first time home buyer – owner loan

May 11, 2010

Using A Buyer’s Agent – How To Buy A Home The Right Way

Filed under: Real Estate — Tags: , , , , , , , , , , , , , — admin @ 6:36 pm
Olivia Hanks asked:




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.

o 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.

o 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.

o 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.

o 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.

Thelma

October 14, 2009

First Time Home Buyer Tips: Finding a Home

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 4:42 pm
Mark Goedert asked:


There really is no great secret to finding a home.  Though there are countless theories and techniques, finding a house comes down to perseverance and luck.  You must be willing to work at putting yourself in the right place at the right time to find your dream home.

Consider your needs and your desired criteria for a home; number of bedrooms, basement or crawl, garage or shed, lot size, neighborhood, etc… Just look; do not call the number listed in the ad!   When you are ready to see homes you will want to work with a real estate agent who will represent you to see that you are getting the best deal possible.

There are several reasons you should work with a realtor, including saving time and having a professional handle the paperwork.  An agent who is familiar with the area you are looking in will be most helpful in finding a home that meets your desired criteria and fits your budget.

Some people feel that the most cost-effective method is to do it themselves.  There are data bases containing real estate listings with public records data, area information, interactive maps and other details.  Most of these data bases require a license and a membership fee to access the listings.  Some are available to the public for no charge, but you must supply your personal contact information and email address for access.

There are specialized services to accommodate the do-it-yourself home buyer, but this is only recommended for experienced buyers.  A first-time home buyer should work with a realtor.



Ella

September 15, 2009

What does a real estate agent do for a first time home buyer?

Filed under: Renting & Real Estate — Tags: , , , , , — admin @ 1:15 am
Chuck asked:


We are dealing with a “new” realtor, with not much experience. This person is a close friend who wants to help us buy our first home. Does the buying process really entail all that much from the buyers realtor? What services should I expect, so I know I’m not making the wrong choice. What do I need to be careful of?

Eugene

September 11, 2009

Facts for First Time Home Buyers

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 3:33 am
Sonia asked:


Are you out for the first time hunting for a house? Finding a home is more complicated than it appears to first-time home buyers. There are a lot of things to be considered. Purchasing a home for the first time is a huge  financial step for anyone. In this time of  financial crisis, be true  to yourself. Your financial capacity and readiness to buy a home are the two biggest problems that can pop up in your mind. Here are some helpful facts for first-time home buyers that can help you make a wise  investment.

              1. Your Finances. Unless you have all the money to buy a home, you have to go select  a mortgage lender to help you financially. A mortgage lender will go through all the details with regards to  your finances and you too  should do the same assessment of the kind of mortgage lender to choose from. As a first-time home buyer, choose one that offers a fixed rate. A fixed rate maintains the same interest rate throughout the term of your loan. Be realistic of what you have and what you can afford. Never allow your mortgage lender to get you to agree on a term that is definitely heavy on your pocket.

 

                2. Find the best real-estate agent for you. An agent must be someone who will listen to you, easy to get along with and has the necessary skills toaddress your needs. As a first-time home buyer, you should consider a referral from you familya nd friends. They know you better than anyone else and knows what you need.

               

                3. Select a neighborhood. Do not rush into purchasing a home without considering the environment you are about to join to. What kind of neighborhood would you want your kids to grow up into? Your lifestyle?. Is the neighborhood  accessible? This means convenient time commuting to and from work. Do consider also the educational side of it. It is convenient to send your kids to a school that is close by, not having them travel all the way across town and create unnecessary stress to both you and your children. Market and hospital accesibilty should also be considered.  Most of all, your neighborhood has a great influence on your kids; choose one that provides healthy and good influence on your children.

 

                4. Do a home inspection. Before you decide to buy, do a home inspection first. As a first-time home buyer, it is a must to check out and note on these things.  The attic plays a vary major role in your inspection. Most buyers often disregard t the attic. However, the attic can give you clues to a house including the past things that has occurred there. Any roof or trusses damage are not visible as you view the roof but you can see it in the attic. If the rafters have a different color other than its natural wood, it means the house was on fire before. You can also inspect any water damage and be sure to check out leaks and damage in the plumbing throughout the house.

 

These are just some of the many practical things to note as a first-time home buyer. There are several details you have to undergo in your buying a home for the first time.  Buying a home is not only to provide your family a better dwelling than the usual stiffling apartment, but is also your investment of a lifetime. Be practical and wise. Happy house hunting!

 

               

 

 



Monica

May 18, 2009

First Time Home Buyer Tips

Filed under: Advice — Tags: , , , , , , , , , , , , , , — admin @ 7:04 am
Ken Black asked:


For the first time home buyer, buying your first home is one of the most exciting things you will ever do. If you have spent years living in apartments, there is nothing more satisfying than owning your own property. The process can be a little lengthy and you might hit a few bumps in the road to home ownership. The following tips will help the first time homeowner avoid some of the hiccups.

Step one is to talk to a real estate agent about the home buying process. It should not be a sales meeting and you should be able to find an agent that will agree to meet with you about the basics without having to sign a sales agreement with them. If you cannot find a good agent to talk to, you might want to consider talking to a loan officer at your bank or a mortgage broker.

An equally important tip is to get your finances in order before you apply for a mortgage. Order a copy of your credit report so you can check it for accuracy. Mistakes are common and you want to make sure that there is no fraudulent activity. You have the right to dispute errors on your credit report. If you come across something that you know is an error, circle it and send it to the reporting agency along with a letter of dispute.

Next, you should really study the mortgage industry. You need to be able to find the right loan and lender most suitable for your needs. Familiarize yourself with industry terms like debt to income ratio and adjustable rate mortgage. Learn the difference between pre-approval and pre-qualified. It will all seem foreign at first, but taking the time to learn the business will spare you from headaches in the future.

Also, you need to figure out what your wants and needs are. What kinds of amenities are you looking for? How many bedrooms? One story or two story home? You also need to consider the size of the down payment and figure out what you need to do to come up with the money for it.

You must learn about how real estate agents work. There are buyers agents and sellers agents. A buyers agents responsibility is to negotiate the best deal for the buyer. The goal of the sellers agent is to get the price that the seller most desires. The best way to find the right agent is to ask your friends for suggestions. They have all probably been in the same boat, so they can probably recommend a good real estate agent.

When meeting with a potential agent, pay attention to how they treat you. Make sure they listen to you when you talk about what you want. Also, how are their follow up skills? Do they take the time to return your calls or emails? If they do not take the time to respond, move on. There is a better agent out there for you.

When looking for a home, consider all of the possibilities. Look up real estate agents websites. Do not rule out For Sale by Owner Properties and foreclosed homes. Housing and Urban Development (HUD) homes can often be found for very reasonable prices. You do need to find an agent that is approved to sell HUD homes if you choose to take that road to home ownership.

Before you even think about making an offer, you need to consider the resale value. You might plan on being there for a long time, but you just never know. You might opt for a different climate to alleviate your allergies or you could simply be transferred by your company. You want to pick a good location that will be attractive to others as well.

Another issue that cannot be ignored are the deed restrictions, which govern what you can and cannot do with the property. If it has always been your dream to have a pool, you want to make sure that you do not buy a home in a subdivision that will not allow it because of deed restrictions.

Home inspections are an important part of the equation. Talk to your agent to find out when the inspection will be performed. It varies state to state. Sometimes the inspection will be right before the contract is signed and other times, they are performed right after an offer is made.

Finally, make sure you stay on top of things. Any number of problems can crop up at the last minute and delay the purchase of your home. If you are not sure about something with the paperwork, do not be afraid to ask questions. You might think of something that everyone else has overlooked.

Purchasing a home is a time consuming and sometimes frustrating task, but it is worth it when you have your backyard barbeques.



Arnold
« Newer Posts

Powered by WordPress
credit loan | real estate | tablet computer guide ipad notebook