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It’s not uncommon for home buying decisions to be emotion based, which is the reason sellers are urged to bake homemade cookies during an open house. Consumers often do more research when buying digital cameras, than they do when home buying. Making informed and educated home buying decision will help build financial security.
When purchasing real restate, buyers want to be certain that the sellers own the property, and have the legal right to transfer ownership. One way to do this is to run a title search on the property. During a title search, an attorney, title company or licensed abstracter can investigate the chain of title. This means he looks into... more »
Buying a new home is expensive. You'll have to pay an earnest money deposit, home inspection fee and settlement costs. However, the biggest expense is the actual mortgage payment. With rising home prices, low mortgages are practically extinct. Even so, homebuyers can take steps to get the lowest payment possible. more »
You'll do a lot of looking around, go through piles of paperwork, suffer through the loan process - and then hope the seller accepts your offer. Here are the broad steps you'll take. more »
The FHA (Federal Housing Administration) mortgage loan was the "original" sub-prime residential loan product. By not requiring perfect credit, large down payments, or difficult to satisfy debt-to-income ratios, it continues to provide affordable financing for thousands who do not meet other mortgage loan criteria. more »
Getting a loan for a home purchase can be confusing. There are so many terms to consider when shopping for real estate loans. APR, ARMs, fixed-rates and many other terms make the industry confusing. Learning a little bit more about real estate loans before you begin shopping is a good idea, as this will help you choose the best... more »
For many people, being able to buy a home is the ultimate luxury. However, getting to that point...
The Federal Housing Administration is not a mortgage lender but instead guarantees mortgage loans, making the borrower much more likely to get... more »
There are many factors that come into play when one is looking to buy a home, including location, situation aspects, the neighborhood, curb appeal... more »
Ann says... When looking at houses, look beyond the surface décor – and imagine the possibilities.
If you're like most people, chances are your house will be the biggest purchase you'll ever make. Although this thought may seem quite scary, it... more »
Ann says... Once you begin construction, any changes to your house will cost much more than if you had incorporated them into the plans from the beginning.
Private mortgage insurance is not for everyone. Most people who are familiar with the term are first-time homebuyers who do not have the funds... more »
Ann says... When you are arranging your loan, and discussing Private Mortgage Insurance with your lender, discover when you will be eligible to discontinue the PMI policy.
Realtors and real estate agents assist buyers and sellers in evaluating and purchasing commercial and residential property. Although job prospects... more »
Ann says... It is in the buyer's best interest to work with a Realtor. A qualified Realtor, who is familiar with the area a buyer is shopping will have the resources and experience to find more properties that meet the buyer's needs, than if the buyer is on his own. And the good news, typically it cost a buyer nothing to work with a Realtor.
For many, the home inspection process is very frustrating; however, the major thing to keep in mind is that a home inspection is a "contingency"... more »
Ann says... Hire a licensed home inspector, and ask them specifically what they will be checking. If you have a specific concern about the property, let the inspector know. Specialized inspectors can also be hired – such as roof inspectors, air conditioning inspectors or inspections on mold. Typically a general home inspector will be hired, but if a house has “special needs” then calling a specialist might be in the buyer’s best interest.
New home owners need all kinds of gadgets and tools to help them get settled into their new place. If you've got a home owner on your Santa list,... more »
Ann says... While this article is about stocking stuffers for new homeowners - it has some great ideas on what to give a friend as a house warming gift. Instead of a stocking, stuff the gifts in a basket and deliver it to the homeowner.
You may be thinking that you can't afford to buy a house, even though the payments might be about the same as renting, because of all the... more »
Because purchasing a home is probably the largest purchase the average person will make, it is important that consumers make an informed... more »
Ann says... I disagree with one point - and that is about having a home inspection conducted prior to signing the contract. For example, in Arizona a standard contract has a default 10 day inspection period. This is after the sales contract has been accepted by the buyer. And it is during this period an inspection would take place. I would never recommend a client pay for an inspection prior to having an offer accepted. There may be circumstances that an inspection prior to making an offer may be warranted, yet that would be an exception.
Each person has different ideals when it comes to buying a house. There are factors to take in consideration before picking and purchasing a home,... more »
Ann says... While this may be good advise when buying a home in some parts of the country, it should be noticed that basements are not common in all states. In Arizona, for example, basements are rare, and what you might instead find is a tuck-under house, that is built on the sloping lot - resulting in a basement-like bottom story.
In 2002 I completed real estate school and became a real estate...more
In 2002 I completed real estate school and became a real estate sales licensee in the state of Arizona. I then earned the Graduate REALTOR® Institute (GRI) designation. I enjoyed working with my husband, a designated broker, to find our clients their ideal homes. Today I am part owner of a small real estate company in Arizona. The current opportunity for home ownership is remarkable; inventory is high and prices and interest rates are low. | hide
Final Inspection on 11/23/2009
When buying a house you’ll want to do a final walk through before the close of escrow.... more
When buying a house you’ll want to do a final walk through before the close of escrow. While you will be bound by the terms of your contract, a buyer should expect the property to be in the same condition at the close of escrow as when the offer was accepted by the seller. Of course, the exception to this would include any repairs the buyer requested (and was accepted by the seller) during the inspection period. Some contracts include warranty items that must be in working order, even if they aren’t working when the contract was accepted. For example, in the real estate sales contract commonly used in Arizona, certain appliances are warranty items, and unless they are excluded in an “as is” addendum, they need to be working at the close of escrow.
hideNon-foreclosure on 11/23/2009
In our local real estate market we’ve been noticing more and more buyers shying away from... more
In our local real estate market we’ve been noticing more and more buyers shying away from bank owned homes and taking a closer look at non-foreclosure properties. Not too long ago buyers seemed to feel that the really great deals were to be found in bank owned homes or short sales. But, with bank owned or short sales comes longer escrows, poor responses from the sellers and properties that are typically sold “as is”. Buyers now recognize there are some really great bargains on the market, without going through the hoops required by some banks.
While I can’t speak for the entire country, the market is defiantly picking up in our area. And no longer are foreclosure homes getting all the attention.
hideCondos and Pets on 11/23/2009
If the new home you are purchasing is a condominium or townhouse and you have pets, read the... more
If the new home you are purchasing is a condominium or townhouse and you have pets, read the homeowner association’s CC&R’s during your inspection period. And when you read through the rules, see what it says about pets. Even though you will be a homeowner and not a renter, there may be rules on what type (if any) pets are allowed. If they do allow dogs, there may be size or breed restrictions. Of course, the rules can typically be changed by a vote of the homeowners, yet while you are in the process of buying the only rules you have to go by are the current ones.
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