Tag Archive: 1st time home buyer


A real property agent will guide you to – and thru – the most important determination of your life. How are you aware, for sure, that he will act in your best pursuits?

How are you aware if he’ll actually give you the results you want? Is he too busy for you? What of his personal integrity? How much effort will he expend for you?

It would be best to feel very snug with the real property agent that you just select, snug enough to have the ability to say ‘no’ to the bargain of the month and ‘no’ to the virtually excellent house.

He should not be intimidating to you, yet an enterprise-like angle and assertiveness are qualities you will have in a professional performing for you.

Usually if you end up choosing an enterprise professional, the result shouldn’t be so crucial, however who needs to lose their dream property? Selecting a real property agent falls into the identical bracket as selecting a medical physician or a lawyer.

The interview and quick listing course of is basically all about finding one that you really feel snug with. Actual estate agents often have a ‘presentation’. That is often a very business-like process and if they are having an off day, the presentation might click in automatically.

However, you have to to get past the ‘rehearsed’ person and get to know the true one. Most real property brokers can have integrity, they have their reputations to consider, however it’s good to feel that you even have one that understands you and your wants.

Some actual property agents have wonderful gross sales records, so ask about gross sales history. Ask if he would thoughts giving you some current gross sales to choose references from. Collect up at the least half a dozen and then select your personal references to phone. Before you cellphone, ask the real property agent just a few questions.

For example: How lengthy was each home on the market? How many have been reduced and why? What number of occasions and by how much?

Another questions may very well be: Will there be a marketing plan drawn up for the sale of your home? Will it’s carried out? What ensures do you may have? To see if the agent is eager and enthusiastic, ask him if he has taken any additional real estate courses.

See in the event you discover his voice or tone very monotone; if that’s the case, do you discover it relaxing, or would you favor a vigorous voice generating a more energetic feeling?

Lastly you could try and gauge the standard of his negotiating skills. Ask about commissions; in a home sale it will likely be needed for you both to be able to discuss cash amicably.

Observe the way in which the true property agent explains things whenever you attempt to negotiate a lower rate. If he can convince you that his charge is truthful and that he will have to work exhausting to earn it, then he can persuade others to hearken to his viewpoint when he is working for you!

All this dialogue gives you enough time and a superb basis on which to evaluate the personality of the actual estate agent. Then the bottom line is that you need to decide someone that you just feel you possibly can trust.

In case you itch for further knowledge with reference to Tampa homes for sale, visit NewHomesPrograms.com internet site without hesitation.


View is the one of the major factors that affects the resale value when buying homes. Buying homes with a pleasant view of a beach or the horizon often sell at a premium above similar homes without the view.

Though you may place a considerable dollar value on the view, future buyers may not be so like-minded. It may take you longer to find a buyer when it comes time to resell the house. Or you may end up dropping your price to more nearly match other sales prices in the neighborhood.

In short, if you are buying a house with a view, try to pay as little extra as possible. Otherwise, you might not get your money back.

Most real homes today are usually concentrated on the building itself but the lot is important too. Home with a good resale value should have lots that are as level as possible.

Assuming the property is in a typical neighborhood, the lot should be rectangular – no odd shaped lots or oddly situated lots.

Courtyard sizes are smaller in modern homes than in older homes, but there should still be a decently sized front and back yard.

Do not buy an over-landscaped property, either. You would normally pay a premium for that, which you may not be able to recover when you sell. You will get your best value if the house is moderately landscaped or under-landscaped for the area.

You can always perk up the landscaping during your ownership by humanizing the grass and adding bushes and trees. Just do not waste too much.

In each residential neighborhood, houses will vary in size and rooms, but they should not be too different. If resale value is an important consideration, you should not buy the largest model in the neighborhood.

When determining market value, the homes nearest to yours are most important. If most of the nearby houses are smaller than your house, they can act as a drag on appreciation.

On the other hand, if you buy a small or medium house for the neighborhood, the larger homes can help pull up your value. This is one of those times where determining your “wants” versus your “needs” can be extremely important.

Buying what you need in a more prestigious neighborhood may provide more financial reward than getting what you want in a less desirable neighborhood.

Three and four bedroom houses are the most popular among homebuyers, so if you can stick in that range you will have more potential buyers when it comes time to resell.

There ought to always be at least two bathrooms in a house, preferably at least two and a half. One bathroom with a place to wash up for day-to-day visitors, one for the master bedroom, and at least one to be shared by the other bedrooms.

Walk-in closets are extremely desirable for the master bedroom. For the rest of the house, just be sure there is ample closet space. Don’t disregard space for linens and towels.

Garages add to the resale value and you should always make sure to get at least a two-car garage. Lately, three-car garages have become desirable in some areas of the country.

The laundry facilities should be located somewhere convenient on the main floor of the house, but not in a place it will create an eyesore. Think about whether you want to walk up and down stairs when carrying loads of laundry.

Family activity centers on the kitchen, so this is the most important room of the house. Larger kitchens are better, and they should be provided with modern appliances.

Obviously, the dining room and breakfast nook should be located adjacent to the kitchen. In newer houses, the family room should also be extremely close to the kitchen.

There should be easy access to the back yard, as there will be occasions for barbecues and outdoor entertaining.

In addition, it should be a short trek between the garage to the kitchen so hauling groceries in from the car does not become a horrendous chore.

Swimming pools do not provide as much added value as they once did. Safety issues about families with younger children have become more publicized than in the past, so families with small children tend to avoid homes with pools.

As a result, having a pool may actually reduce the number of potential homebuyers when you try to resell the home.

 

If you are ready to move out of your apartment, there is no time better than now.  Beginning to search for your first home is an important step to having the ability to build better finances and to live in a place that is comfortable.  If you are considering a new home, there are specific things that you will want to know before jumping in with both feet.

Before you even begin to look at homes, make sure that you conduct your own investigation.  This will mean that you should find the going rates, how much other owners are paying every month, and what you can or can’t afford.  You will also want to see what types of houses are going and what they are going for.  If you know the basics of what is available, it will be easier for you to get exactly what you want.  You should also consider things such as your credit rating and your pay check.  You don’t want to walk into something that is over your head or start to look for something, only to find out that you won’t be able to move in.

From here, it is all a matter of getting involved with the right people.  One of the most important decisions that you can make is to find the right real estate agent.  This will make a large difference in the type of deal that you get as well as what type of home and mortgage you end up with.  Real estate agents have the ability to do investigations for you and find something that is best for you.  You will also want to make sure that there are connections with home inspectors and the right lenders.  Without the right people set in place, there will be problems with getting the best deal with your new home.

After you begin to look with your real estate agent, make sure that you begin to understand the terms that are being given to you.  Loan terms, terms about the market, and other real estate jargon. will often times be spoken about.  If you don’t know what something is, look it up right away or ask.  Getting into a first home is a large step from an apartment, making it important that you understand what you are getting into.

The process of finding a new home can be challenging and fun.  Making sure that you open the front door instead of having to crawl through the back can help you to get exactly what you want.  By learning the ropes from the very beginning, you can be certain to get what you want, only to move up from there.

 

 

The internet has revolutionized real estate. From text ads a decade ago, to picture ads five years ago. The next big thing to change real estate’s presence on the internet are video tours.

84% of buyers use the internet to aid the buying process. What they typically get are a series of pictures showing various rooms of the house. But it is hard to paint the full picture of a house with just pictures. That’s where video tours come in.

Video tours are essentially open houses over the internet. An agent would appear on a video and act as if he or she were actually showing a house to a potential buyer. Except now, that video can reach millions of people. Videos give much more insight into a house that pictures cannot. They say a picture is a thousand words. It would be fair to say a video is a thousand pictures….Literally.

It is becoming a easy process to post real estate videos on the internet. Sites such as http://www.ShowYourPlace.com specialize in this. They offer a high quality video of the house that you are selling. Not only that, but its free. All you need to do is upload the video.

Video editing software is not required but it can make things look more professional. Adding contact information into the video or doing a satellite view with Google World Maps are some ways to improve the video. The video can be taken with most digital cameras. To prepare for the video, it is very useful to have a script prepared or a list of what you hope to capture on video.

In this day and age, agents need to offer something special to both separate themselves from the competition and offer value to the customer. Video is that special something.

A very common question I get is “How soon after my foreclosure can I buy another home?” There are a couple of answers to this question and they depend on how soon and how badly you need a home.

The first option to getting a new home is to simply pick one and buy it with conventional financing. The lender who will be looking at your credit will be very reluctant to finance another home for you. However, with a large enough down payment (20% minimum) and your willingness to pay a higher interest rate, you could have a new home in 45 days.

Most conventional lenders will not allow financing another home after a foreclosure for as much as 12 – 24 months. It probably has to do with the ideal that if your previous home was lost to foreclosure, why would you be able to afford the new one. While this is good logic, it doesn’t take into account special issues with the original loss such as job loss, divorce, medical issue, or any similar problem that has had a final resolution.

I just heard of a women losing her home to foreclosure because of a job related injury and her employer not keeping her on the payroll. She became permanently disabled and was schedule to collect disability that would have easily paid her mortgage and forestalled the foreclosure. However, the first check was not sent until two weeks after the foreclosure sale and she lost her home. This is not the end of the story. I suggested she go to Legal Aid Services and fight the sale despite being beyond the redemption period. Her case is still pending but she had to get an apartment in the interim.

There are generally a couple of sources for the funds to buy a new home. The first is conventional lenders who will generally look at a foreclosure financing in 12 – 24 months at a rate about 1.25% to 1.5% above current rates for a “B” paper lender, and with a hefty deposit. The problem is that the 1%+ differential amounts to nearly a hundred thousand dollars in excessive interest over the life of the mortgage.

If getting another home is absolutely necessary, and you have a large down payment (35%), hard money lenders will loan for up to one year while you attempt to get another long term loan in place. The cost is usually 4% or “points” to close plus the usual closing costs and 12% to 15% per month. There are seldom pre-payment penalties for obvious reasons, but if there is one it should be for a maximum of three months of interest payments. Obviously, this is an expensive method of owning a home.

The next method requires a small down payment (usually 3%) and no closing costs. You should be able to move in within a week or less and the seller will be happy to work with you. This method is a Contract for Deed or a Lease Option. The Contract for Deed has the home transferred into your name with the financing in place by the seller. The agreement is that you will get permanent financing within a given time period, usually one year. However, your timely payments on the existing mortgage will go a long way with your new lender to get a better financing rate.

The Lease Option method keeps the home in the name of the seller, and gives you an option to purchase the property for as many as five years in the future. Each year the option price (“Strike price”) goes up, but this is negotiable. Should you decide not to buy the home, you will lose your deposit (“option consideration”). This method of getting a home quickly is the most cost-effective of the various options and all the aspects of the lease, purchase, partial credit for each payment toward the purchase price, no initial financing credit requirements, minimal cash, etc. are negotiable with the seller.

The key to doing a lease option is to get one document from the homeowner. The reason is that if you do have to go to court to enforce the option agreement or get your option consideration back, one agreement has been adjudicated by the courts as an equity-type agreement. This means that with every lease payment you make, you build equity in the property. If you sign two agreements, you can easily be evicted from the property and lose your option consideration with few or no grounds for recourse.

The beautiful city of Sarasota is located in the Sarasota County of the Sunshine State of Florida. It is strategically located on the south western coast of the state precisely on the south of the Tampa Bay area and on the north of another nice location with equally colorful origin, Fort Myers.

All individuals who have at least been to Sarasota, Florida would certainly comment that the place has a lot to offer when it comes to buying a home. However, there are plenty of individuals who are still wondering what is the best path to take when searching for Sarasota homes for sale in case they do not have much time to frequently go there for real estate trippings. Well, you have come to the right destination because this article will provide you valuable information on what are the two best options to help you find quality Sarasota real estate properties.

1. Sarasota MLS

The next useful option that you can consider is by referring to good quality Sarasota MLS because this service provides home searchers a complete listing of the best and good quality homes available for sale in this nice city of the Sunshine State of Florida. Each home listed in this listing comes with every important detail of a particular home featured including the price, amenities, location and size of every property listed for sale. Just browsing at each would give you a clear idea about the home because every featured description is made complete both in the indoor and outdoor features of a home.

Another benefit of using this service is that you no longer need to be a computer or internet expert because it is user-friendly; single and double click options would be enough for you to have an idea about the details of a particular home you are viewing complete with pictures and essential data. It would not take you a long time to have a number of homes listed according to your preferences and from there it would be easier for you to choose which one is suitable for your preferences specifically with the price that you know you can afford. Less worry for you, right?

2. Sarasota real estate agent

One of the two ways that can help you greatly when you are determined to find homes for sale in Sarasota is to use the expertise of a qualified Sarasota real estate professional.

There are many benefits that you can gain when you get the chance to hire the services of a dependable one. First, you are well assured to receive information based on your needs and your requirements when it comes to your dream home. Second, you will no longer be forced to visit each and every home to find exactly what you need. Third, this qualified real estate agent in Sarasota have profound experience about the neighborhoods in this place so he or she can provide you with the best information about which communities can vouch for top security and well established amenities for your benefit.

Successful real estate investors in this part of Florida would advise you  to make use of the two options in combination when searching for Sarasota homes for sale. Once you have found the preferable location in a reliable Sarasota MLS, you can then move on to looking for a reputable Sarasota real estate agent who can best help you get what you actually need to learn about the area and the properties available. Soon, you will be able to start inspecting your dream home without much difficulty.

Buying repo homes for sales have become a common exercise for a lot of investors. Even first time home buyers have completed purchases of these properties to their satisfaction. While there may be some risks involved, these are overtaken by the benefits to be reaped and this is the reason why more and more people are getting on the bandwagon and finding their own home to buy.

Most of the risks involved in buying repo homes for sales are brought about by acting on poor data. Getting the wrong information can set you back financially. It is a good thing that there is adequate knowledge about the foreclosures sector to enlighten new buyers. One should try to learn the workings of foreclosure investing first before they even look for a property to purchase.

Foreclosure Basics

Foreclosure is a legal action taken by lenders to recover losses due to non-payment of the loan they provided for a borrower used for purchasing a property. Once the foreclosure proceeding is initiated the home is scheduled for a public auction where it is offered at a value that represents the unpaid portion of the loan. If the home does not sell at an auction it becomes the property of the lender where it will again be offered to the market in roughly the same amount.

Repo homes for sales also get sold at the pre-foreclosure period. Also called short sales, these types of transactions take place when the owner themselves seeks the approval of their lender to sell the home for a price that is lower than what they still owe. Lenders usually go for this type of sale because it relieves them of the costly foreclosure proceeding. It is likewise favorable to the home owner who gets to keep their credit rating which can be decimated by a recorded foreclosure.

Internet Homebuyers

You’ve tried to avoid it for years…a real estate agent website.  You figured word-of-mouth, newspaper, flyers and signage would cover your advertising for years to come. Well, if you haven’t crawled out from under your rock already, it’s 2010. We live in a digital world…where Facebook and BlackBerry addictions have supreme reign. Where blogging, texting and e-mails are our communication lines of choice. People use the Internet now to buy their groceries, rent a movie and order their favourite Chinese take-out. If your real estate business has yet to embrace the online age, where does that leave you? Probably miles behind your competition. So isn’t it time you capitalized on the Internet revolution?

Start by understanding that more and more people are relying on the web to learn about the entire real estate process. There has also been a shift in consumer from Generation X to Generation Y. First-time buyers from GenY will have different communication needs, purchasing behaviour and housing requirements than their earlier counterparts. Now more than ever, it’s vital for all real estate professionals to understand why the Internet is so crucial to today’s industry, and why choosing not to get involved would reduce their profits and competitive edge.

As today’s potential client has less time than ever before, they desire their information served on a silver platter. So why not deliver the information they want and make it available to them 24 hours a day? Give them a one-stop-online-real-estate-shop to help them buy their dream home? That’s what they’re looking for. Nowadays, they expect it.

So why are customers so apt to house-hunting online?

1.  Well first, it saves them time, and plenty of it. Who has the energy to flip through a mile-high pile of messy newspapers? Or make 20 preview appointments with a REALTOR®? Certainly not the urban jet-setters, soccer moms or suits of today’s world.

These Internet savvy buyers will take an average of 4.5 weeks to look for information on homes and neighborhoods before ever contacting a real estate professional, as compared to a traditional buyer that takes only 1.5 weeks. However, once the initial information gathering is complete, Internet buyers spend significantly less time with their agent and preview far fewer homes, spending 2 weeks, compared to 7 weeks for the traditional buyer.

2.  Online buyers also enjoy a greater sense of control. Real estate websites of today embrace a more user-friendly attitude than ever before. The Internet helps these buyers better understand the whole home buying process, and puts them in better control of that process. They can refine their needs and wants and comparison shop to paint a more detailed picture of their dream home for you. In the end it also helps save you time, so you can steer clear of what they don’t want, and deliver on what they do.

Just know that if they’re looking for a ‘4-bedroom, 3-bathroom raised bungalow with a salt-water outdoor pool and white picket fence, close to the highway yet nestled in a quiet community and close to a nature trail’…you’ll be the first to know.

3.  Internet buyers tend to be global risk-takers. They are more willing and able to relocate now more than ever. These buyers are looking to move to different parts of the country, and use the Internet to scope out the hottest trends. They want to settle into a new lifestyle and status, not just a new home. With it they’ll earn a trend-setting label among friends and colleagues, and a life experience they’ll never forget.

Internet buyers are expanding their families at a slower pace, having children significantly later than their baby-boomer counterparts. As a REALTOR®, you need to appeal to their sense of freedom, mobile lifestyle and ability to live in an exciting new place, whether on their own or with a partner.

4.  The information they need is available at the touch of a button, anytime, anywhere. Whether they’re searching for a home on their lunch break or at 2am, they have all the resources they need on their timetable. They don’t have to play phone tag to answer their questions. Everything they need is ready and waiting for them online.

Keep in mind that Internet homebuyers want as much detailed information as possible. Therefore, real estate professionals that offer websites with specialized, inside information and detailed listings including plenty of quality photos and virtual tours, will be more likely to capture these customers.

So, who exactly are these Internet savvy homebuyers, anyway? Let’s take a closer look at the Internet homebuyer profile and how they differ from traditional buyers.

They enjoy a controlled environment.The Internet empowers this type of consumer. They have control of the search process, by way of privacy and freedom. They can regulate the level of communication they choose to have with an agent or agency, and therefore feel less pressured and more comfortable in the decision-making process.

They are usually first-time buyers.The Internet buyer tends to be new to the real estate purchasing market, and is younger, wealthier, more likely to be married and better educated than a traditional buyer.

They want to be as informed as possible. These buyers want a complete understanding of what they’ll be jumping into. Not just listings and prices, they want information on the entire real estate transaction, from agent negotiations to legal procedures. They want all the real estate marketing tools wrapped into one complete package.

Internet savvy real estate professionals are at an advantage to fill in the gaps for these types of clients. Armed with this buyer profile and the proper real estate internet marketing tool, you can learn to better recognize and understand the requirements of this market niche. Think of real estate professionals like a GPS Navigation System for the Internet homebuyer. The Internet is their road map, but they still need detailed navigated directions to get to their destination; a guide to help them through the negotiation and transaction processes of home buying.

Remember, these Internet buyers will judge your competency based on your online perception. Establishing an online presence through a user-friendly real estate website and e-mail has become a benchmark of professionalism for all business. So, if you find your business is lacking in this department, keep in mind that valuable sales are being lost each passing moment. A website can therefore only compliment your role in the home buying process. Take action and get your real estate business online. Farming, referrals, sign calls and traditional advertising can only take you so far in the 2010 marketplace.

Read more: http://www.articlesbase.com/internet-marketing-articles/the-internet-homebuyer-reach-them-with-a-real-estate-website-519165.html#ixzz16767RIV2
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When you purchase of home foreclosures you can be saddled with tasks you know nothing about. From securing financing, to finding the ideal property, to closing the deal and all the little steps in between, this exercise should not be undertaken without proper information and preparation.

Distressed properties are not only about great discounts, there are also a lot of risks involved. But these risks can all be minimized if not completely eliminated if you purchase home foreclosures with caution and diligence.

What You May Not Know

There are some elements that are true of all foreclosures. One is that they are all sold as is and seldom will a seller shoulder the cost of repairs for the property. There are some foreclosures that have outstanding obligations other than the mortgage. Obligations in the form of back taxes, liens and other encumbrances are not part of the seller’s disclosure. Your offer for a foreclosed home will only be considered if you can show proof that you are able to pay for your purchase. For this, you will need to obtain a loan pre-approval from your bank or any other mortgage lender. This will require the submission of some personal documents for the lender to be able to assess your financial situation and gauge your ability to borrow funds and how much.

Reducing Your Risks

Make sure you are indeed financially prepared for a high ticket investment like when you purchase home foreclosures. You should consider several listings of foreclosed properties to find the one you like. Never forgo a professional home inspection of the property as well as a title search. You should also commission an expert to conduct a comparative home value analysis in the area where your home is located. Once you have completed your research base your offer on what you have uncovered and approach the seller or his appointed agent.

Read more: http://www.articlesbase.com/real-estate-articles/what-to-consider-if-you-want-to-purchase-home-foreclosures-3691582.html#ixzz15q9N5wWk
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This blog post is to be about mobile homes for sale and how the industry has changed over the last few years.

During the housing bubble burst what went under the radar in the news was the affect on the manufactured housing industry. Especially the manufactured housing lending and finance industry. Mobile homes for sale that needed financing in order for the new buyer to purchase the home almost became non-existant over the last few years.

Now the sellers in today’s market have to sell homes at a reasonable discount to find cash buyers. The only alternative for people with mobile homes for sale is to find a private investor to fianance the deal for their new buyer. This is very difficult to do given the stygma that surrounds mobile home financing today. The industry as a whole is changing rapidly and this “affordable housing” market has an unclear future.

Will mobile homes be manufactured at the same rate they have been over the last several years? Or will the bubble burst of the housing market drive single family home prices so low that the manufactured home is no longer able to be profitably mass produced.

Will people continue to buy mobile home at the same pace as they did in the beginning of 2000? When lending companies like Greentree and Conseco were selling of repo mobile homes people were buying them up at discount as quickly as possible.

My take is, there will always be a need for mobile home parks. The mobile homes for sale currently are not moving very quickly because of the lending environment. As long as manufacturers continue to increase the quality and value of homes using vinyl siding and tabbed roofing, this housing alternative should be around for a long time to come.

Read more: http://www.articlesbase.com/real-estate-articles/mobile-homes-exploring-their-future-and-possible-extinction-3688002.html#ixzz15ezIvO66
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