Feb
27

Buying handyman specials?

Question by (mimi): House buying?
Lets say you want to buy a house, but  it needs some repairs and don’t have the money for them…… if you get a  loan from a  credit union will they only give you the loan for the amount of the home? I’ve seen those house flipping shows where the person buys a home and they fix it up, but do they get a loan to fix the home on top of the loan to buy the home?

Best answer:

Answer by tim

You should make sure your contract offer is contingent on a satisfactory appraisal.

For example, you submit a contract for some value, it could be the asking price or some value less that that. You should make the contract contingent on the house  appraising for at least equal  to your offer. You should also make the contract contingent on a home inspection, by a professional inspector to identify that there are no major problems in the property such as plumbing, heating and cooling,  and so on. If the house doesn’t pass the inspection, you can ether cancel the contract or try to negotiate a resonable compromise with the seller. 

Know better? Leave your own answer in the comments!

Feb
10

Before buying a foreclosure do I need a home inspection?

Question: home inspection?

We recently purchased a home that was foreclosed. We knew the previous owners and keep in contact with them on a regular basis. They told us everything that they had going wrong with the house or any problems they were having (really, not much). The home was winterized about 4 months ago. Our real estate agent said since the previous owners are telling us everything with the house, it wasn’t necessary for us to put up the $400 to get the home inspection. I would feel better, however, to at least have somebody come out to look at utilities and termites. Is this possible to do, or when I sign up for an inspection, do I have to get the whole shebang?

Answer:

I always recommend that my clients get a home inspection.  The old owners may not even know everything that might be wrong with the house. “Pay the money it’s worth it”

You can have a home inspection even if you already purchased the home. but you should have done one prior to your home purchase. 

Virtually very mortgage  lender will require a satisfactory termite inspection prior to generating a clear to close. Most likely you had a termite inspection.

What do you think? Answer below!

Feb
08

Home Buying?

Question by Ricky: Home Buying?
So I’m new at this home buying stuff – what’s an “escrow account”?

Best answer:

If you choose to have escrow or your mortgage company requires it. It’s basically a savings account they put your money into to save for things like PMI (mortgage insurance if you borrow more than 80% of the value of the home most mortgage companies require it and it is really expensive so do all you can to avoid it like the plague) and taxes.

So usually they just tell you that your mortgage payment is $ 1200/month…probably $ 275 of that is escrow. They collect in advance to pay your property taxes…they are not allowed to collect more than 20% more worth of taxes than your estimated tax bill…they usually have a little extra in the account because taxes go up every year and they don’t want to get caught short.

The bad thing about escrow is that you are giving your mortgage company an interest free loan on your money. They are going to make money on your escrow payments.  My feeling is why shoud I let them make money on my money if I could do it myself. If I put the $ 275/month in a money market account I am earning 5% interest on that money…if I send it to the mortgage company they are making that 5%.

The good thing about escrow is that if you are really bad at saving you don’t have to worry about your taxes being paid. They are doing it for you. You just send your payments every month and they take care of the rest.

So you need to decide if you can save the money on your own (you don’t get a choice on escrow if they require PMI they will pay that for you, you can’t do it yourself).

Good Luck!

What do you think? Answer below!

Feb
07

Q&A: house buying and credit rating?

Question by Ed : house buying and credit rating?
I am looking for tips for first time home buyers? how does good credit affect mortgage?

Best answer:
The better your credit, the lower your interest rate will be. Less interest equals smaller payments. Good credit makes more money available to you so you can buy more house then someone with poor credit.

Give your answer to this question below!

Feb
05

home buying?

Question by v1ru5: home buying?
Hi, I am currently in a process of buying a house. I am wondering about the law of the home ownership. My question is, when buying a house, is it also includes the land on which the house stood on?

Thank you for answering my question

Best answer:

Answer by cozdiver
When you buy a house, your contract should say how many square feet you get. If your buying a condo you only get that condo, no property.

Give your answer to this question below!

Feb
04

Q&A: how should i start with the home buying process as a first time homeowner?

Question by jennifer: how should i start with the home buying process as a first time homeowner?
I am 31 years old, have ok credit, and make @ 33,0000 per year. I would now like to buy a home but don’t know how to start the home buying process. What should i do to start the home buying process? I am also afraid that i will be turned down,if so what would i do to get approved?

Best answer:

Answer by Steve
Step one is to find a good mortgage broker and get pre-approved for a mortgage. This will tell you first, whether you can get a mortgage and second, how much mortgage you can afford.

Assuming you can get approved, next, figure out how much you can realistically afford to pay and then go online and see what type of mortgage that will get you. Don’t forget you will also have taxes and insurance to pay, so factor them in (the calculators will only give you the payments on principal and interest).

Once you have been approved and know how much you want to pay, find a real estate agent and start looking for houses in your price range. Be prepared for the real estate agent to show you houses more expensive then your price range…be firm.

Finally, research the neighborhoods available to you and see if you want to live there.

Add your own answer in the comments!

Feb
02

Anyone know any sites where I could meet real estate buying partners?

Question: Anyone know any sites where I could meet real estate buying partners?
I want to start investing in real estate properties but I can’t afford to do it by myself. I’m looking for a site where people can get together for joint ventures and if there plans are similar (looking in same area, price etc) they considering buying the property together.

Best answer:

Entering into a joint venture with strangers is not a very good idea. Strangers could bail and leave you holding the bag to make mortgage payments and who knows what else, and yet they could still demand profits while not sharing any expenses, mortgage payments, ect.

Add your own answer in the comments!

Feb
01

Buying a home can be a confusing process for first time buyers

Buying a home can be a confusing process for first time buyers. 

Buying a home can be quite stressful if you have limited budget. You will need to find a home that fits your needs and budget and invest money for the down payment on the mortgage and closing costs.

Before buying your a home, you should learn what it takes to buy a home from its location to mortgage payment .

Learning the right tips could save you from spending money on the wrong things.  The best first step you can make is to get a professional real estate agent at Nance & Associates, Realtors to assist you in finding a great home at a reasonable price.

Small does not mean it is cheap when it come to buying a home. 

Be realistic

Decide what you are looking for in a home and then find out if they are obtainable in your budget.

Some tips to help you get more house for your money

Find a fixer upper.

 Try fixing things and do some small projects yourself,  it can save you a lot of money. Doing some small improvements may add to your resale value.

It is important to select a home situated in a nice neighborhood of larger homes.  When your think of reselling your home your neighborhood is a big part of marketability.

Buying a home is the first step to your dream home. It is important to take your time and consider the different options available to you.

Jan
31

Nice Home Buying photos

Some cool Home buying images:

Housewife in the Kitchen of Her Mobile Home in One of the Trailer Parks…
Home buying

Image by The U.S. National Archives
Original Caption: Housewife in the Kitchen of Her Mobile Home in One of the Trailer Parks. The Two Parks Were Created in Response to Workers Who Arrived for Jobs in the Town’s Manufacturing Plant Which Opened Since the 1950’s. The Town Population Was Stable at 8 to 9,000 During the First Half of the Century, Then Climbed to 13,051 in the 1970 Census. New Ulm Was Founded in 1854 by a German Immigrant Land Company. It Is Located in South Central Minnesota

U.S. National Archives’ Local Identifier: 412-DA-15848

Photographer: Villalobos, Horacio

Subjects:
New Ulm (Brown county, Minnesota, United States) inhabited place
Environmental Protection Agency
Project DOCUMERICA

Persistent URL: http://arcweb.archives.gov/arc/action/ExternalIdSearch?id=558298

Repository: Still Picture Records Section, Special Media Archives Services Division (NWCS-S), National Archives at College Park, 8601 Adelphi Road, College Park, MD, 20740-6001.

For information about ordering reproductions of photographs held by the Still Picture Unit, visit: www.archives.gov/research/order/still-pictures.html

Reproductions may be ordered via an independent vendor. NARA maintains a list of vendors at www.archives.gov/research/order/vendors-photos-maps-dc.html

Buy copies of selected National Archives photographs and documents at the National Archives Print Shop online: gallery.pictopia.com/natf/photo/

Access Restrictions: Unrestricted
Use Restrictions: Unrestricted

Resident of One of the Two Mobile Home Parks, Washes His Truck…
Home buying

Image by The U.S. National Archives
Original Caption: Resident of One of the Two Mobile Home Parks, Washes His Truck. The Trailer Parks Were Created in Response to Workers Who Arrived for Jobs in the Town’s Manufacturing Plants Which Opened Since the 1950’s. These Newcomers Reflect the Cultural Influence of the Germanic Penchant for Neatness and Order Even Though They Are Not of Ethnic German Origin. The Town Was Founded in 1854 by a German Immigrant Land Company

U.S. National Archives’ Local Identifier: 412-DA-15847

Photographer: Villalobos, Horacio

Subjects:
New Ulm (Brown county, Minnesota, United States) inhabited place
Environmental Protection Agency
Project DOCUMERICA

Persistent URL: http://arcweb.archives.gov/arc/action/ExternalIdSearch?id=558297

Repository: Still Picture Records Section, Special Media Archives Services Division (NWCS-S), National Archives at College Park, 8601 Adelphi Road, College Park, MD, 20740-6001.

For information about ordering reproductions of photographs held by the Still Picture Unit, visit: www.archives.gov/research/order/still-pictures.html

Reproductions may be ordered via an independent vendor. NARA maintains a list of vendors at www.archives.gov/research/order/vendors-photos-maps-dc.html

Buy copies of selected National Archives photographs and documents at the National Archives Print Shop online: gallery.pictopia.com/natf/photo/

Access Restrictions: Unrestricted
Use Restrictions: Unrestricted

Jan
30

9 Tips on Buying a Home

A mortgage bankers give 9 tips on buying a home.