|
Login: Email: Password:
|
Definitions of Working Relationships
8 Steps to Getting Your Finances in Order
5 Factors That Decide Your Credit Score
Tips for Finding the Perfect Neighborhood
Tips on Buying in a Tight Market
Questions to Ask When Choosing a REALTORÒ
10 Steps to Prepare for Homeownership
How Big a Mortgage Can I Afford?
7 Reasons to Own Your Own Home
5 Common First-Time Homebuyer Mistakes
10 Tips for First-Time Homebuyers
10 Things to Take the Trauma Out of Homebuying
Hidden Home Defects to Watch For
10 Questions to Ask a Home Inspector
What Your Home Inspection Should Cover
How Comprehensive Is Your Home Warranty?
5 Property Tax Questions You Need to Ask
10 Questions to Ask Your Condo Board
10 Questions to Ask Your Lender
10 Things a Lender Needs From You
6 Creative Ways to Afford a Home
Choices That Will Affect Your Loan
5 Things to Understand About Homeowners Insurance
10 Ways to Lower Your Homeowners Insurance Costs
5 Things to Understand About Title Insurance
What Not to Overlook on a Final Walk-through
Common Closing Costs for Buyers
What to Keep From Your Closing
Understanding Capital Gains in Real Estate
12 Tips for Hiring a Remodeling Contractor
Web Site Resources for Consumers
Two things to do prior to viewing homes
8 Steps to Getting Your Finances in Order
Budget Basics Work Sheet
The first step in getting yourself in financial shape to buy a home is to know what you make and what you spend now. List your income and expenses below.
Income |
|
|
Take-Home Pay/All Family Members |
|
|
Child Support/Alimony |
|
|
Pension/Social Security |
|
|
Disability/Other Insurance |
|
|
Interest/Dividends |
|
|
Other |
|
|
Total Income |
|
Expenses |
|
|
Rent/Mortgage |
|
|
Life Insurance |
|
|
Health/Disability Insurance |
|
|
Vehicle Insurance |
|
|
Homeowners or Other Insurance |
|
|
Car Payments |
|
|
Other Loan Payments |
|
|
Savings/Pension Contribution |
|
|
Utilities |
|
|
Credit Card Payments |
|
|
Car Upkeep |
|
|
Clothing |
|
|
Personal Care Products |
|
|
Groceries |
|
|
Food Prepared Outside the Home |
|
|
Medical/Dental/Prescriptions |
|
|
Household Goods |
|
|
Recreation/Entertainment |
|
|
Child Care |
|
|
Education |
|
|
Charitable Donations |
|
|
Miscellaneous |
|
Total Expenses= |
|
Remaining Income After Expenses= |
|
Credit scores, along with your overall income and debt, are a big factor in determining if you’ll qualify for a loan and what loan terms you’ll be able to qualify for.
1. Check for and correct errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.
2. Pay down credit card bills. If possible, pay off the entire balance every month. However, transferring credit card debt from one card to another could lower your score.
3. Don’t charge your credit cards to the maximum limit.
4. Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.
5. Don’t purchase big-ticket items for your new home on credit cards until after the loan is approved. The amounts will add to your debt.
6. Don’t open new credit card accounts before applying for a mortgage. Having too much available credit can lower your score.
7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.
8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.
This information is copyrighted by the Fannie Mae Foundation and is used with permission of the Fannie Mae Foundation. To obtain a complete copy of the publication, “Knowing and Understanding Your Credit,” visit http://www.homebuyingguide.org.
Credit scores range between 200 and 800. Scores above 620 are considered desirable for obtaining a mortgage. These factors will affect your score.
For more on evaluating and understanding your credit score, go to http://www.myfico.com.
While your opinions on the type of home you want to own may change during the homebuying process, use this easy checklist to help you prioritize and make the shopping process less time consuming.
|
Prioritize each of these options into |
Must have |
Would prefer |
|
Yard (at least_________) |
|
|
|
Garage (size________) |
|
|
|
Patio/Deck |
|
|
|
Pool |
|
|
|
Bedrooms (number_________) |
|
|
|
Bathrooms (number_________) |
|
|
|
Family room |
|
|
|
Formal living room |
|
|
|
Formal dining room |
|
|
|
Eat-in kitchen |
|
|
|
Laundry room |
|
|
|
Basement |
|
|
|
Attic |
|
|
|
Fireplace |
|
|
|
Spa in bath |
|
|
|
Air conditioning |
|
|
|
Wall-to-wall carpet |
|
|
|
Hardwood floors |
|
|
|
View |
|
|
|
Light (windows) |
|
|
|
Shade |
|
|
The neighborhood you choose can have a big impact on your lifestyle—safety, available amenities, and convenience all play their part.
Increase your chances of getting your dream house instead of losing it to another buyer, with these easy steps.
Condominiums and townhouses offer an affordable option to single-family homes in most areas. But consider these facts before you buy.
1. Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop a wish list of what you’d like your home to have. Then prioritize the features on your list.
3. Select three or four neighborhoods you’d like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety.
4. Determine if you have enough saved to cover your downpayment and closing costs. Closing costs, including taxes, attorney’s fee, and transfer fees average between 2 percent and 7 percent of the home price.
5. Get your credit in order. Obtain a copy of your credit report.
6. Determine how large a mortgage you can qualify for. Also explore different loans options and decide what’s best for you.
7. Organize all the documentation a lender will need to preapprove you for a loan.
8. Do research to determine if you qualify for any special mortgage or downpayment-assistance programs.
9. Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.
10. Find an experienced REALTORÒ who can help you through the process.
Not only does owning a home give you a haven for yourself and your family, it makes great financial sense, too.
This calculation assumes a 28 percent income tax bracket. If your bracket is higher, your savings will be, too.
Rent: _________________________
Multiplier: X 1.32
Mortgage payment: __________________
Because of tax deductions, you can make a mortgage payment—including taxes and insurance—that is approximately one-third larger than your current rent payment and end up with the same amount of income.
For more help, use Fannie Mae’s online mortgage calculators at
http://www.fanniemae.com/homebuyers/calculators/index.jhtml?p=Resources&s=Calculators
To calculate whether renting or buying is the best financial option for you, use this calculator courtesy of Ginnie Mae:
http://www.ginniemae.gov/rent_vs_buy/rent_vs_buy_calc.asp?Section=YPTH
Reprinted with permission from Real Estate Checklists and Systems (www.realestatechecklists.com)
If the latest technology or entertainment options are important in your new home, add the following questions to your buyer’s checklist.
Visit the Consumer Electronics Association (www.ce.org/techhomerating) for a complete Tech Home ™ Rating Checklist.
No home is flawless, but certain physical problems can be expensive. Watch for:
Portions adapted from Real Estate Checklists and Systems and used with permission (www.realestatechecklists.com).
Check your home warranty policy to see which of the following items are covered. Also check to see if the policy covers the full replacement cost of an item.
Before you buy, contact the condo board with the following questions. In the process, you’ll learn how responsive—and organized—its members are.
1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.
2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.
3. How much does the association keep in reserve? How is that money being invested?
4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. To determine if the assessment is reasonable, compare the rate to others in the area.
5. What does and doesn’t the assessment cover—common area maintenance, recreational facilities, trash collection, snow removal?
6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board’s fiscal policy.
7. How much turnover occurs in the building?
8. Is the project in litigation? If the builders or homeowners are involved in a lawsuit, reserves can be depleted quickly.
9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer’s report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren’t in good repair, they become your problem once you buy.
10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you’re buying, may require separate assessments.
Be sure you find a loan that fits your needs with these comprehensive questions.
1. What are the most popular mortgage loans you offer?
2. Which type of mortgage plan do you think would be best for us? Why?
3. Are your rates, terms, fees, and closing costs negotiable?
4. Will I have to buy private mortgage insurance? If so how much will it cost and how long will it be required? NOTE: Private mortgage insurance usually is required if you make less than a 20 percent downpayment, but most lenders will let you discontinue the policy when you’ve acquired a certain amount of equity by paying down the loan.
5. Who will service the loan? Your bank or another company?
6. What escrow requirements do you have?
7. How long is your loan lock-in period (the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if they drop during this period?
8. How long will the loan approval process take?
9. How long will it take to close the loan?
10. Are there any charges or penalties for prepaying the loan?
Used with permission from Real Estate Checklists & Systems (http://www.realestatechecklists.com).
1. W-2 forms or business tax return forms if you’re self-employed for the last two or three years for every person signing the loan.
2. Copies of one or more months of pay stubs from every person signing the loan.
3. Copies of two to four months of bank or credit union statements for both checking and savings accounts.
4. Copies of personal tax forms for the last two to three years.
5. Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, e.g., a boat, RV, or stocks or bonds not held in a brokerage account.
6. Copies of your most recent 401(k) or other retirement account statement.
7. Documentation to verify additional income, such as child support, pension, etc.
8. Account numbers of all your credit cards and the amounts of any outstanding balances.
9. Lender, loan number, and amount owed on other installment loans—student loans, car loans, etc.
10. Addresses where you lived for the last five to seven years, with names of landlords, if appropriate.
If your income and savings are making homebuying a challenge, consider these options.
1. Investigate local, state, and national downpayment assistance programs. These programs give loans or grants to cover all or part of your required downpayment. National programs include the Nehemiah program (http://www.getdownpayment.com) and the American Dream Downpayment Fund from the U.S. Department of Housing and Urban Development (http://www.hud.gov).
2. Get the seller to provide financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you do a mortgage.
3. Consider a shared-appreciation, or shared equity, arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and thus share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and all maintenance costs, but all investors’ names are usually on the mortgage. There are companies that can help you find such an investor if your family can’t participate.
4. Get help from your family. Perhaps a family member will loan you money for the downpayment and/or act as a cosigner for the mortgage. Lenders often like to have a cosigner if you have little credit history
5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your downpayment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.
6. See if you can qualify for a short-term second mortgage to give you the money to make a higher downpayment. This may be possible if you have a good income and little other debt.
§ Mortgage term. Mortgages are generally available at 15-, 20-, or 30-year terms. The longer the term, the lower the monthly payment if the same amount is borrowed. However, you pay more interest overall if you borrow for a longer term.
§ Fixed or adjustable interest rates. A fixed rate allows you to lock in a low rate for as long as you hold the mortgage and is usually a good choice if interest rates are low. An adjustable-rate mortgage (ARM) is designed so that interest rates will rise as interest rates increase; however they usually offer a lower rate in the first years of the mortgage. ARMs also usually have a limit as to how much the interest rate can be increased and how frequently they can be raised. ARMs are a good choice when interest rates are high or when you expect your income to grow significantly in the coming years.
§ Balloon mortgages. Balloon mortgages offer very low interest rates for a short period of time—often three to seven years. Payments usually cover only the interest, so the principal owed is not reduced. However, this type of loan may be a good choice if you think you will sell your home in a few years.
§ Government-backed loans. Government-backed loans, sponsored by agencies such as the Federal Housing Administration (www.fha.gov) or the U.S. Department of Veterans Affairs (www.va.gov), offer special terms, including lower downpayments or reduced interest rates—to qualified buyers.
Slight variations in interest rates, loan amounts, and terms can significantly affect your monthly payment. For help in determining how much your monthly payment will be for various loan amounts, use Fannie Mae’s online mortgage calculators at
http://www.fanniemae.com/homebuyers/calculators/index.jhtml?p=Resources&s=Calculators
1. Look for exclusions to coverage. For example, most insurance policies do not cover flood or earthquake damage as a standard item. These coverages must be bought separately.
2. Look for dollar limitations on claims. Even if you are covered for a risk, there may a limit on how much the insurer will pay. For example, many policies limit the amount paid for stolen jewelry unless items are insured separately.
3. Understand replacement cost. If your home is destroyed you’ll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient. This means that if your home is insured for $150,000 and it costs $180,000 to replace it, you’ll only receive $150,000.
4. Understand actual cash value. If you choose not to replace your home when it’s destroyed, you’ll receive replacement cost, less depreciation. This is called actual cash value.
5. Understand liability. Generally your homeowners insurance covers you for accidents that happen to other people on your property, including medical care, court costs, and awards by the court. However, there is usually an upper limit to the amount of coverage provided. Be sure that it’s sufficient if you have significant assets.
1. Raise your deductible. If you can afford to pay more toward a loss that occurs, your premiums will be lower.
2. Buy your homeowners and auto policies from the same company. You’ll usually qualify for a discount. But make sure that the savings really yields the lowest price.
3. Make your home less susceptible to damage. Keep roofs and drains in good repair. Retrofit your house to protect against natural disasters common to your area.
4. Keep your home safer. Install smoke detectors, burglar alarms, and dead-bolt locks. All of these will usually qualify for a discount.
5. Be sure you insure your house for the correct amount. Remember, you’re covering replacement cost, not market value.
6. Ask about other discounts. For example, retirees who are home more than working people may qualify for a discount on theft insurance.
7. Stay with the same insurer. Especially in today’s tight insurance market, your current vendor is more likely to give you a good price.
8. See if you belong to any groups—associations, alumni groups—that offer lower insurance rates.
9. Review your policy limits and the value of your home and possessions annually. Some items depreciate and may not need as much coverage.
10. See if there’s a government-backed insurance plan. In some high-risk areas, such as the coasts, federal or state governments may back plans to lower rates. Ask your agent.
1. It protects your ownership right to your home both from fraudulent claims against your ownership and from mistakes made in earlier sales, such as mistake in the spelling of a person’s name or an inaccurate description of the property.
2. It’s a one-time cost usually based on the price of the property.
3. It’s usually paid for by the sellers.
4. There are both lender title policies, which protect the lender, and owner title policies, which protect you. The lender will probably require a lender policy.
5. Discounts on premiums are sometimes available if the home has been bought within only a few years since not as much work is required to check the title. Ask the title company if this discount is available.
Be sure that:
§ Repairs you’ve requested have been made. Obtain copies of paid bills and any related warranties.
§ All items that were included in the sale price—draperies, lighting fixtures—are still there.
§ Screens and storm windows are in place or stored.
§ All appliances are operating.
§ Intercom, doorbell, and alarm are operational.
§ Hot water heater is working.
§ HVAC is working.
§ No plants or shrubs have been removed from the yard.
§ Garage door opener and other remotes are available.
§ Instruction books and warranties on appliances and fixtures are there.
§ All personal items of the sellers and all debris have been removed.
The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier’s check. The title company or other entity conducting the closing will tell you the required amount for:
§ Downpayment
§ Loan origination fees
§ Points, or loan discount fees, you pay to receive a lower interest rate
§ Appraisal fee
§ Credit report
§ Private mortgage insurance premium
§ Insurance escrow for homeowners insurance, if being paid as part of the mortgage
§ Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
§ Deed recording fees
§ Title insurance policy premiums
§ Survey
§ Inspection fees—building inspection, termites, etc.
§ Notary fees
§ Prorations for your share of costs, such as utility bills and property taxes
A Note About Prorations: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first five days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.
§ The Real Estate Settlement Procedures Act (RESPA) statement. This form, sometimes called a HUD 1 statement, itemizes all the costs associated with the closing. You’ll need this for income tax purposes and when you sell the home.
§ The Truth in Lending Statement summarizes the terms of your mortgage loan.
§ The mortgage and the note (two pieces of paper) spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.
§ The deed transfers ownership of the property to you.
§ Affidavits swearing to various statements by either party. For example, the sellers will often sign an affidavit stating that they have not incurred any liens on the property.
§ Riders are amendments to the sales contract that affect your rights. For example, if you buy a condominium, you may have a rider outline the condo association’s rules and restrictions.
§ Insurance policies provide a record and proof of your coverage.
1. Develop a master “to do” list so you won’t forget something critical.
2. Sort and get rid of things you no longer want or need. Have a garage sale, donate to a charity, or recycle.
3. Don’t throw out everything. If your inclination is to just toss it, ask yourself how frequently you use an item and how you’d feel if you no longer had it.
4. Pack like items together. Put toys with toys, kitchen utensils with kitchen utensils.
5. Decide what if anything you plan to move yourself. Precious items, such as family photos, valuable breakables, or must-haves during the move, should probably stay with you.
6. Use the right box for the item. Loose items encourage breakage.
7. Put heavy items in small boxes so they’re easier to lift. Keep weight under 50 lbs. if possible.
8. Don’t over-pack boxes and increase the chances they will break.
9. Wrap every fragile item separately and pad bottom and sides of boxes.
10. Label every box on all sides. You never know how they’ll be stacked and you don’t want to have to move other boxes aside to find out what’s there.
11. Use color-coded labels to indicate which room each item should go in. Color-code a floor plan for your new house to help movers.
12. Keep your moving documents together, including phone numbers, driver’s name, and van number. Also keep your address book handy.
13. Back up your computer files before moving your computer.
14. Inspect each box and all furniture for damage as soon as it arrives.
15. Remember, most movers won’t take plants.
It’s an objective opinion of value, but it’s not an exact science so appraisals may differ.
For buying and selling purposes, appraisals are usually based on market value—what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.
Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.
Appraised value doesn’t consider special considerations, like the need to sell rapidly.
Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.
Used with permission from Kim Daugherty, Real Estate Checklists and Systems (http://www.realestatechecklists.com).
When you sell a stock, you owe taxes on your gain—the difference between what you paid for the stock and what you sold it for. The same is true with selling a home (or a second home), but there are some special considerations.
In real estate, capital gains are based not on what you paid for the home, but on its adjusted cost basis. To calculate this:
1. Take the purchase price of the home: This is the sale price, not the amount of money you actually contributed at closing.
2. Add adjustments:
§ Cost of the purchase—including transfer fees, attorney fees, inspections, but not points you paid on your mortgage.
3. The total of this is the adjusted cost basis of your home.
4. Subtract this adjusted cost basis from the amount you sell your home for. This is your capital gain.
Since 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a home is exempt from taxation if you meet the following criteria:
Also note that as of 2003, you also may qualify for this exemption if you meet what the IRS calls “unforeseen circumstances,” such as job loss, divorce, or family medical emergency.
Answer these questions to help you decide whether moving up makes sense.
1. How much equity do you have in your home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of paying a mortgage, but if you’ve owned your home for a number of years, you may have significant unrealized gains.
2. Has your income increased enough to cover the extra mortgage costs and the costs of moving?
3. Does your neighborhood still meet your needs? For example, if you’ve had children, the quality of the schools may be more of a concern now than when you first purchased.
4. Can you add on or remodel? If you have a large yard, there might be room to expand your home. If not, your options may be limited. Also, do you want to undertake the headaches of remodeling?
5. How is the home market? If it’s good, you may get top dollar for your home.
6. How are interest rates? A low rate not only helps you buy more home, but also makes it easier to find a buyer.
Upgrading your home is always appealing, but which enhancements really get you a good return for your money when it’s time to sell? The 2003 Cost vs. Value Report by Remodeling magazine and REALTORÒ Magazine has the answer.
To see the complete article, visit http://www.realtor.org/rmomag.NSF/pages/costvaluedec03.
|
|
2003 |
2002 |
Variance |
|
Bathroom Remodel | |||
|
Midrange |
89.3% |
87.5% |
1.8% |
|
Upscale |
92.6 |
91.0 |
1.6 |
|
Bathroom Addition | |||
|
Midrange |
95.0 |
94.2 |
0.08 |
|
Upscale |
84.3 |
81.4 |
2.9 |
|
Major Kitchen Remodel | |||
|
Midrange |
74.9 |
66.6 |
8.3 |
|
Upscale |
79.6 |
79.8 |
-0.2 |
|
Master Suite | |||
|
Midrange |
76.4 |
75.1 |
1.3 |
|
Upscale |
76.9 |
76.8 |
0.1 |
|
Family Room | |||
|
Midrange |
80.6 |
79.5 |
1.1 |
|
Deck | |||
|
Midrange |
104.2 |
N/A* |
N/A* |
|
Basement Remodel | |||
|
Midrange |
79.3 |
78.7 |
0.6 |
|
Siding Replacement | |||
|
Midrange |
98.1 |
79.1 |
19.0 |
|
Window Replacement | |||
|
Midrange |
84.8 |
73.8 |
11 |
|
Upscale |
87.0 |
77.0 |
10 |
|
Attic Bedroom | |||
|
Midrange |
92.8 |
N/A* |
N/A* |
1. Get at least three written estimates.
2. Get references and call to check on the work. If possible, go by and visit earlier jobs.
3. Check with the local Chamber of Commerce or Better Business Bureau for complaints.
4. Be sure that the contract states exactly what is to be done and how change orders will be handled.
5. Make as small a downpayment as possible so you won’t lose a lot if the contractor fails to complete the job.
6. Be sure that the contractor has the necessary permits, licenses, and insurance.
7. Be sure that the contract states when the work will be completed and what recourse you have if it isn’t. Also remember that in many instances you can cancel a contract within three business days of signing it.
8. Ask if the contractor’s workers will do the entire job or whether subcontractors will do parts.
9. Get the contractor to indemnify you if work does not meet local building codes or regulations.
10. Be sure that the contract specifies the contractor will clean up after the job and be responsible for any damage.
11. Guarantee that materials used meet your specifications.
12. Don’t make the final payment until you’re satisfied with the work.
Credit Union Consumer Facts, http://www.cuna.org/data/consumer/advice/retire_home/hometoc.html
Provides an easy way to assess energy use and get quick tips on saving energy.
Environmental Protection Agency, www.epa.gov
A one-stop shop for advice on testing for and mitigating pollutants, from lead paint to radon to mold.
Equifax, www.eqifax.com
A source of credit reports.
Experian (formerly TRW), www.experian.com
A source of credit reports.
Federal Citizen Information Center, http://www.pueblo.gsa.gov/results.tpl?id1=17&startat=1&--woSECTIONSdatarq=17&--SECTIONSword=ww
Offers a list of consumer articles about home sales, financing, and maintenance.
Ginnie Mae, http://www.ginniemae.gov
Provides advice to buyers on affordability and homeownership, including calculators.
U.S. Department of Housing and Urban Affairs, http://www.hud.gov/buying/index.cfm
Offers advice to buyers on finance, fair housing, and more.
ImproveNet, www.improvenet.com
Provides links to contractors and architects for remodeling projects for buyers and repair services for sellers. For a small charge, buyers can use the site’s Estimators to determine how much renovating a property they’re considering would cost.
Helps buyers and sellers with packing tips and timetables, online mover links, and places to store belongings so that homes look less cluttered.
Offers consumer information for buyers and sellers as well as home listings and links to service providers.
Real Estate Buyer’s Agent Council (REBAC), http://www.rebac.net/hbk.html
Offers a homebuyer’s kit with useful information and checklists.
Trans Union Corporation, www.transunion.com
A source of credit reports.
1) Get Pre Approved with a lender This step does two things.
First it sets the price range in which to look. Viewing homes more expensive homes that you might qualify to purchase is a waste of valuable time. Viewing homes considerably less than you might qualify for can discourage your interest in purchasing. Although you can use any lender of your choice (and there are many), if you do not have one, feel free to use this link to fill out a qualification form that will be forwarded to the Barber Team's preferred lender.
Second I consider a lender's Pre Approval letter a must when submitting an offer. This gives the seller a level of comfort that they will not be taking their property off the market only to find that the buyers did not qualify for a loan. A seller with two offers may opt to sign the one with a pre-approval letter over one without, even if it is lower. Finally, trying to obtain a lender's approval on a week-end may delay your offer. Enough so, that the sellers might accept another offer that will otherwise expire. In summary, you want to be in position to make that offer quickly when you find that Dream House you always wanted.
To fill out an application click here: LOAN REQUEST
2) Set an appointment for a Buyer's Interview we will discuss what your wants and needs are for your new home. This is an important step, so that we can focus on only those properties that meet your needs and not waste your time viewing properties that do not meet them. We will discuss the working relationships which define you as the client and me as the agent in an Exclusive right to Buy contract where I work for you.
3) Read the Definitions of Working Relationships as defined by the Colorado Real Estate Commission (their goal is to protect the public). Here you will read how a Buyers Agent is required to put the client's interests at the top and will work for the client as an advocate.
Searching for Homes:
Either you can search, or you can tell me what your criteria are and I can search for you. In either case, if you don't find something that is on the market already, an automatic e-mail alert can be set up to alert you when a new listing comes on the market that fits your criteria. To begin Searching follow the link below:
|
© 2000-2010 Hillside Technology, Inc. All Rights Reserved.
Data on this web site is deemed reliable but is not guaranteed. |
Agent Login Privacy Policy - Terms of Use HomeCards Support |
 |
|
 |
|
 |
|
 |
|
||||||||||||||||||||||||||||||||
 |
 |
 |
|
|
|
|
|
|
|
