You Need To Know Your Rights As A Home Buyer
Sadly, dishonest activity exists in the marketplace. The good news is that the federal government has passed laws that protect home buyers from the negative affects of these unscrupulous activities. As a home buyer, there are certain rights granted to you as you search and apply for a mortgage loan for your home. Being aware of the rights helps protect you.
Borrowers Rights
As a borrower, and a home buyer, there are several rights granted to you by both the Consumer Credit Protection Act and the Fair Credit Billing Act. Both of these are legislation passed by the United States Congress.
You have the right as a home buyer:
- To shop for around for the best loan among different mortgage lenders and brokers.
- To be informed of your loans total costs. This includes interest rates, points, and other fees assessed by a lender or broker.
- To be informed of any fees that will not be refunded to you in the event that you cancel the loan agreement.
- To know the reason for denial if your loan is turned down.
- To receive a free copy of the credit report that was used in denial of your loan. The lender should give you information about obtaining this credit report.
- To have income from child support, alimony, and pension considered in qualification for a loan.
- To ask questions about anything you do not understand about loan charges and terms.
- To know what you and the lender are paying the mortgage broker for a loan.
- To be considered for a loan regardless of age (unless under the legal age to sign a contract), gender, marital status, race, color, religion, and national origin.
- To receive an appraisal report for the home.
RESPA
The Real Estate Settlement Procedures Acts, administered by the Department of Housing and Urban Development, prevents mortgage lenders and brokers from charging certain types of fees.
Lenders are required, by the RESPA to disclose certain information to you pertaining to your application for a mortgage. You, as a home buyer, must receive a Good Faith Estimate from the lender or mortgage broker. The Good Faith Estimate, or GFE, details an estimate of fees that you will be charged for your mortgage. The lender must also provide you with a Mortgage Servicing Disclosure Statement if the loan is to be serviced by or transferred to another lender.
Finally, the Special Information Booklet, containing information about real estate settlement services, must be given to you as a home buyer. These documents should be given to you within three days after your application has been received. In the event that your application is denied within three days, the lender does not have to provide with the documents.
These laws have been put into place to protect you, as a home buyer, from scams, discrimination, excessive fees, and other malicious business practices. Educating yourself to the rights you have as a home buyer brings you one step closer to obtaining a home loan. Present yourself to mortgage lenders and brokers as a home buyer that is aware of the rights provided by the law.
T J Madigan has been established in online business since 1998 and is director of a number of successful online projects one of which is http://www.realestatesecrets.net.au a free real estate information forum.
Multiple Offers - How to Win in a Tough Situation
Oh, no! You’ve found the home of your dreams…but so has someone else! What happens now? At this point, negotiation flies out the window, but there are things you can do to increase your chances of winning the bid.
When this happens, the listing agent (in the State of Tennessee) must inform all parties involved about the multiple-offer situation. This must be in writing with signatures from everyone involved and a copy of this signed document must accompany your best and final offer. There will be a specific time to have all bids turned in to the listing agent, so everyone is playing by the same rules.
When all bids are submitted, the seller(s) and their agent will have a meeting to consider all offers. They will choose the one that best suits their needs. And surprisingly, it’s not always the highest price that wins. For instance, what if the seller needs more time to move? Then the possession date might carry more weight.
Let’s consider a few ways to improve and strengthen your best offer:
* First of all, don’t panic! Try to keep your emotions under control and use your common sense. Do you really want or need this property? Or…should you keep looking? But, if this home is the one for you, then let’s get busy and make your offer stand out from the crowd.
* Make sure your offer is as “clean” as possible. This simply means that the fewer contingencies, the better. Be sure to have your financing in order. Submit a letter with the offer…from the lender stating your qualifications. Perhaps you should also conduct your home inspection beforehand, clearing that possible contingency.
* Can you be flexible with possession? It might sway the seller to your offer if you can give him/her the time they need to move.
* Make your best offer , but be careful about offering a price that is too high for the area. Most appraisals will take care of an inflated price, but be careful if you’re paying cash!
* Consider structuring your offer to read “$500″ over highest bid. This can make a difference, but you would want some sort of cap on this type of offer.
* Offer some other item of value. There was once a lower bid that included “2 Super Bowl tickets” if the offer was accepted. And it was!
* What do you love about the home? Sit down and think about all the things you love about it. Then write a personal letter to the seller…telling them what the home would mean to you and your family. Many times, the seller will have put a lot of themselves into the home…and want to know that the next owners will love it as they have!
These are just a few suggestions, but there are many more possibilities. Much depends on the particular situation. I always enjoy hearing from you so, contact me with any questions you have!
Pam Rumley is a veteran real estate broker in the Nashville, TN area. She is a true Exclusive Buyer’s Agent, which means that her office never takes listings.
For more information, visit her comprehensive website http://www.NashvilleRealEstateAuthority.com
Lessening the Risk When Buying a Fixer Upper
Buying a fixer upper home is very risky but you can still make some money if you are careful. Start by knowing the improvements you need that are critical to the overall quality of the house. Some improvements are just superficial although it can greatly improve the look and feel of the house.
If you plan to buy a fixer upper house, you most likely have a goal and you must always keep the goal of this investment in mind. Because you can’t afford to lose sight of this goal, doing so would result to a loss in profit. Usually this goal involves profit. Therefore beginning your search for a fixer upper home must begin with the feasibility for profit of the particular property you have in mind.
There are some rules in buying a fixer upper, for example, you really have to figure out what you stand to gain in fixing a particular property. Knowing the complete and total cost of fixing this property will help you know the real extent of the expenses you will incur. In buying a fixer upper house, you really have to have a thorough knowledge of everything about that property.
Then you have to consider how you will fix that fixer upper and the cost of these repairs. Estimate the total cost of the complete repairs of the fixer upper. In doing this, combine all the small repairs that you anticipate you have to pay for. It will save you time, energy, and frustration in the end. The small trivialities of some items do add up, some of the items you have to consider include flowers, curtains, carvings, and other related things.
Sometimes you lose money on the small things you often take for granted in a house. In a fixer upper, there is no room for miscalculations. This is because you are repairing the whole house and not just one item so the costs of these multiply. Despite these, you know this are the things you will have to do and ultimately pay for as these are the things buyers look for and anticipate. These small things are the ones that charm the buyers into buying that fixer upper you fixed.
Big investments are also the things you have to obviously consider. These are the basic things that should be fixed first and cannot be overlooked at all. Loss of investment is a sure thing when you fail to fix these basic items. The items that are the necessities of a house include the bathroom, the kitchen, the carport, etc. These things are the needs that meet the demands of everyday life.
You can also consider the decorations of the house, even the color of the paint is important. If possible, use these things in neutral colors or colors that is universally acceptable. There are many improvements you can do on the house and after doing these, the house may even look better than it was before.
Fixer upper homes seem like good investments. But before plunging in to buy a fixer upper house, you have to consider the location. Experience in this business is also a big plus and an added advantage. In fixing a fixer upper, also consider the styles in a particular area because buyers from different locations have varied and dissimilar tastes.
In buying a fixer upper house, there is still some more information to help you know how to be a wise investor in this business. One of these is having a clear plan of action and setting realistic goals. You also have to have a clear and realistic estimate of what the house would likely sell for before buying it and paying for all the repairs it needs. Fixing a fixer upper house is a daunting task. This is most especially true for people with little or no experience. But really buying a fixer upper is a good investment when you learn how to the game.
Through all these, having the clear and unbiased view a buyer of a fixer upper must have is a necessity in order for you to make a profit. And remembering the purpose of buying the fixer upper in the first place is important in order not to lose sight of t eh goal that is making profits.
Lee Dobbins writes for http://www.moving-and-more.com where you can learn more about the ins and outs of buying a house.
World Renown Investor Reveals Top Secret Free Ways To Learn And Improve Your Buying And Selling In T
Real estate is big business and many people, hoping to make an income in their spare time, think about taking a free investing course. There are now a few of these on the internet, some of them in the form of an ebook and others in the form of a series of articles and tutorials. One of the things that spurs people into real estate is the recognition that having property with tenants means a lot of income in rent.
If you take a free RE investment course, it will tell you that buying property, whatever its condition can provide you with an income. You buy it, you fix it up and then you rent it out to tenants. Sometimes tenants are particular about where they live. Just as it is hard to sell property in unpopular and rundown areas, so it is hard to rent in them. People like to live in a nice neighborhood. Bear that in mind before you invest in land or property. If you want to start making your first million, remember the following:
You can earn an income
Don`t expect to get rich overnight
There will be some initial outlay
Make sure your credit is good otherwise you could be denied a mortgage
Be prepared to work hard
Make real estate your primary business interest
Take notice of location
Rent coming in every month can save you when you are having a bad patch. Your monthly mortgage repayments will then come from the buildings themselves. A free real estate course will point out these kinds of benefits. Owning property and having tenants is one of the best ways of making money and it has some unique tax advantages. Just remember that you need property in a good location.
When you are taking a free real estate course you will find out that location is key. A central piece of advice is, don`t be blinded by a bargain it`s no bargain if it`s not in a good location. This can be the making or breaking of you in the real estate business. If you buy a property in a good location, even if it is shabby, it will rent and stay rented a better property in a poor location could remain empty for weeks or even months. Copy the supermarket giants, their major business strategy is to give the customer what they want. The same applies in real estate. What the customer or tenant wants, is location. So give it to them and make money.
What the supermarkets know is that the customer is king. Taking a free real estate course will present you with the same argument. Nobody ever made money without giving the customer what he or she wants. People will not spend their hard earned money if they don`t like a supermarket`s stock and they won`t rent a place if it`s not in a good location. This is one of the single biggest secrets of making money in real estate.
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Guide To How California Real Estate Fees Are Typically Divided
Every real estate transaction involves numerous fees and can be very confusing to both buyers and sellers. It is very important that the buyer and seller both understand which fees they will be expected to pay. California real estate transactions involve many fees and payment is typically divided differently between the buyer and seller depending on which area in California the property is located. The list of fees can be quite lengthy and may include escrow, title, insurance, deed, notary, recording, attorney, real estate, taxes, and inspections. Oddly enough the property location is typically used to determine which fees the buyer will pay, which fees the seller will pay, and which fees will be divided. Outlined below are the usual real estate transaction fees and who typically pays for them in California. But, it is also important to note that it is quite acceptable for the buyer and seller to negotiate the payment of fees and expenses as part of their real estate transaction.
Escrow is a third party agent that receives, holds, and disburses the funds and documents for the real estate transaction. This fee is usually paid by the buyer in northern California and by the seller in southern California. But it is also not uncommon for the buyer and seller to split this fee.
The title search is the process where public records are reviewed to research any previous liens or problems on the property. This fee is customarily paid by the buyer in northern California and the seller in southern California. This benefits the buyer so it is not unreasonable to request for the buyer to pay for this fee.
Title insurance protects the lender, the seller, and the borrower against any defects or previous claims to the property being transferred or sold. The buyer usually pays for this in northern California and the seller in southern California. This also benefits the buyer so it is not unusual to request the buyer to pay this fee.
Notary fees and recording fees are paid by the buyer for trust and grant deeds which help the buyer to purchase and finance the property. The seller pays the notary fees and recording fees when it is a reconveyance deed on the property which the seller will receive when paying off an existing mortgage.
In California the documentary transfer tax and the city transfer tax are usually paid by the seller. If an attorney is involved the fees are paid by the party that hired the attorney. All inspection reports including home inspection, roof, pest control, general contractor, and any other inspections are paid by the buyer. This is because the buyer usually selects the company to perform the inspections. If a home warranty is offered it is paid by the seller, but the buyer may purchase one if it is desired. Again, it is acceptable for the buyer and the seller to reach any agreement they feel is equitable for the payment of any of these fees.
http://www.sandiegomortgageonline.com provides readers with free informative articles about mortgages and real estate. For more information please visit our site.
Buying Spanish Property Safely - A Simple Rule
When you decide to buy a place in the Spanish sun, be it for a holiday home, investment, or a place to retire, there are several ways you can ensure that the process is safe.
The first thing to recognize is that you are entering an unregulated industry. The Spanish property market used to be regulated by the A.P.I. (Agente de la Propiedad Inmobiliaria), a professional body that oversaw estate agents, set exams etc.
Following a legal battle some years ago with a rival organization, (GIPE) who challenged the API’s monopoly in regulating the industry, the market became fully de-regulated leaving the door open for any-one to set up in business and call themselves an Estate Agent or Realtor.
So where does this leave a prospective purchaser looking to buy property in Spain? Well the truth of the matter is that the property market in Spain is in as good a shape, (or Bad, depending on your experience), as any other unregulated property market, (The UK for example). There are many good professional providers of real estate services, but as usual, the industry is tainted by the few bad apples. In Spain there are approximately 200,000 ‘firms’ providing real estate services. So how do you choose the good from the ‘not so good’?
The two organizations mentioned earlier are a good indicator that your realtor will know what he is doing. Both organizations require some form of education for membership and have a self- regulating Code of Practice. A third organization recently established,(May 2006) is also trying to ‘raise the bar’ of professional standards.
Its Code of Practice, mirrors that of the NAEA, the UK industry’s Association. AMLA promotes the need for training and education within the industry and the need to address the ‘Conflict of Interest’ within Real Estate transactions, which is usually the source of mal-practice.
These three professional bodies in the Spanish Property market give some indication of safety when choosing an agent to act for you. In reality though, an unregulated market means, just that, and you should take further action to ensure that your transaction proceeds smoothly.
In conclusion, whoever you choose to represent you, when buying a property in Spain. Make sure that you ALSO retain an independent legal representative to answer any questions you may have and who is legally responsible, (and liable) to you.
So often it is when independent legal advice is not sought that problems occur. It is the normal practice in the UK and around the world to instruct a laywer when purchasing a property. However, in Spain, it is possible to enter into a contract to purchase property without the need to consult a laywer. Whether it is the ‘heat of the moment’ or just the heat of the Spanish sun! This is something that should NEVER be done.
Neil Ebsworth is co-founder of http://www.amlaspain.com , a Spanish property portal for the Real Estate industry in Spain.
Choosing The Best Loan Institution
Getting a home loan anywhere can be overwhelming, confusing and time consuming, but it’s important to do the proper research when searching for the best financial institution to handle your home loan.
You will find many lending companies that want your business for your home loan, but the most important thing about getting a home loan is that you find one that works best for you and your current financial situation. You want a loan that will be the best choice for you financially, so it’s important to evaluate your current financial situation as well as problem shooting your future financial situation.
You also want to work with a lending company that is interested in your needs, their customer service should be exceptional and their loan rates should be fair.
When searching for a home loan there are many different institutions that offer a multitude of home loan services so it is important to find the loan institution that is best for you, but how do you know who is the best? How do you know who is the most reputable? There are so many questions that are probably running through your mind when looking for the best home loan institution. So where do you begin?
Knowing where you are going to buy a home narrows the field of financial institutions down a whole lot. Start by going through the yellow pages or searching the internet for local lending institutions, then visit the Better Business Bureau and find out what they have to say about each individual company. After you’ve found a couple whose reputations appear to be outstanding visit their websites to see what sorts of programs they offer and what sorts of loan rates they offer, because in addition to wanting a reputable company, you also want an affordable company.
Based upon your findings, make a couple of appointments with a few different loaning institutions, because the next step is to find a loan officer that is right for you. Make sure that before you get started with the interview process that you ask your home loan officer for their license number. You want to make sure that you are dealing with a licensed loan officer. There are numerous lending and banking licensing agencies out there and each state has their own licensing agencies as well.
According to a 2002 publication from Arizona’s Attorney General, you should be on the lookout for predatory lending. These illegal lenders will target the elderly, minorities, and lower income families with less than perfect credit. If you think you have been a victim of predatory lending, or might know of one, contact the Attorney General at 1-602-542-5763.
15 SIGNS OF A PREDATORY LENDER
1.High Interest Rates
2.Excessive Points, Late Charges, Prepayment Penalties
3.Credit Insurance Packing
4.Asset Based Lending
5.Misrepresentations
6.Loan Flipping
7.Multiple Refinancing
8.Balloon Payments
9.High Closing Costs
10.Deceptive Loan Servicing
11.”The Home Improvement Loan”
12.Loan Broker Fees
13.Signing Over Your Deed
14.Stop Payment Advice
15.Discrimination
You should also be leary of lenders who:
1.Promise one set of terms when you apply but give you something different to sign without any explanation.
2.Tell you to sign incomplete or blank forms and say that they will just fill it in later.
3.Falsify information on the home loan application. For example, the lender tells you to say that your income is higher than it really is.
4.Pressures you into getting a home loan for more money than you need.
5.Pressures you into making monthly payment you can not afford.
6.Tells you that it is not important to read all of the fine print within the loan papers, or hurries you into signing.
7.Misrepresents the kind of credit you are getting. For example, calling a one-time loan a line of credit.
8.Will not allow you to have copies of the documents you signed.
If any of these things occurs during the loan process. Just say no! I recommend printing this out and keeping it with you when shopping for a home loan officer. The best way to prevent this from happening to you is to become smarter about the lending policies. One great way is to study and know the terms used in the lending industry.
It is important to find an home loan officer that best fits your needs. You should not feel pressured or uncomfortable when speaking to a lender. If you do, it might be your gut telling you that something isn’t right. If so, just walk away. Move on to the next lender. They should be willing to work with you to help you find the best loan for you and your situation.
Scott White is a business owner of Arizona home Loans, Search Engine Optimization, Personal Training and other compaines.
http://www.personalloanprogram.com
http://www.seotutorialprogram.com
http://www.personalpowertraining.net
Bend Oregon Real Estate - Buying a New Home
Now is the time to buy a new home in Bend Oregon. The prices of homes in Central Oregon have been going up in value steadily over the past several years. The Multiple Listing Service of Central Oregon reports that home values have almost doubled in the past four years.
Land values have been going up and new construction has been booming for the last five years. Now the market is in a slow down and is being flooded with inventory. Homes are taking longer to sell and builders are being forced to lower their prices.
New home developers and builders were able to sell homes in the past few years before they broke ground. They had buyers waiting in the wings to purchase these homes as soon as the lots were developed and the builder priced the homes. The buyers chose their finish materials and waited for construction to be finished.
The winter of 2006 is going to be the best time to buy a new home in Bend Oregon. The National Association of Realtors reported “In the West, existing-home sales declined 3.1 percent to an annual pace of 1.25 million in September, and were 23.8 percent lower that a year earlier. The median price in the West was $332,000, down 5.1 percent from a year earlier.”
One developer/builder in Bend recently lowered prices $20,000 across the board on all of his homes. He now has eight homes sitting finished. He is also including central air-conditioning, upgraded tile counter tops, a refrigerator and backyard landscaping. These free upgrades and lower prices were not available last year.
As new and used home sales continue to fall and inventories continue to build Bend is starting to look like a candy store for home buyers. The new home market will show some of the best buys because builders have to sell. They cannot afford to sit on millions of dollars of inventory.
As we go into winter and the temperature starts to drop the heat bills start to go up. This increases the holding costs of a developer/builder. Builders are also starting to pay closing costs for a buyer which indirectly gives today’s buyers a better value yet.
Developers are usually large businesses that can afford to sell a few houses at a loss to get them through the winter. One builder has lowered his asking price of one particular home to almost $50,000 lower that the same floor plan sitting vacant down the street. He has several homes finished and sitting vacant and his interest payments continue and now winter heat bills will be adding to his holding costs.
This “buyer’s market” won’t last for long though. Interest rates are still around 6.25 percent and the Federal Reserve just held tight with no interest increase. So interest rates should stay low over the winter.
Gasoline prices are falling and it was just reported by the Bend Bulletin, Central Oregon’s local news paper that “Deschutes County jobless rate sinks To 3.7 percent.” Bend continues to grow. There are good jobs available and people continue to move to Bend.
Bend is also one of the most desirable places to live in the United States. If you live in Bend you can drive 30 minutes west and be in the mountains with great fishing, hunting, hiking and biking. You can drive 30 minutes east and be in the high desert with spectacular mountain views and fresh clear air.
It is said that Bend’s local ski mountain, Mount Bachelor has some of the best powder in the Northwest. Golf magazines also report that Bend is one of the best golf communities in the West. Golf is available for golfers of any budget from inexpensive public courses to luxury private courses.
The Deschutes River runs through the middle of Bend. It is a nationally famous trout stream and also has Steelhead and Salmon runs in its lower reaches. Because Bend is such a great place to live there will always be a demand for new homes.
Local Realtors look for prices to stabilize and start back up next spring. David Lereah, the chief economist for the National Association of Realtors said, “When consumers recognize that home sales are stabilizing, we’ll see the buyers who’ve been on the sidelines get back into the market, and sales will be at more normal levels in the wake of the unsustainable boom that we say last year.”
The next few months will be the best time in a long time to buy a new home in Bend Oregon.
Jim Johnson CRS is a real estate expert who has lived in Bend Oregon since 1981. Call 541-389-4511 or see his web site http://www.bendoregonrealestateexpert.com/ Search the Central Oregon Multiple Listing service at http://www.bendoregonrealestateexpert.centraloregonrealtors.com/
How To Make Money In Real Estate Investing
There are many times and factors that go into a re-finance and if the indicators above seem to say it is not a good time then it might be better to back off and wait. These indicators above however are just a guide and some of the common things to look out for. They are not hard and fast rules and they can not account for each persons individual needs. So after taking all of the above factors into consideration if a re-fi still looks like the only way out then go for it.
Beginning real estate investors should try to start off slowly. There are many things to learn and it can be easy to lose money when you do not have the knowledge base to work from. Therefore it is typically best to start off slowly and with smaller investments and then build to larger more profitable investments as you gain knowledge in the field. Typically when investing in the first house you will want to find a house that ugly and undervalued. Often houses that need work and some repairs can be found and easily negotiated for a lower price. The beginning investor can then put in a little elbow grease and do some of the repairs and fixing up of the home on their own. Things like cleaning, painting, small repairs and even new carpet are well within the ability of most first time investors.
If you think of yourself as a handyman and feel that you can do the repairs yourself, you can save a lot of money. On the other hand, if you need to hire someone, you should always make sure that the individual or company that you hire is qualified to do the repairs. If you are not comfortable with doing any of the repairs, you should inquire about a subcontractor or company that will do it for a reasonable price, or perhaps a share of the money once you have resold the house.
If the house you are thinking to purchase and resell has any type of structural problems, you should always get an estimate from a reliable contractor before you make the purchase. If you decide to stay in the business, you will learn a lot more over the years, although you should always hire a contractor when you first start out. Once you get all of the estimates together, you can make that final decision on how much of an offer you want to put down on the property.
After you have a team together and successfully renovated and resold several homes, you will begin to feel quite a bit more confident with buying homes that need repairs. All it takes is time and practice - and you will be buying homes that the average investor would not think twice about. This can be a huge advantage when you are looking for homes to buy and resell, as there will be less competition to worry about. You will also be able to get a lower price when buying the home, simply because you can use the cost of the repairs to your advantage.
Once you are able to do repairs on homes, including structural problems, you will have a huge advantage in the market. You will be able to buy virtually any home, including those that other investors choose to ignore. Doing so can be very profitable for you, especially if the house is in a well known and well desired neighborhood. After you have done the repairs, you can resell the home for a much higher price than you paid to acquire the home.
When you start looking for houses that you can repair and resell, you should always take your time and buy the right homes. You won’t have the money, time, experience, or support to buy the bigger houses at first, which means you won’t have any room for mistakes. Once you have purchased and resold a few smaller homes, you will eventually be able to work your way up to the bigger homes - which is where the big profits will come into play.
Keep in mind that when you are starting out in the field of real estate investing you will want to take things slow at first and build your own knowledge of the business. Don’t expect huge profits to come rolling in overnight, it takes time to build your knowledge and your team before the big deals and big profits come in. Once you have been at it for a few years it will become easy to spot the more profitable deals and you will know all of the terms and have your team ready to assist. The is a very exciting field to be working in and it can be a lot of fun when taking slowly and carefully.
Check out http://www.bestguidesrealestate.com/RealEstate/ for more information on how to make money in real estate investing. Or go to http://www.bestguidesrealestate.com Best Guides Real Estate for other real estate related information including home loan refinancing, renting and moving.
How To Buy A Home
Buying a home is not something that you wake up one morning and decide to do between your lunch appointment and your child’s soccer practice. The process of becoming a homeowner requires research, planning, and even a little bit of legwork. The first step would be to find out if you can afford properties in your area (or the area that you are moving to). Sadly, this often means settling for a house that is not quite your first choice (a condo instead of that three-bedroom house), but everyone needs to start somewhere.
A loan officer can help you determine how much of a loan you will qualify for (and be able to afford). Ask him or her if the pre-qualification is free. Many loan officers will gladly sit down and hash the numbers out with you for free in the hopes of selling you the loan. Once you have determined how much you can afford, you get to go shopping.
With the internet being as common a tool as the phone book (maybe more so), you will be able to find a significant number of listings for real estate agents in your area online. You will also be able to find a large number of properties and their descriptions and amenities, using the internet as your own personal tool, you will be able to narrow your options down to the properties that you really want to check out, and then contact an agent to show you around. Be choosy as to whom you ask to show a property to you. As the agent that generates interest in a property will be able to claim commission if you choose to buy the property and it’s important that they have your best interest in mind and not just the dollar amount that they will pocket after the sale. Under any circumstances should you use the seller’s agent as your buying agent. This person would be legally responsible for getting the seller (not you) the best deal possible.
Looking at houses is the fun part for most, and the most painful part for some. No matter how you feel about the process, though, it is important to ask every question you can think of. Bringing someone who has bought a house before might be helpful, as they can suggest things that you would never think to check. Do the toilets all flush? Do the sinks drain? Are the owners leaving that fridge, or do I have to buy one? All of these are important questions to ask before you buy a home because they effect the resale value or the home.
Once you have chosen the property of your dreams, or the one that you can comfortably afford, you will submit a bid proposal through your real estate agent, who will guide you through every detail of the buying process. Over the next month or so you will be forced to endure bidding and counter bidding until a deal is chosen, followed by hours (yes, I mean hours) of paperwork. There are scores of pages of paperwork to be filled out and signed detailing the duties of buyer and seller; assigning, hiring, and evaluating the results of inspectors; detailing property condition and duties related to the condition (like repairing a crack in a wall); as well as much more. With luck and flexibility on your part, the deal can be sealed in about a month, although it usually takes a little longer.
Remember that loan consultant? Once a price has been agreed upon, you will work with your consultant to actually get the loan approved for your new home. He or she will require (you guessed it) more paperwork from you. Grit your teeth and have him fax your approval over to your agent. Sealing the deal requires even more hours of signatures.
Like childbirth, the pain of the process of buying a home is worth the joy and excitement you will feel as soon as it is all said and done. At least until you realize how much money you owe. However owning a home is both financially and personally rewarding.
Scott White is a business owner of Arizona home Loans, Search Engine Optimization, Personal Training and other compaines.
http://www.personalloanprogram.com
http://www.seotutorialprogram.com
http://www.personalpowertraining.net
