Buy a House - 7 Steps to Home Ownership in 7 Weeks!
By Michael H. Allen
Buying a home is intimidating to most people simply because it’s a complex process we seldom do. So let’s boil it down to bite-sized chunks. It’s actually a straightforward sequence anyone can master to quickly reach their dream of home ownership.

1. Where NOT to start: Don’t commit to a Realtor right away. Most people, are stretching to have enough cash to close. Using a “Buyers Agent” will cost you 2%-3% more for the house and could keep you from affording one. So where should you start?

2. Where TO start: If possible, go look at new homes. Make no commitments, just look and ask lots of questions. DO NOT agree to use their mortgage company. Look at existing homes too. Call ONLY the listing agent for each house. DON’T ever discuss it with any other agent no matter how much they try to get you to.

Tell the listing agent you are not using a buyer’s agent and if you make an offer, you would reduce the offer price by 3% to compensate. They should be agreeable. If not, consider another house. DON’T let this agent show you other houses; they then become your buyer’s agent!

FACT: They will all tell you the seller pays their commission so it does not cost you. Baloney! EVERYTHING the seller “pays” is built in to your final price! Sellers want a net after sales costs. If commission cost is 3% less, they can take a 3% lower price from you and net the same. Simple! AND the listing agent & your mortgage company will still handle the contract stuff.

3. How much can I afford? If you buy a new home use the builder’s mortgage company. Saves you money & time. They will “pre-qualify” you & tell you how much you can spend. If not, get a local mortgage company. Preferably local branch of a national company.

If you are talking to several new home builders, qualify yourself first: Add all your monthly debt payments up, minimums only. Go to Realtor.com, Bankrate.com & search for mortgage calculators. Plug in your numbers to get the answer.

Best: On Realtor.com look up a local home listing & use the on-page calculator. Listing Realtor should have put tax & insurance estimates for that house in the calculator for you. You need these to get the total number.

4. Find your dream house: Search! Realtor.com, search engines, newspapers & their website’s, drive likely areas looking for. FACT: signs. Do all the above. Cross match results. When you find prospects online, drive area and look for others. I found several this way & helped a client buy one! Do same even if using a buyer’s agent for same reasons. Otherwise, you could miss the perfect one.

5. How to make the best deal? Put in the contract for seller to pay all closing costs that are negotiable and 3% or 6% towards your total closing expenses.(check with mortgage co. for their max %) Get “down payment assistance” program to help. Ask the mortgage company for it. This cuts your cash needed to tiny amount.

6.Inspect: Get an inspector who reports to you only! Go with him. Ask questions. You will learn a lot!

7. Close! Ask your loan officer & the Realtor to go with you. Check numbers on closing statement. If OK, sign the papers. They are non-negotiable anyway. This allows 2-3 weeks to find a house & work out the contract and 3-4 weeks to get the mortgage processed and ready to close. 7 weeks to your dream home! Woo-Hoo!

Get your FREE 5-part mini course showing how you can own a home in just 7 short weeks: http://easyhomebuyerstoolkit.com/welcome.html - Written by Michael Allen, THE authority on how to buy a house. AND For more free information on home buying, visit our Easy Homebuyer’s Toolkit BLOG
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Latest News On Home Buying

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Housing Push for Hispanics Spawns Wave of Foreclosures - Wall Street Journal Housing Push for Hispanics Spawns Wave of Foreclosures Wall Street Journal - 18 hours ago See how different districts break down in terms of prime and nonprime home loans. For years, immigrants to the US have viewed buying a home as the ultimate …

Home sales are up but prices are falling; who's buying houses? - San Jose Mercury News Home sales are up but prices are falling; who's buying houses? San Jose Mercury News,  USA - 11 hours ago That raises the question: Who's out there buying homes? Current home shoppers, experts say, generally fall into two camps: first-time home buyers and …

Planning a home buy? Do it in first 3 months of 2009 - Economic Times Planning a home buy? Do it in first 3 months of 2009 Economic Times, India - 16 hours ago NEW DELHI: If you had been flip-flopping over buying a home in 2008, then your best chance to get one at an attractive price is in the first three months of …

Mortgage Spreads Decline on Fed Buying - Wall Street Journal Blogs AFP Mortgage Spreads Decline on Fed Buying Wall Street Journal Blogs, NY - 3 hours ago … quickly as those indicated in the secondary market, and in addition, banks see the potential for lower home prices, and want to get paid for that risk. … Federal Reserve starts buying mortgage backed securities BloggingStocks Fed starts buying securities backed by housing agencies FinancialWeek (subscription) RPT-UPDATE 2-Fed buys MBS in latest unconventional move Reuters Financial Times - New York Times all 190 news articles

Buying a home much more affordable - Economic Times Buying a home much more affordable Economic Times, India - Jan 4, 2009 For the past few years, the desire among millions of middle-class Indians to own a home remained just a pipe-dream as soaring prices and builders' keenness …

How to come out ahead in the 2009 real estate market - ABC2 News How to come out ahead in the 2009 real estate market ABC2 News, MD - 2 hours ago This new economy has added some new wrinkles to home-buying and home-selling strategies, while reintroducing some of those old-school favorites like sound …

Buying a House - 12 Ways to Signal Your Real Estate Agent - Best Syndication Best Syndication Buying a House - 12 Ways to Signal Your Real Estate Agent Best Syndication, CA - 4 hours ago You can learn how to take advantage of your real estate agent's expertise before buying a house. You've probably heard home buyers routinely complain how … Real estate industry downsizes MaineToday.com Realtors face declining home sales Morning Sentinel all 4 news articles

Buying a home with nothing down is possible - Belleville News Democrat Buying a home with nothing down is possible Belleville News Democrat,  USA - Jan 2, 2009 Now, there are many who say if you haven't the discipline to save a down payment, then you probably shouldn't buy a home. I think I've said that myself …

A Palestinian family huddles together in Gaza City - Christian Science Monitor WELT ONLINE A Palestinian family huddles together in Gaza City Christian Science Monitor, MA - 6 hours ago At least three children were killed Monday when their home was struck. On Sunday, the grocery story was full of people. I asked one person why he was buying … Video: Palestinian Casualties Overwhelm Gaza Hospitals AssociatedPress Mohammed Dawwas: Life in Gaza: 'Hungry, freezing, and terrifying' Independent Day 9 of Israeli War On Gaza: Military Ground Operation Pacific Free Press Clanton Advertiser - Globe and Mail all 19,190 news articles

Exclusively on msnbc.com - MSNBC Exclusively on msnbc.com MSNBC - 9 hours ago For instance, should there be a guarantee of principal for people buying a home? SEN. REID: The, the reason we look at housing is not only for the people …

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9 Common refinancing mistakes
by M Petrone
It may be a good idea to refinance your current mortgage in search of a better mortgage loan rate. Just make sure you dont fall for the common mortgage loan refinancing mistakes many others have. The following article contains 9 common refinancing mistakes that are pretty commonplace, and how to avoid them when refinancing a mortgage.

Mistake #1 Not doing thorough research on lenders.

Most people are comfortable with their current bank or mortgage lender. This is a bad practice to become comfortable with. You should always shop around for the best rates. If you have a current mortgage lender you prefer you should still shop around and show them your offers and see if they will match, or better yet, beat it. Just like a big purchase, it pays to shop around. You will guarantee this way that you did get the best available mortgage refinancing rate you can. Also make sure to be aware that when you apply for the mortgage refinancing, even if its the same lender you currently use, you will need to re qualify for the loan.

Mistake #2 Know when you will start to break even after you refinance

When you decide its time to refinance your mortgage, I can almost promise you will have to pay closing costs. These costs could negate any or all savings you received through the refinancing, at least initially. Calculate the costs of the closing fees and your new refinanced mortgage rate and see when your break in period is. This is when you are done paying any closing costs that have been added in due to the refinancing.

Mistake #3 You have not received a Good Faith Estimate from your lender

Any potential mortgage lender should be able to provide you with something called a Good Faith Estimate. This is a estimate that covers the closing costs, any “hidden” fees, and any other fees associated with getting a mortgage refinance. This should be given to you within 3 business days but there is no reason your lender cant give you one earlier if you ask for it.

Mistake #4 The Assessed Value of Property should not be considered

The assessed value of property is determined by the local county tax assessor. Your loan amount will not be based on this assessors value. Your property will be valued using another approach called the, sales comparison approach, also known as the cost approach.

Mistake #5 Getting an appraisal for a home with low value

If you know that your home is not that valuable, you should not pay to have its value assessed. You should ask your mortgage lender to appraise your house for you using the AVM model (automated valuation model) this method uses other houses in the neighborhood to find a good average house price in any given area.

Mistake #6 Do not sign anything without properly reviewing it

Make sure to check, and double check all the loan documents before you sign them. Carefully, read all the terms and conditions of your possible loan before signing. If you can, ask for a copy of the loan documents a few days before the official signing so you can review them on your own time.

Mistake #7 Not providing the necessary documents in a timely manner.

Stop unnecessary delays in the closing process by having all the proper documents ready to submit when the lender asks you too. If you delay too long with this, the rates on your loan may go up by the time you are ready to sign.

Mistake #8 Not getting it in writing

Sure, there are trustworthy people in the mortgage lending industry, but surely when it comes to this much money, make sure everything is in writing. Often, your lender will give you an initial verbal agreement about your rates. Get him to put those on paper. If its not on paper, its not official.

Mistake #9 Using your heloc prior to refinancing

If you have taken out any kind of home equity loan of credit, for anything but home improvements or repairs, do not immediately apply for refinancing. You should wait at the minimum 6 months before approaching a mortgage lender about refinancing. This is the same as taking out more credit, and will be viewed as such when applying for the refinancing.

Making a mistake during the long refinancing process can cost you thousands of dollars, let alone time wasted. Make sure you do all the research you can before entering the mortgage refinancing world

-M Petrone http://www.refinancingcondo.com
About the Author
I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, industry inside happenings of the mortgage refinancing industry. For more articles on Mortgage Refinancing check out my blog.Refinancing FAQ & Advice
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Any links offering any products may or may not be the best in the world…caution should always be your best friend.
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Nationwide: No further cuts to tracker mortgage interest rates - 100 Mortgages BBC News Nationwide: No further cuts to tracker mortgage interest rates 100 Mortgages, UK - 14 hours ago Nationwide Building Society has said that it will not cut the interest rate on its tracker mortgage products any further, even if the Bank of England cut … Nationwide defies Alistair Darling on mortgage interest rate cuts Times Online Could interest rates go negative? BBC News Bank cuts to the chase on rates … and there's more to come guardian.co.uk Scotland on Sunday - MyFinances.co.uk all 310 news articles

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Banks’ ‘Catatonic Fear’ Means Consumers Don’t Get TARP Relief - Bloomberg Banks’ ‘Catatonic Fear’ Means Consumers Don’t Get TARP Relief Bloomberg - 13 hours ago While mortgage rates have declined, they haven’t fallen as fast as bank borrowing rates, meaning financial institutions are demanding more profit for every … • Money is here for banks to lend, but where are borrowers? MLive.com all 14 news articles

Falling mortgage rates draw interest from local homeowners - Las Cruces Sun-News Falling mortgage rates draw interest from local homeowners Las Cruces Sun-News, NM - 10 hours ago Here in the Las Cruces area, homeowner Joy Akers said she and her husband, Bob, have followed the news of falling interest rates and decided to refinance …

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Housing Push for Hispanics Spawns Wave of Foreclosures - Wall Street Journal Housing Push for Hispanics Spawns Wave of Foreclosures Wall Street Journal - 18 hours ago They complain that even solid borrowers were steered to those loans, which carry higher interest rates. In a written statement, Mr. Baca blamed the …

Bank of England urged to cut interest rates to 1% - guardian.co.uk stv.tv Bank of England urged to cut interest rates to 1% guardian.co.uk, UK - Jan 3, 2009 Businesses are urging the Bank of England to cut interest rates by a full percentage point on Thursday, and take immediate action to unblock frozen credit … Interest rate cut forecast as banks fail to deliver WalesOnline Bank feels rates pressure as house prices hit fresh low Independent Credit crunch to intensify, Bank of England warns Telegraph.co.uk WalesOnline - Telegraph.co.uk all 400 news articles

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Do Foreclosure Sales Negatively Influence Home Values?
By Glenn Rigdon
As a real estate appraiser I am often asked the question, “does the low sales price of the foreclosure or auction sale transacted in my neighborhood negatively influence the appraised value of my home?” It’s a difficult question to answer, especially when you are answering it to a woman on the phone with you who is already crying because she lost her entire life savings when she lost the equity in her home. Sadly the answer to that question is often yes. If the foreclosure or auction sale was a “market sale” that was not transacted under duress, it must be considered together with the other neighborhood home sales when the property is appraised.

Appraisers consider, however, the fact that some foreclosure and auction properties are in sub-standard condition. Many foreclosure and auction properties are in need of new paint, flooring, doors, pool repairs, roof repairs, new fixtures or they had some other deferred maintenance that will require a significant cash outlay by the buyer. It is reasonable for an appraiser to adjust a comparable sale upward if that sale was in need of repairs on its sale date.

As Las Vegas, Nevada appraisers and agents we have found that there are generally fewer foreclosure sales and fewer auction sales in neighborhoods where many of the properties were not sold to out-of-town investors. Investor rich neighborhoods have seen some of the highest foreclosure rates and have had some of the largest sales price decreases in the Las Vegas market. Thus, home price decreases can vary substantially from one subdivision to the next in Las Vegas simply based on the number of investor foreclosures and auctions sales.

A foreclosure property in your neighborhood can take several weeks to several months to sell, even when a ready, willing and able buyer presents an offer. Often there are two or more underlying mortgage holders who must approve a sale, and we have found that mortgage holders rarely accept the first offer made to them in short sale situations. Foreclosure sales can be even more damaging when a property appears to be falling in value as it is offered by the agents at an ever decreasing asking price in their attempt to secure offers for the bank. The longer that a foreclosure property remains on the market the more that it appears to the public and lenders that the home and / or the neighborhood is undesirable.

Thus, large sales price reductions notable for foreclosure and auction sales can cause a significant negative influence to your home appraisal, and thus to your homes value. Keep in mind that these generalizations may or may not apply to your specific situation.
Copyright 2008, Glenn J. Rigdon
http://www.horizonvillageappraisal.com
The author, Glenn J. Rigdon, BS, BSCS, MA, ASA is a Realtor, a commercial broker and a commercial appraiser with 30 years of experience working in the real estate industry. Mr. Rigdon has held the position of Economist with the Arizona State Land Department and Staff Specialist - Legal with the Nevada Department of Transportation. His office is located in Henderson, Nevada.
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Advice for renters if landlord faces foreclosure - Los Angeles Times Advice for renters if landlord faces foreclosure Los Angeles Times, CA - Jan 4, 2009 Unfortunately, that's just a fraction of renters facing the consequences of a landlord's foreclosure. Renters in large complexes are probably safe because … What is life like after foreclosure? Pittsburgh Post Gazette 2008 Year Of The Bailout Hartford Business all 13 news articles

Family Battles Cancer, Foreclosure - WJLA Family Battles Cancer, Foreclosure WJLA, DC - 3 hours ago The housing crisis is hitting many local families hard but for one Virginia family, a looming foreclosure is just the latest in a series of heartbreaking …

NC foreclosures jumped 9% in 2008 - Bizjournals.com NC foreclosures jumped 9% in 2008 Bizjournals.com, NC - 3 hours ago But the good news is that the rate of foreclosure has slowed in the past few months. Foreclosures dropped by 39 percent in November on a year-over-year … Foreclosures in NC skyrocketed to record levels in 2008 Asheville Citizen-Times Dallas Pre Foreclosure Specialist to Present Two January Classes … Prudent Press Agency (press release) all 7 news articles

Three Day Foreclosure Auction Sweeps Through Detroit, Enticing … - PR Newswire (press release) Three Day Foreclosure Auction Sweeps Through Detroit, Enticing … PR Newswire (press release), NY - 3 hours ago 5 /PRNewswire-USNewswire/ — In a crumbling housing market where home prices and interest rates keep dropping, foreclosure auctions offer buyers another …

County seeks funding to help homeowners avoid foreclosure - Cumberland Times-News County seeks funding to help homeowners avoid foreclosure Cumberland Times-News, MD - 19 hours ago The county is seeking $660000 to address abandoned and foreclosed homes in neighborhoods that have been impacted by foreclosure and subprime lending. … Foreclosure relief to target northeast, southwest YourHub.com County to receive funding for foreclosure relief YourHub.com all 3 news articles

Website Provides Foreclosure Help For Veterans - CBS 4 Website Provides Foreclosure Help For Veterans CBS 4, FL - 38 minutes ago Read more in our Privacy Policy AP Veterans who are in danger of foreclosure with their property now have a new program available to help them stay in their …

Foreclosure - Reckmo - Fergus Falls Daily Journal Foreclosure - Reckmo Fergus Falls Daily Journal, MN - 5 hours ago THE RIGHT TO VERIFICATION OF THE DEBT AND IDENTITY OF THE ORIGINAL CREDITOR WITHIN THE TIME PROVIDED BY LAW IS NOT AFFECTED BY THIS ACTION. …

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