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Thinking of buying a home? Have you read a lot about what to expect in the process? Are you thinking of changing homes or refinancing? If any of the aforementioned are true, there are some things you should know to avoid doing that may cause your loan profile to go from good to not so hot.

For instance, don’t go out and buy a big screen television and surround system before you buy the house. I’m sure the house you’re considering has the perfect spot for the new gadget in that awesome family room. In fact, that’s one reason you are drawn to the property, right? But consider this point: you don’t want to elevate your debt right now. Buy your home first. Then see if you can get the “football” package. Most of the time, these purchases show up on a credit card. Then your average monthly payment goes up. I’ve seen where an extra $50 month payment can make the difference in a loan approval and a loan denial. And be careful about paying cash for that item as well. You may need to show cash reserves to qualify for your loan. Don’t confuse reserves with cash to close. The lender sometimes wants to see there will still be some money in your checkbook left over after you write a check for closing costs. (Read the article)

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The alarms about the housing market have caused many people to hesitate in buying a home. In other cases; however, many others are snapping up what they consider to be excellent deals. It is not at all uncommon for many buyers to purchase homes at prices that are at least 10% below the asking price. As a result, many of the buyers closing on homes right now were not even considering the purchase of a home until they realized that if they did not take advantage of the current market they might not ever find something similar for the same price again. (Read the article)

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There are many things to do and learn when buying a home. A little preparation and knowledge can go along way and help eliminate some of the stress and headaches that can occur.  Here are a few tips to follow to make the whole process easier:

Tip #1

If you are going to get a mortgage for the purchase of your new home, a word of advise is to shop around, so you can get the best interest rate and loan type. There are many different programs to choose from like, fixed rate, adjustable rate, interest only, and there are also many Government based programs that you may qualify for. And you can get different terms as well, such as a 30 year or 15 year mortgage. By doing a little comparison shopping you can insure that your monthly payment is manageable and of the most benefit to you. (Read the article)

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This article is written for buyers of real estate in California, but most of the tips are applicable to every state. The State of California and the California Department of Real Estate now strongly recommend that every buyer of property in the State have a professional home inspection.

1. What is a home inspection?

A home inspection examines the physical and operational condition of a property through visual means and through testing of plumbing fixtures, electrical systems, appliances and heating and air conditioning systems. Inspections include the roof, foundation, water drainage, walls, floors, windows, doors, and more. Home inspections do NOT include inspection for living organisms including mold and termites. However, most home inspectors will comment if they see evidence of water, mold, infestation and/or damage from any of those.

2. Are there inspection standards? (Read the article)

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Buying your dream home is as easy as A-B-C. Follow the simple steps below. It may take months or even years to be prepared for your purchase; don’t get discouraged, just keep working on it every day. Once you move into your new home, it will be worth all the planning and preparation! So just keep focused on your goal and be persistent.

A. PREPARE FOR PURCHASE:

1.      Write down your family’s financial goals (short term and long term). For example: Buy a house within one year; Be debt-free within 10 years.

2.      Prepare a monthly family budget. Your monthly debts (including car payments, child support, and credit card payments) should be 10 - 15% of your gross monthly income. Contact your financial planner for assistance.

3.      Upgrade your credit report. Make all credit payments on time for at least 6 months. Make arrangements to clear up any unresolved items such as charge-offs or defaulted student loans. (Read the article)

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Buying a house is a complicated process … sometimes it’s a total nightmare! Just like anything in life, being prepared and organized will make house hunting much easier. Here are a few essential preparations that will make house hunting a breeze.

Don’t Fear - Your Agent Is Here!

Isn’t it wonderful that we don’t have to go and buy a house by ourselves? A good real estate agent will take a massive load of work off your back. The first step in the house buying process is to find a realtor with whom you are confident and comfortable. (Read the article)

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It’s obvious that the best way to make money in real estate is to buy low.  The best strategy for real estate is to purchase when the conditions are in the favor of the buyer.  A buyers market occurs when the number of homes on the market exceeds the number of buyers.

With the current slump in the housing market and interest rates at near-historical lows, it has never been a better time for buyers. A recent AP article states that U.S. home prices fell nationwide in August for the eighth consecutive month. And many sellers are in a must-sell position and may take little or no profit from the sale of their homes.  As a result, many markets are HOT for buyers.  Some of these markets include Florida, Utah, Arizona, and the D.C area.  In some cases you can by a house for 5 to 10 percent below the asking price.  According to economist Mark Zandi, “We are half way done in terms of price decline.  Prices are down about 4% and I expect another 4% to 6% drop-off.  Home prices in early 2008 will be back to where they were in 2005.” (Read the article)

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Only attorneys can legally guide you through the technical aspects of a contract (in my state of Kentucky).  A real estate agent can provide a pre-printed contract and help you fill in the blanks, but cannot provide legal advice.  What follows is only my opinion based on experience and it does not supersede the guidance of an attorney.

After all of the hard work getting your finances in order, putting together your real estate team, and finding your dream home, you must now take the time to carefully prepare a written offer and present it to the seller.  This offer will form the framework that the rest of the real estate transfer will follow, and therefore it is very important that you get it right from the beginning. (Read the article)

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Buyers beware of falling under the misunderstanding that you are saving money if you purchase your next piece of real estate on your own. Buyers that THINK they are saving money by choosing not to be represented in real estate transactions are actually taking a very PRICEY RISK! When buyers go unrepresented they are taking a huge gamble and risking time, money and their best interest. All buyers should be represented and when they choose to use a real estate agent it’s FREE! The buyer never pays the agent, the seller does and the payment of commission has been agreed upon before the listing was ever marketed. Meaning the seller is going to pay a predetermined amount (usually 7%) regardless if the buyer has an agent or not. A real estate agent is not the only person that can help, an attorney can also get the job done for around $250- $600. But why pay the extra money when you can get a trained real estate professional to do it free? (Read the article)

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