This Blog is to share your real estate experiences with people all over the world. Good and Bad. Also, if you have a question about real estate in general, we can talk about it.
This Blog is to share your real estate experiences with people all over the world. Good and Bad. Also, if you have a question about real estate in general, we can talk about it.
I am a licensed broker in several US states and over fifteen years of servicing buyers and sellers. Share your real estate experiences with others and I. Have a question? Ask a Broker?
ReplyDeleteSeven things you should do before buying a home.
ReplyDelete1) Hire a Realtor immediately, they are professionals
2) Visit a local mortgage broker or banker and get pre-qualified for a home loan. Know how much of a home you can afford.
3) Get your Realtor to provide you with a home buying cost estimate
4) Provide your Realtor with a list of features you desire of your new home
5) View at least 5-10 properties with your Realtor; eventually down select to one or two properties
6) Make should your Realtor provide you with a market comparable analysis of the property that you are interesting in buying. Show "sold", "active", "cancel" and "expired" properties.
7) Make the BIG Decision after a good discussion with someone that care about you and over a good night of sleep.
A question renters always ask themselves: Should I continue renting or purchase a home?
ReplyDeleteThe answer should be 99.9% of the time - purchase a home.
Why?
1) You are investing in something that usually appreciates in value.
2) Interest portion of the monthly mortgage is tax deductible. Reducing your tax obligations.
3) Having that feeling of homeownership; it's your home, your carpet, your walls, your garage, your kitchen, etc.
4) Having a place to stay beyond one year without considering whether or not to renew your lease or rental agreement; just make sure you pay your mortgage payment on time each month.
5) No landlord(s) issues to deal with.
6) You always have the option to sell at anytime to upgrade or downgrade.
Some ask me, what do you like best being a Broker?
ReplyDeleteMy answer is simple - I love handling over keys to my clients at the end of each transaction. Initially, my clients are a little nervous, but at the end of the day, they are happy to move into their new home. So far, in my career as a Broker, every client that were seriously interested in buying and that were pre-qualified at the start of the process are happy homeowners. Clients from all over the world who purchase homes in many of the 50 states. My moto is really simple - an educated buyer is a good buyer.
Questions Buyers should ask the Lender about a Home Loan:
ReplyDeleteWho is the Lender ?
What is the interest rate and the term of the loan ?
What is the monthly payment for principal and interest ?
How much are the property taxes and insurance ?
What is the annual percentage rate ?
How many points am I paying ? (A point is 1% of the loan amount)
Is the interest rate fixed or adjustable ?
If the loan is adjustable, when do payments change ?
Is there a limit on how much the interest can be increased ?
What is the interest cap over the life of the loan ?
Is there a prepayment penalty ? (a fee if you pay the loan off early).
Is there a balloon payment ?
When is it due and how much is the payment ?
Are there any "up front" fees to pay ?
How long does loan approval take ?
When will the loan close and how much money must I have at closing?
If I have a rate "locked in", is it in writing ?
If the loan does not go through, is there a cancellation charge ?
If the loan assumable by someone later ?
Is there a fee ?
EXPLAIN THE LOAN and ESCROW PROCESS IN GENERAL
Tips for Home Buyers when dealing with a Loan Lender...
Ask for a Mortgage Loan Disclosure Statement and a
Good Faith Estimates. These will tell you the cost of the loan.
If using the services of a mortgage broker, check license status
with the local Dept. of Real Estate office and consider
asking the mortgage brokers for references.
Check for special programs you may qualify for with
federal, state or local government.
Do not sign blank forms or forms you do not understand.
Ask for copies of forms you complete or sign.
Never be afraid to ask questions !
Visit the Broker's website at http://www.homebuyerlinks.com for a lot of material about the home buying and selling process. I have known that an educated client is a good client.
ReplyDeleteInteresting in an ad on my company website? Just email me and we can discuss that possibility.
ReplyDeleteMerry Christmas and a blessed New Year to All. If you are considering buying or selling a home in 2011, please let Myles Realty 2001 assist you. Call 601.706.9593 or email The USA Broker at wjmyles@gmail.com or submit your request using the submittal form from http://www.homebuyerlinks.com
ReplyDeleteBuilders Promote New Homes vs. Foreclosures
ReplyDeleteBuilders across the country are tweaking their marketing to make a point that foreclosures aren’t always the good deals everyone thinks they are and can come with plenty of pitfalls if buyers aren’t careful.
Builders are warning buyers to be careful before they buy a foreclosure, which they say often come with unknown repairs, limited selection, and headaches in working with banks.
New-home sales have suffered as the industry has faced five consecutive years of declines after reaching record highs the five previous years. The high number of foreclosures sitting on the market are driving new construction to a halt in some places.
That’s why builders like Lennar Corp. are trying to spread the message to buyers that purchasing a foreclosure might not be such a good deal. On the home builder’s Web site, they are featuring a special page devoted to “Buying a New Home vs. a Foreclosed Home,” which outlines the benefits of new construction, such as home warranties, energy efficiency, and customized options.
Likewise, Shea Homes and Phoenix-area builder Fulton Homes are promoting new homes with a "foreclosure cost calculator" on their Web sites, which lets customers calculate potential costs.
"There are hundreds of people who purchased homes from us that have been lured in by low prices on foreclosures, have tried to purchase those homes and have been outbid by investors," says Ken Peterson, Shea's vice president of sales and marketing. "Or, they waited months to get an answer back on `can I get this short sale, can I get this foreclosure,' only to discover that they didn't get that home."
Source: "Homebuilders Try to Draw in Buyers by Pointing Out Pitfalls and Risks of Buying Foreclosures," The Associated Press (March 5, 2011)