Buying selling a home Orlando » Buying

Contingency contract

admin — Wed, 01 Jul 2009 19:15:20 +0000

A contingency contract would be a contract that has one or more specific clauses that must be satisfied before the buyer and/or seller are required to close on the sale of the property. Some of the more common contingencies include financing, satisfactory inspections, repairs, clearing title, lender approval of a short sale, the selling of a buyer’s current residence or the seller finding suitable housing.

Make sure you include a contingency clause in the contract that covers all concerns you may have with the transaction.

Buying a home should not depend on how well you speak English

admin — Wed, 17 Jun 2009 23:32:11 +0000

John Trasviña, HUD’s Assistant Secretary for Fair Housing and Equal Opportunity said in a HUD press release that; “When buying or renting a home, obtaining important housing information should not depend on how well people speak English.”

His words were part of a HUD press release announcing the addition of brochures, factsheets, and other forms that would be available in Amharic, Arabic, Armenian, Cambodian, Chinese, Farsi, French, Korean, Portuguese, Spanish, Tagalog, and Vietnamese.

You can find these brochures by visiting the HUD website.

FHA will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit

admin — Wed, 03 Jun 2009 19:48:08 +0000

Buyers using FHA financing may be able to take advantage of first time home buyer tax credit prior to closing. FHA will allow buyers who qualify to use tax credit for additional down payment, closing cost. Full report

Do you have the credit and income needed for buying a home?

admin — Wed, 18 Mar 2009 15:10:08 +0000

Do you have the credit and income needed for buying a home? Before you start the home buying process you should make sure that your credit and income are sufficient enough to allow you to finance a home and make the monthly payments.

You can speak with a professional lender and have them review your personal situation and finances in order to determine your ability. There are also mortgage and income calculators available for you to use prior to speaking with a mortgage or real estate professional.

Make sure you are completely confident before taking the home ownership step that you can handle the financial obligations that are involved with owning a home.

Buying a home may require an appraisal

admin — Thu, 05 Feb 2009 16:29:10 +0000

Appraisals are what a lender uses to determine the value of a home you are asking them to lend money on. An appraisal differs from a market analysis performed by a real estate agent. While most market analysis reports generally are close to the final appraised value, a lender requires a third party to complete a detailed appraisal before approving your loan.

The appraiser should have no interest in the property. The appraiser’s opinion of value is determined by comparing the subject home to recently sold homes in the neighborhood, calculating the cost per square foot for construction and accounting for improvements and upgrades to the subject property.

Go to http://www.gregstaker.com/appraisal.html to read the entire article.

You could cross your fingers or you could get a home inspection

admin — Wed, 24 Dec 2008 22:04:38 +0000

Buying a home is a huge investment. I would suggest against crossing your fingers, hoping that there is nothing wrong with the home. For your safety and peace of mind you should definitely get a inspection of the home you are thinking of buying.

Home inspections are inexpensive when compared to the thousands of dollars you may have to pay for repairs or replacements of mechanical items in the house that went unnoticed prior to closing of the home.

Interview home inspection companies in your area. Compare home inspection prices, ask for references of past customers and make sure they are knowledgeable and qualified to provide a professional opinion of the major mechanical items in the home including, electrical, plumbing, wood rot, roofing and heating and air.

Leave the finger crossing to gamblers, when buying a home, get a home inspection.

Consult with a professional when buying or selling a home

admin — Wed, 24 Dec 2008 17:44:36 +0000

Your professional real estate agent can help guide you through the home selling or home buying process. Choosing a full time real estate agent who lives works and knows the area in which you live and fully understands the conditions of the area’s real estate market will save you time and money.

In order to enjoy a smooth, stress free real estate transaction, you should contact a professional real estate agent in your area and request a free consultation before you begin the home buying or selling process.

This may be the largest loan you ever receive, choose wisely.

admin — Tue, 23 Dec 2008 18:04:56 +0000

Photo by wwworks

The loan you obtain to buy a home may very well be the largest loan you take out in your lifetime. You need to choose your loan program, rate and terms wisely. It would be in your best interest to interview several lenders before selecting the mortgage professional you feel comfortable with and are confident that they have and will continue to explain the process to you from start to finish.

You should:

Know the total cost of your loan
Receive a Good Faith Estimate
Understand completely what the lender or broker is doing for you
Know what the broker is getting paid for helping you get a loan
Ask any and all questions you have about the process and not sign a thing until you are 100% certain you understand

There are many resources available to you that will help you in making the best decision when choosing a home loan. Ask your real estate professional or visit the HUD home buying page for additional information.

Choose you mortgage program and lender wisely and the home buying process will go a lot smoother for you.

Make sure you can afford the payment

admin — Sun, 21 Dec 2008 20:51:28 +0000

One thing is for certain, many people who own a home in this country are now realizing that they cannot afford the mortgage payment. Record foreclosures throughout the country are partially a result of payments being too high initially or the mortgage payment increasing significantly at some point during the mortgage term.

Before you ever step foot into a house you are thinking of buying you should know;

What your monthly payment should be based on your income.
What price range of homes should you be viewing in order to stay within desired monthly payment.

Do the research first, talk to several lenders. Make sure you are 100% confident that the home you buy and fall in love with is the home you will be able to afford for years to come.

Good Faith Estimate helps buyers understand their mortgage

admin — Sun, 21 Dec 2008 20:34:44 +0000

Mortgage lenders and brokers are required by law to provide a buyer with a good faith estimate when the buyer is applying for a home loan. HUD is requiring that this estimate be easy for the buyer to read and provide clear answers to the questions the borrower may have regarding the mortgage. The good faith estimate should help borrowers understand:

The term of the loan.
Is the interest rate fixed or adjustable.
Will there be a pre-payment penalty?
Will there be a baloon payment due?
What are the closing costs?

Make sure you receive a good faith estimate before signing on the bottom line when applying for a mortgage.

Sample Good Faith Estimate