first time home buyer – owner loan

February 15, 2011

First Time Home Buyer Stimulus

Filed under: Real Estate — Tags: , , , , , , , , , , , , , — admin @ 11:49 am
Erika Ayala asked:




Were you so close to finally buying your first home before the economic crisis prevented you from reaching your dream? Then you can still make your dream a reality if you make use of the first time home buyer stimulus package. How will you know if you are qualified for this package? You must qualify for either of two conditions.

December 11, 2010

I Am a First Time Home Buyer – Now What?

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 4:02 am
Serena Brown asked:




As a first time home buyer, there are things that are important to your successful ownership of your first home. The most important things that will make you successful in home ownership is understanding your market, understanding your mortgage, and knowing what you can and cannot handle.

Why is understanding your market important? Understanding your market is important because it is important to understand your leverage. By leverage, I mean, knowing whether it is a buyer’s market or a seller’s market. Knowing the difference can mean money in your pocket or money left on the table. Let’s examine.

In a buyer’s market, the buyer must be aware that being in a buyer’s market doesn’t make the buyer’s job any easier. It just gives the buyer more flexibility. Remember in a buyer’s market, there may be several buyers for one property or only one buyer for a property. If there are no other buyers for a property by virtue of the length of time the property has been on the market then a low offer may come in to the seller. Sorry sellers. However, sellers that do not mean that you have to give your properties away, but it may mean that you may have to settle for less than you anticipated selling your home.

Another thing that makes a buyer’s market advantageous to the buyer and not to the seller is that there are a lot of homes to choice from that may meet the buyer’s criteria.

In a seller’s market, on the other hand, the seller has the upper hand. The seller can price their home significantly above market value and negotiate the purchase price to exact what the seller wants the purchase price to be. Sorry buyers. If the buyer really wants a home in a seller’s market, the buyer must succumb to the seller’s terms in order to get the home. As a matter of fact, in a seller’s market the inventory of homes for sale that may meet the buyer’s criteria are fewer.

Why do you need to know what you want in your home? It is important in a word to eliminate or limit competition. If the buyer knows what they desire in their new home sooner in the buying process they can narrow their search criteria and bid on the property of choice instead of witness the home being purchase by someone else. In addition, only you as the buyer know exact what features you want in your new home. You, as the buyer know if your family needs three or four bedrooms one or two bathrooms, but more importantly you know what you can afford.
Why am I talking about “what you can afford?” Well, the reason is that your pre-approval letter has a different meaning than you think. The pre-approval is determine by your income to debt ratio true enough; however, are you aware that all your debt is not considered? What debt you ask? The debt that I am referring to is the light bill, water bill, phone bill, grocery bill, cable bill, clothing bill, etc. And that may be more depending on where you live.

Now the latter statements puts the pre-approval letter into a new prospect doesn’t it? Don’t get discourage. Just do your homework. Buy where you are already comfortable and be patience. With the present market being a buyer’s market, you will find a home that is in that comfortable range in no time. For instance, if you can enjoy life and drive the car you want, eat out when you want at $800.00 in rent, then look for a home where the mortgage payment with principal, interest, taxes, and homeowner’s insurance is at or near $800.00 a month.

Next, you must determine what type of loan you have an adjustable rate or a fixed rate. The difference is that the adjustable rate will do just that adjust and a lot of time it is not down, but up. If your choice is the adjustable rate, find out what the maximum rate is and determine whether you can afford the adjustment. Your mortgage broker and your realtor can show the difference in payment.

The fixed rate is just that fix. The rate will stay the same for the life of the loan.

Lastly, know what you can handle includes not only the mortgage payment, but the now new responsible of maintenance of the property. Therefore, I recommend having an inspection of the home to make sure you did not bite off more than you want to chew. The home inspection will tell you the condition of the home to include the condition of the roof, the condition of the plumbing, condition of the electric, etc. With the home inspection, you will get a detail report of the condition of the home, and it may include all items that may need deferred maintenance. Deferred maintenance is important because those repairs can go before or after projected time range that the inspector gives, so it is important to be prepared financially. Let’s face it, as a first time home buyer all repairs of the home is now on you.

Do not get me wrong buying a home is a happy and great experience, but it can turn into disaster if you are not prepare, so I hope this helps.

Andre

August 30, 2010

The Things First-Time-Home Buyers Should Know

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 5:53 am
Sheila Cristina Santos asked:




It is just common for first time home buyers to feel stressed and anxious on the plans of buying a home finally! You might be very eager in finding the information you need in getting the real estate information, it will really be essential in getting acquainted with the essential parts of being a buyer of a real estate property for your home.

Consider the following things before you buy a home:

1. How much funds can you spend in your home buying?

Be able to know your credit standing. If you found out that you have some problems in your credit standing, be sure to handle the problem and achieve the right credit report you need to be able to apply for a financing or lending. If you get a good credit rate, you will have a very easy chance of finding a lender that will provide you with the lowest rate for the interests.

2. Get a pre-approval in your mortgage application with a lender or broker.

After clearing all hassles that you found in your credit standing, try to get on the application and get the pre-approval for you to be enabled to fund the mortgage of the property you want. Make sure to keep your eyes open for the nice payment and prepayment options available to provide you with ease in the repayment of the home you will purchase.

3. Choose what is appropriate for your wants in the home property.

Make a list of the specific qualities you want to have in the home purchase that you will need to have. Prioritize the needs that the location and other aspects of the home purchase will provide you.

4. Have a good real estate agent to work in your behalf.

A busy person may not be the only one who will need the help of a realtor. With the priority of getting the home property with all the special specifications required, a realtor can be handy in finding the one for you. The negotiations with the seller can be handled well and easily with someone there to do the job for you.

5. Provide the time to check out the real estate properties in the list from the agent you have.

Make sure to have the time to see and visit the properties the real estate agent can recommend you. Be sure not to delay this task too long because the recommendations are mostly based on the specifications you provided and you might be missing out on some available properties if you delay for too long.

6. Compare prices.

After the visiting schedule of the areas for sale, never just jump into a deal! Try to have some times to consider all the available properties for sale and be able to get a comparative range on all of them. Let the assessment be provided by the real estate agent for the ones you like best to reach the result of choosing.

7. Have the home inspection process.

Have your chosen home to buy get the process of home inspection. When all is well based on the result, you can do the final negotiation and close the deal.

Beth

July 21, 2009

How would the first time home buyer program work if I am?

Filed under: Renting & Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 8:41 pm
Miss L asked:


…If I am living in one state and plan on purchasing in another. (I live in Florida and I would like to purchase-soon- in North Carolina but I will not be relocating this year so Im still a Fla resident).

Can someone explain the specifics of the first time home buyer program as it relates to a resident in one state purchasing in another? Thanks.
It is an investment property in an area that I know has done well. It’s in a quiet area in driving distance of a business park, mall and university. I didn’t buy the first phase but I would like to buy into the second phase of brand new townhomes. I already know 3 people who built and had renters within the first 2 mos. so Im not worried about the location.

Also, I have been with my job for 2 1/2 years and I have a good financial situation. I’ve never owned a home so I was wondering would this program apply to me (given the fact that I want to buy out of state).

Mario

June 28, 2009

Am I no longer considered a first time home buyer? Can I ever be considered a first time home buyer?

Filed under: Renting & Real Estate — Tags: , , , , , , , , — admin @ 3:47 am
Guess Who? asked:


My father lost his job and my mother’s income wasn’t enough to get the house re-financed so I was added to the house (for income purposes) to try and lower the onthly payment. They have since then sold the house however of course all good credit info about the house was reported on my credit report. So now that I wanna purchase my own home… I can’t be considered a first time home buyer, can I? I don’t qualify for a 1st time home buyer loans anymore do I?

Rebecca

May 9, 2009

Should I Sell my Home to a Professional Home Buyer? -We Buy Houses Fast in Charleston South Carolina

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 7:02 pm
Charleston Home Buyers, LLC asked:


Due to the current down market, more and more people are looking for alternate, non-traditional ways to sell their home. The days of sticking a FSBO (For Sale By Owner) sign in the yard or simply listing it with the realtor that your friend at work used, just isn’t having much effect these days. Depending on your selling situation, selling your home to a professional home buyer can be the right selling decision. As with other home selling options, selling your home to a real estate investor has benefits.

Working with an experienced investor can really simplify and expedite the process. Some of the great benefits of selling your house to a professional property buyer are: you are able to sell your house fast, “as is” on the date or your choice, you do not have to pay large real estate commissions to a Realtor, you do not have to spend your time, energy and money updating and making repairs and you only have to have one showing. There are many other benefits that an honest, experienced and well trained Charleston real estate investor can provide, such as knowing exactly how to handle problem properties or situations where Low Country folks are taking the brunt of the current economy on the chin and are facing many of the more and more common financial problems like foreclosure that need short sales in order to sell their over leveraged home and avoid foreclosure.

I would recommend selling your house to a local real estate investor if you are in any of the following selling situations:

I am behind on monthly mortgage payments I need to sell my home fast I am moving out of state or out of my local area and can’t afford two mortgage payments I have been transferred by my job I am going through a Divorce and need to sell my house My home is 100% financed and I do not have enough equity to list my home with a Realtor I need to Stop Foreclosure and avoid ruining my credit I am currently in Bankruptcy Someone in our family has health problems and can not work, therefore we can not pay our bills I am tired of being a Landlord and do not want to deal with tenants anymore My home needs lots of repairs and I do not have the time or money to fix it up My home is in pre-forclosure I want to cash out of my investment property My home has been on the market with a realtor for many months and my listing agreement is now expired, I want to sell my house fast, now We recently inherited a property and want to sell it quickly and want someone familiar with an estate sale and the probate process I own my house free and clear and am willing to wait for the market to turn around but would consider taking payments for my equity if I can get my asking price now



As you can see there are many reasons why you should consider selling your home to a local home buyer, and these are not all of them. Simply put, listing your home with a Realtor or trying to sell your home FSBO cost you money and time, it also does not get you offers within just a few hours/days. If you do not have time, do not have money, or simply do not want to deal with the hassles of selling your home, then sell it to a real estate investor. You may be happily surprised by the offer you get.

Before calling some random number on the side of the road off one of those “We Buy Houses” signs, it is important to make sure you know who you are dealing with. Unfortunately, there are a few unethical investors, like in any business, and currently the real estate market is a prime target. Thanks to the Internet it is relatively easy to locate information about a legItimate business. South Carolina business owners are required to register with the South Carolina Secretary of State and you can see if they the business you are calling has bypassed even that basic requirement. The Attorney General’s office handles consumer complaints, as does the Better Business Bureau. Realtors and brokers are licensed through the Real Estate Commission. These agencies can help to ensure you are working with a licensed, legitimate, complaint-free business or real estate investor.

Charleston Home Buyers, LLC is an Accredited Member of the Better Business Bureau, a registered LLC with the South Carolina Secretary of State, and an active member of the Charleston Real Estate Investors Association. “We pride ourselves on our integrity and conduct business under strict ethical principles. We say what we mean and do what we say!” Many references and testimonials are available upon request and some of which are posted on our website. We buy houses in Charleston, Dorchester and Berkeley County and work with a group of nationwide investors. We currently are looking to buy more real estate in Summerville, Goose Creek, North Charleston, Ladson, Hanahan, West Ashley, James Island, Johns Island, Mt. Pleasant, Downtown and all other area in the tri-county area.

If you need to sell your house quick, submit your property information via the “Sell My House” form at our website today for a Free, Confidential, No-obligation offer or call our toll free 24 hour recorded message at 888-52-BUYER (888-522-8937) for more information about selling your home to a professional house buyer. You can also always call us direct 843-72-BUYER (843-722-8937), however it is usually better to take 5 minutes to fill out our property information form first so that we can save you time by having the information already and do some research so that we can get an offer to you right away.

Here’s what some of our sellers have had to say:

“I had been trying unsuccessfully to sell my house for 9 months with a realtor…tired of having the house perfect… we closed the following week” Frank P. – North Charleston

“In less than a week’s time, all of my headaches were over… I would recommend anyone who needs to sell their house to this group of caring people…” Rev L. Greene – Summerville

“My experience with Charleston Home Buyers began and ended with extreme kindness, genuine concern, and sympathetic professionalism…” Brenda M. – West Ashley

“Selling a house can be quite difficult and stressful unless you can find someone like Charleston Home Buyers …… They saved me from losing my house to foreclosure and I was able to make some money and not lose everything.” B. Harvey – West Ashley

“….selling our home to Charleston Home Buyers was the best decision we made. They handled our affairs with the utmost care and efficiency…..” The Daniels Family” – Charleston

Copyright © 2009 Charleston Home Buyers, LLC. All rights reserved.



Bessie

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