generate from the resale of their home.

http://www.realestatearticledirectory.com/articles/home-buying/article252.html

Home Buying 101 - How To Avoid "The One" Syndrome

2007-11-14T03:58:00.000-08:00

When you're shopping for your first home -- of any home for that matter -- it's easy to get caught up in the excitement. And that's only natural.

Buying a new home should excite you. But you also need to be analytical and realistic about the home buying process. After all, there's a lot of money on the line.

Truth is, many buyers err on the side of emotion. In their excitement, they overlook aspects of a home or neighborhood that would normally turn them away. Next thing they know, there's a contract on the table and earnest money in the bank. In short, they succumb to "The One" Syndrome.

What is this syndrome, and how do you know if you're a victim? Here's a test:

If, during your home buying experience, you've ever pulled up to a house and blurted "This is the one!" before even getting out of the car . you've been a victim of "The One" syndrome.

There's nothing wrong with feeling good about a house based on a first impression. Truth is, first impressions say a lot about a house, so they should be part of your decision-making criteria. But you must remain objective in spite of your excitement. Here's why:

Emotion has a way of playing with our heads. A strong emotional reaction can blind you to other realities that would normally be crystal clear. In home buying terms, this means you might overlook serious flaws or disadvantages about a house as a result of your excitement.

Here are some tips to help you balance emotion with logic for a safer home buying experience.

1. Pretend you're screening the house for a friend, not for yourself. This will help you remain cool-headed and business-like throughout your visit.

2. Another take on the friend approach is to bring a friend along with you. A friend can give you an objective viewpoint and might help you remember things about a house you wouldn't otherwise recall.

3. Have a checklist before visiting each house. The list should include all the things you're looking for in a house, arranged by most to least important. Having them on paper will remind you to check the house for them -- even in a state of, shall we say, heightened emotion.

4. When you find a house you like, visit it more than once. You'll be amazed at the things you notice the second time around, after your initial excitement has worn off.

Of course, if you're in a seller's market where houses sell quickly, you'll have less time for the tactics listed above. But it still pays to be objective.

Home buying brings out all kinds of emotions. That's only natural. But for something that affects your life so dramatically -- and so financially -- it pays to keep a cool head. And don't worry, you'll find "the one" soon enough.

http://www.getitdone101.com/articles-database/Home-Buying-101---How-To-Avoid--The-One--Syndrome.html

How to Use a Mortgage Calculator

2007-11-13T02:33:00.000-08:00

When buying a home in Austin, it's important to set a financial "comfort zone" for yourself.
Some people think a mortgage lender will do this for you, since they won't lend you more than they think you can afford. This is not the case. You should never let a mortgage lender set your spending limits for you. They will loan you a certain amount based on your risk profile, which comes from your credit score / FICO score. But their maximum amount might be higher than what you're comfortable paying. So you need to set your own maximum loan amount.

Mortgage calculators are a good way to do this. You can use them to determine the approximate monthly payment on a home loan. In this way, mortgage calculators can help you set your "comfort zone" for mortgage payments.

To determine your mortgage comfort zone, you need three things: a budget, a price and a mortgage calculator. For the price, just start with the cost of a house you think you might be interested in buying.

At first, don't worry about whether the price is too high -- you'll find that out soon enough when you run the numbers.

Next, run the home price through a free mortgage calculator at current interest rates and at a 30-year fixes mortgage. (You might choose a different mortgage type later on; but this exercise is just to get a ballpark mortgage payment based on home price, so choose the 30-year fixed option for the sake of simplicity.)

Mortgage loan calculators can easily be found on the Internet. Just type "mortgage calculator" into any major search engine, and you'll find several. We also a variety of free mortgage calculators at the Home Buying Institute.

http://homebuyingtips.statesmanblogs.com/Default.aspx?page=4

Buying a Home With No Money Down - Scam or Legit?

2007-11-13T02:32:00.000-08:00

Every time I hear the phrase "buying a home with no money down," I think of those late-night infomercials about get-rich-quick schemes and the like.

But buying a home with no money down is a legitimate concept these days ... and apparently a popular one.

One of my college buddies sells mortgages in the Austin area. He said one of the most common questions he gets is "How can I buy a home with no money down?"

Sure, there are plenty of scams out there targeting unsuspecting home buyers. But there are also quite a few legit programs for home buyers who don't have a lot of cash to put down.

If you'd like to learn more on this subject, I've gathered a few articles from reputable websites (CNN Money, BankRate.com, Home Buying Institute, etc.).

So without further ado, here is your partial education on buying a home with little (or no) money down:

Buying a Home With Little Down
This home buying article on CNN Money offers some insight into buying a home with little money down. An excerpt: "In general, the less you put down, the better your credit needs to be. Also, smaller down payments typically mean slightly higher interest rates, not to mention private mortgage insurance (PMI)."

Buying a Home With Little or No Cash
This Wells Fargo chart shows the kinds of programs you can use to buy a home with no money down (or with a minimal down payment). Note: these programs are specific to Wells Fargo. Other lenders may not offer these same options for no-money-down home buying.

No-Money-Down Home Buying
This article at BankRate.com explains your options for buying a home with no money down. An excerpt: "For many potential buyers, the problem is coming up with a down payment to make this all-important purchase. This should not be the case. It is possible to buy a home with nothing down, meaning no down payment."

Buying a Home with No Money Down
This article throws another variable into the mix. It talks about buying a home with no money down and poor credit.

http://homebuyingtips.statesmanblogs.com/Default.aspx?page=4

Home Buyer's Tooklit - 7 Essential Websites

2007-11-13T02:31:00.000-08:00

Whether you're relocating to Austin, Texas from out of state, or just buying a new home here, the Internet can be your best friend.

Here are 7 essential websites to help with your Austin real estate experience:

AnnualCreditReport.com
Before you look at new homes in Austin, you need to look at your credit. Mortgage lenders will analyze your credit, so you should do the same. You can start by requesting copies of your credit report from all three credit-reporting companies: Experian, Equifax and TransUnion. To request your credit report from all three companies at once, visit the website listed below.
www.annualcreditreport.com

Mortgage101.com
If you need to brush up on your mortgage knowledge or use an accurate mortgage calculator, this is the website for you. Mortgage101.com is loaded with helpful tools, information and advice.
www.mortgage101.com

Interest.com
Interest.com provides news, articles tools and calculators -- all pertaining to interest rates.
www.interest.com

Google.com/alerts
With Google Alerts, you can stay on top of the Austin real estate scene with virtually no effort. Just set up alerts for key phrases relevant to your area (like "new homes in Austin" or "Austin, Texas real estate"), and you'll be notified by email whenever Google finds a new page with that phrase. Many of the notifications will come from news stories published online, so you'll stay well-informed about local developments.
www.google.com/alerts

HUD.gov
The Federal Housing Administration (FHA) -- which is part of HUD -- has been helping people become homeowners since 1934. Their website offers home buying advice, links to related resources and (most importantly) an explanation of your legal rights as a home buyer.
www.hud.gov/buying

HomeBuyingInstitute.com
If you're a first-time home buyer, you'll want to research the entire home buying process so you can have an idea of what to expect. There's one website that offers a good overview on every part of the home buying process, and that's the Home Buying Institute. www.homebuyinginstitute.com

NAHI.org
Home inspections are one of the best investments you can make during the home buying process. You'll only pay $300 to $500 for the inspection, but the peace of mind you get in return is priceless. To find a certified home inspector in your area, the best place to start is the official website of the National Association of Home Inspectors.
www.nahi.org

http://homebuyingtips.statesmanblogs.com/Default.aspx?page=7

Buying a Home in Austin: How to Avoid "The One" Syndrome

2007-11-13T02:29:00.000-08:00

When shopping for your first home in the Austin area, it's easy to get caught up in the excitement. And that's only natural.

Buying a new home should excite you. But you also need to be analytical and realistic about the home buying process. After all, there's a lot of money on the line.

Truth is, many buyers err on the side of emotion. In their excitement, they overlook aspects of a home or neighborhood that would normally turn them away. Next thing they know, there's a contract on the table and earnest money in the bank. In short, they succumb to "The One" Syndrome.

What is this syndrome, and how do you know if you're a victim? Here's a test:

If, during your home buying experience, you've ever pulled up to a house and blurted "This is the one!" before even getting out of the car … you've been a victim of "The One" syndrome.

There's nothing wrong with feeling good about a house based on a first impression. But you must remain objective in spite of your excitement. Here's why:

Emotion has a way of playing with our heads. A strong emotional reaction can blind you to other realities that would normally be crystal clear. In home buying terms, this means you might overlook serious flaws or disadvantages about a house as a result of your excitement.

Here are some tips to help you balance emotion with logic for a safer home buying experience.

1. Pretend you're screening the house for a friend, not for yourself. This will help you remain cool-headed and business-like throughout your visit.

2. Another take on the friend approach is to bring a friend along with you. A friend can give you an objective viewpoint and might help you remember things about a house you wouldn't otherwise recall.

3. Have a checklist before visiting each house. The list should include all the things you're looking for in a house, arranged by most to least important. Having them on paper will remind you to check the house for them -- even in a state of, shall we say, heightened emotion.

4. When you find a house you like, visit it more than once. You'll be amazed at the things you notice the second time around, after your initial excitement has worn off.

The Austin area is great place to live. And owning your own home makes it even better! So it's only natural to get excited about the idea. But for something that affects your life so dramatically -- and so financially -- it pays to keep a cool head. And don't worry, you'll find "the one" soon enough.

* Copyright 2006, Brandon Cornett. You may republish this article in its entirety, provided you leave the byline, author's note and website hyperlink intact.

Brandon Cornett is the editor of HomeBuyingInstitute.com, one of the Internet's largest and most respected libraries of home buying information -- more than 100 expert articles in 12 different home buying categories! Put this knowledge to use by visiting

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Building a Home in Austin, Texas: 7 Steps to Success

2007-11-13T02:27:00.000-08:00

Austin, Texas is becoming one of the nation's most popular places to build a custom home. There's the culture, the lifestyle, the weather, and of course ... the affordability.
When building a custom home in Austin -- or anywhere else, for that matter -- there are no hard and fast rules that apply across the board. The very nature of a custom home means it is different from others, so the building process often varies from home to home.

With that being said, there are certain steps you can follow to ensure your home building process is a smooth one:

1. Determine Your Budget
Having a custom home built may be the biggest financial decision you ever make. So before you start talking to builders or looking at lots, you need to determine your budget.

Start by adding up your monthly expenditures. Leave housing out of the equation for now -- just focus on food, shopping, lifestyle, car payments, insurance, investments, etc. Compare these figures to your monthly income to see how much of a house you might realistically afford. Use an online mortgage calculator to make things easier.

If you currently own a home, this calculation will be much easier. You simply have to ask yourself, "How much more could I comfortably pay each month for a larger mortgage?"

2. Determine Your Location
When choosing a location for your new home, start with the obvious questions. Is it close to work, school and shopping? Are there major roadways, railroads or other noise-producers nearby? What are the taxes like? How are the school systems? (Quality of schools is important whether or not you have children, because it affects your property values.)

Once you've answered the obvious questions, move on to the less-obvious ones: What kind of development is planned for the foreseeable future? Will that beautiful meadow across the street be a parking lot in two years? As of this writing, there's a lot of highway development and expansion happening in Austin, Texas, so be sure you get a long-range picture of your preferred location.

3. Make a List of Builders
Once you've decided what part of town you want to live in, you can begin making a list of builders who work in the area. You might start by using the search engines, or by visiting some of the online directories of home builders, such as Reals.com or BuildingOnline.com.

Once you have a list of some of the top builders in your chosen area, start your fact-finding mission. Request brochures, visit model homes, surf their websites. Do whatever you can to gather information on each builder's reputation, expertise, price range, floor plans and other important criteria.

4. Decide On a Builder
Choosing your custom home builder is a major step. But if you've completed the previous step and conducted some thorough research, you'll have a much easier decision to make.

Once you've established that a builder has a good reputation and a genuine commitment to your happiness, you need to ask the big question: "Does this builder create the kind of home I can see myself in? Does it feel right to me?" Take your time answering these questions and making your ultimate decision.

5. Choose Your Lot
Before you can start looking at floor plans for your new dream home, you need to choose a lot. Floor plans are often dependent on the lot you choose, so the lot usually has to be decided on first.

The reasons for this are sometimes obvious and other times not. Obviously, a longer home will require a longer lot. But there may be other considerations at work. For example, maybe the developer wants to stagger one-story homes and two-story homes throughout the community for overall appeal.

These considerations will vary from builder to builder. For now, just realize that the floor plan will usually depend on the lot you choose. So remember to ask plenty of questions about this along the way.

6. Pick a Floor Plan
One of the great things about a custom home is that it's, well … custom. Sometimes a custom home builder will offer basic floor plans that you can modify as you wish. Other times, the floor plans are created "from scratch" in coordination with an architect. Either way, you have an opportunity to build a home around your present and future needs.

This step of the process will involve many questions. How much space do you need? How many rooms? One story or two? Any special features, like a wraparound deck? This can often be the most exciting part of the home building process, because it involves turning your vision into a reality.

7. Negotiate the Contract
Be sure to get a written contract signed by the builder and the architect / designer (if there's an architect involved). A contract for new home construction should describe the project in detail, and it should include a listing of all the features to be included in the home. Ask for a contract amendment if the project changes later on, and make sure you get all of your questions answered before signing.

Recommended Resource
If you're thinking of buying a custom home in Austin, Texas, take a look at Harrington Custom Homes. They've been building homes in Austin for over 15 years. Visit them online at www.harringtonhomes.com

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Buying a Sarasota Luxury Home: Selecting the Right Real Estate Agent

2007-11-12T03:26:00.000-08:00

Luxury home buying is a unique segment of the Sarasota real estate market. It is essential that Sarasota luxury home buyers align themselves with real estate professionals that specialize in the upper-tier marketplace and are familiar with the needs of luxury home buyers. Not all agents can operate effectively in the luxury market.

Below are guidelines for selecting an agent in a Sarasota luxury home purchase.

1. Sarasota Market Expertise – It is critical that the agent selected have knowledge in the Sarasota real estate market and the price range targeted. A luxury home expert should be knowledgeable in all phases of the upper-tier market - amount of inventory, sales, days on the market, etc. The more knowledge an agent has in the Sarasota luxury home market, the bigger the asset they can be to their affluent clientele.

2. Experience – Understanding value in the luxury home market requires experience. A proven track record of closed sales in the high-end marketplace is a strong indicator of market savvy. Although new agents can provide excellent service, high-end buyers are better served enlisting the services of a Sarasota luxury home expert.

3. Education & Designations – Top agents in the luxury field continually expand their knowledge. Designations such as the “Certified Luxury Home Marketing Specialist” are indicators of those agents that provide the type of service luxury home buyers in Sarasota demand.

4. Communication - A good luxury agent will work with buyers to crystallize their goals and understand their needs. By developing a checklist with a clear set of goals and expectations, buyers will not waste their time on properties that do not meet their wants and needs.

5. Negotiation skills - There are many aspects that comprise a successful luxury real estate transaction for a buyer: price, conditions, dates, terms, conditions, etc. A successful luxury real estate agent is seasoned in the art of negotiation.

6. Contacts – Agents that specialize in the upper-tier market have developed relationships with experts in the Sarasota luxury home market. Below is a partial list of resources that luxury home agents can recommend.

Real Estate Attorneys

Jumbo Mortgage Loans

Craftsmen

Interior Designers

Architects

Artists

In summary, luxury market expertise + experience + communication + contacts = a Sarasota Luxury homes agent that can deliver the results luxury home buyers in Sarasota demand and deserve.

John Allen is a Sarasota Florida luxury homes real estate agent and president of Allen Real Estate Services, Inc. He is a member of the Institute for Luxury Home Marketing and Million Dollar Guild. For more information visit his website – www.buysarasota.com .

Article Source: http://EzineArticles.com/?expert=John_C._Allen

Buying A Home With No Money Down or Bad Credit - PMI Can Make It Easier

2007-11-12T03:25:00.000-08:00

Private mortgage insurance is an excellent method for homebuyers who have trouble saving money, are short on money, or have bad credit, to get into a home now. Private mortgage insurance is provided by a third party to protect the lender in the mortgage contract. This allows you to purchase a home with a much smaller down payment and if you have bad credit. You should note that this service does not protect you as the buyer; it protects the lenders such as a mortgage broker or a bank.

Private mortgage insurance is of a great value to those people who can afford the payments on a home but have not been able to save up the usual ten to twenty percent for a down payment. But, using private mortgage insurance you can lower your down payment amount to anywhere between three and five percent. This allows home buyers to move into a home much sooner and save money.

Private mortgage insurance is also very beneficial for people with bad credit who would otherwise be unable to obtain a mortgage. People with bad credit can now obtain mortgages by getting a third party to provide them with private mortgage insurance. By paying a small monthly fee for private mortgage insurance, approximately forty five dollars on a standard $100.000 home, people with bad credit could obtain a mortgage and begin repairing their credit.

After your home equity has been paid down to eighty percent or the appraise value of the home was obtained you are no longer required to keep the private mortgage insurance. You should make sure you cancel your private mortgage insurance as soon as possible; many people do not cancel their private mortgage insurance as soon as they are eligible and end up paying hundred of dollars a year more than they need to be.

To view our list of recommended mortgage lenders visit this page: Recommended Mortgage Lenders

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans. The site has informative articles and the latest finance news.

Article Source: http://EzineArticles.com/?expert=Carrie_Reeder

Buy Houses In Dallas In Any Condition

2007-11-10T03:15:00.001-08:00

Dallas houses have a great future ahead of them due to the boom times the Dallas economy is facing at the moment. Some say the crime rate in Dallas is pretty high, but that actually depends on where your home might be. If your home were in one of these suburbs of Dallas - Keller, Colleyville, Coppell, Lewisville, South Lake, Las Colinas, Carrollton, The Colony, Highland Park, University Park, Frisco, Allen, and Plano (among many others) - you will find that the crime rate is actually much lower here than the US-wide average.

You may be doubtful anyway and ask: is my home good enough for other people to buy? Well, the answer to that is: it depends what you are asking for it, for the condition it is in right now. There are realtors who are choosy about the Dallas homes they buy but there are also some who will buy Dallas houses that are in any state or condition (meaning, even the most dilapidated ones can be sold nowadays.) But be reasonable - you cannot expect a dilapidated and ugly home to command the same market price as a well-kept and beautifully-designed home. That would be like saying an ugly and run-down car is sold at the same price as top-of-the-line advanced and new car models. It just isn't realistic.

What would be realistic is if you were to take stock of your Dallas home and look into the following factors that may influence its sale price:

1.What was the original price at which you bought your home, or had it constructed for? This gives you a baseline from which you shouldn't budge when given offers by potential buyers - unless, your home is pretty run-down and has been neglected (in which case, you should factor in the depreciation of the market price so that you come up with a fair price to offer buyers.)

2.How well-kept is your home? And the follow-up question to that is: how neglected has it been? If your home is a well-loved piece of property that you constantly attend to (fixing a door hinge on one weekend, painting the walls of a room the next weekend), then the odds are great that you can get a very good price for your home when you sell it. If however your home has peeling paint on its external and internal walls, door hinges have come loose so that the doors are askew, and the wood is warped on certain floors and walls, then the odds of getting a great price go down considerably naturally.

3.How long have you lived in your home? And how old is it? This is also crucial because the older your home is, the more wear and tear it has probably undergone. Wear and tear on real estate is one reason why some landlords refuse to admit couples with young children who are known to write on walls and be rather harsh with using furnishings (like banging doors so that doorknobs are wrecked for instance.) The age of your home can be mitigated though by how well kept the house is at the time you put it on the market.

Having taken these factors into consideration, you are now ready to start canvassing market prices for the area you are in. You can examine the daily paper for news about real estate in your location, or go online and look through industry newsletters and maybe even online forums for that information. The more well-informed you are, the better is your chance of coming up with a competitive price that buyers will be interested in later on.

Dan Heskett is a Expert Author for We Buy Ugly Houses

For more information Regarding selling your houses visit We Buy Houses Quick

Article Source: http://EzineArticles.com/?expert=Dan_V_Heskett

How Can A Home Buyer Save Money

2007-11-10T03:13:00.000-08:00

Finding the right agent.

Some agents offer a rebate to buyers. You will receive a % of the commission real estate agents are paid by the seller upon a home closing. Rules are different from state to state. But if you can find a good agent willing to share his fortune.

Check out Short Sales

Ask for Closing Costs to by paid.

Common Closing Costs for Buyers

The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier's check. The title company or other entity conducting the closing will tell you the required amount for:

* Downpayment.
* Loan origination fees.
* Points, or loan discount fees you pay to receive a lower interest rate.
* Appraisal fee.
* Credit report.
* Private mortgage insurance premium.
* Insurance escrow for homeowners insurance, if being paid as part of the mortgage.
* Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
* Deed recording fees.
* Title insurance policy premiums.
* Survey.
* Inspection fees-building inspection, termites, etc.
* Notary fees.
* Prorations for your share of costs such as utility bills and property taxes.

A Note About Prorations. Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first 5 days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.

What to Keep From Your Closing

* The Real Estate Settlement Procedures Act (RESPA) statement. This form, sometimes called a HUD 1 statement, itemizes all the costs associated with the closing. You'll need for income tax purposes and when you sell the home.
* The Truth in Lending Statement summarizes the terms of your mortgage loan.
* The mortgage and the note (two pieces of paper) spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.
* The deed transfers ownership of the property to you.
* Affidavits swearing to various statements by either party. For example, the sellers will often sign an affidavit stating that they have not incurred any liens on the property.
* Riders are amendments to the sales contract that affect your rights. For example, if you buy a condominium, you may have a rider outline the condo association's rules and restrictions.
* Insurance policies provide a record and proof of your coverage.

Article Source: http://EzineArticles.com/?expert=Alex_Greben

Buy Your Retirement Home Now And Beat The Rush!

2007-11-10T03:12:00.000-08:00

Scottsdale Arizona aah! Who wouldn't want to retire there?

Beautiful weather, all the golfing you can handle and an up market lifestyle with plenty of culture. There are also endless community education courses and an ever increasing realty market.

You are nodding your head and groaning. The property market is increasing and you can't get your foot on the ladder for another few years. Frustrating!

Well, think again - you can buy a home now and it will be ready for you when you are about to retire. However, you do have to move your thinking slightly sideways to achieve this.

When we think of retirement, we think of the perfect home, unique design, maybe all on one floor, with a great view, perhaps on acreage, or with a double garage or whatever your fancy is.

Yes, well put that picture on hold for a few years, because we are talking about a stepping stone here. But, a stepping stone that should get you an even better retirement home at an even lower cost to you.

Okay, well by now I should have your attention, so let's get down to business.

Realty prices in Scottsdale have more than doubled (almost tripled) between the years 2000 to 2006. However with the baby boomers coming to the golden retirement age of 65 in the year 2011, there will probably be a rush on housing.

The laws of supply and demand suggest that this would add even further to the upward price trend, particularly in the choice retirement area of Scottsdale.

Usually in the housing market, we see a rise or a drop right across the board. So, theoretically, if you bought a modest home for $100,000 in 2000, it will be worth between $200,000 and $300,000 by now.

Houses can still be found in Scottsdale in the $200,000 (or less) price range. If you buy a modest one or two bedroom home now, in a few years it will most likely have increased its value. Guaranteed pensions are taken into account by the bank, so no problem there.

But that is only half the story. If you buy a modest home, you can rent it and let it pay for itself for a few years. You can go through a rental agent for this, this way you do not have to fuss with it, or you can take a holiday in your new property and finalize a rental agreement while you are there.

If the market trend continues to rise in the next few years, you will simply smile and rub your hands together! There is one more advantage to this plan. When you are ready to retire, you can stay in your own Scottsdale home and choose your perfect retirement home at your own leisurely pace.

Written on behalf of Melissa O'Connell. Melissa is familiar with all types of properties in the Scottsdale Arizona Real Estate area and has worked for 15 years as a Scottsdale real estate consultant.

Article Source: http://EzineArticles.com/?expert=Melissa_O'Connell

Now Can Be the Best Time to Buy a New Home

2007-11-10T03:11:00.001-08:00

With the housing market crazier than ever, people are wondering if it's the right time to buy a new home. Well, it all depends on what you are looking for and when are you planning on moving into a new home.

Builders are shaving prices to unload inventory. Every time you see an advertisement for a new home or new community opening up, you will see the prices getting lower and lower. What does this mean? Before the market skyrocketed in Arizona 7 years ago, you could find homes for sale as low as $99,000. In today's market you can also find homes that low.

Where are you going to find these homes and builders that are cutting their prices so low? Some still use their local newspaper while most others go to the Internet. With many local newspapers losing the amount of subscribers they have in circulation; advertisers are pulling out. Where are they moving to? I have done some research to find out that most advertising is moving to the Internet. However, Internet advertising is a little different than advertising in the newspaper.

Home builders are advertising with websites that use MLS listings. Many of these websites require you to sign up and then have a Realtor call you about a day later. On these websites you search through homes and communities that meet your needs.

So what about the simple ads that tell you what upgrades builders are offering? Or, what kinds of incentives and deals are these builders willing to offering?

The best time to buy is really anytime. There is always a special offer out in the market every week by one or more home builders. They regularly do seasonal specials such as, Halloween specials or holiday savings.

I have found that you can find these specials at one website that is constantly updating the best deals in the market. There are many online real estate sites but only a select few online really show weekly and monthly specials. On this website I have found newspaper-style ads, showing homes as low as $100,000.

As I said before now is really good time to buy, just go online and find great homes with great prices from one of the many websites in the changing real estate market.

Paul is a principal of NewHomesSection.com. Search New Homes Arizona, Arizona Home Builders and Arizona Real Estate today!

Article Source: http://EzineArticles.com/?expert=Paul_Escobedo

The Anatomy Of A Home Purchase

2007-11-10T03:10:00.000-08:00

The following is a helpful outline of steps involved in a home purchase. It is highly recommended that when purchasing a home, a buyer utilize the services of a professional realtor and a real estate attorney.

The Contract

It is perfectly acceptable to sign the realtor's contract of sale before having it reviewed by an attorney. However, after you sign the contract, it is critical that you immediately deliver it to your attorney. From the date you sign the realtor's contract, there is a three day attorney review period in which changes can be made to the contract by your attorney. The attorney review period commences the next business day. So, if you sign a realtor contract on Saturday or Sunday the attorney review period does not commence until Monday.

The Home Inspection

The buyer is responsible for arranging a home inspection. The buyer should order a general structural home inspection, a radon inspection and a wood boring insect inspection. Often, the realtor will assist the buyer with selecting a home inspector. Most contracts provide that a home inspection must be completed within 10-14 days following completion of attorney review. The buyer should forward a copy of the home inspection report to their attorney. The buyer should then contact their attorney to discuss any issues with the home inspection report so that an appropriate letter can be sent to the seller within the allotted time period. I also strongly recommend that the buyer order an underground oil tank sweep inspection to determine if there are any underground oil tanks on the property. Often, in the contract, the sellers represent that there are no underground oil tanks on the property, when in fact there is a tank that the seller is not aware of. These inspections are for the buyer's protection. It is important to remember that once you close, the seller does not have responsibility for the condition of the home.

Septic and Well

If there is a septic system on the property you should have it inspected. The buyer pays for this inspection. In addition, if there is a well on the property, the parties will have to comply with a newly enacted law the Private Well Testing Act, N.J.S.A. 58:12a-26-37. The law requires that certain tests be performed but it does not specify which party is responsible to pay for those tests. This is left for negotiation. The tests take time to complete so they should be ordered as soon as possible. The test results are valid for one year from sampling, except for coliform results which are valid for six months. At closing both parties will sign a certificate saying that they have received and reviewed the well test results.

Title Search and Survey

The buyer's attorney will order a title search and survey as soon as attorney review is complete. It takes one to two weeks for the title search to be completed. When title is received, the buyer's attorney reviews it for defects and forwards a copy to the buyer's lender. Title insurance costs are regulated by law so that the cost of title insurance does not change from company to company. The survey is similar to a map that shows the placement of the dwelling relative to the perimeter property lines.

The Appraisal

The appraisal is often confused with the survey of the property. The appraisal is ordered by the buyer's lender and sets forth the market value of the property. Generally, the buyer is charged a fee by the lender for the appraisal. The appraisal is usually not available at the time of the closing but must be requested from the lender in writing within 90 days after closing.

The Closing

At the closing, the buyer will need to bring a certified check, bank check or cashier's check. Personal checks cannot generally be used at closing. In addition, you should bring proof that you have obtained homeowner's insurance. If you are married or buying the property with a partner, you must both be in attendance at the closing. Usually a representative from the lender does not attend the closing but instead sends all of the documentation to the buyer's attorney in advance. It is not unusual for the seller to not attend the closing and to send their attorney as their legal representative. A closing takes approximately one to two hours. It is the custom and practice in New Jersey that the closing take place at the office of the buyer's attorney.

Best wishes with the purchase of your new home.

Lauren E. Allu, Esq. is North Jersey's premier attorney. She is sought after by both individuals and companies for all of their legal needs. Lauren E. Allu, Esq. is equally adept at both high profile litigation and headline-making business transactions. She offers straightforward, traditional analysis as well as innovative, custom-tailored strategies. She is a consummate business counselor, responsive service provider and dedicated community leader.

Article Source: http://EzineArticles.com/?expert=Lauren_Allu

Easing the Transition to Your New Home

2007-11-08T03:59:00.000-08:00

Use the right boxes, and pack them carefully

Professional moving companies use only sturdy, reinforced cartons. The boxes you can get at your neighborhood supermarket or liquor store might be free, but they are not nearly as strong or padded, and so can't shield your valuables as well from harm in transit.

Use sheets, blankets, pillows and towels to separate pictures and other fragile objects from each other and the sides of the carton. Pack plates and glass objects vertically, rather than flat and stacked.

Be sure to point out to your mover the boxes in which you've packed fragile items, especially if those items are exceptionally valuable. The mover will advise you whether those valuables need to be repacked in sturdier, more appropriate boxes.

The heavier the item, the smaller the box it should occupy. A good rule of thumb is if you can't lift the carton easily, it's too heavy. Label your boxes, especially the one containing sheets and towels, so you can find everything you need the first night in your new home.

For your family's safety and comfort

Teach your children your new address. Let them practice writing it on packed cartons. You can lighten your load and reduce any storage space you need to rent by hosting a garage or yard sale.

Fill two "OPEN ME FIRST" cartons containing snacks, instant coffee or tea bags, soap, toilet paper, toothpaste and brushes, medicine and toiletry items (make sure caps are tightly secured), flashlight, screwdriver, pliers, can opener, paper plates, cups and utensils, a pan or two, paper towels, and any other items your family can't do without. Ask your van foreman to load one of these boxes, so that it will be unloaded at your new home first. Why the second box? In case the movers are delayed getting to your house on the day of the move.

Keep your pets out of packing boxes and away from all the activity on moving day.

Let all your electrical gadgets return to room temperature before plugging them in.

Since you may need to call old neighbors or businesses from your new home, pack your phone book.

Work hand in hand with your mover

Give the mover's foreman your reach numbers and email addresses so you can stay in contact.

Read the inventory form carefully, and ask the mover to explain anything you don't understand. Make a note of your shipment's registration number, and keep your Bill of Lading handy.

If you're moving long distance, be aware that your property might share a truck with that of several other households. For this reason, your mover might have to warehouse your furniture and belongings for several days. Therefore, ask your mover whether your goods will remain on the truck until delivered. If they have to be stored, ask whether you can check the warehouse for security, organization and cleanliness.

http://www.realtyreview.org/articles/disp.cfm?aid=200&typeid=1&winpop=0&nav=1

5 Secrets to Buying the Best House for Your Money

2007-11-08T03:57:00.000-08:00

1. Get "Pre-Approved" - Not "Pre-Qualified!"

Do you want to get the best property you can for the least amount of money? Then make sure you are in the strongest negotiating position possible. Price is only one element in the negotiations, and not necessarily the most important one. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a seller.

In years past, I always recommended that buyers get "pre-qualified" by a lender. This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you "pre-qualified" and issues a certificate that you can show to a seller. Sellers are aware that such certificates are WORTHLESS, and here's why! None of the information has been verified!

Many times unknown problems can come to the surface! Some of the problems I've seen include recorded judgments, alimony payments due, glitches on the credit report due to any number of reasons both accurately and inaccurately, down payments that have not been in the clients' bank account long enough, etc.

So the way to make the strongest offer today is to get "pre-approved". This happens AFTER all information has been checked and verified. You are actually APPROVED for the loan and the only loose end is the appraisal on the property. This process takes anywhere from a few days to a few weeks depending on your situation. It's VERY POWERFUL and a weapon I recommend all my clients have in their negotiating arsenal.

2. Sell Your Property First, Then Buy the House

If you have a house to sell, sell it before selecting a house to buy! Contingency sales aren't nearly as strong as one that comes in with a ready, willing and able buyer. Consider this scenario: You've found the perfect house - now you have to go make an offer to the seller. You want the seller to reduce the price and wait until you sell your house. The seller figures that this is a risky deal, since he might pass up a buyer who DOESN'T have to sell a house while he's waiting for you. So he says OK, he'll do the contingency but it has to be a full price offer! You have now paid more for the house than you could have because of the contingency, and you have to sell your existing house in a hurry! Otherwise you lose the house! So to sell quickly you might take an offer that's lower than if you had more time. The bottom line is that buying before selling might cost you THOUSANDS of dollars.

If you're concerned that there is not a house on the market for you, then go on a window-shopping trip. You can identify possible houses and locations without falling in love with a specific house. If you feel confident after that then put your house on the market.

Another tactic is to make the sale ''subject to seller finding suitable housing''. Adding this phrase to the listing means that WHEN YOU DO FIND A BUYER, you will have some time to find the new place. If you don't find anything to your liking, you don't have to sell your present home.

3. Play the Game of Nines

Before house hunting, make a list of things you want in the new place. Then make a list of the things you don't want. You can use this list as a guide to rate each property that you see. The one with the biggest score wins! This helps avoid confusion and keeps things in perspective when you're comparing dozens of homes.

When house hunting, keep in mind the difference between ''STYLE AND SUBSTANCE''. The SUBSTANCE are things that cannot be changed such as the location, view, size of lot, noise in the area, school district, and floor plan. The STYLE represents easily changed surface finishes like carpet, wallpaper, color, and window coverings. Buy the house with good SUBSTANCE, because the STYLE can always be changed to match your tastes. I always recommend that you imagine each house as if it were vacant.

Consider each house on its underlying merits, not the seller's decorating skills.

4. Don't Be Pushed Into Any House

Your agent should show you everything available that meets your requirements. Don't make a decision on a house until you feel that you've seen enough to pick the best one.

A decade ago, homes were selling quickly, usually a few days after listing. In that kind of market, agents advised their clients to make an offer ON THE SPOT if they liked the house. That was good advice at the time. Today there isn't always this urgency, unless a home is drastically underpriced, and you'll know if it is.

Don't forget to check into the SCHOOL DISTRICTS of the area you're considering. Information is available on every school; such as class sizes, % of students that go on to college, SAT scores, etc. You can get this information from this web site.

5. Stop Calling Ads!

Please note - ads are sometimes created to make the phone ring! Many of the homes have some drawback that's not mentioned in the ad, such as traffic noise, power lines, or litigation in the community. What's not mentioned in the ad is usually more important than what is.

For this reason, I want you to be very careful when reading ads. Remember that the person writing the ad is representing the seller and not you! The most important thing you can do is have someone on your side looking out for your best interests. Your own agent will critique the property with an eye towards how well it meets your needs and will point out any drawbacks you should know about. So whether you decide to work with me or not, pick an agent you feel comfortable with and enlist the services of that agent as a buyer's broker. Then you become a client with all the rights, benefits, and privileges created by this agency relationship, and you're no longer just a shopper. Did you know that many homes are sold WITHOUT A SIGN ever going up or an AD EVER BEING PUT IN THE PAPER? These "great deals" go to those people who are committed to working with one agent. When an agent hears of a great buy, who do you think he's going to call? His client, who he has a legal obligation to work hard for you, or someone who just called on the phone and said "keep your eyes open"? So to get the best buy on a property, I always recommend that you hire your own agent and stick with him or her.

http://www.realtyreview.org/articles/disp.cfm?aid=189&typeid=1&winpop=0&nav=1

Buying Pre-Construction? Here’s Why A Real Estate Professional Should Represent You

2007-11-08T03:50:00.000-08:00

It might not seem necessary to involve a real estate professional in a transaction where a buyer can deal directly with a builder. Think again! A real estate professional representing the buyer’s interests, can guide you along the right path, smooth the rough places and help ensure you make a decision you can live with (and in) for many years. Here’s how:

* Just as a real estate professional calls on experience and knowledge of an area to help buyers locate pre-owned homes in a community, he or she can also direct buyers interested in newly built homes to developments and communities that match client specifications.
* An agent can suggest builders based on their reputation for delivering a high-quality product, responding quickly to issues, and being financially sound.
* An agent may be familiar with how a builder prices his products and where there may be room to negotiate price or upgrades.
* Without agent representation, you are one buyer purchasing only one home. But an agent can significantly impact a builder’s bottom line by providing a steady supply of customers. The agent’s leverage may work in your favor at the negotiating table. [Note: The builder may require your agent to accompany you on your first visit to the site. Check with the builder.]
* When relocating to a new area, agents can be particularly valuable resources. In addition to providing local area information regarding schools, day care or elder care services, public transportation, proposed development, and so on, once construction is under way, an agent can periodically stop by the work site, supply you with progress reports, and photograph or videotape phases of the construction.
* An agent can assist you as you face hundreds of design choices and consider which upgrades could potentially add value to the home when it comes time to sell.
* An agent can accompany you at the site while you okay the plumbing and electrical locations prior to drywalling, as well as on the walk-through or builder orientation.
*By now, you should be convinced of a real estate professional’s value as you search for and purchase a newly built home. Still, here’s one more great reason to work with an agent-the builder pays the agent’s commission. You enjoy individual attention and support at no cost to you. What a great way to start life in a new home!

http://www.realtyreview.org/articles/disp.cfm?aid=67&typeid=1&winpop=0&nav=1

Using A Buyer's Agent - How To Buy A Home The Right Way

2007-11-07T04:28:00.001-08:00

If you're looking to buy a home, you should consider investing in a buyer's agent. After buying my first home, I learned that we needed someone to protect and look out for our interests as a buyer, rather than using a real estate agent who was only interested in only the sellers' needs. Here are some things that you can expect if you enlist in the help of a buyer's agent.

• Lender Selection: Choosing the lender requires you finding the best rates, and a buyer's agent can be helpful in this department, particularly if you're a first-time buyer or unfamiliar with the area. It's wise to get pre-qualified for a loan before you begin searching for your ideal property.

• Assistance Choosing Property: A buyer's agent can help you find the best property in your price range, giving you access to properties not listed for sale, for sale by owner properties, lender owned properties, and foreclosure properties. If you search on your own, you typically can't find these closed properties.

• Negotiation: Putting down an offer and negotiating the price is the most important part of the home buying process. A buyer's agent can help with negotiation strategies, protective clauses in purchase offers, and alternative financing arrangements.

• Pre-Closing and After: Here is where you can receive help with issues that arise during the property evaluation, moving, insurance, and other house improvement and repair issues. The buyer's agent can communicate your needs, and ensure that everything is done properly before the closing day.

If you're looking to buy a home, you should enlist the help of a buyer's agent. If you're relocating, buying a home for the first time, downsizing or upgrading, you should consider looking through the detailed listings of Fayetteville Arkansas real estate, one of the fastest growing areas in the country.

Article Source: http://EzineArticles.com/?expert=Olivia_Hanks

Mortgage Loans 101: The Primary Parts of a Home Mortgage

2007-11-07T04:27:00.000-08:00

To understand the home buying process is to understand the mortgage process. So before buying your first home, it pays to brush up on your mortgage knowledge.

Let's start with the basic parts of a mortgage. Understanding these three elements will help you determine your financial comfort zone, because when combined these elements will determine your monthly payment. Also, if you use an online mortgage calculator, these are the three elements they will ask for.

The Primary Parts of a Mortgage Loan:

1. Size of the loan

2. Interest rate on the loan

3. Term (or length) of the loan

Size of the Mortgage Loan
This one is fairly obvious. How much will you borrow? The size of your loan will primarily depend on your budget, your credit, and how much of a down payment you can afford.

Interest Rate
The interest rate is the amount of interest charged on a monthly mortgage payment. It is a percentage of the principal loan amount. To find the current interest rates, you can start by visiting Bankrate.com or Interest.com.

Term / Length of the Loan
Just like there are many types of mortgage loans, there are also a lot of mortgage terms (or lengths). The 30-year fixed-rate mortgage is one of the most common terms. "Fixed rate" means that the interest rate you get upon loan approval is the interest rate you maintain for the life of the loan.

Fixed-rate mortgages also come in the 15-year variety, but you'll generally pay a lower interest rate with the 30-year option.

Variable or adjustable rate mortgages offer shorter initial terms, sometimes as low as three or five years. With these types of loans, you would generally refinance or sell before the initial term expired.

Article Source: http://EzineArticles.com/?expert=Brandon_Cornett

Austin Real Estate: Buying a Home in the 'Live Music Capital' of America

2007-11-07T04:26:00.001-08:00

Thinking of buying real estate in Austin, Texas? If so, sooner would be better than later. Prices in Austin continue to rise, and there’s no sign that they will level off any time soon.

Why is Austin real estate becoming such a hot commodity? Fist, consider the city itself:

Austin, Texas is a great place to buy a home. The weather is relatively mild. There’s plenty of history and culture. A series of highway-improvement projects will soon make commuting a breeze. And, of course, there’s the music -- Austin has been dubbed the "Live Music Capital" of America.

But if you’re thinking of moving to Austin to buy a home -- or if you currently rent in Austin and wish to purchase your first home -- you should move quickly. Prices are rising, and they will likely continue to rise in the foreseeable future.

You can blame it on supply and demand. Sure, a lot of new residential areas are being developed. But the land prices are going up, which means the houses that sit on the land will also increase in price.

On top of that, the influx of new Austinites is outpacing the supply of houses. In a recent article in the Austin Business Journal, John Doyle, director of land acquisitions for KB Homes in Austin, cited the influx factor as a key reason for the steady increase in land prices. Doyle also noted the high volume of Californians flocking to the Austin area.

To find out why so many Californians are moving to Austin, just do the math. Homes are much more affordable in Austin than in most parts of California. A $200,000 home in Round Rock (a suburban city north of Austin) might go for as much as $700,000 in San Diego.

Add in the fact that the climates and cultures are somewhat similar, and you’ve got the makings for a continued immigration of former Californians. The result? Continued increases in land and housing prices.

And that, of course, affects anyone thinking of moving to Austin -- whether they’re coming from San Diego, California or Fargo, North Dakota.

Article Source: http://EzineArticles.com/?expert=Brandon_Cornett

First Home Buyer Mortgages

2007-11-07T04:24:00.000-08:00

Buying a home is not an easy task, and it can be daunting at times requiring a lot of effort. You’ll have to do extensive research and planning. You will also need help from experts to get the best deal and the home you’ve been dreaming of for years. Being a first-time homebuyer, it is advisable for you to know the basic aspects involved in buying real estate. If you’re planning to own a home but don’t have enough funds, first homebuyer mortgages may help you.

Nowadays, it is common to buy homes through mortgages. With this process, you don’t have to pay the whole value of your dream home right away. There are lots of consulting firms and lending institutions that offer help in securing your first home. You have to be careful in choosing someone you can trust, because you are spending a large sum of money. Better to get through tiresome processes and succeed in the end

When you buy a home for the first time through a mortgage, you must learn all the basics and gather as much information as you need for a safe transaction. Since it’s your first time, you have to orient yourself to all the traditions and customs of buying property. Don’t rely on anyone’s advice. Instead, visit government offices that can give you advice on buying property.

Get used to the basics of first home buying. Employ the help of any qualified real estate agent and have discuss the pros and cons of obtaining a certain property that you have in mind. Make sure that the person you’re talking to is reliable and is from a reputable office or consulting firm. You may also opt for a bank officer who specializes in loans and mortgages, and a mortgage broker can also be a big help.

Ask questions. If you have thoughts and doubts about first homebuyer mortgages, you must ask questions.

Do a lot of research. Both online research and printed material about mortgages will help you better understand the terms and coverage of first homebuyer mortgages.

First Home Mortgage provides detailed information on First Home Mortgages, First Home Buyer Mortgages, First Home Equity Mortgages, Different Types of First Home Mortgages and more. First Home Mortgage is affiliated with First Residential Mortgage.

Article Source: http://EzineArticles.com/?expert=Seth_Miller

5 Tips For A Successful Home Buying Seminar

2007-11-06T03:15:00.000-08:00

One of the very best ways to bring in qualified real estate leads – whether you’re a mortgage broker, real estate agent or investor – is a home buying seminar. There is on small challenge with putting on a home buying seminar, however! Most people that are in real estate are not in the business of promoting seminars, home buying seminars in particular.

The good news is that with a little planning and marketing, you can hold successful home buying seminars month after month. And the even better news is that most of the country is right in the midst of a “buyer’s” market, so what better time to hold a home buying seminar?

There are 5 tips that will help ensure a successful home buying seminar.

Tip 1 - Target your market! If you’ve heard it once, you’ve heard a thousand times when it comes to real estate. You have to pick your target market! This takes some planning on your part to really decide who you want to attract to your home buying seminar. It’s easy to think to yourself that anyone looking for a home is a likely candidate for a home buying seminar. But… that’s not necessarily true! There are going to be certain “types” of buyers that are most likely to attend your event. A few examples of likely candidates for your home buying seminar are first time home buyers, people in a specific city or zip code, community personnel (doctors, firefighters, nurses, teachers, etc.), etc. You’ll want to make sure that the people you market to can afford the homes you want to sell!

Your target audience is not likely going to be second home buyers or vacationers unless you’re in the timeshare business!

Tip 2 – Select a location to hold your home buying seminar Where are you going to hold your home buying seminar? There are many options and it may depend on who you are attracting to your event. For instance, if you are targeting a certain zip code, consider holding your home buying seminar at the local library. If you’re targeting first time homebuyers throughout the county, consider a centrally located hotel or auditorium. Be conscious of the costs and be sure to know the rules of negotiating with hotels BEFORE you get into any contracts.

Tip 3 – Select the right day and time for your home buying seminar Different days will bring different numbers – and types – of attendees! If you can get the facility for several time slots, consider having an afternoon session and early evening session. This will allow people that work day jobs to attend the home buying seminar after work and it will also allow people that have night jobs or evening obligations to attend your seminar. You may even consider having a “lunch and learn” sponsored by vendors like title companies, home inspection companies, insurance companies, etc.

Tip 4 – Marketing your home buying seminar Marketing is key for any seminar, but even more so for a home buying seminar. You may consider buying a list from a list broker, posting “bandit” signs throughout the community, hanging flyers in local stores, sending out a postcard sequence, a classified ad in the homes section of the newspaper, online advertising, press releases to the media, little league fields, etc. This comes back to your target market! Where do they go and what do they do?

Tip 5 – Present valuable information and provide follow up support The hard part’s over! You’ve got your attendees in the door and now it’s time to present the meat and potatoes of your home buying seminar. If you’re not comfortable with the content, consider inviting professionals to teach the content and you simply serve as the emcee and hold the event together. Things that are important to people attending a home buying seminar are: financing programs, tax benefits of home ownership, what to look for in a home inspection, and how to protect themselves at closing. Here’s a sample schedule for a 90 minute home buying seminar: One of the very best ways to bring in qualified real estate leads – whether you’re a mortgage broker, real estate agent or investor – is a home buying seminar. There is on small challenge with putting on a home buying seminar, however! Most people that are in real estate are not in the business of promoting seminars, home buying seminars in particular.

The good news is that with a little planning and marketing, you can hold successful home buying seminars month after month. And the even better news is that most of the country is right in the midst of a “buyer’s” market, so what better time to hold a home buying seminar?

There are 5 tips that will help ensure a successful home buying seminar.

Tip 1 - Target your market! If you’ve heard it once, you’ve heard a thousand times when it comes to real estate. You have to pick your target market! This takes some planning on your part to really decide who you want to attract to your home buying seminar. It’s easy to think to yourself that anyone looking for a home is a likely candidate for a home buying seminar. But… that’s not necessarily true! There are going to be certain “types” of buyers that are most likely to attend your event. A few examples of likely candidates for your home buying seminar are first time home buyers, people in a specific city or zip code, community personnel (doctors, firefighters, nurses, teachers, etc.), etc. You’ll want to make sure that the people you market to can afford the homes you want to sell!

Your target audience is not likely going to be second home buyers or vacationers unless you’re in the timeshare business!

Tip 2 – Select a location to hold your home buying seminar Where are you going to hold your home buying seminar? There are many options and it may depend on who you are attracting to your event. For instance, if you are targeting a certain zip code, consider holding your home buying seminar at the local library. If you’re targeting first time homebuyers throughout the county, consider a centrally located hotel or auditorium. Be conscious of the costs and be sure to know the rules of negotiating with hotels BEFORE you get into any contracts.

Tip 3 – Select the right day and time for your home buying seminar Different days will bring different numbers – and types – of attendees! If you can get the facility for several time slots, consider having an afternoon session and early evening session. This will allow people that work day jobs to attend the home buying seminar after work and it will also allow people that have night jobs or evening obligations to attend your seminar. You may even consider having a “lunch and learn” sponsored by vendors like title companies, home inspection companies, insurance companies, etc.

Tip 4 – Marketing your home buying seminar Marketing is key for any seminar, but even more so for a home buying seminar. You may consider buying a list from a list broker, posting “bandit” signs throughout the community, hanging flyers in local stores, sending out a postcard sequence, a classified ad in the homes section of the newspaper, online advertising, press releases to the media, little league fields, etc. This comes back to your target market! Where do they go and what do they do?

Tip 5 – Present valuable information and provide follow up support The hard part’s over! You’ve got your attendees in the door and now it’s time to present the meat and potatoes of your home buying seminar. If you’re not comfortable with the content, consider inviting professionals to teach the content and you simply serve as the emcee and hold the event together. Things that are important to people attending a home buying seminar are: financing programs, tax benefits of home ownership, what to look for in a home inspection, and how to protect themselves at closing. Here’s a sample schedule for a 90 minute home buying seminar:

Article Source: http://EzineArticles.com/?expert=Heather_Seitz

Home Buying Wisdom - Avoid the Bad Credit Blues

2007-11-06T03:14:00.000-08:00

Applying for a mortgage loan only to find out you have bad credit is a surefire recipe for the home buying blues. After all, bad credit will reduce the chance of getting a good interest rate, or maybe even prevent you from getting a loan altogether. What could be worse than that?

But it doesn't have to be this way. You can avoid the home buying blues by knowing your credit situation, and (if necessary) working to improve your credit score ... before trying to buy a home.

The thing to realize is that credit score improvements take time. It doesn't happen overnight, not by any means. So as soon as possible, you should (A) find out what your credit score is, and (B) work on improving it if necessary.

Here are the steps needed to do just that:

1. Request your credit report.
2. Check your credit report for errors.
3. Request your credit score.
4. Find out where you stand.
5. Work to improve your credit score, if necessary.

1. Request your credit report.
The first step in this process it to get copies of your credit report. I say "copies," plural, because you'll want to request a copy of your credit report from Experian, Equifax and TransUnion, the three companies that maintain credit reports. You can request all three credit reports at once by visiting www.AnnualCreditReport.com. This website is maintained by all three credit-reporting agencies.

2. Check your credit report for errors.
That last thing you want is an error in your credit report that actually lowers your credit score. So review your credit reports closely for errors. Check the name and other admin info. Also be on the lookout for any loans or other lines of credit that aren't yours, as this could be a sign of credit fraud. If you find an error, go to the website of the company with the erroneous report and submit a request to have it corrected.

3. Request your credit score.
When you order your credit reports (previous step), they won't come with a score. You have to request that separately, and the best place to do that is through www.MyFICO.com. This website also has a lot of helpful information about credit scores, credit reports and related topics.

4. Find out where you stand.
Now that you have your credit score, you can determine where you fall on the credit scale -- great, good, average, below average, or bad. Credit scores range from 300 - 850, with 850 being the best and 300 being the worst. If your score is between 800 and 850, count your lucky stars! The average credit score in the U.S. is around 723. So anything higher than that, and you're also in good shape. Lower than 720, and you may want to work on improving your credit score. You won't necessarily have trouble obtaining a loan with a score of 650 - 720, but you won't get the best rate either. If your score is at or below 600, you have some work to do! That's our next item.

5. Work to improve your credit score.
The better your credit score, the better your chances of getting a good interest rate on your mortgage loan. With a lower score, you will have to pay more interest, which translates to a larger monthly payment each month. Nobody wants that!

So if you've determined that you're on the "south" end of the credit score, you'll want to work on improving your credit. Here are some tips to help you do that:

* Pay down your bills. By paying down credit card balances and other signs of debt, you are improving your debt-to-income ratio. Mortgage lenders prefer your total debt to be no more than 20% of your net monthly income. If your overall debt is more than 20% of your income, try to pay it down as quickly as possible.

* Pay all your bills on time. Paying bills on time will raise your credit score. But the opposite is also true -- a history of late payments will hurt your score.
* Pay minimum balances, at least. When you get a credit card bill, always pay at least the minimum amount that's due. Pay more than the minimum, if you can afford to. This will reduce your balance quicker and give you a more favorable debt-to-income ratio.
* Don't apply for too many loans. When you apply for credit too often, you send the signal that you can't manage your finances properly.

Taking charge of your credit will make for a more enjoyable home buying experience. When you have good credit, you can qualify for a mortgage loan more easily, and you'll likely have a better interest rate as well. But the opposite is also true -- bad credit makes the whole process more difficult, and often results in the home buying blues.

So check your credit score, find out where you stand, and proceed accordingly to improve your credit score. Don't delay ... start today!

* You may republish this article online if you retain the author's byline and the active hyperlinks below. Copyright 2007, Brandon Cornett.Applying for a mortgage loan only to find out you have bad credit is a surefire recipe for the home buying blues. After all, bad credit will reduce the chance of getting a good interest rate, or maybe even prevent you from getting a loan altogether. What could be worse than that?

But it doesn't have to be this way. You can avoid the home buying blues by knowing your credit situation, and (if necessary) working to improve your credit score ... before trying to buy a home.

The thing to realize is that credit score improvements take time. It doesn't happen overnight, not by any means. So as soon as possible, you should (A) find out what your credit score is, and (B) work on improving it if necessary.

Here are the steps needed to do just that:

1. Request your credit report.
2. Check your credit report for errors.
3. Request your credit score.
4. Find out where you stand.
5. Work to improve your credit score, if necessary.

1. Request your credit report.
The first step in this process it to get copies of your credit report. I say "copies," plural, because you'll want to request a copy of your credit report from Experian, Equifax and TransUnion, the three companies that maintain credit reports. You can request all three credit reports at once by visiting www.AnnualCreditReport.com. This website is maintained by all three credit-reporting agencies.

2. Check your credit report for errors.
That last thing you want is an error in your credit report that actually lowers your credit score. So review your credit reports closely for errors. Check the name and other admin info. Also be on the lookout for any loans or other lines of credit that aren't yours, as this could be a sign of credit fraud. If you find an error, go to the website of the company with the erroneous report and submit a request to have it corrected.

3. Request your credit score.
When you order your credit reports (previous step), they won't come with a score. You have to request that separately, and the best place to do that is through www.MyFICO.com. This website also has a lot of helpful information about credit scores, credit reports and related topics.

4. Find out where you stand.
Now that you have your credit score, you can determine where you fall on the credit scale -- great, good, average, below average, or bad. Credit scores range from 300 - 850, with 850 being the best and 300 being the worst. If your score is between 800 and 850, count your lucky stars! The average credit score in the U.S. is around 723. So anything higher than that, and you're also in good shape. Lower than 720, and you may want to work on improving your credit score. You won't necessarily have trouble obtaining a loan with a score of 650 - 720, but you won't get the best rate either. If your score is at or below 600, you have some work to do! That's our next item.

5. Work to improve your credit score.
The better your credit score, the better your chances of getting a good interest rate on your mortgage loan. With a lower score, you will have to pay more interest, which translates to a larger monthly payment each month. Nobody wants that!

So if you've determined that you're on the "south" end of the credit score, you'll want to work on improving your credit. Here are some tips to help you do that:

* Pay down your bills. By paying down credit card balances and other signs of debt, you are improving your debt-to-income ratio. Mortgage lenders prefer your total debt to be no more than 20% of your net monthly income. If your overall debt is more than 20% of your income, try to pay it down as quickly as possible.

* Pay all your bills on time. Paying bills on time will raise your credit score. But the opposite is also true -- a history of late payments will hurt your score.
* Pay minimum balances, at least. When you get a credit card bill, always pay at least the minimum amount that's due. Pay more than the minimum, if you can afford to. This will reduce your balance quicker and give you a more favorable debt-to-income ratio.
* Don't apply for too many loans. When you apply for credit too often, you send the signal that you can't manage your finances properly.

Taking charge of your credit will make for a more enjoyable home buying experience. When you have good credit, you can qualify for a mortgage loan more easily, and you'll likely have a better interest rate as well. But the opposite is also true -- bad credit makes the whole process more difficult, and often results in the home buying blues.

So check your credit score, find out where you stand, and proceed accordingly to improve your credit score. Don't delay ... start today!

* You may republish this article online if you retain the author's byline and the active hyperlinks below. Copyright 2007, Brandon Cornett.

Article Source: http://EzineArticles.com/?expert=Brandon_Cornett

First Time Home Buying – Seven Steps to Success

2007-11-06T03:13:00.000-08:00

Your first-time home buying experience can be stressful and chaotic, or it can be smooth and easy. The difference comes from having a solid plan and knowing what to expect. The following checklist will help make your home buying process a smooth one:

Step 1. Review your credit and finances.
Mortgage lenders will put your credit and finances under the microscope. So before you begin the home buying process, you should review these things for yourself.

Start by requesting a copy of your credit report from the big three credit agencies -- Equifax, Experian and TransUnion. Review your credit report closely for errors. If you find an error, work to correct it right away, as the process takes time. For instructions on correcting your credit report, refer to the websites of the three agencies.

You should also review your finances to determine how much of a home you can comfortably afford. Use an online mortgage calculator to determine monthly payments based on total price. This will give you a rough idea of where your comfort zone lies.

Step 2. Learn about mortgages.
Once you've reviewed your finances, credit and purchasing power, you should start researching the different types of mortgages. Each type of mortgage has its pros and cons. Finding the one that's right for you will depend on many factors, such as how long you plan to own the home, how much you can afford to pay up front, etc.

When reading about the different types of mortgages, pay close attention to any sentence that starts with "This mortgage might be a good option for you if..."

Step 3. Visit HomeBuyingInstitute.com
At HBI, you can learn about the home buying process in depth. HBI is the Internet's largest library of home buying tips and advice, and best of all it's free!

Step 4. Make a wish list.
Now that you have a better understanding of the financial side of things, you can begin to create a home "wish list." Write down all the things you want from a home. Include the size, features, location, etc. Categorize each item on the list as a "need" or a "want." This list will save you time, narrow down your search, and help you stay focused.

Step 5. Find a good agent.
Even with all of the home buying information available online, it's a good idea to hire a professional real estate agent. When you consider how much money you'll pay for a new home, an agent's fee will seem miniscule by comparison. Combine that with the peace of mind you get from having professional guidance, and it's even more apparent why you should use an agent.

To find an agent, start by asking family or friends if they can refer a local agent they were happy with. If that doesn't produce any leads, try using search engines or the websites of well-known companies.

Step 6. Get pre-approved for a home loan.
Pre-approval from a mortgage lender will help you in several ways: (1) It will reveal how much you can realistically afford. (2) It will help you identify credit problems early on in the home buying process. (3) It will show sellers you're serious about buying (which can be helpful when there are multiple buyers / offers).

Step 7. Get a home inspection.
Whether you're buying a new home or an older one, a home inspection is always a good idea. Inspections cost around $500, which is a small price to pay for peace of mind. A home inspector will examine the home's roof, foundation, heating / cooling system and other important areas.

Article Source: http://EzineArticles.com/?expert=Brandon_Cornett

Real Estate Agents Can Make Home Buying Easier

2007-11-05T04:02:00.000-08:00

Buying a home is an exciting experience for all the family members. There are plenty of options for finding the right house. However, if you plan to use a real estate agent to help you, you should be aware of certain things. No matter how professional the agents are, they tend to omit important information from the conversations. There are a few vital things that might help you in making prudent decisions.

The first thing you should remember while dealing with an estate agent is that they are primarily an over hyped salesman and their main aim is selling the house. They will leave no stones unturned to make you believe the good things about the bad ones. Though it is a fact that all of them are not liars, but it is always better to remember their roles. After all you are the buyer and they are the sellers and be sure to remember that you have an upper hand over them. Even though you may think that you need an agent, they are after all negotiators and care only about selling. They are only interested for their commission.

If the property you are planning to buy has certain problems related to it, the agent may not even tell you about those. For example, if a house has termites, ants or similar problems of pest infestation, most probably the agent won't mention about them to you. They may not also mention about other issues related to water damage, electrical problems or plumbing.

The agents will not inform you about the properties for which they won't get any commission, even if you pay them for the services they render to you. These properties may exactly match your laid down criteria of price, location etc. The real estate agent may not show such homes that could be just right for you because they won't be able to make any profit from the deal. This is one of the main reasons for you to check the property listings yourself, even though you have set your agent for the same task. This will help you to understand whether your agent is genuinely working up to his capacity to make your work of finding the right house easier for you.

Everybody prefers to use the service of a real estate agent. In fact some agents are really good and are ready for helping you. But most of them are after money and you should be very careful of them. You should not be running after them. You need to be certain that your agent returns your emails or phone calls. Buying home is a big decision unlike getting a cheap flights to Alicante so make sure you are aware of all the pros and cons before making the final nod.

Being passionate about Costa Dorada and Guardamar, Clinton Maxwell is writing quite a few articles in the field. With his reports such as http://www.alicante-spain.com, the writer showed his skill on issues associated to cheap flights to Alicante Spain.

Article Source: http://EzineArticles.com/?expert=Clinton_N._Maxwell

Home Buying Process: Mortgage with Bad Credit?

2007-11-05T04:00:00.000-08:00

A mortgage approval gives the buyer a general idea of how much money that can be spent for the purchase of a home. This is the first step to obtaining the money to purchase a home. The next step would be to determine how much money is required to put down as a down payment. There are many programs for purchasing a home without down payment. Nothing is written in stone. However, this doesn’t give you permission nor does it limit you to a certain amount. Pre-qualification is a good starting point. However, no documentation has been shared with the lender at this point.

On the other hand, in the case of pre-approval documentation will be exchanged. The information is not verified and you may not qualify to get a loan. The lender will check your credit and your employment status. This would give the lender a view of your financial status and give the buyer a view of what type of house he/she could buy.

There are many companies that offer buyers no qualifying, no income verification, and no cash down mortgages. Going to a bank is not the only option. Firms that offer no credit and no qualifying mortgages are popular and can be found inside of your local real estate guide and on the internet.

No one can actually make the process of getting a mortgage or financing simple, there are several companies that make getting a mortgage easy…even with bad credit, no credit, and no cash down. In most cases, companies will not look at the job that you may or may not have. Many companies look beyond a person’s credit score or how long they have been at a particular job.

To find out further information about how to purchase a home with bad credit or no credit visit your local real estate company and they might be able to refer you to a bad credit mortgage specialist. On the internet there are hundreds of companies that specialize in people with bad credit. If you are in a bad credit situation and your dream is to purchase a home, your dream can become a reality. Every person deserves a chance to purchase their own home.

Connie Barker is the owner of several financial websites including those which deal with Obtaining a Mortgage With Bad Credit

Article Source: http://EzineArticles.com/?expert=Connie_Barker

Common Mistakes Made by Home Buyers

2007-11-03T00:53:00.000-07:00

Here is your chance to learn from other home buyers’ mistakes! We’ve listed the five most common mistakes that a home buyer can make:

1) Failing to plan for the future – Even if you think you will live in your new house for the rest of your life, you should still plan your exit strategy. If, for some reason, you needed to sell your home, would you be able to? And, if you could sell the home, would you make any profit from it? Be sure to talk with your real estate agent about buying a home with resale value so that you can plan for any problems that may come up in the future. He or she should be able to tell you what to look for.

2) Not checking the Covenants and Restrictions – Some neighborhood Homeowners Associations are stricter than others. An active HOA can be good (it can keep your neighbor from painting his house Pepto-Bismol Pink). But, if you want to store your boat at your house, add on a garage, or install a privacy fence, be sure to check with the HOA in the neighborhood before you buy. If one of the neighborhoods you’re interested in doesn’t allow your boat, for example, you can either price boat storage elsewhere or look in another neighborhood.

3) Not getting all agreements in writing – So that all parties will do what they say they are going to do, it is important to get these claims in writing. Your real estate agent may get the builder or the seller to sign written addendums in order to protect your best interests during the home buying process.

4) Neglecting to perform home inspections – When your real estate agent writes your contract to buy a home, he or she can include an inspection contingency. This contingency gives you a way out of the contract if the home inspection reports more repairs than you want to make. A termite inspection is usually required by your mortgage company, but a regular home inspection is usually not required. We recommend getting this standard home inspection so that you know the condition of the home before you buy it. So, if there are serious foundation problems that you did not notice earlier, your inspection contingency can get you out of the contract (and usually without any penalties).

5) Forgetting to do a final walk-through – You have an opportunity to walk through your new home right before you officially buy it. Usually the final walk-through takes place the day of or the day before your closing. Chances are that when you first looked at the home, the seller was still living there. So, during the walk-through you can see the home completely vacant and ready for you to move in. You can see for yourself that there are no problems with the house before you close on it. Also, if you know that you will not be able to go to your final walk-through because of a flight schedule, etc., you can ask your real estate agent to go instead.

Now that you’ve read five mistakes made by other home buyers, you shouldn’t make them yourself! Learn from other people’s mistakes so that you can have a good home buying experience!

Lee Keadle is a full-time real estate agent in Charleston, SC. He works with a team of three agents to give buyers and sellers the best services possible. You can search for homes and vacant land on our website at http://www.SearchForCharlestonRealEstate.com

Article Source: http://EzineArticles.com/?expert=Lee_Keadle

Buying Your First Home? What A Mortgage Broker Wants You To Know

2007-11-03T00:52:00.000-07:00

So you think that you're ready to buy your own home? Hopefully you've done a little research online to make your first home buying experience a good one. First of all you should contact a mortgage broker that will preapprove you for your new mortgage. This is now more important than ever. It's also important that once you receive a preapproval you get busy right away looking for your new home. The reasoning for this is that with the mortgage meltdown lenders are changing their lending programs as quickly as Paris Hilton changes her boyfriends. Scary, huh?

At this point you will let the mortgage broker now how much you would like to get preapproved for. The broker will then take a full mortgage loan application. The mortgage broker will also run your credit. With all this information in hand the mortgage broker will see if you have enough income for the price of the home that you would like to purchase. If you can't get approved for the full amount that you wanted the mortgage broker will let you know how much you are approved for on your new home. You will have to chose the term of mortgage that you want such as 30 or 15 yr. Most borrowers these days are staying away from adjustable rate mortgages like the plague. The interest rates on the adjustable rate mortgages are not much lower than fixed rates so these days chose a fixed rate and be done with it. At this point the mortgage broker will also make sure that you have enough funds to close on the loan.

You will not be able to lock in your interest rate until you have found your new property and obtained a signed sales contract.

Once you have found your new home you will fax the signed sales contract to your broker who will submit your loan application to the lender. At this time you will also need to provide 1 months worth of paystubs, last years W-2, bank statements showing funds to close plus at least 2 months of reserves, a copy of your drivers license. Then the package is off to the lender. The lender will approve the loan within 2-3 days depending upon how busy they are. At that time there are usually an item or two more that you may have to provide. These can include an insurance binder for homeowners insurance, flood insurance or anything else that the bank may have a question on.

You should have final approval and a clear to close within 1-2 weeks after submitting your loan to the lender. If it is taking longer than that you may want to check with your broker to see if there are any concerns or issues that you should know about. You really want to be proactive on the purchase of your new home. You don't want to get to the day of closing and have your purchase cancelled.

Follow these tips and you should close your loan and enjoy your beautiful new home.

Sandra Sheely is President of First Financial Mortgage, Inc. in Sunrise, FL. She has been in the Real Estate Industry for 12 years with experience in the mortgage industry and title industry. She has a couple of Mortgage websites. http://www.ffinancialmortgage.com and http://www.lowestraterefi.com

She writes a mortgage blog her mortgage websites. She has a credit repair website at http://firstfinancial.fixcreditbiz.com/

Article Source: http://EzineArticles.com/?expert=Sandra_Sheely

Buying Into That Great Australian Dream - Hot Tips For Home Buyers

2007-11-03T00:50:00.000-07:00

From Darwin to Dubbo, Brisbane to Broome, Australia has one of the highest levels of home ownership in the world. In spite of the recent surge in prices in every capital city, that great Aussie dream of owning your own patch of paradise is still what most of us aspire to. But if you’re smart and do some planning, there are clever ways to make buying your own home a little easier to do. Here are seven good tips to help you get the front door key faster.

1. Don’t be swayed by fabulous furniture and fresh flowers.

Many home sellers now use professional stylists to ensure their property looks the best at open for inspections. But look beyond the designer cushions and fresh flowers. Be practical. Do a pest and building inspection and check for major structural damage or signs of rot. And, don’t forget to ask yourself all those mundane questions – such as is there enough cupboard space in the kitchen or will your sofa fit through the front door?

2. Location first, property second.

Your first property may not be your dream home, but it can be a vital springboard towards that long term goal. The trick is to buy in a location where property values are growing at the same rate as the location you ultimately want to live in. This means compromising on the size or style of property. Buying a town house or a unit instead of a house, or a one bedroom instead of a two bedroom place.The important thing is that you'll have a foothold in your dream location. When you've accumulated more equity through capital growth, you'll be able to trade up to your dream home, too.

3. Small apartment blocks versus large.

The glamour of a big modern apartment block with outdoor pool, gym and on-site caretaker can certainly win over buyers. But here comes the crunch. You pay expensive body corporate fees every quarter and ongoing maintenance charges. Smaller blocks are usually older with fewer (if any) facilities, cost less to run and are often better maintained because of a higher level of owners versus renters. If you’re in the market for an apartment and see several places for the sale in the same block, chances are the fees are the reason why. Beware.

4. Save valuable time. Search online for the best loan

When it comes to finding a loan, it pays to do your homework. There’s a minefield of possibilities, offers, types of loans, variable and fixed rates. Compare what’s on offer with different banks (not just the big 4), mortgage brokers and boutique lenders. Some places may offer only one or two loan types, but lenders such as HSBC Australia have no less than 9 different loans to suit everyone’s lifestyle. Well worth checking out.

5. Don’t forget about fees – keep funds aside

Okay. You’ve been saving hard for a deposit and your loan has been approved. When you take the plunge a sign a contract of sale, there are all sorts of little (and not-so-little extras) added on. These include stamp duty, legal costs, disbursements, mortgage insurance, pest inspection report, survey report, builder's report, loan application fee, valuation fee, registration fee and so on.

6. Another secret. Ask about “professional package” discounts

Banks are a lot more competitive nowadays and actively reward customer loyalty. If you're earning a reasonably good salary, say more than $50,000 a year, or $80,000 or more with a partner, ask about the "professional packages". The home loan interest rate you are offered is usually discounted by 0.5 per cent, which can really help. If you have a strong relationship with one lender and consolidate all your business with them, you can qualify for more discounts, savings account fee waivers and credit card annual fee waivers.

7. Forget that daily latte. Extra payments can reduce your interest faster

If you gave up buying your morning latte on the way to work, you can save over $700 a year! Put it towards your loan. Making extra repayments is one of the best ways to reduce the total interest paid and term of your loan. Some people even try making payments every fortnight – great if it works for you and your budget.

As a rule of thumb, every $1 in extra repayments you make early in the life of your loan saves around $2 in interest over the term of the loan, depending on the level of interest rates.

If you have spare cash from selling your car or a garage sale, think about making a one-off lump sum payment. Check first that your loan allows you to make additional repayments without a penalty.

Happy house hunting!

Cathy Howley is Creative Manager and Copywriter at Options Strategy, Melbourne. The digital agency with the strategy edge. If you're in the market for a home loan in Australia, make sure you visit HSBC Australia

Article Source: http://EzineArticles.com/?expert=Cathy_Howley

How To Find A Good Realtor To Help You Through the Home Buying Process

2007-11-03T00:48:00.000-07:00

This will be one of the most important decisions you make in the house buying process. It’s almost as important as selecting the right house. The right realtor can make buying a house seem simple. The wrong realtor...well, take my word, and find the right realtor.

You’ll be making LOTS of contacts and spending lots of time with your realtors, so find someone who is right for you.

What makes a “good” realtor?

* Knowledgeable...about real estate, about the area you want to look in, and about your specific needs.
* Accessible...responds to your phone calls or emails, is willing to work around your schedule.
* Ready to help YOU first, make the sale second...sure, realtors make their living on commissions from the sale of houses, but if they help you get what YOU want, they will then get what THEY want.

On the other hand, a poor realtor will bring you to houses that DON’T fit the criteria on your list. WON’T work around your schedule. WON’T return your phone calls promptly. And WON’T put your best interests at the very top of the list!

So don’t think that ALL realtors are alike. Unfortunately, we learned the hard way.

If it takes awhile to find your perfect house, you’ll spend a lot of time with your realtor, and you want someone who is willing to work with you until you are comfortably moved in to your new house!

Where can you find a good realtor?

The first step is to ask people you know who have bought or sold a house recently about the realtors they used. You can also look in your local newspaper, phonebook, or on the Internet.

Make sure to ask lots of questions before hiring any realtor to represent you. There are a lot of details that go into buying a house. Once you get started, remembering all of those details will get harder and harder. A good realtor will be organized, and help you remember what you can’t remember when the house buying process gets complicated.

Then, ask for references of former customers – if you have the time, contact a few of them to find out first-hand about the realtors you are considering before you enter into an agreement.

There is no “exact science” to hiring a good realtor. But it’s not a decision to take lightly.

And, if you end up making the wrong choice, feel free to walk away and find another realtor – its your choice!

Kris Bickell is the owner of HouseBuying-Tips.com, a site that helps first time home buyers avoid the costly mistakes that many new homebuyers make. For tips on buying a house, getting a mortgage, finding a realtor, and getting out of debt, visit: http://www.HouseBuying-Tips.com, or sign up for the free “How To Avoid These 10 Costly Mistakes When Buying Your First Home” email course at: http://www.HouseBuying-Tips.com/course.html © 2005 HouseBuying-Tips.com

Article Source: http://EzineArticles.com/?expert=Kris_Bickell

Home Buying for Seniors: A 4-Step Checklist to Downsizing

2007-11-03T00:45:00.000-07:00

Have you decided to replace your family home with a smaller residence? Having trouble deciding whether to stay or go? Don’t let the downsizing process and physical move overwhelm you or prevent you from making the move. One of the first things you need to do is prepare yourself mentally for the move. Then, you should be actively involved in the process, keep an open mind and focus on the reason why you are moving. Once that is accomplished, next consider these key steps in making your move:

 Determine your location, housing options & features.

 Meet with your financial planner to review your financial plans and discuss what you can do to reduce your tax burden.

 Get your family involved to support you and help you make decisions for your next move.

 Prepare to move by planning on what stays & what goes and how much space you need.

Now that you’ve decided what you want to do, where you want to go, and cleared out your personal belongings, you can create your new lifestyle. A great resource to help guide you through the downsizing process is to use the experience and knowledge of a Seniors Real Estate Specialist (SRES). Realtors with this designation have demonstrated the knowledge and expertise to counsel senior clients through the major financial and lifestyle transitions involved in relocating, refinancing, or selling a family home. They can also refer you to their team of professionals, such as a C.P.A., estate planner, or attorney to assist you with all your needs. To find a SRES near you, visit www.seniorsrealestate.com.

If you plan your move well, you should be comfortable about your decision. Then, after you buy your new home………congratulate yourself. You have successfully downsized your life to allow the time, freedom and flexibility for new pursuits!

JoJo Harmon is a realtor with Prudential California Realty in Orange County California and has earned the Seniors Real Estate Specialist designation (SRES). Realtors with the SRES designation have demonstrated the knowledge and expertise to counsel senior clients through lifestyle transitions. She specialized in residential homes, relocations, investment properties, senior 55+ housing and fine homes and estates from Newport Beach to San Clemente.

Article Source: http://EzineArticles.com/?expert=JoJo_Harmon

Mobile Home Buying Tips

2007-11-02T01:18:00.001-07:00

Home buying tip #1: Use a realtor

Using an Arizona realtor can greatly increase the chances of finding a home that you really like, are satisfied with, and that is within your budget. Realtors have full access to the MLS (Multiple Listing Service) listing database, which has the most homes for sale listings available anywhere and can speed up your property search.

Home buying tip #2: Choosing a neighborhood

Choosing a neighborhood should come before you pick out an actual home. You want to make sure that the home you ultimately pick is in an area where you feel comfortable living and where your children have access to the best schools. If you don’t choose a specific neighborhood, at least designate a general area in which you would like to find your new home.

Home buying tip #3: Choosing a home

Once it is time to choose your actual home, there are certain things that you may want to look for. You need to ensure that it has the proper amount of bedrooms, at least 1.5 baths so that you will have a bathroom on the main floor for your guests to use, and a suitable amount of garage space according to the number of cars you own. You may also want to plan for the future, since buying a home is a long-term investment. For example, if you plan to have more children, make sure you buy a home with the necessary extra space.

Home buying tip #4: Know if you are ready to buy

Knowing if you are ready to buy a home should be evaluated before you sign for a mortgage. You can look for a home that you would like to buy and check out your options but, before you sign on the dotted line, there are a few others things to consider, such as knowing the benefits and the costs of owning a home as opposed to renting.

Home buying tip #5: Know the benefits of home ownership as opposed to renting

The benefits of home buying, as opposed to renting, are that sooner or later it will be yours and you will no longer have to pay on it; it gives you something to put up as collateral if you get in a tough financial spot and have to take out a loan; and if property rates rise around it or if you make some home improvements then you can receive more for it than you bought it for, even after interest rates, if you ever decide to sell it.

Home buying tip #6: Know the cost of home ownership as opposed to renting

The extra costs of home buying, as opposed to renting, are that you will have to carry homeowners insurance on it, which will be an extra monthly expense; you will have to fix or repair any issues that arise with the property; and you will have to pay property taxes on it.

Once you have looked at the benefits and disadvantages of home buying as opposed to renting, you will again need to evaluate if buying a home is the right decision for you at this time. Maybe you don’t have the financial means to support all the extra expenses that come with owning a home or you just aren’t ready for the responsibility. Either way, waiting a few years to take the step into home ownership may be best for your situation. If home ownership is the right decision for you, make sure that you do it right and use the above tips as a guide, so you don’t end up disappointed with your purchase.

Jeff Blackwell is the Designated Broker for Easy Living Solutions Realty a member of the Easy Living (R) franchise specilializing in mobile homes for sale. Jeff Blackwell is also the founder of the Arizona Manufactured Housing MLS (AZMH) the original and only Multiple Listing Service designed "exclusively" for mobile homes for sale and manufactured homes for sale in Arizona.

Article Source: http://EzineArticles.com/?expert=Jeff_Blackwell

Home Buying 101 - How Much Earnest Money Do I Need?

2007-11-02T01:17:00.000-07:00

Every home buyer loves the process of visiting homes and finding that perfect place to call home. Sitting down and writing the offer is not always as much fun! For many people, the process of buying a home is something they go through only once or twice in a lifetime. New terms and questions come are the norm as the purchase agreement is prepared. As a Realtor in the northeast Twin Cities metro, whether I am working with first time buyers, move-up buyers or empty-nesters, one question always stops the process for a moment of discussion. How much earnest money are you prepared to offer?

The amount of the earnest money varies with each purchase agreement. A buyer must first understand the purpose of the earnest money to determine the right amount to include with the offer.

Earnest money is the funds that a buyer puts down to demonstrate to the seller their seriousness about buying a home. It should be an amount sufficient enough to indicate to the seller that the buyer will not walk away from the deal without good reason. In Minnesota this is traditionally 1% of the purchase price but it can be up more. A lower amount can also be acceptable with some offers. However it is important to be realistic.

A few years back, a potential buyer wanted to put down $100 earnest money on a $300,000 home I had listed. The seller was not impressed and felt it was an unreasonable amount as the buyer could easily walk away from the deal with only $100 at risk.

Generally the earnest money funds are in the form of a check. That money is deposited into the listing broker’s trust fund or escrow account. In Minnesota, the funds must be deposited within 3 days of an offer having been accepted in writing. Yes, this does mean that the check will be cashed in 3 days or less!

If the offer is accepted, the earnest money will be applied to the down payment and/or the closing fees when the closing takes place. If your offer is not accepted the check is not cashed and the money will come back to you. However, if the offer is accepted and the check cashed and then for some reason all contingencies are not met or other situation arises where the sale does not proceed, the buyer does not automatically receive a refund of the earnest money. Nor, does the seller automatically keep the down payment. Buyer and seller must reach an agreement for the cancellation of the agreement and disbursement of the funds.

Teri Eckholm is a Minnesota Realtor with Keller Williams Premier Realty serving clients in the Twin Cities metro area for over six years. Selected as a 2004 and 2005 Super Agent by Mpls/St. Paul Magazine, her extensive sales and marketing background has allowed her to assist hundreds of clients move from across town and across the U. S. Find additional information on Teri and get a FREE relocation package at http://www.terieckholm.com or visit her blog at http://www.mnrealestateupdate.blogspot.com

Article Source: http://EzineArticles.com/?expert=Teri_Eckholm

Single Moms Need To Read These Home Buying Guidelines First

2007-11-02T01:16:00.000-07:00

Housing is always in need of maintenance. Whether it's a new paint job, a new roof, pest controls, insect extermination or appliance repairs - owning a home can be costly. As any single parent knows, one must maintain cash flow to support the children. If the house becomes a burden and can't be maintained, it becomes more difficult to sell.

Keep in mind that buying a home is only a small part of the expense. In order to recoup your investment realize that maintenance is a separate and necessary part of the investment.

One of the necessary expenses of being a single parent is providing adequate food and shelter for the children. The next most necessary and perhaps greater expense is home maintenance. Here are some tips for single mothers to consider before purchasing a home:

· Have an inspection done. Home inspections will uncover any major flaws in the home before assuming responsibility. It is wise to negotiate with the seller to have any major repairs done before signing.

· Do not buy a house with an old roof on it. Although this should be considered as part of the inspection, you still need to pay attention to this detail. Get an estimate from the inspector about how long the roof may last before needing repairs.

· Make sure all repairs are done before you move in. Get in everything in writing about what will be accomplished before you actually move into your home. Generally, if not done before hand, it will not get done or cause you inconveniencies.

· Buy a policy to cover the major appliances in case they break. As the saying goes, an ounce of prevention is worth a pound of care. I would try to get all new appliances as part of the purchase agreement. But if this isn’t possible, your next option is some type of coverage.

A little foresight and planning can save a lot of money. Anything that is old or aging should be negotiated in the contract for replacement. If the home seller doesn't do it, you can be sure you will be doing it.

An old roof is an expense you can’t afford to overlook. If the roof is double-shingled, the job can be two or three times more expensive than a single-shingled roof. My advice, for a single mother is avoid a house with an old roof on it, have the inspector tell you if it has a double roof or have the seller replace it before you move in.

There are many appliance policies available for major systems such as the furnace, water heater, air conditioner, refrigerator, and dishwasher. The costs are minimal but the peace of mind is priceless. Here’s a great tip for single mothers. Buy an appliance repair insurance plan. Should an appliance need repair, a service person is sent out to inspect the appliance. If it’s beyond repair, most policies allow replacement.

Single mothers don’t have a lot of extra help. There are many things to consider when purchasing a new home. Talk to some existing homeowners about things you need to consider. Most importantly, get the home inspection done. Get that done and you can rest assured you won’t be plagued with unforeseen expenses right away. There is always uncertainty, but with preplanning it won’t cause undue stress.

Joel Williams has written several books and articles for single moms. Check out his website at http://singlemomachievers.com for information, resourceful articles, parenting tools and audios plus methods you can use to become the Mom you intended to be from the start. There is a FREE report to help you get started, "Your 7 Day Personal Program For Taking Back Control Of Your Life As A Single Mom!"

Article Source: http://EzineArticles.com/?expert=Joel_Williams

A Helpful Home-Buying Checklist for First-Time Buyers

2007-11-02T01:15:00.000-07:00

For most people, buying a home represents the largest and most significant investment they will ever make. So it only makes sense to prepare for that process.

Here are seven things you can do to prepare for the home buying process, before you even begin shopping for a home.

1. Learn the home buying steps in advance.
When you understand the basic steps to buying a home, you will make better decisions along the way. This will help ensure a smoother real estate transaction. Mortgage and home buying lingo is a big part of this, so be sure to read through a few real estate glossaries before you get deep into the home buying process. The last thing you want is to sign a document that uses terminology you don't understand!

2. Review your debt-to-income ratio.
This ratio represents your amount of monthly payments (bills) compared to your average monthly income. Debt-to-income ratio is one of the things mortgage lenders will look at when qualifying you for a loan. Most lenders will prefer your debt not to exceed 20% of your net monthly income. If your debt is more than 20% of your income, it's time to pay down some of those bills. You'll have a much easier time qualifying for a loan if you do.

3. Set your home buying budget.
By using a mortgage calculator, you can get a pretty good idea of how much mortgage you can afford to pay each month. This directly corresponds to the amount of home you can afford to buy. Once you have an approximate budget in mind, you'll be able to limit your home search to those homes that fall within your budget range. This will save you a lot of time and hassle, while keeping your home search financially feasible.

4. Start saving your cash.
Unless you've just won the lottery, there's a very good chance you'll need some cash reserves during the home buying process. For one thing, mortgage lenders like to see that you've got some money saved for your settlement / closing costs. Secondly, the additional cash will come in handy for moving expenses, furniture purchases, home insurance, and all the other compiling costs that go along with buying a home.

5. Review your credit report.
Order a copy of your credit report and look it over for errors, inaccuracies, or anything that just seems odd. This is one of the first things a mortgage lender will do when considering you for a loan, so it makes sense to conduct your own review first. The easiest way to obtain copies of all three reports at once (from Experian, TransUnion and Equifax) is to visit www.AnnualCreditReport.com.

6. Fix credit errors quickly.
If you review your credit report and find something that doesn't seem right, go to the company's website who produced the report (TransUnion, Equifax or Experian) to submit a correction request. These companies are required by law to examine any reported errors on credit reports, and to correct them if necessary. But the process can take time, so you want to stay on top of it to resolve it quickly.

7. Get pre-approved for a loan.
During pre-approval, a mortgage lender will review your credit report, income and overall debt to determine how much of a loan you qualify for. With a "pre-qual" letter in hand, you can be more confident about your buying power in the real estate market. It also shows sellers that you're serious about (and capable of) buying a home. This can be an important factor if the seller receives offers from multiple buyers, as they will likely consider those who have been pre-qualified above those who have not.

* You may republish this article online if you retain the author's note below with the active hyperlinks intact.

Article Source: http://EzineArticles.com/?expert=Brandon_Cornett

Home Buying and Down Payments - Show Me the Money!

2007-11-02T01:13:00.000-07:00

In a perfect world, every buyer would apply 20% of the purchase price toward a down payment on a loan transaction. They would have 720 credit scores and have worked at the same company (which they do not own themselves) for the past 10 years. They pay their credit card balances off every month, own their car outright, and have a savings kitty equal to their yearly income. Trust me, these people do exist. We lenders just don't see them every day. But doing a loan for these individuals is a walk in the park.

Most of us try to save what we can. That's important when buying a home. However, many mortgage products allow for varied down payment options from 20% down plus closing costs to coming to the table with no money at all.

To come to the table with no money at all, you must either be a first time home buyer or your income is under a certain mandated amount. These programs are designed to boost the home buying segment of our population and allow modest income receiving individuals to be homeowners. Providing they have a good credit and work history and haven't owned a home in the past three years, they are perfect candidates for 100% financing. If the value of the property allows it and the seller is willing, oftentimes the seller can contribute anywhere from 3-6% if the closing costs. Mortgage insurance (MI), incorporated into the monthly payment, will be required by the lender, and normally it's at a reduced rate. If you're income is below a certain level, you can deduct the mi from your taxes. That's how you can show up, buy a house and put no money down.

The next common tier for consideration is a 3% investment. An FHA loan is the first product that pops into mind when hearing the 3% thresh hold, however there are conventional products that also allow this minimal investment, too. Again, mortgage insurance will be required regardless of the chosen product, but other factors such as credit score and loan amount must be considered when deciding if this a good fit for you.

With recent changes in the industry, a 5% down payment is the most typical rule of thumb for no strings attached financing that one sees today. When I say no strings attached, I am talking about applying the most encompassing guidelines or umbrella under which the largest segment of homebuyers can fit - self employed, stated income, etc., included. The widest cast net, if you will. And, the mortgage insurance requirement will still apply.

If you can come up with a 10% down payment, you can probably avoid mortgage insurance by financing another 10% of the purchase price with a subordinate, second loan. Lenders refer to it as an 80-10-10 loan. That means a base loan amount of 80% of value, a second loan of 10% of value and the remaining 10% down payment comes out of your pocket. If your income is above a certain level, this route is attractive because it allows the consumer the benefit of writing off interest on the second loan since they can't write off mortgage insurance. You can also come up with more than 10% down payment and obtain the appropriate secondary financing to hit that 80% threshold that avoids mortgage insurance.

Why wouldn't you always put all of your savings toward a home? Because your money may be spent or invested elsewhere and serve you better. For instance, if you qualify for a first time home buyer program and have $1000 that you had tucked away for a down payment, you could finance the entire purchase price of the loan at a 6% interest rate, your realtor can negotiate with the seller to pay a portion of the closing costs and in turn, you could eliminate that nasty credit card debt that you are paying 13.9% interest on. Make sense?

Of course, your mortgage lender should be able to assist you in examining and choosing which down payment is best or perhaps, necessary for you. Be forthcoming about your goals and needs, and the down payment question should be easily answered.

Kristin's articles on Home Loans are very practical, consumer friendly information written in PLAIN ENGLISH. Consumer education is critical to what is most often a family's largest and only investment - their home.

Article Source: http://EzineArticles.com/?expert=Kristin_Abouelata

Decrease The Supply Of Available Homes - Not The Demand

2007-11-01T00:28:00.001-07:00

One-way to rebuild a healthy real estate market is to decrease the amount of homes available for sale. Most of our recent efforts have been geared towards increasing the demand to buy homes. It's pretty obvious that several experts, and the media, aren't going to stop highlighting every negative aspect in the real estate market, so it might be a little difficult to increase demand. It's their job to report the news, but why can't they report positive news as well? When you want to know about something don't you turn to the news or a well known expert?

What if a program, or several programs, were developed that encouraged owning a rental property or keeping your home off the market? If there were a few programs, homeowners could choose which works best for their situation.

The government could give tax incentives to sellers that agreed to keep their property off the market for X-amount of years? This might entice investors or homeowners because their payoff from the sale of their home, if they agreed to hold onto their investment, would be greater because of the tax incentives.

The government, or lenders, could offer an annuity type of loan to homeowners. The loan would slowly tack onto the principle of the home loan each month. Homeowners wouldn't receive a large lump sum of money, but their mortgage payment would decrease by X-amount each month and would slowly increase over the years. The lender and borrower would determine how much of a loan was suitable based on the homeowner's needs and the lenders ability. The lender could stop paying the annuity at anytime if a borrower failed to meet their payment obligations.

Lenders could offer locked or lower interest rates to homeowners that agree not to refinance or sell their homes for X-amount of years (same concept as a pre-payment penalty). They could set the homeowners up on steadily increasing payment plan giving them lower payments initially, similar to an ARM, but instead of giving these incentives to new customers, lenders will be trying to avoid costly foreclosures.

Hopefully, these programs would keep homes off the market and help regulate when homes are placed back on the market. Programs like these would interest some sellers because many of them can't sell their homes right now; in many cases, if they do, they'll take a loss. I think most sellers would love to hold if they could cover or minimize their negative monthly cash-flow and others will be happy with keeping more of their money from the eventual sale of their home(s). Not everyone would qualify or benefit from programs like these but it could be a nice way to decrease the supply of homes for sale and improve the health of the real estate market.

I'm pretty sure that we'll need to develop several solutions to fix some of the mistakes or oversights that helped fuel this "over" correction. I know real estate is cyclical, but feel that some decisions have lead to a rougher market. There are some possible downsides to this solution such as the probable increase in new home cancellations, possibility of homeowners defaulting on new agreements and difficulty in implementing these plans, but there definitely could be a viable solution found in focusing on our supply of homes for sale as opposed to trying to increase the demand. Many of our markets have great potential and with a little help, we could be back on track!

Search New Homes Arizona, Arizona Home Builders and Arizona Real Estate today!

Article Source: http://EzineArticles.com/?expert=Jayson_Gibson

Home Real Estate Warranties

2007-11-01T00:26:00.000-07:00

Home warranties are a great way of adding a little more security to the Dallas home buying experience. When unexpected problems occur with major systems or appliances, a home warranty can save you thousands in repairs and replacements. Be sure to ask for a "seller provided" warranty when purchasing a new home, and save yourself some headaches down the road.

The average home warranty covers most major systems and appliances that come with a home. These include the water heater, heating system, dishwasher, garbage disposal, electrical system, plumbing system, a range oven, cook tops, and even things like built in microwaves or door bell wiring. In other words, basic home warranties cover the built-in systems and appliances if they were to break from normal use. You might have noticed that it does not cover the roof, doors and walls, or any items not built into the structure. Don't be fooled by thinking these things will be covered in a basic home warranty if you do not see them in writing. You can of course add these things to an optional, or additional, warranty but these warranties are not always paid for by the seller. Optional warranties might also include the washer and dryer, well pumps, air conditioning, swimming pools and hot tubs, as well as a variety of other valuable home amenities.

Like most warranties, they do not usually cover preexisting conditions. This is why it is important to have the real estate property professionally inspected. An inspection will help you to determine what preexisting problems the home might have so that you can address them in negotiations with the seller. Perhaps it is necessary that the seller make some repairs prior to your move-in date. Do not assume that you will be able to fall back on a home warranty after purchasing the home.

Warranties are offered by many Dallas real estate companies or agents, and are often provided by the seller of the property. As part of the transaction, the seller might pay for a basic home warranty. This is attractive to buyers and provides much after sale liability coverage for the seller as well as providing buyers with the protection they need from unforeseen problems. The cost of a one-year home warranty ranges from $250 to $500 with a deductible payment of $25 to $50. Optional warranties are added on at an additional cost individually. This is a very low cost in comparison to the sale of the home, and can even be paid through escrow at closing by the seller.

Warranties can make everyone sleep a little better at night. Sellers can worry less about "after sale" liability, and buyers can feel secure that they are protected from certain potential system or appliance disasters. If you are a homebuyer, consider asking the seller about a basic warranty program, it could save you a bundle.

About the Author: A true innovator, Von Sutten founded Ready Real Estate in order to put more money back into the pocket of the Dallas real estate buyer. Ready Real Estate has since grown to become a top Dallas real estate company.

Article Source: http://EzineArticles.com/?expert=Von_Sutten

House Buying for the Expecting Couple

2007-11-01T00:25:00.001-07:00

Few things are as fulfilling as becoming a parent. To watch as your bundle of joy wriggles his tiny toes and smiles his toothless smile is sheer bliss. Other more experienced parents and loved ones come up with all kinds of advice for the young parents. The baby gets heaps of presents even before it is born. Shopping for the baby is a thrilling time as you choose from among hordes of things that the baby could use, wear, or play with.

However, even as you enjoy the process of becoming parents, there are some serious questions that need to be answered. One of the first of these is regarding the size of your house. The first house that you moved into may have been perfect for you as a couple. But will it be all right for a couple and a child who is growing up? As anyone who has ever thought about expanding their families already knows, one invariably has to move to a bigger house when one is ready to have children. Even if you do not make the move before the baby is born, in a few years time, you may be compelled to do so.

But shifting from one house to another is not the easiest thing in the world. Moreover, now that you have a family, it would make sense to go in for an ownership house. Yes, many young couples decide to buy their first house when they come into the family way. At the same time, one need not iterate that this is expensive business. With a baby on the way, it may not seem like the best idea to decide to buy a house. Yet, you should be aware that expenses will only keep increasing. If you are hoping to shift to a better house some day, there is no time like the present.

Once you have made the decision to make that shift, you will have to look at a number of houses. Ideally, you should be looking for houses that will fit your budget. This is not to say that you will be paying the entire amount from your savings account. Most of us do not have the savings to purchase a house at any time. The affordability problem is further compounded in the case of a young couple. But that should not deter you from getting a house of your own. You could always avail of a mortgage plan to help you out.

Every lender offers a number of great mortgage deals. But you will have to sift through them to find the best one. Make sure you take into account factors such as the rate of interest and the term of the loan. A fixed, low rate of interest coupled with a period of say twenty years could be an affordable choice for a young couple. A variable rate of interest might turn out to be a great bargain when the market rates are low. Discounted mortgages are also full and plenty. But there are many other permutations and combinations that you could come up with.

Article Source: http://EzineArticles.com/?expert=Ajeet_Khurana

Buying Home

2007-11-01T00:24:00.001-07:00

Buying a home is one of the most exciting and stressful experiences in most people's lifetimes. Because the interest rates were lower, and there were more financing options, more Americans than ever have been able to buy homes since the year 2000. The word "home" has deep meaning to most people, so it seems only natural that this should be a well-considered endeavor. Question number one is whether or not you really can afford on-going monthly payments for the size / location home you desire. If, for example, you're having trouble with rent, you're probably going to struggle with mortgage payments too. Similarly if you have a bad credit history or if you're not working a dependable job, it's going to be hard to secure a reasonable mortgage.

Having said that, if you feel confident about buying, many websites offer online mortgage calculations. So if you find a few listings that sound like they're perfect, in an area you want to live, plug in the purchase price listed. Note that most mortgage calculators will allow you to figure by various lengths (10, 20, 30 year), fixed or variable rates, and some will even help you calculate annual taxes! Based on this information you can shop smarter. Do remember, however, that the mortgage is just the beginning - all your utilities including water get added on to that.

Next make your wish list - all the things you want in a home. Siding or not? Driveway or not? Fenced yard or not? Think long term, including potential family growth. For example, you might love big, old homes but these houses require more upkeep and maintenance that gets difficult as one gets older. Remember you're buying for 30 years, not just today. On the other hand, older homes typically reside in well-established communities and may have lower property taxes. Then there's location. Where you live determines school district, taxes, building regulations etc. Know your potential neighborhood. How easy is it to get where you want, when you want to get there? How well are the roads maintained? All of these little things affect how happy you will be in your home for the years ahead.

After all this minutia you're ready to find a real estate agent. In this case, networking and word of mouth really does help. You want an agent who knows your area, who listens to what you want, and provides you with information in a timely manner. For example, a good agent will know what homes are selling for in a specific neighborhood, and can therefore tell you if a specific house is overpriced. Additionally a good agent walks you through the whole process of home buying from pre-qualification to signing final paperwork, professionally, checking each step of the way that the buyer understands any issues or concerns.

As you look at houses with your agent, try everything. Check the water pressure, look for cracks and watermarks, think about the layout and your lifestyle (does your furniture fit?). Overall, try to see yourself in this space for a long time and see how you feel after pondering that. It's recommended that you review at least 15 homes before buying, and even then getting a home inspection before making an offer final.

Article Source: http://EzineArticles.com/?expert=Hayi_Mansoor

Buying Sheriff Sale Homes

2007-11-01T00:21:00.000-07:00

You ever wonder what sheriff sale auctions are all about? Well, it's a great way to find a good and sturdy investment at a price considerably less than market value. When a homeowner no longer makes payments to their mortgage, the lender will foreclose on the property. The home is then put in an auction for sale to the highest bidder so that the lender or government agency can recoup their money. If you're thinking about taking advantage of a sheriff auction in your neck of the woods, there are some quick things to keep in mind.

One very important thing to know about sheriff auctions is that whatever you buy at one of these auctions is "as is". The property you purchase comes as it is which means that it may be a bad idea to purchase a home without actually seeing it first. It is very important to view and research the property before opening your checkbook and bidding on something that could be a bad idea. So get prepared and find out what kind of investment you are willing to bid on before you actually do it.

Also, it can be really easy to miss one of these sheriff sale auctions. They never seem to have a specific time or date set when holding these public sales. You can usually find information about them in newspapers and public postings that you have in your local area. Sometimes, places such as county libraries and other state offices post this type of information for people that are interested.

Finally, be prepared with your highest bid offer. People don't understand what is a good deal versus what they can afford. At a time, when the market isn't at its best, it would be a good idea to remember that you won't be able to resell for sometime if you're wanting to flip the property. So along with your home research you should research your own financial resources and make sure that you're covered no matter what kind of investment you get into. Sheriff sales can be a great way to get a good investment that will turn very profitable in the future; you just have to go about it the right way.

For Sale Owner Homes is the largest free FSBO website. Find or post homes for sale by owner to be viewed nationwide absolutely free. ForSaleOwnerHomes.com is the one service that helps you save when finding or selling a your next home.

Article Source: http://EzineArticles.com/?expert=Karim_El_Sheikh

Contingencies in an Offer to Purchase Real Estate

2007-10-31T01:16:00.001-07:00

In most purchase transactions there may be a slight challenge or two, but most things will go quite smoothly. However, you want to anticipate potential problems so that if something does go wrong, you can cancel the contract without penalty. These are called "contingencies" and you must be sure to include them when you offer to buy a home.

For example, some "move-up" buyers often agree to purchase a home before selling their previous home. Even if the home is already sold, it is probably a "pending sale" and has not closed. Therefore, you should make closing your own sale a condition of your offer. If you do not include this as a contingency, you may find yourself making two mortgage payments instead of one.

There are other common contingencies you should include in your offer. Since you probably need a mortgage to buy the home, a condition of your offer should be that you successfully obtain suitable financing. Another condition should be that the property appraises for at least what you agreed to pay for it. During the escrow period you are likely to require certain inspections, and another contingency should be that it pass those inspections.

Basically, contingencies protect you in case you cannot perform or choose not to perform on a promise to buy a home. If you cancel a contract without having built-in conditions and contingencies, you could find yourself forfeiting your earnest money deposit.

http://www.realestateabc.com/homebuying/contingencies.htm

Writing an Offer to Purchase Real Estate

2007-10-31T01:14:00.000-07:00

Once you find the home you want to buy, the next step is to write an offer – which is not as easy as it sounds. Your offer is the first step toward negotiating a sales contract with the seller. Since this is just the beginning of negotiations, you should put yourself in the seller’s shoes and imagine his or her reaction to everything you include. Your goal is to get what you want, and imagining the seller’s reactions will help you attain that goal.

The offer is much more complicated than simply coming up with a price and saying, "This is what I’ll pay." Because of the huge dollar amounts involved, especially in today’s litigious society, both you and the seller want to build in protections and contingencies to protect your investment and limit your risk.

In an offer to purchase real estate, you include not only the price you are willing to pay, but other details of the purchase as well. This includes how you intend to finance the home, your down payment, who pays what closing costs, what inspections are performed, timetables, whether personal property is included in the purchase, terms of cancellation, any repairs you want performed, which professional services will be used, when you get physical possession of the property, and how to settle disputes should they occur.

It is certainly more involved than buying a car. And more important.

Buying a home is a major event for both the buyer and seller. It will affect your finances more than any other previous purchase or investment. The seller makes plans based on your offer that affect his finances, too. However, it is more important than just money. In the half-hour it takes to write an offer you are making decisions that affect how you live for the next several years, if not the rest of your life. The seller is going to review your offer carefully, because it also affects how he or she lives the rest of their life.

http://www.realestateabc.com/homebuying/offer.htm

Writing an Offer - Concerns About the Property

2007-10-31T01:11:00.000-07:00

Disclosures

Although you have toured the property, looked at the walls and ceiling, turned on the faucets and played with the light switches, you have not lived in it. The seller has years of knowledge about his or her home and there may be some things you want to find out about as quickly as possible. For this reason, you will require certain disclosures as part of your offer.

Basically, you want the seller to disclose any adverse conditions that may have a substantial impact on your decision to purchase the home. This would include any problems with the house, whether the property is in a flood zone, a noise zone, or any other kind of hazardous area.

If you have an agent representing you, this is almost automatic, but many states do not require individuals selling their own home to provide you with this information. Often they do not require banks selling foreclosed property to provide these disclosures, either. Obtaining these types of disclosures should always be a part of your offer, and time is of the essence.
Condition of the Property

The last thing you want when you assume possession of your new home is to find it in a total mess. Therefore, you should make it clear in your offer that certain minimum standards are required. If you do not, you might find out the seller or neighbors have begun using the back yard as a trash dump, or something worse – and you would not be able to do anything about it.

Some of the requirements you might want to include in your offer are that the roof does not leak, the appliances work, the plumbing does not leak, that there are no broken or cracked windows, the yard has been kept up, and any debris has been cleared away.
Home Inspections

Besides appraisal and the termite inspection, you should also have a professional go through the house and seek out potential problems. Of course, you will have inspected the home, but you are not used to looking at some things that a professional will find. Even if they are not things the seller is expected to repair, at least you will have foreknowledge of any potential problems.

The seller will want this inspection performed quickly, so that you can approve the results and move forward with the purchase. Once you receive the inspection, you will want to allow yourself sufficient time to review and approve the report. If you do not approve the report, you may negotiate with the sellers on which repairs should be performed and who should pay for those repairs. Otherwise, you can cancel the purchase without penalty, provided you have included timetables in your offer.

Allow a maximum of ten to fifteen days to receive the report and five days to review it.
Final Walk-Through Inspection

Before closing, you will want to revisit the property to ensure it is in the condition you have required in your offer, and to inspect that any required repairs have been performed. You should do this no sooner than five days before you intend to close. Make sure this right to do a final inspection is included in your offer to purchase the home.

http://www.realestateabc.com/homebuying/property.htm#Final%20Walk-Through%20Inspection

Understanding Home Equity Credit Lines

2007-10-30T00:34:00.000-07:00

Using a credit line to borrow against the equity in your home has become a popular source of consumer credit. And lenders are offering these home equity credit lines in a variety of ways.

You will find most loans come with variable interest rates, some come with attractive low introductory rates, and a few come with fixed rates. You also may find most loans have large one-time upfront fees, others have closing costs, and some have continuing costs, such as annual fees. You can find loans with large balloon payments at the end of the loan, and others with no balloons but with higher monthly payments.

No one loan is right for every homeowner. The challenge, then, is to contact different lenders, compare options, and select the home equity credit line best tailored to your needs.

Be sure to review the home equity contract carefully before you sign it. Do not hesitate to ask questions about the terms and conditions of your financing. To help you do this, you may want to consider the following questions.

Is a home equity credit line for you?

If you need to borrow money, home equity lines may be one useful source of credit. Initially at least, they may provide you with large amounts of cash at relatively low interest rates. And they may provide you with certain tax advantages unavailable with other kinds of loans. (Check with your tax adviser for details.)

At the same time, home equity lines of credit require you to use your home as collateral for the loan. This may put your home at risk if you are late or cannot make your monthly payments. Those loans with a large final (balloon) payment may lead you to borrow more money to pay off this debt, or they may put your home in jeopardy if you cannot qualify for refinancing. And, if you sell your home, most plans require you to pay off your credit line at that time. In addition, because home equity loans give you relatively easy access to cash, you might find you borrow money more freely.

Remember too, there are other ways to borrow money from a lending institution. For example, you may want to explore second mortgage installment loans. Although these plans also place an additional mortgage on your home, second mortgage money usually is loaned in a lump sum, rather than in a series of advances made available by writing checks on an account. Also, second mortgages usually have fixed interest rates and fixed payment amounts.

You also may want to explore borrowing from credit lines that do not use your home as collateral. These are available with your credit cards or with unsecured credit lines that let you write checks as you need the money. In addition, you may want to ask about loans for specific items, such as cars or tuition.

How much money can you borrow on a home equity credit line?

Depending on your creditworthiness (your income, credit rating, etc.) and the amount of your outstanding debt, home equity lenders may let you borrow up to 85% of the appraised value of your home minus the amount you still owe on your first mortgage. Ask the lender about the length of the home equity loan, whether there is a minimum withdrawal requirement when you open your account, and whether there are minimum or maximum withdrawal requirements after your account is opened. Inquire how you gain access to your credit line -- with checks, credit cards, or both.

Also, find out if your home equity plan sets a fixed time -- a draw period -- when you can make withdrawals from your account. Once the draw period expires, you may be able to renew your credit line. If you cannot, you will not be permitted to borrow additional funds. Also, in some plans, you may have to pay your full outstanding balance. In others, you may be able to repay the balance over a fixed time.

What is the interest rate on the home equity loan?

Interest rates for loans differ, so it pays to check with several lenders for the lowest rate. Compare the annual percentage rate (APR), which indicates the cost of credit on a yearly basis. Be aware that the advertised APR for home equity credit lines is based on interest alone. For a true comparison of credit costs, compare other charges, such as points and closing costs, which will add to the cost of your home equity loan. This is especially important if you are comparing a home equity credit line with a traditional installment (or second) mortgage, where the APR includes the total credit costs for the loan.

In addition, ask about the type of interest rates available for the home equity plan. Most home equity credit lines have variable interest rates. These variable rates may offer lower monthly payments at first, but during the rest of the repayment period the payments may change and may be higher. Fixed interest rates, if available, may be slightly higher initially than variable rates, but fixed rates offer stable monthly payments over the life of the credit line.

If you are considering a variable rate, check and compare the terms. Check the periodic cap, which is the limit on interest rate changes at one time. Also, check the lifetime cap, which is the limit on interest rate changes throughout the loan term. Ask the lender which index is used and how much and how often it can change. An index (such as the prime rate) is used by lenders to determine how much to raise or lower interest rates. Also, check the margin, which is an amount added to the index that determines the interest you are charged. In addition, inquire whether you can convert your variable rate loan to a fixed rate at some future time.

Sometimes, lenders offer a temporarily discounted interest rate -- a rate that is unusually low and lasts only for an introductory period, such as six months. During this time, your monthly payments are lower too. After the introductory period ends, however, your rate (and payments) increase to the true market level (the index plus the margin). So, ask if the rate you are offered is "discounted," and if so, find out how the rate will be determined at the end of the discount period and how much larger your payments could be at that time.

What are the upfront closing costs?

When you take out a home equity line of credit, you pay for many of the same expenses as when you financed your original mortgage. These include items such as an application fee, title search, appraisal, attorneys' fees, and points (a percentage of the amount you borrow). These expenses can add substantially to the cost of your loan, especially if you ultimately borrow little from your credit line. You may want to negotiate with lenders to see if they will pay for some of these expenses.

What are the continuing costs?

In addition to upfront closing costs, some lenders require you to pay continuing fees throughout the life of the loan. These may include an annual membership or participation fee, which is due whether or not you use the account, and/or a transaction fee, which is charged each time you borrow money. These fees add to the overall cost of the loan.

What are the repayment terms during the loan?

As you pay back the loan, your payments may change if your credit line has a variable interest rate, even if you do not borrow more money from your account. Find out how often and how much your payments can change. You also will want to know whether you are paying back both principal and interest, or interest only. Even if you are paying back some principal, ask whether your monthly payments will cover the full amount borrowed or whether you will owe an additional payment of principal at the end of the loan. In addition, you may want to ask about penalties for late payments and under what conditions the lender can consider you in default and demand immediate full payment.

What are the repayment terms at the end of the loan?

Ask whether you might owe a large payment at the end of your loan term. If so, and you are not sure you will be able to afford the balloon payment, you may want to renegotiate your repayment terms. When you take out the loan, ask about the conditions for renewal of the plan or for refinancing the unpaid balance. Consider asking the lender to agree ahead of time and in writing to refinance any end-of-loan balance or extend your repayment time, if necessary.

What safeguards are built into the loan?

One of the best protections you have is the Federal Truth in Lending Act, which requires lenders to inform you about the terms and costs of the plan at the time you are given an application. Lenders must disclose the APR and payment terms and must inform you of charges to open or use the account, such as an appraisal, a credit report, or attorneys' fees. Lenders also must tell you about any variable-rate feature and give you a brochure describing the general features of home equity plans.

The Truth in Lending Act also protects you from changes in the terms of the account (other than a variable-rate feature) before the plan is opened. If you decide not to enter into the plan because of a change in terms, all fees you paid earlier must be returned to you.

Because your home is at risk when you open a home equity credit account, you have three days to cancel the transaction, for any reason. To cancel, you must inform the lender in writing. Following that, your credit line must be cancelled and all fees you have paid must be returned.

Once your home equity plan is opened, if you pay as agreed, the lender, in most cases, may not terminate your plan, accelerate payment of your outstanding balance, or change the terms of your account. The lender may halt credit advances on your account during any period in which interest rates exceed the maximum rate cap in your agreement, if your contract permits this practice.

http://www.online-home-mortgage-loans.com/home-equity-credit-lines.htm

Understanding Mortgage Financing

2007-10-30T00:33:00.000-07:00

If you are thinking about buying a house, especially your first one, you may have some basic questions about the home-financing process. The following answers may help. You also may want to obtain some of the free or low-cost information listed at the end of this brochure.

How large a mortgage will you be able to get?

A general rule is that you usually can qualify for a mortgage loan of two to two and one-half times your household's income. For example, if your family has an income of $30,000 a year, you can usually qualify for a mortgage of $60,000 to $75,000.

Lenders use many other factors to determine how large a mortgage they will give you. For example, lenders generally prefer that your housing expenses (including mortgage payments, insurance, taxes, and special assessments) not exceed 25 to 28 percent of your gross monthly income. Other long-term debt (monthly payments extending more than 10 months) added to your housing expenses should not exceed 33 to 36 percent of your gross monthly income. Federal Housing Administration (FHA) and Department of Veteran Affairs (VA) mortgage loan percentages may vary.

In addition, lenders want to know about your employment and credit history. This includes finding out about your job and income and how well you handled and repaid loans in the past.

Legal safeguards exist to ensure this information is used fairly. For example, the Fair Credit Reporting Act states that lenders must certify to the credit bureau the purpose for which this information is sought and that it will be used for no other purpose. The Equal Credit Opportunity Act prohibits discrimination in lending based on sex, marital status, race, national origin, religion, age, or because someone receives public assistance.

How much money will you need for a down payment and closing costs?

Lenders usually expect you to be able to make a down payment of between 10 and 20 percent of the house's price and to pay closing costs, often three to six percent of the loan amount. If you make a down payment of as little as five percent but less than 20 percent, the lender will require you to pay for private mortgage insurance. (Requirements for VA or FHA loans may differ.) Under the federal Real Estate Settlement Procedures Act, the lender must provide you with information on known and estimated closing costs.

How do you shop for mortgage loans?

Mortgage packages vary widely, and it is important to investigate several options to find the one best for you. If, for example, you are using a real estate agent or broker to shop for a home, you may want to consider their suggestions about lenders and mortgage packages. Check real estate or business newspaper sections, which may include brief tables on mortgage availability. Look in the Yellow Pages under "Mortgages" for a list of mortgage lenders in your area. Call several lenders for rates and terms on the type of mortgage you want. In addition, consider trying a commercial "computerized mortgage shopping service," although such a list may reflect only a selection of lenders and you may be charged a fee.

Compare the mortgages offered by several lenders before you apply for a loan. Most lenders require you to pay a fee when you file your loan application. The amount of this fee varies, but it can be $100 to $300. Some lenders do not refund this fee if you are not approved for the loan, or if you decide not to accept the loan terms offered. Before you apply, ask the lender whether they charge an application fee, how much it is, and under what circumstances and to what extent it is refundable.

What kind of mortgage should you select?

There are two major types of mortgage loans -- those with fixed interest rates and monthly payments and those with changing rates and payments. However, there are many variations of these plans on the market, and you should shop carefully for the mortgage that best suits your needs.

Common fixed-rate mortgages include 30-year, 15-year, and bi-weekly mortgages. The 30-year mortgage usually offers the lowest monthly payments of fixed-rate loans, with a fixed monthly payment schedule.

The 15-year fixed-rate mortgage enables you to own your home in half the time and for less than half the total interest costs of a 30-year loan. These loans, however, often require higher monthly payments.

The bi-weekly mortgage shortens the loan term from 30 years to 18 to 19 years by requiring a payment for half the monthly amount every two weeks. While you pay about 8 percent more a year towards the loan's principal than you would with the 30-year, one-payment-per-month loan, you pay substantially less interest over the life of the loan. Keep in mind, however, that with shorter-term loans, you trade lower total costs for smaller mortgage interest deductions on your income tax.

Mortgages with changing interest rates and/or monthly payments exist in many forms. The adjustable rate mortgage (ARM) is probably the most common, and there are many types of ARM loans available. The ARM usually offers interest rates and monthly payments that are initially lower than fixed-rate mortgages. But these rates and payments can fluctuate, often annually, according to changes in a pre-determined "index" -- commonly the rate of return on U.S. Government Treasury bills.

Some adjustable loans, for a fee, contain a provision permitting you to convert later to a fixed-rate loan. Another type of mortgage loan carries a fixed-interest rate for a number of years, often seven, before adjusting to a new interest rate for the remainder of the loan. A "buydown" or "discounted mortgage" is another type of loan with an initially reduced interest rate which increases to a higher fixed rate or to an adjustable rate usually within one to three years. For example, in a "lender buydown," the lender offers lower monthly payments during the first few years of the loan.

What features should you compare with different mortgage loan packages?

Probably the single most important factor to look for when shopping for a home mortgage is the annual percentage rate, or the "APR." The APR includes all the costs of credit, including such items as interest, "points" (fees often charged when a mortgage is closed), and mortgage insurance (when included in the loan). Lenders must disclose the APR under the Truth in Lending Act. The lower the APR, generally the lower the cost of your loan. Advertisements that state other rates such as "simple" interest rates, do not include all the costs of the loan.

If you shop for a mortgage loan with interest rates or payments that change, be sure to compare:

* initial interest rates;

* the "cap" -- or how much the interest rate can increase/decrease over the life of the loan, and how much the rate can change at each adjustment;

* how often the interest rate can change;

* how much and how often the monthly payments and term of the loan can change;

* what index is used to determine the rate changes;

* what "margin" is used -- or how much additional a lender can add to the adjusted interest rate;

* the limits, if any, on "negative amortization" -- the loss of equity in your home when low monthly payments do not cover fully the interest rate charges agreed upon in the mortgage contract; and

* any "balloon" payments -- a large payment at the end of your loan term, often after a series of low monthly payments.

http://www.online-home-mortgage-loans.com/mortgage-financing.htm

Tips for Buying a Home

2007-10-30T00:28:00.000-07:00

Buying a home can be a rewarding life experience, as well as a great investment. But having a successful purchase requires some education and research. For first time homebuyers especially, you'll save yourself a lot of frustration--and maybe even money--if you start with a few simple steps.

Know What You Need
The first step is being honest about your needs versus your wants. For example, you may dream of having a big backyard for gardening. But if you have a busy schedule, a low-maintenance townhouse probably makes more sense. You also have to think about the long term. Will the house still meet your needs--or your family's needs--5 years from now?

Find a Real Estate Agent
A real estate agent can pre-qualify you for a loan, answer questions about neighborhoods, recommend lenders and even coordinate the closing--all while saving you time and money. To find the right agent, look for someone who makes you feel comfortable and listens to your needs. You also want to find a professional who knows the community and current market. Top agents, like those who advertise in Homes & Land Magazine, are great resources for information about their area.

Crunch the Numbers
It's extremely important to have a clear idea of your financial situation before you start looking for a home. Not only will this help you set a budget, but financial records will come in handy when you start shopping for a loan. Make sure to talk with several lenders before making a decision. While interest rates and closing costs are important considerations, you also want to your lender to explain things in a way you can understand and make time for your questions.

Compare Neighborhoods
Focus on areas that meet your needs, budget and personal taste. Factors to pay special attention to include convenient access to transportation, employment, schools and stores. The right neighborhood should also make you feel safe, offer recreational opportunities, and have adequate police and fire protection. To help find your ideal location, consult with your real estate agent and try speaking with residents in the neighborhood to learn more information.

Inspect Houses Carefully
During any house showing, be alert for signs of structural weakness, water damage, pest infestations or other things that just don't "look" right. Conversely, don't overlook an otherwise suitable home just because it has cosmetic problems like outdated carpet or a bad paint job. Most importantly, never purchase a home without first having it thoroughly examined by a professional home inspector.

Negotiation and Contingencies
Don't rely on price as your sole bargaining chip. Contingencies may be written into the contract to specify how certain aspects of the transaction will be handled--everything from standard contingencies like pest inspections, to contingencies for the seller to leave the drapes or pay the buyer's closing costs. Make sure any verbal agreements are written into the contract and that you read ALL the fine print before signing. If you have questions, consult with your real estate agent or real estate attorney.

The Closing
The closing represents the completion of the sale. Be prepared to sign numerous documents as well as pay funds for loan costs, property taxes, insurance and other fees. Try and get a copy of the documents prior to the close so you can contact the settlement agent or escrow officer if any of the information seems wrong or is unclear.

http://barnettrealestate.homesandland.com/Site/Articles/index.cfm?WEBPAGEID=&WEBSITEID=22842&Editorial=EA_Buying

Mortgage mates, property pals and home buying friends

2007-10-29T02:22:00.000-07:00

At some point we've all played the "wouldn't it be nice to live there" game, where we press our noses up to the estate agents window like hungry children eyeing up the cakes in a bakery, wishing we could afford the homes that are way too expensive for us. We all have aspirations far beyond our wallets from time to time, but more and more first time buyers are finding that they simply cannot afford to buy anywhere as property prices in the UK have rocketed to such levels that the first step onto the ladder has begun to look more like an impossible leap.

Now a new breed of buyer has begun to emerge, or maybe I should say ‘evolve’, because that’s what happens when nature finds a way around a problem, who have decided to tackle the issue of affordability head on, they are the co-buyers. If you’ve not been near your TV, radio or favorite newspaper recently you’d be excused for not having heard of this home buying movement. Put simply, co-buying is where two or more people buy a property together to join funds, divide of all the costs, and afford to buy years sooner than they could have done alone. Nothing new there, as friends and family have been doing that for an age now, what is new is the rise in the popularity of searching for your ideal mortgage mate on the internet.

Richard Cohn, Founding Director of Shared Spaces Limited, introduced us to the concept of co-buying with www.SharedSpaces.co.uk, launched in December 2005. He explains, “I flat shared for years before buying, and made some great friends along the way, and it was during this time that I came to the conclusion that was to lead to the creation of SharedSpaces. If you can flat-share with complete strangers with great success, why can’t people take it to the next level and buy together?”

Of course there is more to it than just that because buying is a far bigger financial commitment than renting, but Cohn suggests that with the correct legal framework (a document called a ‘Deed of Trust’ that costs only a few hundred pounds from any solicitor that protects your legal rights and provides a roadmap for the relationship), mortgage payment protection insurance (to protect you and your co-owners from hardship should you loose your jobs or are unable to work due to illness), and time (as much time as you need to get to know your potential co-buyer well enough to call them a friend or a business partner in the process), there is no reason why you cannot have a successful co-buying experience.

SharedSpaces.co.uk has over 2,500 registered members across the UK looking for someone else to buy a property with, joined by a common goal, to fight the affordability gap. Whether you are a key worker or a city high flyer if you’re looking for a mortgage mate, a property pal or a future friend to buy your first home with there seems to be plenty of people to choose from. I don’t know whether co-buying solves the long term problem of property prices rising faster than salaries, but it sure does seem to offer an option for those who have been left behind.

http://www.afroarticles.com/article-dashboard/Article/Mortgage-mates,-property-pals-and-home-buying-friends/3426

Low Down Payment Options

2007-10-26T05:20:00.000-07:00

Your down payment is the core of your mortgage. It affects:

* The lender's decision
* Your loan amount and your closing costs
* Mortgage type
* The size of your monthly payments
* Your mortgage interest rate
* Your amount of available cash
* Whether you'll pay mortgage insurance

The more you put down (the bigger your down payment), the less you'll have to borrow. That means lower monthly payments and lower overall mortgage costs. You'll start out with more equity in your home and have an easier time convincing a lender that you're a good risk.
A smaller down payment can cost you substantially more in the long run, but it will increase your current cash flow. If you don't have much money saved but expect to increase your future earning power, it might be the best way to go.
The benefits of putting down less
In today's market, there are a variety of mortgage options available for those who:

* Have strong current income but not a lot of savings
* Are first-time homebuyers whose high rents have left them strapped for cash
* Have low-to-moderate incomes and few cash reserves
* Are "move-up" buyers looking to buy a larger home without large cash reserves

Even if you already have a nest egg, there are many sound reasons why choosing a no or low down payment makes sense. A no/low down payment:

* Keeps your assets where they are - in higher-yielding investments or current lifestyle expenses (day care, tuition payments, recreational activities)
* Potentially gives you a larger tax deduction (Consult your tax advisor for details)
* Lets you buy right away and start turning rent payments into future equity in a home
* Frees up cash for other home buying expenses such as furniture, moving and closing costs

Recommended loans
Wells Fargo Home Mortgage offers several mortgages with low or no down payment. Click on the links below to go to our mortgage site, or use our Home Loan Workbench® to get home financing packages, estimated closing costs, and much more in an easy-to-understand itemized fashion.

* FHA Mortgage - Allows all qualified buyers to take advantage of a low down payment with flexible qualifying guidelines.
* VA Mortgage - Permits qualified veterans, reservists, and active servicemen and women to secure a loan up to a specified amount with no down payment and flexible qualifying guidelines.

https://www.wellsfargo.com/home_center/buying/articles/cis_hc_atcl_financinglowdown.jhtml

Covering The Bases: Home Buying

2007-10-25T05:26:00.000-07:00

Buying a home is an exhilarating feeling. It can be one of life's biggest rewards. It has the potential to serve not only as your home for many years, but as the basis of your financial portfolio. as such you should never jump into a home purchase. It simply makes sense to take your time and ensure that you are getting what you are paying for. A home is a complicated conglomeration of systems that are all subject to stress, wear, and deterioration and due to this fact there are a few things that should be examined closely before purchasing any property new or old.

Homes inspections are the best way to ensure that the home you are considering buying is sound. Be careful of sellers who want to have the inspection process skipped. In skipping this process you could be buying a huge problem. There are a few things in particular that you should have the home inspector check for.

* Mold & Mildew - In previous years this never seemed to be a huge issue. However in recent times it has become a hot button issue with many due to the health concerns concerned with mold. Mold is fairly insidious and can thrive in the most unlikely of places. All mold really needs is organic material like wood and a source of moisture. This is usually attributed to a leak or a crack in the home.

* Plumbing - With pipes and water running through almost every wall in a home it is essential to ensure the proper working of the home's plumbing. Faulty plumbing can be costly to fix and can lead to problems with rotting, mold and other unsafe living conditions. Leaky pipes can also lead to extensive home repairs and some sellers will try to cover up water damage with new paint so be sure to have the plumbing checked.

* Electrical - This is a problem that has two different sides. Older homes can have wiring that is outdated, worn or is not sufficient to handle the high power draw of modern appliances. Conversely, new home sometimes have slipshod wiring that has shorts and faults. These can all be large fire hazards and quite detrimental to a home's safety.

Always be careful when purchasing a home. After all it is the safety of you and your family that is concerned here. Have a complete home inspection done on any property you are considering and have professionals check through the various systems if necessary.

http://www.amazines.com/Advice/article_detail.cfm/256091?articleid=256091

Tips To Help You Sell A Vacant House

2007-10-24T04:32:00.000-07:00

The ad looks too good to be true -- a home with all the prerequisites you want is on the market in a fabulous neighborhood. The community is near work, the schools are great, there are lots of activities nearby -- and the asking price is competitive.

When the prospective buyers approach the newly listed home, hopes plummet -- the place is vacant. Unfortunately, a home which is merely "lived-in" when furnished and occupied may look bare and blemished when empty. But the good news is that selling a vacant home isn't an impossible task, especially if you follow these pointers:

Remember first impressions. Regardless of whether your home is vacant or not, its appeal from the street is crucial in making a positive impact with potential buyers.

Paint or fix up the front entrance as required.

If you have a lawn, keep it mowed. Hire a neighborhood teen or local landscape service to keep it maintained. If you have an automated irrigation or sprinkler system, you'll want to leave it on, or ask a neighbor to water for you. This is especially crucial in regions with scorching summers.

If your house is on the market in fall, be sure you or someone you hire keeps leaves cleaned up. Likewise, if it's winter and you live in a snowy area, be sure driveways and entrances are cleared.

Spruce up landscaping before you leave. Plant some new shrubs, lay down some fresh ground cover, or brighten it up with some colorful annuals.

Go through every room of your house, paintbrush in hand, and touch up any walls that have been scuffed or marked up. After moving furniture out, you're sure to find a slew of such marks.

Walls painted in bold, bright colors are wonderful attention-getters when complemented by furniture, rugs, and accessories. However, in an empty room, these bold colors may put buyers off. You may want to consider painting neutral colors throughout the house before you sell.

Get carpets professionally cleaned once everything is moved out. If the floors aren't taken care of, the prospective home buyer may wonder what else isn't?

Clean your house thoroughly in every nook and cranny -- including windows and fireplaces -- before you let potential buyers look at it.

If at all possible, try to leave some furniture in the house. This will give prospective buyers a sense of size and proportion -- and a place to sit down. Empty rooms tend to look smaller than they actually are.

Don't set your deserted house up for potential break-ins. You may want to invest in exterior sensor lights that automatically turn on when it gets dark and turn off at sunrise. Make sure you cancel your newspaper subscription and forward your mail.

If you have a security alarm, use it -- just be sure you leave your entrance code with your real estate broker.

Be sure you review the provisions of your homeowners insurance. Many companies have a cap on how long coverage will last while the property is vacant.

As you prepare a vacant home for sale, also consider this idea: Some buyers like the flexibility that comes with buying a vacant house. They can move in as soon or as late as they'd like, and they don't have to worry about floors getting soiled and walls getting banged up when you move out.

http://realtytimes.com/nl/nlpages101/6vacant.htm?open&id=jesselimon

The Home Buying Process - In a Nutshell

2007-10-24T04:30:00.000-07:00

The Loan Pre-Approval Process

Obtaining pre-approval for a home loan cannot be stressed enough. Not only does it assure you that you are looking in the correct price range, it also assures the seller that you are a legitimate buyer. If you need a recommendation of a lender, I can provide you with several contact names. Searching for a home can definitely start in advance of the loan pre-approval, but it is best to be pre-approved before submitting an offer to a seller.

Let's Make an Offer

When you find the right home, the next step is to write an offer on the property. Keep in mind that if you like it, chances are you are not alone. Acting quickly can make the difference between living there and telling your friends about the house that got away. Writing up an offer generally takes about an hour. Once the offer is completed I will call the listing agent and let them know that I have a buyer for their listing. I will need to include a pre-approval letter from your lender and if there are multiple offers it can often work in your favor to include a personal letter talking about the house and why you want to purchase it.

How Firm is my Foundation? The Inspection...

Most offers to purchase are written subject to the buyer approving of a home inspection. I strongly advise doing this. The cost (around $400) is paid for by you, but it is cheap insurance if it keeps you from buying a money pit. The inspection will cover items such as the roof, gutters, wiring, plumbing, foundation, framing and insulation. It is a good idea to accompany the inspector that you hire so that you can learn the good features about the home as well as the areas that need attention. Should there be other areas of concern (heater, oil tank, foundation issues, etc.) you may want to hire a specialist in those areas. Sewer scopes are also common in the home inspection phase. I will be there during any inspections. If some items come up during the inspection that are not satisfactory to you, it is possible to negotiate with the seller to make the necessary repairs. The seller is not obligated to agree to do this, so if they don't, you are not obligated to complete the purchase.

Once you have approved the home inspection, the only hurdle left is financing. Since you have taken care of most of this by getting pre-approved, completing the process only takes about two weeks. The two main items needed are: an appraisal on the home and a preliminary title policy showing that the property is free of liens or other clouds on the title.

The Financing Process

Appraisers know the purchase price when they do their appraisal, so it is rare for an appraisal to come in above or below the agreed upon price. The main concern with appraisals has to do with the work orders. Quite often, appraisers set a value on a home conditioned upon certain repairs being made. If the repairs are not completed, the appraisal is not acceptable to the lender and the financing is not approved. This can be a problem if your desire is to get a good buy on a home that needs work, with the intention of fixing it up yourself later. I have met many appraisers on site and have a very good idea of what will and what will not get called out. I will council you during the offer preparation as to how to deal with these issues.

A Clear title is usually not difficult to obtain. Rarely do transactions fail due to unmarketable title. You will have an opportunity to review the preliminary title policy prior to signing the closing papers.

When loan approval is obtained, closing documents are drawn up and sent to escrow. The escrow agent's function is to facilitate an orderly transfer of ownership from seller to buyer. Taxes need to be prorated, any underlying liens on the property must be paid off, and many documents will be reviewed, signed and notarized. Utility transfers may possibly be handled by escrow, or you and the seller may agree to handle these on your own.

The Escrow Process - The Sale Closes. Time to Move In!

The signing of documents does not constitute closing. Closing occurs without you being present, when the documents are recorded and the proceeds check is available for the seller. If any questions or concerns arise after closing I will be there to help you.

http://localism.com/article/50242/The-Home-Buying-Process-In-a

Home Prices Are Falling

2007-10-19T05:42:00.000-07:00

U.S. home prices in major cities are falling at the fastest rate in 16 years, Standard & Poor's reported Tuesday.

For 10 major cities, home prices fell 0.6% in July and are down 4.5% in the past year, the fastest decline since 1991, according to the Case-Shiller home price index released by S&P. For 20 major cities, prices fell 0.4% in July and are down 3.9% in the past year, the largest decline in the seven-year history of the index.

The Case-Shiller index, which tracks multiple sales of the same homes, is considered by many observers to be the best gauge of national and metro real-estate values.

Falling prices make it more difficult for homeowners to tap their home equity or refinance their mortgages. Millions of homeowners who took out adjustable-rate loans in 2005 and 2006 face sharply higher mortgage payments this year and next, with foreclosures having already soared as a result of payment resets.

The last time prices fell so much, it took more than eight years for home prices to return to their peak level.

In a separate report, the National Association of Realtors said sales of existing homes fell to a five-year low of 5.50 million units annualized in August, while inventories of unsold homes rose to an 18-year high. See full story.

"The housing outlook remains grim as home sales decline and inventory remains elevated," wrote Michelle Meyer, an economist for Lehman Bros. She expects a cumulative 15% decline from the peak in the quarterly national Case-Shiller index.

Economists at Goldman Sachs said the latest data are on track to meet its forecast for 7% declines in home prices this year and next.

There's no end in sight, but it's not a disaster for most people, said Robert Shiller, chief economist for MacroMarkets LLC.

"The big effects are likely to come next year," Shiller told MarketWatch. "We might see a decline in consumer spending and a decline in confidence that could lead to a recession." Listen to an interview with economist Robert Shiller.

Prices are lower in 15 of the 20 cities compared with a year ago, according to Case-Shiller. The biggest declines are the Rust Belt and in the formerly boom towns along the coasts. Prices are holding up in the Pacific Northwest and in areas of the South.

Here are the 20 cities covered by the Case-Shiller index, ranked from worst to best:

http://www.realestatejournal.com/buysell/markettrends/20070927-nutting.html

Be credit-wise. Tips for credit cards in Australia.

2007-10-18T05:50:00.000-07:00

These days, life without a credit card would be hard to imagine. We have become so used to the convenience of "plastic", we don't leave home without it. (Sound familiar?) While you can't dispute the ease and convenience of not having to pay in cash at the supermarket, petrol pump or pub, here are some handy credit card reminders.

1) Say no to cash advances

Some people just don't get it, but the bank does. The Interest-free periods offered on credit card accounts never apply to cash advances. In the majority of cases, you will pay interest on the cash right from the second you withdraw it from the ATM or over the counter. The dollar penalty can really add up, so it's best not to do it. Ever.

2) Watch out for Store Cards. Loyalty can cost you

How often have you been at the cash register and asked if you would like to apply for a store card? Probably plenty of times. Department stores such as David Jones and Myer may offer you the benefits of customer discounts, added warranties and extended credit, but they aren't cheap. Although you don't pay an annual fee, the interest rate can be considerably higher (sometimes several percent) than alternative credit cards. It's fine to use them for store specials and loyalty benefits, but pay the balance in full by the due date. In this way you avoid being whacked with huge interest charges.

3. Choose a card that matches your lifestyle.

Think about your spending habits and patterns. For example: if you use a card for extended credit and don't pay off the full balance each month, just a basic payment, choose a card with a lower rate. It may not offer any interest-free period, but the lower interest rate should save you more dollars over time.

If you use your card for everyday groceries or filling up the car, go for credit card with maximum interest-free days. Make sure you pay it off in full each month. This way you get the benefit of up to 55 interest-free days on purchases, as well as rewards, discounts and frequent flyer points. But watch the annual fees on rewards cards.

4. Interest-free periods are void unless you pay in full

Don't let your credit card get out of control. To avoid paying interest on your purchases, you must pay the full balance -- that figure in black and white on your statement (not just the minimum payment required) by the due date. If you don't, be warned. You will be charged interest right back to the date of purchase on each item. In effect, you forfeit the interest-free period on those purchases.

5. Search beyond the local banks

These days, there's a lot more choice out there - not just the usual local banks. Look at credit unions, building societies, community banks, boutique and online banks. Chances are you may get offered better interest rates or lower fees than the big banks because these new providers are anxious to win business or they are non-profit organisations. We put this theory to the test. We tried HSBC and came up with 5 different types of credit card.

6. Do you qualify for a "relationship discount"?

If you consolidate your banking business and finances with one lender or bank, you can qualify for a special treatment. Loyalty does have its rewards. You can enjoy home and personal loan interest rate discounts, term deposit bonuses, savings account fee waivers and of course, credit card annual fee waivers.

7. Do you qualify for annual fee waivers?

If you spend enough on your credit card on an annual basis, some institutions offer to waive the annual fee. For instance: If your card spend is more than $5000-$10,000 a year, you could choose a card with all the benefits you want and avoid the annual fee. However, make sure you use your card to make purchases you were going to make anyway. Spending up big for the sake of reducing fees or earning rewards points is false economy.

8. Sweet deals? Don't be distracted by them.

Introductory discount rates, fabulous reward programmes and special insurance offers. Some lenders offer enticements on credit cards that can make a big impression on first glance. Be practical. Look at the overall, ongoing cost of credit of any card option. Compare the standard interest rate, interest-free period and annual fees - and weigh these up against the real value (if any) of the added extras.

Credit cards are great. But remember that you are the one in control and responsible for your debt. If you can't resist a bargain or a shopping centre blitz, leave the card at home. Pay cash.

http://www.ideamarketers.com/?Be_credit-wise__Tips_for_credit_cards_in_Australia&articleid=220693&from=PROFILE

Los Altos real estate

2007-10-17T05:18:00.000-07:00

The city of Los Altos, California, home to over 27,000 residents, is located in Santa Clara County, at the south end of the San Francisco Peninsula. This peaceful suburb stretches seven miles and is nestled in between San Jose and San Francisco. Los Altos preserves its small town charm by housing a few well placed shopping centers and office properties along the Foothill Expressway and El Camino Real. The Los Altos real estate scene mostly consists of charming single family homes for sale along tree-lined streets, as well as upscale town houses, condominiums and even estate size homes on large lots.

Los Altos, California is well catered to families with its excellent schools, a safe community and recreational opportunities. The Los Altos School District and the Mountain View-Los Altos Union High School District provide area children with a real well-respected education. Los Altos home owners are very active in the community, ensuring that it maintains a high quality of life. Home owners can enjoy the ideal climate playing sports, picnicking, swimming and golfing at local and nearby parks such as Hillview Community Center and Park and Los Altos Golf & Country Club. There is also a large equestrian presence in Los Altos, and many residents are even able to house horses on their estates.

Living in Silicon Valley provides many employment opportunities. The area is home to some of the largest technology businesses such as Cisco, Adobe, eBay and so many more. Los Altos is conveniently positioned with freeways 101, 280 and 82 providing access to San Jose, San Francisco and the other various bay towns. The Santa Clara Transit Authority and Bay Area Rapid Transit (BART) provide public transportation, connecting Los Altos to the towns in the surrounding communities in the Santa Clara Valley. For getting around the rest of California, the nation and the world, the San Jose International Airport is just 20 miles to the south and San Francisco International Airport is just 27 miles north of most homes.

http://www.realestatearticledirectory.com/articles/california-real-estate/article124.html

Choosing the Right Floor Plan

2007-10-16T05:44:00.000-07:00

What describes a great house? It looks good and makes you feel good when you're inside it. It is energy efficient and comfortable. And it facilitates frequent casual interactions among family members.

This last qualification may seem to be such a statement of the obvious it's not worth making. But as our houses have become bigger with more rooms in the shared public area and more bedrooms and bathrooms in the private area, family life has changed. The daily familial interactions that characterized American family life in a smaller house in which everyone was within talking distance of each other are no longer the rule.

Why does this matter? Frequent interactions are the essence of family life. They make us feel good and help maintain household cohesion. Even more important, through the thousands of interactions that we have with our children from infancy to adulthood, they learn a crucial life skill—how to get along with other people.

When children are young, family members will have plenty of contact with one another, whatever kind of house they live in. Very young children require constant supervision. Somewhat older children can play by themselves, but most still want to hang around their parents or caretakers. As the kids approach adolescence, however, they begin to want more independence and most will fan out into the rest of the house. Once those hormones kick in, they can become famously uncommunicative, often reclusive, and many prefer to stay in their own rooms. You can't force them to talk or to spend more time with you.

Points of contact. But the odds are in your favor if you have built "points of contact" into the design of your house so casual interaction and the occasional longer conversation are embedded in the fabric of your family life. When such interactions are a part of the daily routine, they are more easily carried over into your children's teenaged years when you are eager to stay in their loop and they give every indication of wanting to keep you out of it.

For example, instead of placing the stairs in an entry foyer that no one uses—nearly universal in two-story houses—move the stairs to a place where everyone congregates such as the kitchen. Every time your teens pass through you have a chance to catch their ear.

Locating all the bedrooms on the same floor provides another opportunity for casual conversation between parents and teens. The parents, with an eye to their own aging and perhaps a desire for peace and quiet and more privacy, may want their bedroom on the first floor. But if you do this, you may be regarded as an interloper every time you climb the stairs and approach your teenagers' bedroom area. If they spend most of their time there, you will be out of the loop.

The space that connects the bedrooms can also be a point of contact. Instead of a three-foot wide hall that funnels the household in and out of bedrooms, create a larger area onto which all the bedrooms open. When the kids are young, it may become a favorite play area because it's in the middle of everything. When they're older, it can become a spot for endless extended telephone conversations or reading and provide yet another opportunity for a casual encounter between a parent and a teen.

Even the use of a bedroom as a home office will increase familial interactions. If you choose the bedroom closest to the kids' bathroom and leave your door open, you'll have an opportunity to talk every time your teens pass by, as I serendipitously discovered in my own house.

Limiting the number of rooms in the public part of the house increases the likelihood that the family members will congregate in the same spot. If you have only one television and you put it where you want the household to come together, the likelihood of the family actually congregating there increases exponentially.

Some families find the television intrusive and purposely want to keep it out of a family room area. For such households, a separate television room adjacent to the kitchen/family room puts the family in the same part of the house, if not in the same room.

Tension busters. While families need to spend time together, each member also needs to a place for solitude, where he or she can shut the door and tune out the hubbub. The private sanctuary can be an actual room or a designated spot—"my corner of the bedroom," "my closet" or even "my space under the bed." The most important aspect is that it be recognized and respected by the other family members.

In the public area where the household congregates, clutter will inevitably accumulate, but it can be kept to a tolerable level if there is adequate storage. For example, some combination of a closet, base cabinets and book cases in the family room can accommodate all the different items your kids will bring in as they pass through various stages from blocks to Barbies to board games, books, CDs and blankets and pillows for watching television in maximum comfort.

Comings and goings. Every house should have a place for the sendoff and the return. If the architect is inspired, this area might be uplifting and energizing for family members as they sally forth for work or school at the beginning of the day, then at the end of the day, change tacks to become a nurturing and embracing space through which everyone passes as they reenter the refuge of home.

But at the very least, the early-bird launching pad that becomes the evening landing pad should have plenty of storage for seasonal outerwear, sports equipment and a place for the incoming mail. More often than not, however, new houses have a sizeable formal front hall that lacks adequate storage and is in the wrong place for daily use. Most families routinely enter from their garage, often passing through a laundry room and kitchen before they finally reach the front hall. In many cases, their path through the house is marked by a trail of coats, backpacks and mail. To help alleviate this situation, when budget and space allow, many architects and home builders have added a second foyer at the garage entry.

A simpler solution would be to merge the two entries into one so that whether you enter through the garage or the front door, you end up in the same spot, which should have sufficient storage to hold all the outerwear, sports equipment and whatever else a family routinely brings into the house and needs to stash in the entry. A bench would be handy and a cleverly concealed recycling bin for the unwanted junk mail would be a big hit. Should visitors see an errant boot or glove or two, it will convey the message that real people live there.

http://www.newhomeguide.com/resources/buying-a-home/before-you-buy/choosing-the-right-floor-plan.html

Finding the perfect neighborhood for your perfect home

2007-10-15T05:49:00.000-07:00

Heart of the city or suburbia? Where are you going to live? When buying a home, we have a general idea of the location we want to live in corresponding with our needs. But no matter where you choose to live, opt for a neighborhood that suits your personality and requirements.

Far from researching every nook and cranny of the area that surrounds your house, just check out if the neighborhood can fulfill your basic wishes. Some common factors that are a priority with most home buyers include:

Facilities:

Every neighborhood should provide these basic facilities or at the very least must be situated close to them. A supermarket, school, green areas (like parks), restaurants, post office, transport links, healthcare services should be easily accessible.

Social Attributes:

Apart from facilities, you should watch out for the crime rate and the safety of the locality. Usually, a residents’ association like a Neighborhood Watch is a good sign. An association like this could also represent the spirit of the community itself. Friendly people are always welcome whether you are looking to make new friends or just need someone to occasionally watch over your pet.

Environmental Qualities:

Not very high on the priority list but a quick run through can help. This basically includes the way a neighborhood looks, quality of the streetlamps, noisiness in the locality etc.

Once you’ve got your list ready, how do you check out the neighborhood? Before you go on the ground and start snooping, do some basic research on the internet. Some search engines provide the facility to check out neighborhoods by just punching in the zip code or the name of a town. Also a general search using key words like crime rate, best neighborhoods, schools etc. can be a great place to start.

Finding a decent locality to live in is one of the many aspects of finding the right home. Research shows that neighborhoods have a great affect on people especially on the growth and academic performance of children. So make sure that you do this aspect of house hunting some justice. For when you open your front door every morning, the sight you behold should make you smile.

Article Source:

http://www.choiceofhomes.com/articles/buying-homes-neighborhood.htm

Managing Your Home Based Online Business – 5

2007-10-13T02:37:00.000-07:00

In this series of articles so far, I have argued the need to use management practices even if you have your own home based online business. The discipline imposed on yourself will eventually make the business stronger and more profitable. I have touched upon the need for good financial and marketing management in the last two articles, and will now discuss another area of management that affects all others: Time Management.
To anybody working in an office or factory, time management may well be something they hope to escape from by having their own business. A highly pressured executive may well feel the same. They could work at home, where they’re the boss, and they decide what to do and when. They could watch tv when they want, sit up in bed with their laptops, or without, and numerous other symbols of freedom from being an employee.

Of course, these things are all possible when you work from home. Of all types of home business, though, working online is probably the most difficult to manage from a time point of view. Perhaps difficult is the wrong word. It’s actually easy. What is difficult is the high level of potential online distraction and having to resist it. Add the online distractions to those around you at home, and you have the ingredients for an awful lot of wasted time.

What Are All These Distractions?

There are many potential distractions online. Millions of them when you consider there are millions of websites, and millions of advertisements advertising those websites in often exaggerated, but tempting, ways. If you are trying to get traffic to your own website by surfing for advertising credits, you are particularly vulnerable to distraction, as you may spend a large part of your day being bombarded by advertising. Once you are drawn off into one tempting website, it can lead to others, then others and so on.

The same can be true of your email inbox. You may be signed up to various newsletters and ezines, you may be spammed, you may belong to safelists that require you to receive the owner’s emails. All or some may cause a distraction from your day’s business activity. You may reach the end of the day and suddenly realize: “Hey, I’ve achieved nothing today.” That can be a demoralizing feeling.

Offline there are many distractions too: you may have children around, your partner may want your company, you may want to laze in the garden as the sun’s come out for the first time in days. There are endless possibilities, depending on your own circumstances, interests and weaknesses. You need to be very much aware of what your own distractions are, and then manage them according to your business, domestic and personal priorities.

How Do You Manage Your Time?

However you manage your time, the first part of the process should be to:

• Decide what the essential elements are for developing and growing your business, steadily and profitably.

• Consider your domestic and personal situation. Now you have your own home business, you have a chance to build into your daily routine activities that will enhance your own happiness and that of your family. This is a great opportunity. Make the most of it.

• Take some quiet time and reflect on the first two items. Let them meld together in your mind and visualize how they can be brought together to make your perfect day/s.

Whatever the outcome of the above three steps, the result is not set in stone. You can change and adapt according to experience, but for now use this as an exercise in getting into a time management frame of mind.

Now that you know what you need to focus on, start to put a bit of pressure on yourself. Not major pressure; that would be counter productive. Start to structure your future, whether one day, one month or one year. Set yourself achievable targets each day, week and month; a list of tasks that you need to do to help your business and you to grow. I use a good old fashioned diary, just to get my eyes away from the screen a while, at the beginning and end of the day, and at intervals as each task is completed. Here are a few tips that I try to stick to:

• Set out a series of tasks to do each day. Make sure they are achievable.

• If you have any regular daily, weekly or monthly tasks (you should have), build them into your diary in advance so they do not get forgotten. For example, I do a daily Blog. That’s there in my diary every day of the week. You will need time set aside to consider finances. Put it in your diary in advance.

• If you have a long task to do, split it over a few days, rather than spend a whole day on the same thing. If it can be split into sub-tasks, all the better. For example, if you’re building a website, you may be able to split it into content headings or pages. Give yourself an achievable amount to do each day, allowing time for other things.

• Try to include one task per day that involves you increasing your knowledge and expertise. For example, if you have a new instructive ebook to read, set aside some time each day for it until finished. When finished, note in your diary to check on your implementation of suggestions you want to adopt. The same goes for new software and other new technology. A steady build up of knowledge can be planned for just by putting these things in your diary and sticking to the plan. Trying to master something new all in one go may cause unnecessary frustration and weariness.

• If you really must surf for advertising credits, do that as your last set task of the day, otherwise you may not achieve as much as you would have.

• If there’s something you can do away from the computer screen, try to plan for it. For example, if you need to plan website content or write an article, you will benefit from at least thinking of the main points by relaxing. If it’s warm, sit in the garden, somewhere to give you a break from the computer.

• If you think you will benefit from so doing, use the same diary to schedule in domestic activities too. Don’t forget, this is your home business. The home and your family are part of it. If you want to take the children to the beach after school, schedule it in. You can do that and still achieve something for your business that day.

• If you find that a task cannot be completed, or its priority should be lessened, don’t try to force yourself to do it the day first scheduled. Reschedule it for another day.

Time management is a very personal thing, especially when you have your own business at home. I am sure you can adopt your own techniques that suit you best. The most important thing to remember, though, is that time needs to be managed. If you’re alone in the business, time is a major limiting factor. It is important you make the most of your time, and for your own moraleArticle Submission, to end each working day feeling you’ve achieved something.

http://www.articlesfactory.com/articles/business/managing-your-home-based-online-business-5.html

The Key to Home Buying Satisfaction May Have Less to Do With the Property Than You Think

2007-10-13T02:36:00.000-07:00

Three bedrooms versus five, one bathroom versus two - will these things TRULY make you happy when you buy a new home? Not as much as choosing a home to suit your lifestyle will. This article rings to light one of the less discussed, but most important factors in finding the right home for you and your family.

People make their real estate buying decisions based on dozens of factors, and a lot of them are fairly straightforward qualities about the property that help narrow down the choices.

For one buyer, three bedrooms may be enough, four is fine, but five rules a house out. For another, the amount of land determines the acceptable area to enjoy and the desired distance from neighboring houses. For still others, the tax rate in one city or town versus another can hold some serious sway on the final purchase.

But what about a desired lifestyle? Some people consider things that factor into lifestyle – urban vs. suburban vs. rural, for example – but don't consciously consider lifestyle as a deciding factor for selecting a home. And these people might be more satisfied with their home buying decision if they did.

Selecting real estate to fit a lifestyle is a good option, because it'll help you fit in the community, and ensure you feel at home once you get moved in.

It's about finding a community that meets your needs. Of course, there are plenty of different lifestyles, and plenty of communities to suit those lifestyles. So, what's the simplest advice?

Look for a community that you feel comfortable in. It could be one where the neighbors are similar to you and have similar habits and a similar lifestyle. Or if you value diversity within your environment, you'll find comfort in variety.

You can tell a lot about a community just by driving through it. Check out the local shops and stores to give you an idea of the atmosphere. Check out local parks and drive through different neighborhoods. Then get out of the car and start walking around and talking to people. You're bound to meet friendly, open folks who can tell you what it's like to live in the community.

By selecting real estate to fit your lifestyle, you help increase the chances you'll like the home you move into. You'll find it easier to make friends and fit in. You'll have more things to do that you enjoy, the right mix of necessities at hand and room to retreat to.

The truth is, selecting real estate to fit a lifestyle isn't anything new. It may be something you're already doing without even thinking about it. Considering what a huge and life-influencing decision the home-buying process isHealth Fitness Articles, it's worth it to put some outright conscious effort into lifestyle considerations. It may make the difference between simple satisfaction and unfortunate toleration.

ABOUT THE AUTHOR

Alpine Lakes Real Estate has been building long-term relationships in the White Mountains region for more than 20 years. Their extensive real estate expertise is enhanced by their vast knowledge of the entire building process. With offices in Lincoln and Campton, NH, they also offer assistance with IRS 1031 "like-kind" exchanges, and the Design-Build services of their in-house architect. For more information, go to http://www.AlpineLakes.com.

Home Loans

2007-10-13T02:34:00.000-07:00

Buying a home remains the great American dream. Home ownership rates have been exploding in recent years, spurred on by the historically low interest rates in the home mortgage market.

Home prices have been rising at far faster than inflation, especially in major urban areas such as San Francisco, San Diego and Chicago. This means that not only can that home you’ve always wanted put a roof over your head, but it can provide you with a great investment as well. For people new to the mortgage market, buying their first home starts with finding the best home loans.

All potential homeowners should take some time to research home loans before calling their local realtor. There are a dazzling array of choices available when it comes to home loans, and finding the right mortgage for your needs can be difficult. Approach your upcoming home purchase with the same seriousness you apply to other major purchases. Your home will most likely be the biggest single investment you ever make. Take the time at the beginning to educate yourself about home loans. It will be time well spent.

Home loans are available from a wide variety of sources. These sources include banks, savings and loan associations, credit unions and mortgage brokers. Shop around at all of these sources to find the home loans with the lowest interest rate and lowest costs.

You will also have to decide between fixed rate home loans and variable rate home loans. Variable rate home loans are often advertised with extremely low “teaser rates”. These rates are used by lenders to get your attention and lure you in.

Before signing up for a variable rate mortgage, make sure you find out what the interest rate cap is. Variable rate home loans are usually based on an underlying interest rate, like the prime rate. The interest rate you pay will typically be the prime rate plus or minus a certain percentage. The variable rate mortgage will have a cap above which the interest rate cannot rise. Find out what that cap is, then use a mortgage payment calculator to see what your monthly mortgage payment will be at that rate. If you cannot afford the monthly payments at the maximum interest rate, you may not want to take the mortgage loan. While it is unlikely that interest rates will rise sufficiently to make the maximum interest rate kick in, it is always a possibility.

Variable rate home loans can be a good choice if you believe interest rates are likely to fall. In an environment where interest rates are steady or rising, they may not be so good a choice. You may also want to consider a variable rate mortgage if you do not plan to stay in your home more than five years. For instance, if your job transfers you every couple of years, you could probably get away with a variable rate mortgage and take advantage of the lower interest rate. When you move and sell your home, you will probably realize a gain due to rising home prices.

On the other hand, fixed rate home loans have a set interest rate for a set period of time, generally either 15 or 30 years. The interest rate does not change, therefore you will always know what your monthly mortgage payment will be. You are protected from rising interest rates with a fixed rate mortgage. If rates fall significantly, you can always refinance your mortgage loan to take advantage of the lower rates.

If you can afford the payments, 15-year home loans can substantially lower the amount of money you will ultimately pay for your home. When you run the numbers on a 15-year versus a 30-year home mortgage loan, you may be surprised at how affordable the 15-year home loan can be. Your mortgage payment will not double if you go with a 15-year mortgage versus a 30-year. This has to do with the affect of compound interest. You are paying far less interest in the long run on a 15-year mortgage.

Whatever type of home loan you decide on, the most important thing is to take that step which transforms you from a mere renter to a home owner and builder of equity. There are a great many home loans out there, but once you find the right oneComputer Technology Articles, you will find the rewards of home ownership well worth the time and effort put forth.

http://www.articlesfactory.com/articles/finance/home-loans.html

Guide to Buying a Home

2007-10-13T02:32:00.000-07:00

Before you rush out to purchase a home, there a few tips that might help you get a great deal on the home of your dreams.

First, before anything else, it would be in your best interests to talk with a lending company and receive a pre-qualification letter. This letter will let you know exactly what your maximum mortgage amount can be.

Many times, the lending company will ask that you put up a “good faith” payment that will be put in an escrow account; this money shows the home seller that you are serious about purchasing their home.

Next, you should have a home inspector to go to the home that you wish to purchase. Even if the home seller and the real estate agent already has one for you to see, you should invest the money into getting a home inspector of your own. The inspector will note any problems that he sees with the home in the way of repairs and you should look over this very carefully before signing any contracts. You do not want any surprises like a bad foundation or a leaky roof.

Look for a location that fits your lifestyle, such as proximity to schools, the beach, work, or any other activities that you enjoy. You may wish to find a home close to the elementary school, near a shopping centre, or even away from all the noise of the big city. Visit the neighborhood at different times during the day and in the evening and night to see what goes on in the neighborhood before you purchase. Do not take anyone’s word on how quiet the neighborhood really is. You can also find out the crime statistics in the area to ensure you are seeking a home in a safe area.

You can talk with a realtor and learn what homes are going for in the same neighborhood with similar amenities to make sure the home you wish to buy is not overpriced or under priced. If the property is way under market value, you should try to learn why before signing any type of contract. If the property is overpricedFeature Articles, you can always try to negotiate with the seller to try to get them to lower the price to a more reasonable price.

http://www.articlesfactory.com/articles/finance/guide-to-buying-a-home.html

Save yourself from homebuying disasters.

2007-10-13T02:31:00.000-07:00

Buying a house will most likely be the most important purchase you make in your life. The lenders and agents are counting on you to walk blindly into your home purchase. Make them work for you. Take the extra time, arm yourself with the knowledge of home buying and lending practices in order to make informed, sound judgments and decisions.

Whether you are a first time home buyer or a happy home owner who wants to refinance an existing home loan, there are some cardinal “dos” and “don’ts” to follow. For many, home ownership is the biggest investment in their lives and that could be the reason why some people act irrationally, as if they purposely want to sabotage the deal. Follow these simple rules and you will be sure to make your experience difficult and unpleasant, if not a complete disaster.

Don't get pre-approved or pre-qualified for a loan; lose your dream home to someone else.

Being pre-qualified shows some commitment on your part to both the mortgage broker and the seller. Being pre-approved is an even better step to take. The lender knows your financial standing and is able to present you with the loan deal. If you are neither pre-approved nor pre-qualified, a real estate agent representing the seller will not treat you seriously, and the property you want will most likely sell to someone else during the time you waste securing a home loan. Go ahead and procrastinate, you didn't want that house anyway.

Make verbal contracts only. Talk is not cheap.

Since they are not enforceable in most states, make sure that the details of the deal regarding who pays certain costs or necessary repairs are agreed on verbally, and only verbally. Similarly, when the lender tells you that your rate is locked in, don’t ask for written evidence. You might be in for a big surprise at the closing appointment, but who doesn't like surprises?

No need to be discriminating. Choose a lender by using only one criteria.

A favorite criteria of most people is to go with a bank that offers the lowest interest rate, without any consideration of the true cost of the loan. Even if you know how to calculate it, you'll probably choose the lowest rate loan. The chances are that the lowest rate bank is charging a lot more in fees and points than others, but who has time to shop around? Life is busy. Others, usually more cautious people, go with the bank where they have their checking account. After all, your bank loves you and would not wish any financial harm, right?

Pay more than you should. Choose the seller’s real estate agent to represent you.

It is truly the best option. Rather than asking friends or colleagues for referrals, picking up the yellow pages or searching online for your own agent, simply go with someone whose job it is to get the best deal for the seller. Who cares about conflict of interest. Be house poor.

No need for tedious professional home inspections.

After all, what could go wrong? Leaky roofs, plumbing problems, termites, asbestos; all a minor nuisance. If electrical problems happen to start a fire… well, that’s what smoke detectors are for.

Don't bother reading important contracts. Just sign all documents.

They are long, difficult to read and understand and are very time consuming. Rather than familiarize yourself with them ahead of time, just wait and sign everything at your closing appointment. Besides, what you've signed may open the door to a world of surprising homeowner adventures you could never have imagined. More surprises for you to enjoy!

Buying a house will most likely be the most important purchase you make in your life. Don't mess it up!
There are countless websites, magazines, books etc with which you can empower yourself in this daunting task. Don't let yourself be taken advantage of; learn all that there is when it comes to buying a home. If you want to fail, just follow the preceding steps. But, success at negotiating the best price and the best loan rates can be achieved by simply avoiding these foolish and costly mistakes. The lenders and agents are counting on you to walk blindly into your home purchase. For them, the bottom line is getting the commission. They are hoping for as quick a sale as possible, and they would like you to be a typical uninformed client who makes decisions with their hearts only and not their heads. Make the agents work for you. Take the extra time, arm yourself with the knowledge of home buying and lending practices in order to make informed, sound judgments and decisions. You've worked very hard to get to the point of buying a house, so be smart about it and don't mess up!

Find more about home loans, insuranceFree Reprint Articles, and money saving tips at: How Much?

http://www.howmuchanswers.com/

ABOUT THE AUTHOR

Simon Fox is a senior staff member with How Much? - Comparing financial products.

Home Protection: Protecting Your Castle

2007-10-13T02:29:00.000-07:00

In this articles you will find tips on how to protect your Family,Home,property.

Information on home protection products that makes your home a lot safer.

Tips on walking around the outside of your home, and looking carefully with “thief eyes” you should be able to identify any exploitable areas.
Your home is your castle. It contains your most valuable possessions, not the least of which is your family. It is an unfortunate reality that criminals will exploit any gaps in your home protection system in order to invade your private domain. This can result in the loss of cash, jewelry, electronics and your sense of security. Or, even worse, it can result in the loss of a life; yours or a loved one’s. Citizens are understandably becoming more and more aware of the dangers that face them, and are looking for solutions.

Home owners need complete security plans that will protect their residence and everything in it, both while they are at home and while they are away. Home protection is a top priority. The first step in home protection is to complete a comprehensive evaluation of your home’s “weak zones’. These are the aspects of your home that leave it open to attacks. By walking around the outside of your home, and looking carefully with “thief eyes” you should be able to identify any exploitable areas. For example, windows provide an easy avenue to enter your home, especially when they are on ground level. You may also notice ways in which higher windows can be accessed either via trees or other buildings on your property. After completing a survey of your property, it’s time to obtain the self defense and home protection tools that will keep you, your family, and your cherished belongings safe.

Here are some easily overlooked weak points that most homes offer to criminals, and the effective tools that will deter them. Many of us believe that the lock on our door will be enough to keep a burglar out; if we feel that we need extra security we simply add more locks. What we do not consider is how easy conventional locks are to pick. By adding more you may slow the burglar down a bit, but not enough to deter them. The solution is to install an unpickable lock. Advancements in technology have essentially made keys obsolete; it’s time for you to get up to date with a fingerprint door lock.

These locks will only allow you and your family to unlock the doors which means no keys to lose and no locks to pick. Within your home you likely keep valuable such as jewelry, cash, and important documents. Protect your assets by keeping them safely secured in a safe. There are several models of safes on the market. The most advanced systems combine sturdy construction with fingerprint recognition access. When searching for a merchant that carries home protection equipment it is important that you seek one who is reputable and knowledgeable. A great place to look is at http://bljsselfdefense.com/home_protection.html. This company offers a wide variety of items, includingfingerprint locks and safes, and provides consumers with education on self defense. In addition to the online resourcesHealth Fitness Articles, BLJ's Enterprises supplies its customers with personal attention to help ensure that they develop a home protection strategy that is right for them.

http://www.articlesfactory.com/articles/family/home-protection-protecting-your-castle.html

Buying Your First Home - Watch Out!

2007-10-13T02:28:00.000-07:00

If you are buying your first home, watch out! There are people who will help you get into all sorts of trouble.

If you are buying your first home, there are people who will help you get into all types of trouble. Well, mostly it is one type of trouble: financial. Here are some examples.

Watch Out For Real Estate Agents

You might think that real estate agents would love first-time home buyers, since they can influence them and make a sale more easily. In reality, though, many people are very hesitant to make a decision when they buy their first home. It will be the single biggest purchase they have made in their lives, after all, so they want to take their time and see a lot of houses. Meanwhile, the agent just wants a sale.

Don't be pushed to make a fast decision. It may be true that a particular house is "not going to last long," or it may just be something an agent says. Either way, their are other homes, and you need time to get a feel for what is available and at what prices. This education is crucial, and comes primarily from looking at a lot of homes.

The agent is not necessarily looking out for your best interest, by the way. Unless you hired him to represent you, he works for the seller and is even obligated to pass on any relevant comments you make, like "we can go higher on the offer if necessary." Keep quiet, and remember that the agent is a sales person, whose primary concern is to sell something.

Watch Out For Mortgage Lenders

When you are buying you first home, you are also buying your first mortgage loan. Lenders will be so helpful. For example, they will help you afford a loan that is too large by offering you a variable-rate loan with a low teaser rate. Of course they won't help the hundreds of thousands of families that are now facing foreclosure because those payments went up when the teaser rate period was over.

Variable rate, interest only, and even reverse-amortization loans (where you owe more each year) have all been "helpfully" pushed on first-time buyers who are trying to buy more than they can afford. You are told that buying a home is the best thing you can do. Sometimes this is true, but it never is if you can't hold onto that home. If you really can't afford a home, a smaller home with a smaller mortgage loan is better - and if you can't afford that, renting is actually the best thing you can do.

Look at the worst-case scenario when considering a loan. For example, if you are considering a variable rate loan, ask what the payment will be if interest rates go up 5% years later. Will you be able to comfortably afford that? The banker may helpfully point out that the rate is capped at a 2% rise per year, but that just means the day of reckoning is postponed a little. In three years you could be paying almost $6,000 more per year on that $200,000 loan.

Watch Out For Family And Friends

The best intentions of friends and family can get you into trouble. When you are buying your first home you will get advice. Sometimes it will be good advice. Other times it will be a friend trying to get you to move to his neighborhood - the one you can't afford. Family too can push you to buy before you are ready, or spend too much. They don't always know what is best for you, so do your own thinking, buy what YOU needFree Articles, and buy a home you can afford.

ABOUT THE AUTHOR

Copyright Steve Gillman. For a Free Real Estate Investing Course, visit: http://www.housesunderfiftythousand.com/

Home Buying Grants - The Secrets Of Successful Applications!

2007-10-13T02:26:00.000-07:00

Home buying grants are waiting... for those select few who know how to get them. This article provides any new grant seeker with solid foundations for securing the free grant money available for housing grants.

Owning a home in America today, instead of becoming a luxury it can actually become a reality, with the help of the home buying grants. If you are interested in saying “stop” to your monthly rent, then they might be the perfect solution for you. A grant is an excellent possibility that saves you a lot of stress and troubles. It can be the optimum solution for you, in case you do not have great sums of money at your disposal, to use and to invest as you please.

The first thing you are going to face when you want to apply for one of the home buying grants is the wide range of eligibility criteria. For sure, your financial status matters, as well as your occupation, family members, location and so on. But as long as you are informed well enough and as long as you opt for the programs that suit you best, you have all the chances to get the desired aid. The fact is that in the US today, you can find various lending programs that offer very low rates – and who doesn’t want that? So, in order to get the best offers, you should start your search with the help of the Internet. You can find various directories of home buying grants, offered by numerous organizations and banks. But when you do your search, make sure that you are only considering the ones that promote a serious and reputable image.

In addition to the above, you should know that the process implied by the home buying grants might take a lot of your time. In addition, you might need to wait for some months or even a year in order to obtain the money. Actually, this might be considered one of the main flaws of the home buying grants process. Still, as long as you keep contact with the provider, as long as you provide the requested information in time and as long as you collaborate optimally, thus offering all the details that are needed, you have all the chances to wait less and to get your grant sooner.

The home buying grants sound like an ideal solutions for all those who can not pay cash when purchasing a home. And that is why they appeal to so many people. Even more, the popularity of the home buying grants has increased in the past years, as a result of the real estate boom. Individuals are actually aware of the fact that we are dealing with a business opportunity here, and not just with a simple necessity. Nowadays, people are interested in buying more than one residence, since the real estate business has become the safest and the most profitable of all. And when you think about it, you can actually gain profit with the help of these home buying grants.

More and more individuals are interested in applying for home buying grants, this is a current fact. And if we think about it, these programs come with many advantages. Besides saving us the troubles of dealing with monthly rent, they can offer security, thus providing us the necessary funds for purchasing a house. And we all know that owning a home is an essential factor of our feeling of safety and well being. Considering all these factsArticle Search, it is no wonder that the popularity of the home buying grants is constantly increasing.

http://www.articlesfactory.com/articles/finance/home-buying-grants-the-secrets-of-successful-applications.html

Buying & Renting a Holiday Home in the Sun

2007-10-13T02:25:00.000-07:00

For those who think buying a holiday home, to rent, is an easy way to make a profit on your investment you should be aware that it isn’t as easy as it sounds. To start with, there are over 500,000 holiday home owners in the UK - and most of them rent out their property. You can expect high out goings, management commission and fees, insurance bills, and the usual household bills.

For anyone considering buying a holiday home, to rent, these six pieces of advice will be invaluable.

Location
Choosing a good location is vital,not only because you want a location which is popular with holidaymakers, but also one which is not overly competitive. Destinations like Florida and Spain have, over the years, become highly competitive with thousands of holiday villas available for rent. It is important that you look for facilities close to the home - restaurants, bars or shops, particularly since holidaymakers will be catering for themselves.

Type of accommodation
Think about your target customers. If you are targeting families, then buy a two or three bedroom holiday villa, near popular family attractions. If it is couples or small groups you are hoping to attract then look at buying a two bedroom apartment near shops, bars and restaurants, beaches, and golf courses. For smaller groups, or groups of adults “space” will be less of an issue.

Buying a one bedroom apartment will restrict you to couples, or two adults only. Huge five bedroom houses may sound good, but for short haul destinations like Spain, a three bedroom holiday home will suit most holidaymakers, and large houses may put people off renting your home.

Property Management
Employ a management company or be prepared for hard work. Managing a holiday home involves home repairs, passing keys to holidaymakers, changing linen when the holidaymaker departs, garden up-keep, plus dealing with emergencies such as visitors locked out. Bear in mind that most property management companies charge commission for getting holidaymakers to book your home, instead take the responsibility of promoting your holiday home on yourself.

Property features
Keep the property up to date. DVD’s and CD players are no longer luxuries. Competitiveness is a big issue for owners nowadays.. no matter where your holiday home is located, be it Portugal or Cyprus, you have to offer something a little unique from other owners, perhaps discounted tours, free car hire. These extras may cost you in the short term, but over the year it may raise the percentage of bookings that your bring in.

Insurance & Fire certificates
More importantly, fire regulations mean that extinguishers and flame-resistant furniture are a must. Contact local town halls to research if you need any fire certification or complete any legal procedures, before renting out your holiday home. You must get the right insurance cover and property management companies often insist on public liability insurance of £1m plus, costing between £200 and £500 a year.

Finances
Don’t listen to anyone who says they can guarantee you 52 weeks of bookings for your holiday home. Before you buy a holiday home you must look at how many weeks bookings you require to make ends meet. This is especially important if you want to make a profit from your initial investment. Keep your accounts and finances in order. Much of your costs will be spent on management fees, holiday home insurance, property repairsArticle Submission, decoration and essential travel to and from the house - some of these can be set against tax and offset against non-property tax bills.

ABOUT THE AUTHOR

32 yr old, Darren Cronian has worked in the Holiday industry for the past four years, and has gained valuable experience and knowledge from listening to experts within the travel industry. During this time he has slowly built up his online business 'Worldwide Holiday Homes' from a hobby website to a growing UK business based in Leeds, West Yorkshire.

Real Estate 101: Consider This Before Buying Your New Home

2007-10-13T02:22:00.000-07:00

More and more, people are deciding to buy land on which they will build their dream home. In this way, they are guaranteed that the home they buy meets all of their needs and wants as the home is built to their specifications.

More and more, people are deciding to buy land on which they will build their dream home. In this way, they are guaranteed that the home they buy meets all of their needs and wants as the home is built to their specifications.When looking to buy real estate on which you will build a home, however, there are still many things to consider. Similarly, it is still beneficial to enlist in the help of a real estate agent. With the help of a realtor, you can look at several different pieces of real estate in order to find the piece that is best for you. In addition to considering the way the land looks and how nicely your dream home will fit on this piece of real estate, there are other factors you should take into consideration as well. These include:• Checking on utilities• Looking into easements• Finding your boundaries• Considering road maintenance• Utilizing contingenciesIt is easy to fall in love with a piece of real estate and to want to buy it right away. In order to make sure you are making a wise investment, however, it is essential to consider each of these factors first.Checking on UtilitiesDepending on the location of the piece of real estate, certain utilities may be unavailable. Or, you might have to pay some very high fees in order to get the utilities ran to your new home. Before you buy the piece of real estate, make sure you are aware of its limitations and what you will need to do in order to get the utilities in place.Looking into EasementsAn easement is when someone has the right to use the land for some other purpose. This may be a private individual or a company. For example, if power lines are located next to the real estate you are looking to buy, the power company may have the right to access your land in order to maintain the power lines. Find out about any easements before you make an offer to buy a piece of real estate or insist that you be able to approve easements before you finalize the sale.Finding Your BoundariesMany banks will require that you have a boundary survey conducted before they will loan you the money to buy your land. If the bank does not require a survey to b conducted, it is a good idea for you to request one anyway. When you make an offer to buy a piece of land, it is usually a good idea to quote a certain price per acre as determined by the survey that is to be taken. Considering Road MaintenanceIf you are looking to buy real estate that is on a private road, you will need to consider how your road will be maintained. In many cases, the bank will require you to show a recorded agreement showing that you and any other property owners on the road will assist with the upkeep of the road. Utilizing ContingenciesThere are a number of factors that can cause the land to be unusable for you. For example, if the land does not have a sewer hookup, your decision to buy the real estate will be contingent upon whether or not you can get a permit for a septic system. Similarly, your house design will need to be approved by an architectural review committee. Therefore, whether or not you buy the real estate will also be contingent upon the design getting approval. By taking all of these factors into consideration and planning aheadComputer Technology Articles, you will be sure to get the home you have always dreamed of!

http://www.articlesfactory.com/articles/business/real-estate-101-consider-this-before-buying-your-new-home.html

Will The Real Home Buying Guide...Please Stand Up?

2007-10-12T04:07:00.000-07:00

Use Google right now and do a search on, “Home Buying Guide”. Take a few minutes to check and see what's out there and then come right back...

Now, try "Home Buyer Guide" and check to see what's out there for that.

Overwhelming, isn’t it?

And that’s exactly the problem facing today’s prospective homebuyers; not knowing how to sort through all of the information that is offered to them when buying a home.

Do you know what the other problem is?

Ironic as it may sound, just as prospective homebuyers have too much information on topics such as: how to find a real estate agent, how to find a mortgage, how to fix your credit or how to get the lowest possible insurance, and on and on...they are faced with just the complete opposite when it comes to having information on the main focus of their quest - specific information on the house they want to buy.

In a survey conducted by Key Findings, it was found that "Prospective home buyers say they are unhappy with the information available to them. Some don’t think they are seeing all the homes available in their price rangeand complain about how difficult it is to find detailed information about the homes they are interested in buying."

If you're thinking about buying a home right now do you feel you're as informed as you could be about the house you may be interested in buying? If not, would you even know where to go to even begin to get it?

Do not despair because there is hope!

You would be surprised to learn that you can get alot of answers and information simply by observing and asking the right questions - and many of them. You also need to be sure you're asking the right person, to get the right answer.

A couple of sources of information include your local municipal Offices or County Courthouse, neighbors and yes, even the actual seller(s).

You also need to spend time investigating the neighborhood and, once you actually decide on a home you're interested in, spend as much time there as possible. Doing so will allow you to get the feel for the property and view things you may normally miss if you're just simply herded through the home.

Here is a brief list of some of the things you should be able to uncover with a little poking around:

* What work has been done to the home?
* What work needs to be done to the home?
* Is it a good neighborhood?
* How can you tell if it's a good neighborhood?
* Who can tell you the truth about the neighborhood?
* Is the house you're looking to purchase built on a former dump site?
* Is something going to be happening with all that vacant land next door?
* How long have the current owners owned the home?
* How much did they pay for the home when they bought it?
* Why are they selling now?
* Is the price they are asking for the home too high?

The key is: Don't be afraid to ask the questions you have and, for the questions you do have, make sure you're asking the right person and make sure they getanswered to your satisfaction BEFORE you make your purchase.

Become a real estate insider and don't be at the mercy of unreliable real estateagents or untruthful sellers. Discover just how easy it is to get all the informationyou need on the home you want to buy and not get stuck having to deal with those post-purchase nightmaresFeature Articles, as most uninformed homebuyers do.

http://www.articlesfactory.com/articles/advice/will-the-real-home-buying-guideplease-stand-up.html

Buying a home? Follow these 5 tips for a happy ending

2007-10-12T04:05:00.000-07:00

Buying a home is one of the largest and most important decisions anyone will make during their lifetime. It can also be one of the most stressful. But it doesn't need to be that way. Read these 5 tips and walk into your dream home smiling.

1. If you aren’t finding what you like, consider expanding your search criteria. That may include expanding the geographical location, or simply having less requirements (ex/ don’t specify that it must have a pantry and a built-in vacuum). Another possible expansion is on the rooms that you want. Maybe you would like a 4 bedroom home - consider searching for 3 bedroom homes then look through to see if they have a den, office, unfinished basement, or bonus space that could satisfy your space requirements.

2. Ask what the average utility bills are. This is particularly important if you are moving to a new area or if you are significantly increasing the size of your home. Don’t just assume that your utility bills will be around the same amount - they could be quite different.

3. Take pictures and notes when you go to listings. Chances are you will see at least 5-10 listings before you decide on one. However, those 5-10 can seem quite similar, particularly if you are looking within a certain subdivision or looking at new construction. So take some notes and bring along your camera too. The best way to do this is to have your agent print out the MLS reports for the houses that you are going to see - then you can just make extra notes right on there along with the rest of the info.

So what should you document? Certainly not everything!!!! But if you see a fireplace, or a desk nook or a kitchen island that you particularly like, take a picture of it (and make a note on your MLS printout that you took the picture and what it was of so that you can tell later on). This way, when you go home that night, you can review all the houses you looked out in order to narrow down your decision.

4. Consider what the property taxes will be. Sometimes there can be a large difference from one city/town to the next in property tax rates. Also, if you live out of city limits in the county, consider what they will be there.

Also, ask your agent when the home was last assessed. This is particularly relevant in areas that have seen home prices rise in the past several years. The annual tax amount on the MLS printout may be based upon an older value assessment and if that home is due to be assessed again soon, that number could increase substantially.

5. When looking at homes, consider what your daily commute will be. While this applies more in major urban areas than in small towns and cities, it is still worth considering. You are not just looking at commute, but what you can get for your money. If by commuting an extra 5 minutes each way to work you could get a newer, bigger house for your money than what you could buy closer to work, would you do it? For some people the answer is an overwhelming yes, while for others, they would say no. It’s a personal choice and it depends on what you are looking for in a home and what you value.

http://www.articlesfactory.com/articles/business/buying-a-home-follow-these-5-tips-for-a-happy-ending.html

Home Buying - 3 Money Saving Secrets

2007-10-12T04:04:00.001-07:00

Home buying is about getting the right home for you, but it can't hurt to save a few thousand too. Do you know the basic ways to do that?

Home buying is about finding the right house, and this includes getting the right price. There are five basic ways to buy a home for less. Here are three of them.

Home Buying Secret - Buy In Inexpensive Towns

Yes, there are still inexpensive towns that you might actually want to live in. In fact, there are still towns in this country where you can see a good movie, put the kids in a good school, go shopping, enjoy nearby natural beauty, and buy homes for under fifty thousand dollars. My wife and I bought a beautiful little home with hardwood floors, a full carpeted basement, and a garage, in a pretty mountain town, for $17,500, in 2002. You can still get homes for under $35,000 there.

What you can't find easily there, is a good job. These towns with the cheapest homes usually have a bad job situation. They are great places to retire to, or to move to if you have a business or profession that isn't location-dependent. Writers and internet entrepreneurs are beginning to discover them.

This may not work for you, of course. If you already have determined where you will be living, or if you need a town with high-paying jobs, try the following ways to save money.

Home Buying Secret - Buy Inexpensive Houses

One way to save when buying a home is to find a less expensive alternative that still fits your needs. This can mean buying in the inexpensive parts of town, or buying the inexpensive types of homes. Don't set your mind on one type of home or one neighborhood before you know what all the alternatives are.

This isn't about buying a cheap dump to save money, or buying in a dangerous part of town. It is more about a philosophy of defining your true needs so you can find the least expensive way to meet them. You may be surprised at what is available for less.

Home Buying Secret - Negotiate A Lower Price

No matter what you buy, you can save a lot if you know a few basic negotiating techniques. You'll find easy-to-learn techniques in any good book on negotiating. Is it worth a few minutes reading and an hour or two of practice to save thousands of dollars?

There are simple negotiating techniques that are used by the masters of negotiation. They are used in all areas of business and real estate. You don't need to become a master, though, to knock a couple thousand off the price of that next house. In factScience Articles, a little knowledge goes a long way in home buying.

http://www.articlesfactory.com/articles/finance/home-buying-3-money-saving-secrets.html

Home Buying - How to avoid paying too much

2007-10-12T04:02:00.000-07:00

Learn how to find the right home for the right price. Taking the emotion out makes great financial sense. Take the smart approach to home buying.

Home Buying - How to avoid paying too much

Whether you’re a first time buyer or a veteran of the real estate game, buyinga home can be a mammoth process. It’s an emotional time often accompanied withdifficult choices. Those same difficult choices are tied directly to costs and your ultimate return and happiness.

Finding the right home for your family’s needs is hard, but managing to avoid paying too much is a another mastery of skills entirely. The following will show you not only how to make sure you’ve found the right house, but also how to negotiate the right price.

Know what you’re shopping for before you start

This first step is understanding what you are seeking. Your family has certain needs which must be fulfilled. Also there are many desires which may or may not ultimately be fulfilled. Take an unemotional look into those needs and desires.

Do you choose a three-bedroom home with room for your family to grow or the one with a large back yard, perfect for entertaining? Is having a large kitchen more important than having an extra room?

Two lists should be created - a wish list (your desires) and a reality list (your needs). The reality list consists of those items which your family really needs. They are “non-negotiables”. On the other hand, the wish list contains those items which would be nice to have. Prioritize the lists and the goal is clear - your next home needs to have most, if not all, of your reality list items and hopefully a few of the top wish list items. These lists will keep your efforts channeling in the proper direction.

Shop for a mortgage before you shop for a home

Getting a loan pre-approval is the smart way to shop for a home. It tells the sellers that you’re a serious prospect and you’ll know in advance the maximum mortgage you can afford. Make sure you get a commitment in writing.

It’s easier than ever to qualify for a home loan. Lenders have modified qualification rules and created programs designed to help people even if they have problems in their credit and employment histories. Many programs dramatically reduce down payments, so if money’s tight now you can still make that purchase.

First-time home buyers can benefit from the many lender programs that now exist. Reduced down payment is an example of such programs.

Pick the right real estate professional

From finding the right home to selecting a lender to meet your financial needs to getting proper property inspections to negotiating the best deal, it can be taxing for even the hardiest of souls. You need the right Realtor on your side.

The right real estate professional must have the high level of care, skill and due diligence to ensure your best interests are at heart. They also have a team of other professionals to put at your disposal - lenders, lawyers, home inspectors, movers, etc.

Most sellers you encounter will have a team in their corner. Having a professional on your team is the best way to make sure you get the best deal possible.

Make sure your agent knows what you are looking for

Once you have a clear understanding of your reality and wish lists make sure your agent has those same lists. This communication is critical. Otherwise you’ll both waste your time looking at home you’re really not interested in and you could possibly miss out on the one that truly meets your needs and desires. Your shared goal is to find a place that meets your needs: your agent will then try to satisfy as many of your desires as possible.

A good agent will ask you many questions about what you’re looking for and what you can afford. And then they’ll listen carefully to your answers.

Yes, that too... location, location, location

The desirability and resale of your home-to-be depend on location more than any other single factor. The simple truth is - the value of your home is affected by the homes that surround it.

Assuming you’ve already considered the items that make up a desirable home and community - character, quality of schools, access to work and services, recreational facilities, entertainment, etc. - there are several elements that combine to make a good location.

Your first consideration is the neighborhood. Every neighborhood has its own unique character; you need to make sure you’d be comfortable in the one you’re thinking of living in. Take a long walk and observe carefully. Do people take care of their yards and homes? Are the yards fenced? Do children play in the streets? Talk to the neighbors and ask questions that give you a better feel for the area. Be careful not to appear judgmental - you might be talking to a future neighbor.

If the neighborhood is to your satisfaction, look at homes on the market in the area. Extremely large homes surrounding smaller ones tend to appreciate less than a large home among other large homes. Conversely, the smallest home in a neighborhood tends to be “pulled up” by the other homes on the block. However, it might take longer to sell that smaller home when the time comes because many people are unwilling to pay extra for the neighborhood.

The outer edge of a neighborhood is usually not good for resale value. There are noticeable dividing lines between unlike neighborhood. It could be a difference in architectural styles, home size, property use or something else. Look at a home in the middle of a community of similar homes; it will hold its value better.

An exception to this rule is a home on the edge of a neighborhood bounded by woods, park land, a golf course or other open space. Natural boundaries appeal to most buyers and these “edge” homes can actually command a higher price. The exception is when there’s an unpleasant use planned for the open space. An open field with a babbling brook is nice; a new freeway, strip mall, or warehouse is not.

Other things that can negatively affect property values are traffic, sounds, smells, etc. Be sure to give the neighborhood a long, hard look. Preview the area at various hours of the day. The home you’re interested in may be perfect, but if the neighborhood has problems, your investment won’t be worth as much when the time comes to sell.

Use your real estate professional to narrow the prospect list -

A good agent brings to the table an in-depth knowledge of the current housing inventory in the area and continually updates that knowledge by touring homes as they are placed on the market. This is to your advantage. Trying to personally see every available home that might fit your needs would be an overwhelming process . If you are thoroughly communicating your needs and desires to your agent, then your agent can help you narrow down the list of prospective homes to those that best suit your family. This will save you much time and energy.

When the time comes to settle on one home, you can do it with the confidence that you’ve made a well-informed choice.

Show a little interest in everything you see

As you tour the homes on your short list, find something to admire in each one. If you don’t show any interest until you’ve finally fallen in love with a home, then you’ve put yourself at a competitive disadvantage. Never let anyone know how badly you want a home - it will cost you money!

Shop with your head, not your heart

Don’t forget the purpose of your reality and wish lists. Shopping for a home is an emotional process. Your heart will cost you money; using your head will save it.

Don’t ignore red flags when evaluating a home’s pluses and minuses

When evaluating the advantages and drawbacks of a particular property, be sure you know the difference between acceptable and unacceptable problems.

Some issues - peeling paint, worn carpeting, ugly wallpaper - are cosmetic and can easily be remedied. In fact, you can use these “problems” during negotiations to lower the asking price; after all, you’ll need to spend money to bring the house up to date. Make note of what you see that can be used to your advantage. Although hold back from nit-picking. If taken to extremes, you could end up alienating the seller and creating a hostile atmosphere.

Other problems may be warnings to walk away. Major foundation cracks, evidence of previous water damage, signs of serious dry rot or termite damage, antiquated electrical systems or plumbing - any one of these may cause to reconsider your interest.

Don’t let a house’s positive attributes blind you to very real problems. If you do, the chances are good that you’ll end up spending much more than you ever expected down the line.

Hire a professional home inspector

Failing to do so, made the biggest home buying mistakes list.

Spending a few hundred dollars for a professional home inspection may be the best investment you’ll ever make. A professional inspector brings experience in examining a great many homes, good evaluation standards and an unbiased perspective. And a written report can be an excellent negotiating tool.

A Typical Inspection Looks at:

* Foundation (slab, crawlspace, basement, etc)
* Electrical, heating and plumbing systems
* Floors, walls and ceilings
* Attic
* Roof
* Siding and trim
* Porches, patios and decks
* Garage
* Property drainage

Make sure you accompany your inspector on the tour. You’ll learn a lot about the home you’re thinking of buying.

Once you have your evaluation, the decision to proceed is yours. A home inspector only gives you a professional opinion of the home’s condition, not advice as to whether or not you should buy.

Not all fixer-uppers are good buys

You may be the type who looks at a home in need of significant work as a challenge and an opportunity to make money. Many people have bought fixer-uppers at below market rates, invested a little sweat equity or a little more money on renovations, then eventually put it back on the market at a profit.

But if it isn’t priced low enough, you won’t recoup your investment of time, trouble and expense. Before you proceed , do a careful evaluation of what you’ll have to invest and consult you real estate professional to learn what you can reasonably expect to make when you put the home back on the market. And be sure to include the unexpected. There’s no such thing as a “sure thing”.

Choose a home with an eye toward future needs

Buying a home is a large investment. If you can stretch a little today to buy a home that you can grow in - whether it’s having a child, running a home-based business, or having room to build an addition - do it. In the long run, it will probably be less expensive than moving up to a marginally larger home when the need does arise.

Clarify who your agent is

Make sure you know who the agent you’re talking to represents. All agents have the responsibility to be open and honest with you and to let you know who they represent - the buyer, seller or both. On-site agents of new communities most often represent the seller (new home builder), not you.

Ask for a written comparative analysis

One way to ensure that you don’t offer too much for a home is to ask your agent to prepare a written comparative market analysis. A CMA will show you the sale prices of comparable homes in the neighborhood. It also lists the asking prices of other homes in the area currently on the market.

You may find that the asking price is above what comparable homes in the neighborhood are actually asking for. Or you might even find another home in the area that’s a better choice. When you make an offer, you can use the CMA as evidence to show the seller why you believe your offer is reasonable.

Learn as much as you can about the seller

It’s true what they say... Knowledge is power. The reason behind a sale can often be used to your competitive advantage during negotiations. For example, a seller whose company has transferred him to another city is probably more motivated to sell than someone who is still looking for a new home.

Other signs of a motivated seller include a vacant house, or a house that’s been on the market for several months with several reductions in the asking price.

Keep your own situation to yourself

Information can be used against you as well. How much you’re willing to spend, the size of mortgage you can afford, your move-in deadlines - it all can be used to extract more money out of your pocket. Be sure to tell your agent everything they need to know to be effective on your behalf, such as, how much you have for a down payment, the size of the mortgage you can afford, etc. However, keep your personal circumstances and timeline to yourself.

Use time to your advantage

Just as you have a time frame in which you wish to buy, seller almost certainly has a deadline of his own. If you can learn the seller’s deadline, it’s another piece of information that can be used to negotiate a better deal.

Check your emotions at the door during negotiations

One of the costliest mistakes you can make is letting the sellers know how much you love their home. Once you’ve let it slip, you can forget about negotiating the price; the other side knows how motivated you are. In fact, a seller may see it as an opportunity to squeeze a little more money out of you even when you’ve made a good offer to start.

No matter how wonderful a home is, no matter how much you want it, keep it to yourself.

Don’t be afraid to negotiate

You may be the type who prefers a hard-and-fast price tag on everything. “I don’t like to haggle” is your approach. But negotiation is the key to getting a good deal. If your goal is to get the best home possible for the least amount of money, then you had better be prepared to play the negotiating game.

Stay out of bidding wars

Sometimes the seller’s agent will try to scare a hesitant buyer with the threat of another serious potential buyer. Don’t fall into this trap, it will only cost you money.

If there is another buyer, then the seller’s agent will try to get a bidding war going. In these situations, whoever wins also loses because the buyer ends up overpaying.

If there isn’t another buyer, there’s a good chance that the seller’s agent will come back with “the other deal” fell through. Be sure to let the other side know that you might be interested if that happens before you walk away.

Know your hidden costs

There’s more to buying a home than the mortgage. Don’t forget to factor in mortgage insurance, appraisal fees, inspection fees, title insurance and every other dollar you’ll have to spend in order to know what you’re really paying for your home. With the help of a good agentFree Web Content, you should identify all of the costs.

http://www.articlesfactory.com/articles/finance/home-buying-how-to-avoid-paying-too-much.html

Buying A Home In Winchester

2007-10-12T03:59:00.000-07:00

Winchester in Hampshire was recently described as the best place to live in the UK, following a survey carried out as part of a Channel Four television programme. What should you look out for when buying a home in Winchester?

It's no surprise that Winchester is popular with buyers. The city has a rich history and is ideally located for business and leisure. Only an hour away from London by train, with a station on the mainline route to London Waterloo, the city has become particularly popular with individuals looking to commute to the capital.

Given that the local schools here are excellent and that Winchester enjoys close proximity to the surrounding countryside and the New Forest, the city is also popular with families who like to be close to outdoor pursuits.

Winchester is a city by virtue of its large Norman cathedral and yet it is a place that still feels like a large provincial town. Much of the historic centre remains, drawing tourists from all over the UK and Europe.

House prices here have risen rapidly over the past decade, as has been the case with much of the country. The proximity to London has ensured that the city has continued to have a high demand for housing.

Buyers often look for character properties and there are plenty of them in and around the city centre. Much of the city centre housing is Victorian, with typical high ceilings in many of the houses.

Newer properties have been built, notably in Weeke, Harestock and Badger Farm. Modern flats and apartments have also been springing up in central locations.

The key to buying a home here is to get to know the various areas of the city. Since Winchester is a relatively compact place to liveFree Web Content, you'll find that many properties will be within walking distance of the centre and the railway station.

Take the time to find out what Winchester's all about - you're likely to fall in love with the city.

http://www.articlesfactory.com/articles/finance/buying-a-home-in-winchester.html

The Single Best Case for Buying a Motor Home or RV

2007-10-12T03:57:00.000-07:00

Cost! If you're thinking of buying an RV, you're probably considering making what amounts to a pretty big investment, and you want to do so knowing you've made an informed decision. While the initial outlay of purchasing the RV to begin with can be quite large, if you use it, a motor home will actually save you money in the long run.

RVs and motor homes are suitable for people from very diverse backgrounds. The variety of sizes, features, and functionality is great with Class A, B, C, conversion vans, travel trailers and camper vans being available. Eighty manufacturers supply the RV dealers in the North America, making more than ten distinct classes of motor homes for consumers to consider for their open-road travels and secondary housing.

Following the devastation of areas of Mississippi, Louisiana, and the Gulf Coast in the aftermath of the 2005 hurricane season, thousands of domestic refugees found themselves living in RVs and motor homes as emergency accommodation. Motor homes and RVs fulfill this role perfectly, being suitable for mobile, temporary, emergency, and medium-term accommodation. For this application, any RV works well, although park models, Class B, and 5th wheel trailers are probably best suited to this task.

If your work takes you on the road a lot, an RV may be a superior alternative to paying expensive motel fees, or maintaining multiple apartments. You have the convenience of all the on-site facilities you may need, you can cook your meals at only slightly greater cost than in a house, and you have the comfort of sleeping in your own bed.

Motor homes and trailers can be suitable for living in while undergoing renovations or building a house, and save you the considerable cost of maintaining two houses while this continues. You need not move off site to do this, although you can choose to at any time should the realities of construction work prove too trying on your patience and nerves.

Depending on your requirements, either option of towing a hitched trailer or driving a fully integrated motor home can save you money. In the case of motor homes, it is generally more cost-effective to buy the vehicle with the home built around it than it is to buy a trailer with all of the same features, as well as a vehicle suitable to tow such a load. Regulations vary between states and classes, but the rule of thumb is that your load should never exceed the weight of the vehicle pulling the load. To do otherwise is generally quite unsafe. On the other hand, a trailer-style RV has the advantage of letting you unhook the towing vehicle when you don't wish to move your home about. This lowers driving costs, increasing your fuel efficiency significantly.

Always feel free to consult your RV dealer on what class vehicle best suits your needs, especially if cost is one of the major issues. The best dealerships are familiar with their products and client needs, becoming certified as reliable by manufacturers and consumer protection programs like the Better Business Bureau; they are awarded these qualifications for good reason.

For campers, college students on road trips, and retirees, staying in the camper van, conversion van, or motor home allows you to pack less and do more while staying safer, warmer, and dryerBusiness Management Articles, taking all the creature comforts with you. Freedom of the road is more relaxing and secure than ever.

http://www.articlesfactory.com/articles/travel/the-single-best-case-for-buying-a-motor-home-or-rv.html

Constructing High Quality Articles For Your Home Business

2007-10-12T03:54:00.000-07:00

It does not take much looking around or research to quickly find that high quality articles and good article content is a key component of traffic and profits for any internet business. This is especially true for anyone seeking to start or grow a home based business opportunity.

For home business opportunity owners having well written articles and content on our websites can be the difference between obscurity, on-going high volumes of traffic to our home business websites, and ideally a constant flow of revenues.

This all can be accomplished by careful attention to a few basics when it comes to creating and publishing your business opportunity articles. The intent of this discussion is to outline some of the more important of these considerations.

Article content: Many of the major search engines such as Google use a complex algorithm to assess specific criteria in establishing page rank and placement of a given website. One of the more important factors is good content which is in high demand, current in context, and those that maintain a consistency of context for any given topic.

These topics follow specific themes grouped together with word phrases and keywords which trigger those phrases. The more relevant and on-point a given article is to the identified keywords, the more likely the article will appear on a search of the intended search terms.

Likewise, the more often an article appears as a result of searches the higher the ranking in the search engines. Higher rankings translate in to traffic and ideally conversions into revenues.

As a starting point, make sure your articles contain good grammar, without spelling errors and generally are an easy and informative read. It is shocking and disappointing to read so many articles that do not meet even these fundamental starting criteria. Trust me, get this part right or you articles will not have a chance!

Keyword focused: To be successful potential authors much make sure articles use the keywords chosen as often as possible. Of course you have to do this without making it obvious you are doing so. Having carefully chosen the keywords to be utilized, make sure to weave the respective keywords into the article in a natural flow. Likewise, the article content must match the keywords chosen. For example, having article content that talks about pet care products is of no value for a website page with keywords focused on home based business or internet marketing opportunities.

The frequency of use of your keywords must be at or near normal averages for the targeted search engine. Each of the search engines utilizes differing preferences for what is an ideal number. Make sure that your article matches the criteria for your intended target market. This frequency is most commonly referred to as Keyword Density.

Basically, keyword density is a count of how many times any given keyword or phrase appears in a given article or webpage. A common benchmark that many of us in the home based business market use is a density of between a low of 9-10% and upwards of 15-16% keyword density. The important thing is to keep the flow of the article content natural, adding your keywords whenever possible in this natural flow.

Use your articles as part of an overall link strategy. This is accomplished by including an "about" or "author bio" section at the end of your articles. This is a great opportunity to describe yourself, your particular expertise and of course a link back to your website.

This article is a basic primer about the issues involved with writing home based business opportunity articles. HoweverBusiness Management Articles, it will give you a solid foundation on where to focus your efforts to ensure your articles achieve maximum benefit once they reach the enzine and article directories.

http://www.articlesfactory.com/articles/ecommerce/constructing-high-quality-articles-for-your-home-business.html

Buying Your First Home and Sleeping Well at Night.

2007-10-12T03:41:00.000-07:00

Buying a home can be a very stressful and worrisome process. By approaching the process of strategically and thoughtfully selecting an agent before looking at homes you can positively influence your outcome and alleviate much of the stress associated with buying a home.

The real estate process of buying a home for the typical family can be a very stressful event, almost at the top of the charts. The selection of a professional agent can be a tremendous benefit as a counselor and guide to navigate you through the process with as little stress as possible. The average home buyer spends very little time interviewing and investigating agents for the role as their agent.

The first part of the home buying process for many is the desire to look at homes and not the careful selection of a real estate agent. This can be a huge mistake as the knowledge and experience level of an agent can change the outcome of the stressful process to a smooth one. Many homebuyers end up with an agent by default, what I mean by this is that the buyer has no plan of action for selecting their agent. The introduction may have been as casual as the buyer calling on an ad or attending an open house.

Of course you want to start the home buying process with a strong foundation and finding the right agent will make a big difference in the total experience. As a first time home buyer you will depend on the expertise of your agent. You will not know what to expect or when to expect it within this very challenging process.

You will want to interview several agents before you even start looking for a home. By pursuing an interview process you will also educate yourself. Here are several areas you will want to discuss with agents that you are interviewing.

1. What is the experience level of the agent? Selecting someone that has at least two years or more of experience will show they have survived the test of time and the knowledge to assist you in the home buying process.

2. What is the geographical area that they service. As an agent works in a given neighborhood they will gain additional non-real estate knowledge such as which area has better schools, less rush-hour traffic or lower crime rates.

3. Does the agent carry errors and omissions insurance? This protects them and you when there is a contractual issue or an undisclosed defect in the home. The Department of real estate doesn't require a broker to carry it, and this is not something you want to find out after closing.

4. Many agents work only on a buyer broker agreement basis, you will be asked to sign a contract for several months during which you will be obligated to work with this agent exclusively for that time period. Other agents will ask you for this agreement once they have worked with you, both parties feel it is a good relationship, and you are ready to make an offer.

5. Always ask for references. A good agent will have their references ready for you.

6. In order to serve their client as best as possible some agents have decided not to represent both a buyer and seller in the same transaction. One of the main reasons for this is that it is very difficult to be an advocate for two parties with opposite goals.

7. How does the agent select the homes that they show you? Many agents will e-mail their clients a lot of properties and let the buyer decide which homes to see, this can be a very ineffective and time consuming process in which the buyer sees many homes that do not suit their needs. The best agents will preview all of the homes on the market that fit a buyer’s general criteria and then show their client only the best homes. This process leads to a much more efficient and beneficial outcome for the buyer.

8. Does the agent have a close relationship with a trustworthy and knowledgeable lender? By working closely with the lender an agent will be more able to guide the process ensuring that the buyer gets the best loan program for their situation and is only looking at homes that fit their budget.

So as you can seeFree Articles, by methodically and strategically selecting an agent you can positively influence the outcome of your home purchase.

http://www.articlesfactory.com/articles/finance/buying-your-first-home-and-sleeping-well-at-night.html

Personal Bankruptcy and Home Buying

2007-10-11T04:05:00.000-07:00

If you were granted a personal bankruptcy decision over the past several years you know that obtaining new credit is difficult, almost impossible. Fortunately, if you are looking to purchase a home, there are ways for you to still find home financing even with a personal bankruptcy ruling on your credit report. It won’t necessarily be an easy thing to do, but you could be in your new home if you explore some of the options open to you.

FHA – People with low to moderate incomes as well as folks that have had credit problems in the past may find some relief in the form of an FHA backed mortgage. The Federal Housing Administration (FHA) which itself is part of the Housing and Urban Development department of the US federal government backs loans made by lenders to borrowers. These home loans are very attractive to borrowers and lenders alike: you can afford a home with little or nothing down while the risk of funding your loan is transferred from the lender to the government. This means that where a lender may have considered you to be too much of a risk, they’d reconsider if the FHA was involved. Ask your lender about an FHA backed mortgage option.

VA – Veterans and close family members could find themselves eligible for a loan despite previous financial problems. Like the FHA, the VA relaxes some of the applicant guidelines in order to help you get in a home. Down payments are lower and you could receive a lower interest rate too. Ask a mortgage lender familiar with the VA program how you can apply too.

HUD – When FHA backed mortgages fail, the homes are then transferred directly to HUD. HUD will then try to find a buyer for the home and although HUD will not finance your purchase, you could still be eligible for FHA financing on the very home that went into default previously.

Local and State Programs – Depending on location, you could be eligible for regional financing from an arm of a local government providing loans in distressed areas for below market rates. In many cases these government programs will relax the rules to allow homes to sell to those who otherwise may not be eligible to afford one.

Yes, you may have to do some looking around before you are granted a home post personal bankruptcy. Learn about all of the options and then apply for a loan that is right for you.

Jeff is the owner of Homeowner Uk Loans one of the Uk’s leading secured loan quote providers. If you are searching for that low rate on a secured loan then visit our site today for a free no obligation quote.

Article Source: http://EzineArticles.com/?expert=Jeff_Lakie

Home Buying - Your Guide

2007-10-11T04:03:00.000-07:00

There are many factors to consider when buying your new home. Firstly you will need to decide how much you can afford to spend. You will need to work out how much money you have set aside and how much you are able to borrow. When deciding upon this, it is important to remember there are many other additional costs involved aside from the initial outlay to purchase the property. You will need to pay for amongst other things - a survey, valuation, land registry fee's, removal fee's, possible mortgage - solicitors fees and any fee’s incurred running checks and searches on the property.

We will look at the 4 crucial points to ensure your property buying experience runs smoothly.

1. Deciding on search method

There are a few options available to you when searching for a property. You can go through the traditional method of using an estate agent, maybe browse the property pages of the local newspaper or you can now even buy property online. The online method is much cheaper than its shop based counterparts who have high overheads to pay for. You will find that this is reflected both in advertising and buying on these sites. This type of website is easily found when using search terms such as; sell home or similar.

2. Choosing a property

Once you’ve sorted your financial aspects and decided on which method you will use to search for your new home, you need to decide what type of property you are looking for. Do you want a renovation project? Or would you like something at the other end of the scale where you can simply move into to a modern fully decorated house with little or no work involved. Once you have decided this you can begin your search to find the ideal home. You should check the property type before you view it; the most common type is freehold, whereby the property and its grounds belong fully to you, next comes leasehold, whereby the land the property is built on is not for sale. Here you will have to pay a ground rent to the owner and the leasehold length can vary. Last but not least we have common hold, an example of this would be if you were to buy a flat. You would most probably have the freehold to said flat and own common parts of the building with other owners.

3. Making and acceptance of the offer

Once you have decided on a property you may now choose to make an offer. This does not necessarily have to be at the asking price if you feel that work needs to be done or the market is not strong enough to justify the asking price. You should contact the estate agent (or owner directly if using the online selling method) and inform them of the amount you wish to pay. If the first offer is rejected you may wish to make a second offer or even several before you finally get to a price both parties agree on. It is important to remember that even though you have put in an offer it is not legally binding and is normally subject to survey. Once you offer is accepted you will need to decide whether to have a surveyors report. This is strongly recommended as once the sale is finalized and the keys handed over you will have to pay for any hidden repair work you might find. You will now need to arrange to have your mortgage money paid to you in readiness for finalizing the deal.

4. Exchange of contracts and completion

You can instruct you solicitor to draw up the final contract once all checks have been performed to your satisfaction and a date of completion has been agreed on. Of course this also depends on your mortgage offer being received.

Once you have drawn up a final contract, signed and exchanged this with the seller you are ready for your completion date which should now have been arranged. You should ensure that the seller has final meter reading taken and makes provision with the utility companies for you the new owner. You should also at this point think of taking out a home insurance policy if you have not already done so (your mortgage company may insist you have building cover before they will release any money).

Now you at the final hurdle, on the day of completion the mortgage lender will release the money to you and this will be transferred over to the seller. The deeds to the property are handed over to you solicitor and the seller should hand the keys and property over to you by an agreed time.

You can now Buy property online negating the need for an estate agent. Try using search terms such as sell home in popular search engines.

Article Source: http://EzineArticles.com/?expert=Chris_Rowlands

Home Buying Tips for Homebuyers

2007-10-11T03:59:00.000-07:00

1. List the Agent: This is basic step; one has to follow while buying and selling of house business. Today, large number of house was sold by agents and the remaining is sold by the owners. It is best to select an agent because more than 80 percent of the property goes through agents and remaining 20 per cent of the houses only sold by the owners. From the list, select a proper agent and make avail of the service provided by him.

2. Select the Agent: It is a difficult one to select an ideal agent for buying or selling a house. While making selection, follow some necessary steps. From the list select the agent who you feel an ideal one. Check whether the houses shown are properly listed. See to that, he is an experienced agent in real estate. Ensures the details collected by him are currently updated. Verify the documents shown by him and see whether it is a legal document.

3. Budget Estimation: Before looking for a house, make a decision for proper budget estimation to buy a house. You should be cautious and aware while estimating a home budget with your monthly and yearly income. Only when you have proper budget estimation you can continue to look for a house. Even you can avail the pre-approved mortgage which clearly estimates the limits of your budget. It helps to hurry up your search which affects your purchase.

4. Locate your area: If you decide to buy a house, then select the location your want to live. If you decide to buy a house, then select the location your want to live. You can also list to the agent what kind of house you needed, whether it suits your budget, the location you find more comfortable and so on. Select the one which you feel good and also suits your needs.

5. Have Precautions: While buying a house, remember that you are making a huge investment. Since house buying has a huge investment, select the one which will be best for a longer period. Have some precaution while buying a house. Also think about your future, because your life is uncertain. Once you decided to buy a particular house which is already used, see to that any alteration like repairing, electricity maintenance is to be made.

6. Perfections: Be always systematic in your work. File the information you collected from different agents. Also file the information relating to price, description and suitability. At last, while taking decision this information will highly help you. With the help of this information you can select the most appropriate house which suits your needs.

7. Proper Inspection: When you are looking a house see to that the process carried on in your house are as per the requirements. Inspecting a house is a more important aspect while making a selection. You should have to check the walls, electricity, painting and maintenance etc. You can carry any number of steps while inspecting your house. Check whether the house is a qualified one.

Article Source: http://EzineArticles.com/?expert=Ron_Victor

Buying a Home: What You Can Afford?

2007-10-11T03:57:00.000-07:00

If you're thinking of purchasing your first home, you probably have a lot of great ideas about what you'd like - such as several thousand square feet of living space, a two-car garage, large fenced-in lot, one or two fireplaces and a panoramic view. But it may be time for a reality check.

Most first-time buyers want their dream home right away. However, that dream home likely sells for several hundred thousand dollars and the down payment is more than you earn in two years. Not to mention the mortgage payments - which are three times your monthly take-home salary!

The best way to deal with this reality is to match your financial capabilities with the home that meets as many of your needs as possible.

Many first-time buyers purchase what is commonly known as a "starter home." There's nothing wrong with this approach. In fact, it's good common sense to avoid buying a home that will stretch your budget to its breaking point. Remember, the starter home is just that - a way to get started in long-term real estate investment.

To see how much you can afford, you should take a close look at your financial situation. The vast majority of home buyers lack the funds required to buy a home without assistance from a bank or other financial institution (commonly called a "lender"). So, for most of us, buying our first home means combining our savings with money borrowed through a special type of borrowing arrangement called a "mortgage."

Borrowing to purchase is not only acceptable, it's desirable. Even people buying millions of dollars' worth of real estate borrow to make the purchase

There are two types of costs in buying a home:

the amount of money you'll need for the initial purchase; this consists mainly of the down payment and other costs such as legal fees and taxes; and

the ongoing costs of paying back your mortgage, along with monthly operating costs for utilities, maintenance, insurance and annual property taxes.

http://www.alamq.com/index_files/homebuyingtips1.htm

What kind of home is for you?

2007-10-11T03:56:00.000-07:00

When most of us think about owning a home, we usually imagine a typical two-storey, detached house. However, today’s homebuyer has a wide array of home ownership options available.

With so many choices, how do you choose the type of home that’s right for you? Your first step should be to enlist the services of a REALTOR. He or she can assist you in finding a home that matches both your financial needs and your lifestyle. Your REALTOR can also help you consider the pros and cons of different housing options. Some of those options include:

Single-family detached – which includes two-storey, bungalow…

●Semi-detached

●Townhouse

●Duplex

●Condominium

To condo or not to condo?
Condominium living is a great choice for people who don’t want the upkeep of a traditional home. Many first time buyers choose the condo option because it’s often far less expensive than a house meaning they can get into the housing market sooner. Also, condo living is ideal for “empty-nesters” or retirees who wish to downsize.

Keep in mind that in addition to your monthly mortgage payments and taxes, you will be required to pay a monthly maintenance fee. This fee is your share of owning and maintaining the common areas of the condo development.

Resale or new house?
Deciding to buy a brand new or resale home really depends on your preferences. Ask your REALTOR to help you weigh the benefits and drawbacks of each.

One advantage to a new home is that it’s likely more up-to-date and usually has larger room sizes and better storage. It also hasn’t been subjected to someone else’s decorating touches. The downside is you will need to put out extra cash for landscaping, fencing, window coverings and appliances.

With a resale home, you often get these additional features for little or no extra cost. Many resale homes have already been upgraded over the years to include expensive items like central air conditioning, finished basements, decks or even a pool. Buyers of resale homes are usually fortunate to be able to purchase these upgrades as part of the selling price.

Choosing the home that’s right for you is a matter of weighing your list of needs and wants against the benefits and drawbacks of the different housing choices available.

Whatever your choice, you’ll want to have a REALTOR on your side to ensure you make the smoothest move possible. For more information on buying a home and choosing a REALTOR, contact the Ontario Real Estate Association at 1-800-265-OREA (6732) and ask for your free copy of "How to buy your home."

http://www.alamq.com/index_files/homebuyingtips1.htm

Is it time to “move up?”

2007-10-11T03:55:00.000-07:00

Chances are when you bought your first home you were thinking of it as a “starter home” and dreamed of owning a larger and better home one day.

With today’s mortgage rates in the lowest range they’ve been for almost 30 years, you might be pleasantly surprised that you can afford that “move up” house now. Using the equity you’ve built up in your current home, your carrying charges may not be much larger than what you’ve been used to paying. If you’re curious to find out, ask a REALTOR to help you calculate carrying costs on a “move up” home.

There are many reasons why you may wish to have a larger home including a growing family, the desire to have more bedrooms so the kids can have their own space. Or maybe you want a larger yard, a garage or a home with a private driveway. Whatever your reasons, moving up to a new home can be very satisfying.

It’s also a smart move because the equity in your home will continue to grow and the value of a bigger and better home will be ultimately greater over time. As well, the pride of ownership in a bigger house will probably be even greater than you had when you bought your first home.

When you decide that moving up is the way to go, be sure to enlist the services of a REALTOR. Your options can be confusing at times, but a REALTOR can help you make the right choices.

He or she will help you determine the market value of your current home and therefore the price range you should be considering in a move up home. You’ll need to determine where you want to move. Do you want to stay in the same neighbourhood or move on? There are almost as many individual choices on location as there are homes. A REALTOR is skilled and knowledgeable in all aspects of a real estate transaction and can ensure you make a smooth move.

Moving up to meet your changing lifestyle and needs can be an exhilarating experience. Your home is probably the best investment you’ll ever make so why not take advantage of current market conditions and enhance your investment today.

http://www.alamq.com/index_files/homebuyingtips1.htm

How to Refinance Your Credit Card Debt with a Home Equity Loan

2007-10-11T03:50:00.000-07:00

Are you burdened with a pile of credit card debt? Are you seeking options to reduce your debt? Run a search through the Internet, or seek some financial advice and you will realize that there are many ways you can achieve your objective. If you possess a home with equity, you can consider acquiring a home equity loan to refinance your credit card debt. This way, you no longer have to bear the high credit card interest rates, or consider bankruptcy to get your debts cleared.

Home equity loans, which function like a second mortgage, allow you to borrow based on the current value of your home. For instance, if the market value of your home is $300,000 while your outstanding mortgage is only at $200,000, you are entitled to a home equity loan of up to 80% of the additional equity. Some lenders even allow up to a 100% home equity loan. This is the power of owning property that appreciates in value over time.

Thus, with the cash-out that you have received out of the home equity loan, you can then utilize that to pay off your credit card debt. This does not mean that you are debt free though. You have just merely transferred your debt from high interest credit card debt, to a lower interest home equity loan. This way, it will be easier to plan out your finances and pay off your loan through monthly repayments without having to bear hefty interests.

The first thing that you need to determine is the current value of your home. This is easily accomplished by researching on other houses in your area and the price that they have recently been sold for. Other than that, you can engage a realtor and check with them on the current market value of your home. It�s best that you can cross-check with a few realtors in order to acquire a more accurate view on your home equity value.

Next, you need to determine the term of your home equity loan, which will affect your monthly repayment each month. There is no point converting your credit card debt into home equity if you can�t afford to pay for it. Use mortgage calculators with an estimated interest rate to find out your possible repayment amounts. Finally, go online to shop for home equity loan lenders. Compare their terms and rates to find the one that gives you the best deal. With this, you will be well on your way towards paying off your credit card debt through your home equity/

Author:

http://www.home-buying-directory.com/article.php?tid=8

Home Buying Primer

2007-10-10T04:11:00.000-07:00

You know you are ready to buy a home when owning is cheaper than renting and a home purchase is a natural fit for your lifestyle and financial needs, goals and obligations. Instead of making the home-buying decision based on income alone, consider it in a more holistic context that includes your complete financial picture. Viewing home buying in a vacuum is a common misstep first-time homebuyers should avoid. Other potential slip-ups include:

Not knowing the market

In a buyer's market, buyers who feel a competitive edge are more likely to leap before they look. The glut of information on the Internet makes obtaining home buying and local market knowledge a relatively easy task. Real estate agents, brokers, lenders, title companies and other real estate professionals offer free seminars, workshops and classes. The vast library of real estate guidebooks can also give you an edge. A lack of knowledge about home buying and market conditions tends to perpetuate additional buying errors.

Failing to get pre-approved

Get pre-approved - in writing - for what you can afford, not what the lender is willing to lend. A written pre-approval reveals that you are serious about buying and it helps prevent you from shopping for more than you can afford.

Low-balling

Uneducated buyers tend to offer too little and ask for too many concessions, including asking the seller to pick up buyer's costs, to make extensive repairs, or to provide a home warranty. That could insult the seller, even in a buyer's market. In a seller's market, it will alienate a seller who has taken the time to price the home right and prepare it for market.

Paying too much

Avoid multiple-offer bidding frenzies. Make the same price checks sellers make to price their homes right -- get comparables, track sale prices in your area, scan the local newspaper to check asking prices, visit open houses and use a knowledgeable real estate agent.

Failing to buy low now to sell high later

Buy the least expensive house on the best block. Buy into the least expensive neighborhood in the best community. The cheapest home in a neighborhood, community or region in transition provides the greatest return on your investment in any market.

As you learn to avoid mistakes, you'll find it easier to put your emotions on hold long enough to reach your goal. That prevents buyer's remorse, an all-too-common malady suffered by ill-prepared buyers.

http://www.moving.com/Find_A_Place/FAP_Article/Home_buying_primer/

Things to Consider When Buying a New Home

2007-10-10T04:10:00.000-07:00

If you have made the choice that you want to buy a new home then you are in the right frame of mind for the whole process. In truth most people who say they are ready have no idea about what is involved. This can mean that they will end up with a lot of problems because they are not ready.

One needs to understand that there is nothing to be gained when one makes a rash or jumpy decision about the buying of a home. This is one time in your life when you should be taking your time and weighing all the options. There is also the matter that you need to understand that there are costs that are involved with the whole process, not to mention that you are signing up for payments that will last the better part of your life span.

With that in mind you need to have a plan and that plan needs to include a complete and total budget. You will need to know how much you have available to you for the payments on the home and also how much you will have left over for the payments that include the utilities and so on. That is the one most common mistake that many first time buyers make. They decide that they can afford the payments and in doing so they tend to forget about the rest of the expenses that come along with it.

If you are currently living in a small apartment you need to realize that the cost of the utilities will most likely double or triple per month. That means you need to have that much left after the cost of the house payment. Then there is the insurance that will be required for the

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There's No Secret to Buying a Home

2007-10-10T04:09:00.001-07:00

The secret to buying a home in today's economic climate is to be patient and spend plenty of time preparing for the home buying process as well as the home search. There are plenty of people that will tell you about this or that other secret to success when buying a home, the real secret lies only in buying the home that is right for the needs of you and your family. The ultimate goal when searching for a home is always to find an affordable solution for the needs of you and your family not only in the immediate future but in the distant future as well. Perhaps that is the ultimate secret of buying a home-finding one that is right for you. Keep in mind that most home loans are for thirty years.

While there is no one world stopping secret to buying a home, there are several things you can do as a home buyer that will help the process go much more smoothly. After taking care of the obvious financial issues (such as managing your credit, getting financing pre approval, and establishing a working budget for your family that includes post home purchase expenses) is to decide what you really need in a house, what you'd like in a house, and what you absolutely cannot live without in a house. This may not seem like such a big secret to buying a home but if you don't have some sort of plan you will waste countless hours wandering aimlessly through house after house without finding anything that remotely suits your needs or desires.

Once you've decided these things, it's time to start interviewing realtors. Your realtor is a weapon that many people do regard as a closely held secret to buying a home. Your realtor will not only open doors

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The Real Estate Market

2007-10-10T04:07:00.000-07:00

There are many things about the real estate market that people fail to understand. In all truth it is a very complicated issue that needs to be solved with most people before they start taking stab at it, but you need to understand that there is a reason why the agents of the world must go to school.

There is so much that goes into the learning of the real estate game that most people are unaware of. This is the reason why so many people are not looking in the right direction. If they fail to understand the entire concept of buying and selling real estate they will most likely make a mistake at some crucial point in the game and then lose a lot of money to boot. So you should not go it alone when it comes to this market. There are many things that a person needs to understand and with that comes the fact that making the kind of money that you want is not all that hard when you have the right knowledge.

This knowledge does not come from simply the schools that take part in this, but instead from the fact that you will need to understand the overall experience in the field of the real estate market. The market is a living and breathing being that can change with nothing more than a moment's notice. This will mean that you could very well be caught in the middle of something that is not all that great. This can also mean that you will end up losing a lot of money that you have invested which is not the best idea for the entire process.

Real estate is the common denominator that binds the world together. No matter where you live

http://www.advancingwomen.com/easyhome/The-Real-Estate-Market.php

The New Home Buying Tip to Remember

2007-10-10T04:04:00.000-07:00

Perhaps the very best new home buying tip anyone can give you is not to rush into it. Buying a home is for most people the largest single investment they will make during the course of their lifetimes. As a result, it is a decision that should not be taken lightly. There are so many steps involved in the home buying process that it makes perfect sense to sit back, get all your ducks in a row and pay close attention to proper planning rather than rushing into a house that might not be all it seems at first glance.

You will find that many people are more than willing to give you their version of the perfect home buying tip, the thing to remember is that this is your home. It is your money on the line and your family that will be living in the home you purchase. Even if you don't yet have a family, chances are that some day there will be someone you wish to share your home with. Prepare for that day and be sure you find a home that will be suitable for your needs rather than what others feel your needs should be.

Have your finances well in hand before you even consider buying a home. The better your financial outlook the less interest you will pay on your home loan. The lower your interest rate, the less you will ultimately pay for your home. I don't know about you, but the less I can get away with paying, the better I feel about the deal. You'd be surprised at the number of incorrect or outdated items that might show up on your credit report. It is important that you know what your credit reports say about you before you apply for the financing you will need with which to purchase

http://www.advancingwomen.com/easyhome/The-New-Home-Buying-Tip-to-Remember.php

The Home Buying Process-Important First Steps

2007-10-10T04:03:00.000-07:00

The home buying process is something that most of the population experiences only a few times within the course of a lifetime-with good reason. Not only is this a time full of anticipation it is also, in many cases, filled with angst. Worries about credit history, job security, savings, budgeting, down payments, closing costs, and so many other things all bring stress into a sometimes already stressful situation. There are things you can do that will greatly reduce the amount of stress involved throughout the entire home buying process if you are of a mind to do so.

There are certain actions you can take that will make the entire home buying process far less stressful and much more enjoyable to you as the buyer of a new home. One of the first things you should do, before you even begin looking at homes is get a grip on your credit situation. The state of your credit will ultimately determine how much you will pay for your home. The better your credit, the less interest you will have to pay over the course of your loan. Also realize that while many lenders will take a risk on those with less than stellar credit, they still have certain standards that they must maintain.

Before you begin the home buying process, order a copy of your credit report from all the major reporting agencies. Go over your report with a fine-toothed comb and check for any errors or anything that might not be one hundred percent accurate. If you find discrepancies, be sure to take the appropriate steps to report the errors. Also be on guard for instances of possible identity theft. Identity theft is a growing crime and can have a profound impact on your ability to receive credit as well as the interest rates that are available to you, which will also impact

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The Great Paper Trail of the Home Buying Process

2007-10-10T04:01:00.000-07:00

One thing you will find throughout the home buying process is that just when you thought you were finished with the paperwork, there is more paperwork. Some may laugh or chuckle about this while others want to quite literally pull out their hair. There is so much paperwork involved in this process that you will at some point begin to wonder if you aren't filling out paperwork about the paperwork. The good news is that once you are ready to actually close on the house is when the real paperwork begins.

You will find that there is paperwork required in order to find out about your credit history and get your finances in order. There is paperwork involved when applying for loan pre approval. There is even more paperwork involved when you actually get around to making an offer on a house. But that is really just the beginning of the great paper trail involved in the home buying process. You'll find that much like breadcrumbs you'll be dropping bits and pieces of paper all along the path to your home ownership.

Once you've made an offer on your home you'll have papers to fill out for appraiser and inspectors and you'll be getting quite a bit of paper in return. You'll have paper coming out of your ears before you ever make it to the closing table. And once you make it to that point, you're really committed. At least it would seem so on paper.

Closing is the point at which the actual ownership of the home changes hands. This is for most people, the most exciting part of the home buying process. Now, the bad news is that this takes about two hours (minimum) of nothing more than paperwork. Go into the closing prepared for hand cramps and bring

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Simple Guide to Buying a HUD Home

2007-10-10T04:00:00.000-07:00

When considering buying a HUD home, one of the first things you need to do is fully understand exactly what a HUD home actually is. A HUD home is typically a home that consists of anywhere from one to four units that has been foreclosed on through an FHA insured loan. If you can purchase the home in cash or qualify for a loan for the value of the home (within certain limits) then chances are that you actually qualify to buy the HUD home. During the initial offering period those buying a HUD home in order to occupy the home receive preference. If the home has not sold during that period of time, the home will be offered for sale to those who would use the property as an investment property as well.

One important thing to remember when buying a HUD home is that the process is quite different from the purchase of traditional home loans. In fact, this is quite a unique process as far as home purchases go. HUD homes are typically listed online. The listings are handled through an outside agency and not HUD itself. If you wish to place a bid on one of these properties it is important that you keep in mind that HUD offers no guarantees about the condition of these properties and will make no improvements. In other words, have a thorough inspection performed before placing a bid or buying a HUD home and make your bid accordingly.

The road to buying a HUD home is a rather tricky road indeed. It is required that you go through a realtor if your plans involve purchasing a home that is owned by HUD. This is not a bad thing however as a realtor can help you navigate the muddy waters of home ownership with far less

http://www.advancingwomen.com/easyhome/Simple-Guide-to-Buying-a-HUD-Home.php

Should You Purchase In The City or County?

2007-10-10T03:56:00.000-07:00

Who doesn't want a good deal on a home? New home buying tips are set up to guide people to good deals. No one wants to make an unwise and costly mistake when it comes to their home. Many people want new home buying tips that discuss what to do if they cannot find a home they want, or if they keep finding homes that are overpriced. The good news is there are new home buying tips for both of those scenarios.

If you find that every home you look for is either over priced or not what you would like, you should take your house hunting outside of the popular market. This does not mean that you are being forced to look for homes that are substandard. It simply means quit looking for homes where there is a large market for them. Take your house search somewhere where there are not a large number of people bidding against each other for a home. For instance, driving ten miles out of your city can bring you a large number of homes. These homes will probably be not as overly priced as homes that are located in the heart of a city or in neighborhoods.

Many people are uncomfortable looking at homes that other people are not considering. They think it is a sign that the home is not marketable or that something is wrong with it. That is simply not true. Go against the market's mentality and do something different. Just because they do not want to drive a little out of the way or they do not want to live in an area that does not have city garbage service does not mean that you don't. Some of the best homes are outside of the city limits. In fact, you can probably get more

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Racial divide persists in real estate

2007-10-10T03:54:00.000-07:00

The racial divide in home ownership remains substantial, despite an overall growth in the national home-ownership rate, the University of Southern California Lusk Center for Real Estate reported today.

In the second quarter of 2004, the national home-ownership rate reached 69 percent, and that rate was 76 percent for non-Hispanic whites. The home-ownership rate for African Americans, though, was 50 percent, and it was 47 percent for Hispanics, according to the study, "Homeownership in the 1980s and 1990s: Aggregate Trends and Racial Gaps."

"Home-ownership increases are driven by such factors as household income, age, size of the household, full-time work, marriage and inheritance," said Stuart Gabriel, director of the Lusk Center and an author of the study. Stuart Rosenthal of Syracuse University's Center for Policy Research teamed with Gabriel in the study of home-ownership rates.

He also said there is a need to boost minority home ownership because it can serve as a wealth generator and can help to revitalize neighborhoods by reducing crime and blight, increasing price appreciation and improving outcomes for children. "Clearly, the benefits of home ownership can extend well beyond the build-up of equity to help revitalize communities," he said.

The national home-ownership rate improved by about 0.5 percent from 1983-89 and rose 3.5 percent from 1990-2001, while the gap in homeownership between whites and minorities changed little, according to the report. President Bush has said there is a need to boost minority home ownership, and he set a goal of 5.5 million new minority homeowners by 2010.

Credit barriers accounted for no more than 5 percentage points of the disparities in the home-ownership rates, according to the study, while location and household socio-demographic attributes, such as income, age, marital status, health, size of household, employment status and inheritance, accounted for most of this gap.

"An important implication of these findings is that the gain in home ownership in the 1990s appears to have been driven primarily by household demographic factors that had little to do with government and industry initiatives," the study states.

The data also suggests that "innovations in mortgage finance and declining interest rates, while clearly beneficial to prospective homeowners, likely were not the primary drivers of the rise in home ownership during the 1990s."

Authors of the study used statistics from the Federal Reserve Board's Survey of Consumer Finances from 1983-2001. An analysis of these statistics found that there is a higher propensity for home ownership among household heads who are married or have previously been married.

Also, home ownership increases with the age of the household head, household size, income, receipt of an inheritance, full-time work, and stable employment, the latter of which is inversely related to the number of previous full-time jobs held by the household head," according to the study.

"In contrast, the propensity for home ownership is reduced if the household head is in poor health or of minority status," the authors also note. And "as of 2001, for example, household attributes account for roughly 15 percentage points of the white-minority home-ownership gap for both African Americans and Hispanics."

There has been an increasing percentage of African-American and Hispanic renters who are saving to purchase a home, the study also found. In 1983, an estimated 6.8 percent of African-American renters and 8.5 percent of Hispanic renters were saving to buy a home, compared with 12.4 percent of white renters. In 2001, an estimated 16 percent of African-American renters, 22 percent of Hispanic renters and 17 percent of white renters were saving up for a home, according to the study.

Location can also play a significant role in home costs and home-ownership rates, according to the study. "African Americans and Hispanics are disproportionately concentrated in central-city locations and, as a result, may face systematically different costs of home ownership relative to the typical suburban white household," the study found.

http://www.ahghomebuyernews.com/consumer-news.php3?IssueID=36&RowID=214