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Thursday, August 28, 2008

However, along with that apartment, coop or condo comes a homeowners association HOA, which governs the units and complex. When buying a home, you can be sure that mortgage lenders will review your credit with a microscope. First Time Home Buyer Programs So, who is a first time home buyer. For most individuals, it is the cornerstone of their life.

First, see the article devoted to finding the right home. We dont just buy Ugly houses. See the page devoted to first time home buying. Familiarize yourself with the mortgage process. We never provide your information to anyone else or solicit you ourselves. I had performed, and I expected the sellers to perform. REALTORreg and REALTORSreg are registered service marks owned by the National Association of REALTORSreg. If you are a firsttimehome buyer, begin with our section devoted to buyingyour first home.

Some of what can be discovered about you could mean that youll end up with a lowerthanlistprice offer. These guys missed the best time ever to be in the business because much of the market has cooled. See our Solutions page for full details. To save time, bookmarkthis page and refer to the following checklist frequently. Over many years, and varied market cycles, our commitment to first home buyers has not wavered. This section will help you determine what you can afford. These questions are best answered early on in the process.

Click here to choose an Agent in your area. Numerous guides are available on specific subjects. We hope to add your comments that We make no effort to hide any of the programs or resources. I question sellers thoroughly before I take a listing about negative features and strongly encourage them to disclose those features. Besides, at least onethird of most listings arent priced correctly when they come on the market. So it only makes sense to do plenty of research before plunging into that process. Arnie didnt notice the day of possession was wrong until a few days before closing. You can apply online in minutes. Familiarize yourselfwith how offers become contracts. For others, its too much work.

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Thursday, August 28, 2008

7 Costly Mistakes Home Buyers Make
By: Bill Carey

Buying a home is a major investment for most homeowners it’s the most costly investment they will ever make. It is even more costly for some because they fall into the traps and mistakes such as; paying more than they should for a home, missing out on the home of their dreams, buying a home that doesn’t fit their needs. By watching out for the 7 costly mistakes you can take proper action to avoid them.

1.Real Estate Agent – your Buyer Agent should have in place a “VIP Buyer program”, “house-hunting service” or “buyer profile system”. These systems will match your criteria with all the available homes on the market and send you daily or weekly emails with complete descriptions and photos. This system can save weeks and months of home searching. If your Buyer Agent is not internet savvy and not incorporating one of these into their business you should move on to another agent who works in this century.

2.Paying Too Much – not knowing the market could cause you to fall for an over priced home. You should research the local market to determine the values that comparable homes have sold for, and make your offer based on that information. A professional Buyer Agent will help you with the comparables from the MLS and prepare a CMA (comparable market analysis) on the home before you make an offer.

3.Which House is Right for You – finding a home is simple, finding the right home is a lot of work. Determine your needs, schools, drive to work, shopping, recreation, neighborhood, home fix ups and maintenance. Putting in writing your needs and desires will help you and your Buyer Agent weed through the thousands of choices you will be making in your home purchase.

4.Mortgage Pre-Approval – mortgage pre-approval can be completed over the phone or online in 20 to 30 minutes it’s fast and easy. With a pre approval you know what you are working with you now have the freedom of not second guessing if you can afford a particular home. Being pre-approved when making an offer gives the seller more confidence that the loan will close.

5.Legal Issues – can delay a closing if not identified early in the process. An accurate and up to date survey is not required by some lenders or title companies but it is the way to guarantee the boundary’s of the property and will identify any encroachments that will affect your ownership. Title report will identify any past ownership issues of your property such as tax liens, undisclosed owners, easements, leases and such that could affect your ownership. Mortgage lenders require a lenders title policy to protect their interest it is well worth the cost to buy an owners policy for youself as well.

6.Undisclosed Repairs – a professional Buyer Agent will help you hire a licensed home inspector to thoroughly review the condition of your home inside and outside. They will inspect and test all mechanical systems (plumbing, heating, air-conditioning, and electrical) and provide you with a written detailed list with photos of all their findings. This inspection report will at the least help you make an informed decision whether to complete the home purchase. All items agreed to by the owner must be inspected to insure the work was complete. You and your inspector should do a final walk through before closing.

7.Closing Table Hidden Costs – there will be costs from the mortgage company, attorney, Title Company, insurance, survey, utility connections, home inspectors, pest control, taxes, escrows and possibly some old payoffs required by your lender. All of these can add up to a considerable amount. You must know in advance what these costs are and be prepared to pay them at or before closing. Review your HUD-1 statement and mortgage with your Buyer Agent before closing to insure that you know and understand all these associated costs and that they are correct.

These are some of the major issues that will affect your home buying process. Working with a professional Buyer Agent who will help you identify the traps and how to avoid them is one of the more important choices you have.

Bill Carey with over 30 years in real estate sales, investments, and home building offers a unique perspective to the buying and selling process of residential real estate for F*R*E*E consumer information and reports log on to http://www.CharlotteNCExecutiveHomes.com and see

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