first time home buyers: What Every First-Time Home Buyer Needs to Know - 06/17/11 02:52 PM
In the current market, first-time homebuyers have their work cut out for them.In the past, when the market was going up, first-time homebuyers’ main concern was finding a home—any home. Their secondary concerns were how to get financing for the home and the condition of the property. They knew that if they could purchase a home, they would make money down the line, regardless of the type of property they purchased. How the market has changed. Today’s first-time homebuyers need to go back to the basics. First, you need to ask yourself several questions:
Is my credit good enough to buy … (4 comments)
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first time home buyers: 7 Ways To Talk To Your Partner About Debt Before You're House Shopping - 03/07/11 08:58 AM
On the list of unromantic date ideas, talking to your boyfriend or girlfriend about debt is probably near the top. Still, if you're considering buying a home or moving in with your partner, the "debt talk" is one you should have sooner rather than later. Personal finance expert Liz Weston has great tips for taking that tough first step and starting the conversation about debt with your significant other. Her 7 points ensure that you and your partner will talk openly and get on the same page with your finances:
Understand where your partner is coming from Appreciate your partner's strengths … (1 comments)
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first time home buyers: 9 Things You Should Do To Get The Mortgage Of Your Dreams - 02/18/11 09:58 AM
Everyone knows it's harder than ever to get financing. One third of all borrowers don't qualify for mortgages. With tightening credit markets, lenders have become more selective about who qualifies.
So what can that one third of potential home buyers do to increase their chances of being approved? My colleague Sue Stewart of MortgageMatch.com has 27 years in the mortgage industry under her belt, and overseen all aspects of major mortgage banking operations for leading home builders and real estate brokerage firms.
She put together an excellent post with 9 steps that potential home buyers can take to increase their chances of being … (0 comments)
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first time home buyers: First Time Home Buyer Has Problems With Realtor - 05/05/10 01:47 PM
As a first time home buyer you are not obligated to sign any type of exclusive buyer's agent agreement. If you do sign this agreement make sure that you know how to terminate the contract if the Realtor is not living up to their end of the bargain.
Do not be afraid to ask questions before signing the contract. Is the contract between you and the buying agent or the brokerage firm? Every first time home buyer must make sure they understand the documents they sign, even if those documents are with a real estate agent or broker. For more … (3 comments)
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first time home buyers: Home Buyer Checklist for 2010 - 04/05/10 10:18 AM
Looking for a home in 2010? With so many factors to consider, wouldn't it be handy to have a checklist with you while on the search?
My best-selling book 100 Questions Every First Time Homebuyer Should Ask outlines many of the things covered in this list. Here's a glimpse at your home-buying checklist:
1. Understand the difference between what you want in a house, and what you need. Just because you want a house with five bedrooms, five bathrooms and a pizza oven in the outdoor kitchen, doesn’t mean you need all that. The concept is to get everything you absolutely … (4 comments)
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first time home buyers: Social Media Marketing For Home Builders and Real Estate Agents - 03/11/10 12:01 PM
Carol Flammer has a new book out called Social Media For Home Builders. Social networking is an important skill for home builders and other real estate professionals. More and more real estate brokers are using social networking and social media to find clients and close purchases and sales. You can learn an effective social networking strategy with her real estate advice. According to the latest research, more than 90 percent of all buyers start their search for a home online. About the same percentage of homeowners looking to refinance their mortgages do the same.
The Internet has proven itself to be … (0 comments)
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first time home buyers: Questions and Answers: $8000 First Time Home Buyer Tax Credit Extended and Expanded - 11/05/09 03:41 PM
With the extension and expansion of the $8000 first time home buyer tax credit, lots of our readers are happy. But some are rather angry. Some of the people that would have benefited from the expansion of the tax credit have purchased homes and won't get the benefit of the tax credit. Others want clarification to see if they will qualify for the "new and improved" home buyer tax credit.
Since Senate negotiators announced they had reached an agreement on extending and slightly expanding the $8,000 first-time home buyer tax credit, my inbox has been filling up with questions about the … (0 comments)
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first time home buyers: What Questions Do Buyers Need To Ask When Looking At A New Development? - 09/08/09 04:25 PM
Q: We’ve been looking at a new townhouse development and we keep going back, so I think my wife really likes it. The community we’re interested in is new community and not fully developed yet.
What do I need to know about this kind of property and what resources are there to help us be prepared home buyers if we decide to buy?
A: The questions you need to answer centers on what the new home property’s actual value is, whether the appraiser can prove their value to a lender and whether the new development that currently exists is sufficiently … (5 comments)
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first time home buyers: Exceptions To The $8,000 First Time Home Buyer Tax Credit -- Know The Rules - 08/17/09 11:20 AM
The $8000 first time home buyer tax credit is quite a bit of money. But you must meet all the guidelines and restrictions.
According to the IRS, you cannot take the $8000 first time home buyer tax credit, even if you buy a principal residence, if:
1. Your income exceeds the phase-out range. This means joint filers with modified adjusted gross income of $170,000 and above and other taxpayers with modified adjusted gross income of $95,000 and above.
2. You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
3. You stop … (4 comments)
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first time home buyers: Do You Need to Repay The $8,000 First Time Home Buyer Tax Credit? - 07/23/09 12:47 PM
Under what circumstances do you have to repay the $8,000 first time home buyer tax credit? If you bought your first home in 2008, you may have qualified for the $7,500 first time home buyer tax credit that has to be repair in equal $500 installments. But if you bought your home in 2009, you don't have to repay the $8,000 first time home buyer tax credit except in certain circumstances. Here are the rules for knowing when you have to repay the tax credit, so you don't run afoul of IRS rules. IRS Form 5405 First Time Home Buyer … (1 comments)
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first time home buyers: An Updated List of Home Buyer Closing Costs - 07/03/09 08:33 AM
We've just updated our list of home buyer closing costs. Over time, most home buyer closing costs have gone up, and since the housing crisis, mortgage lenders have added new fees on top of the old ones that were already fairly onerous.
One thing is certain: All these home buyer closing costs add up - it's just not cheap to buy a home.
Take a look at the 29 items on our newly updated list of home buyer closing costs. If you come across a new closing cost, please be sure to add a comment to the bottom so we can … (2 comments)
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first time home buyers: Before You Buy: What Do You Want And Need - 03/07/09 05:03 PM
Knowing Your Wants And Needs Helps Home Buyers Identify The Right House To Buy
Before you buy, you should figure out what you want in a home. What are your must-haves and deal-breakers when buying a home?
Creating a home buying wish list can also be a test for your relationship, if you're buying a home with a partner. Learn how to put together an effective list of your needs and wants for buying a home.
What makes a house worth buying? It goes back to the basics: Your wants and needs.
With so many homes for sale, it's easy … (0 comments)
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first time home buyers: Renting Beats Buying A Home In Short Term--Do You Agree? - 02/16/09 04:14 PM
When you're relocating your family for a short, set amount of time should you rent or buy a home?
In my opinion, and in light of the current housing market, I think it may be better to rent. You may not be able to recoup the costs of buying a home in a short time frame. When you're choosing between buying and renting think about where you're moving to and what kind of housing market is there.
Here's what happened to one ThinkGlink reader:
Question: We are looking at a probable transfer from Atlanta to Chicago. Part of the package … (2 comments)
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first time home buyers: Waiting for a Sign from Congress Before You Buy?: Home Buyers Could Get Tax Credit - 02/08/09 10:52 AM
Summary: If you're a first time home buyer or other home buyer you may be able to take a tax credit of $7,500 to $15,000 on your home purchase, if you live there for at least two years. Congressional leaders believe this tax credit for buying a home will help stimulate home sales and grow jobs. But what about real estate investors, who bought up many homes in the past several years? If the tax credits don't help them, will the country achieve an optimal level of home sales?
I receive hundreds of emails each week -- sometimes hundreds each day … (0 comments)
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first time home buyers: First Time Home Buyer Should Look Beyond Incentives - 02/06/09 02:55 PM
With the housing market in trouble, it may be tempting to buy a home solely on the basis of tax deductions and builder incentives. But a first time home buyer should look at factors beyond tax deductions and builder incentives including the neighborhood, whether the home will meet his needs and whether the home is in good repair. The incentives will then be an added bonus for the first time home buyer.
Q: My son is looking into purchasing a town home from a builder who has filed for bankruptcy. The development has not sold many units and therefore is … (1 comments)
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