The Home Buyer's Korner

Information presented should be used for educational purposes only.

November 8th, 2012

Guy looking up in color

Questions First-Time Home Buyers Should Ask

Nationwide, mortgage rates are low and home prices remain relatively low, too.  This combination, plus rising rents, creates the perfect storm for renters toward first-time home ownership.

Buying your first home can be exciting, but you should also do your research to make sure that you ask the proper questions of the process, and make the best choices for yourself and your household.

For example, recommended questions for first-time buyers to ask home sellers include :

What major repairs have been made to your home?

Although standard disclosure forms are supposed to provide information regarding past damage and renovation to the property, there are occasionally repairs that are omitted or otherwise forgotten. Be proactive and ask pointed questions about the roof, the foundation, plumbing and the electrical system.  Some home issue have a way of resurfacing many years later and it’s best to know in advance.

To which school district does the home belong?

As a first-time homebuyer, you may or may not have school-aged children. However, in many areas, public school rankings positively (or negatively) affect home values. Ask your real estate agent for school district data. Consider asking the seller for feedback, too.

Is this a “distressed” property, and what does that mean to me?

For many home buyers, the allure of a foreclosed home or a home in short sale can be large. Prices are discounted as compared to comparable real estate — sometimes by as much as 20% to 60% and more.  However, many distressed properties are sold “as-is”. This means that homes may be defective or uninhabitable.  However, the Fannie Mae, FHA and USDA not only handles the regular home financing issue, but they also allow for the cost of repairs and renovations. 

You can also include up to six months worth of house payment into the mortgage with lengthy renovations.  This allows you to remain in your rental while your new home is being renovated without being burdened with rent and a mortgage payment.

After asking yourself these important questions, remember that buying a home shouldn’t be as much an emotional decision; this one using your “brain” as much as your “heart”. Try to keep emotions in check, so that you don’t overpay for a home that’s unsuitable, for example. 

It’s Official

For the First Time in Decades it’s Cheaper to Own than Rent

&

It’s an Investment You Can Live In 

If you’re interested in buying a home in foreclosure it’s different from buying a home not in foreclosure.  The contract and negotiation phases are different and you’ll need a network of experienced team to guide you through the process from locating the right property to having that last kitchen cabinet installed right.  That’s what our blog is all about!. I hope you enjoy it the experience! 

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HOME OWNERSHIP TOOLS

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

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click on “File”; then click on “Print”. In the center of the screen you will have the option

to “Create A Printable PDF of the Presentation”.

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