At this point, you set your budget, got prequalified, went house hunting, and successfully negotiated an agreement on your first house! The next step is to investigate everything we can about the house to make sure it is in acceptable condition. Inspections It is up ... (Read more)
In Part 5A of our First Time Home Buyer Series, we talked about bank owned properties, which are commonly called Foreclosures. In this installment, we will look at another type of "distressed property" - Short Sales. A short sale is when the seller is trying to sell the property for less than his mortgage balance. Therefore, he is "short" on his mortgage and is asking the bank to take a loss in ... (Read more)
In today's real estate market, everyone wants to know about foreclosures. These are the most common distressed properties, and they are usually associated with "getting a good deal". Distressed sales now make up a sizable chunk of the market, so it makes sense to be educated on these properties.When you hear someone say they bought a foreclosure, what they likely mean is that they bought a bank owned property. Foreclosure is the process in which the bank ... (Read more)
It's time to grab a coffee, load up into the Toyota Highlander (that's what I drive), and hit the streets! The day has finally come when you get to live out HGTV's show House Hunters. In Part 4 of our First Time Home Buyer Series, we will talk about what to expect when you start seeing houses in person, and a few tips to make your time more productive. What to Expect 1. Compromise Compromise! That's not a ... (Read more)
In the first two parts of this series, Personal Budget and Loan Prequalification, we examined your finances to help you determine if you can afford to purchase a home and if so, how much home you can afford.Now the fun begins! For most home buyers, looking for the right house is the best part of the process. You get to go into a variety of properties and try to envision yourself walking through the front door every day. It's a ... (Read more)
In Part 1 of our First Time Home Buyer Series, we talked about tracking your spending, saving for a down payment, and making a budget. In this installment, we will look at the next step, Loan Prequalification.What is loan prequalification?In the simplest terms, loan prequalification is the process in which you get pre-approved for a specific loan for a specific amount. This process is done with a lender like our lending partner Mark Daker at Fidelity Bank. You ... (Read more)
Most conversations about buying your first home start with money. Buyers ask "Can I afford to buy a house?" and if so, "How much house can I afford?" I always ask buyers to take one step back at this point. We can't answer the previous questions until you have a solid grasp on your current financial situation. You may have even spoken to a lender and found out that you are pre-qualified for a loan. However, ... (Read more)