first time home buyer: BUYING A HOME? I CAN HELP BUYERS MAKE A SMART DECISON! - 05/28/12 01:59 PM
BUYING A HOME SOON? You want to find the best home or property for your needs and to make the wisest investment possible. Lyn Sims understands the importance of this major purchase to you and has the essential knowledge to ensure your buying experience is a smooth and successful one!
Here's some great reasons why Lyn Sims can help:
Determine your buying power and criteria. Research available properties in your market via many resources such as the Multiple Listing Service (MLS) and a broad network of REALTORS - even if you are locating to another city. WE HAVE ALL THE PROPERTIES LISTED … (1 comments)
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first time home buyer: FHA Increases on the horizon for Buyers! - 03/06/12 04:50 PM
Homebuyers will be paying higher fees on mortgages backed by the FHA after the agency announced last week that it is hiking fees in an effort to bolster its reserves and encourage the return of private capital to the housing market. Since when is increasing fees a 'bolster' to the economy? Personally I feel this is not the time to penalize buyers for trying to buy a home despite the FHA's loses! Here is what is going to happen: Starting April 1, 2012 the FHA will increase its annual mortgage insurance premium for loans under $625,500, from 1.15 percent of the … (4 comments)
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first time home buyer: Schaumburg Homes - What types of financing did buyers use? - 01/14/12 07:30 PM
Schaumburg IL Homes - What types of financing was used? While compiling this year end report for 2011 the total sales in Schaumburg IL I noticed a few striking differences between Schaumburg single family homes and multi-family home sales.
Two completely different animals!
Depending on what type of property you have will figure into your buying or selling strategy. Types of financing that buyers use have different criteria and variables that sellers must pay attention too. On FHA purchases the home must have minimum standards to protect the buyer from unknown future mechanical breakdowns. When the appraisal is done on these … (5 comments)
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first time home buyer: FHA Loans plummet in the Chicago Area - 12/18/11 08:33 AM
FHA loans plummet in the Chicago Area is a recent article I saw that intrigued me. According to my statistics FHA loans are running a little behind conventional financing in the Northwest Suburban area but 36% overall is quite a dip. FHA a mortgage crutch? I think that phrase is somewhat jaded as we should be able to give buyers any and every type of financing to get them in a home in this market. I think this article doesn't recognize the major contributor is the MIP charges for FHA have increased immensely and possibly make conventional financing a better deal for buyers … (2 comments)
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first time home buyer: Survey shows Buyers tire of Short Sales - 10/03/11 02:26 PM
Survey shows buyers tire of Short Sales ........My response? Duh .... where have you been? I love these type of real estate related articles where the person offering up the data is not currently selling real estate and probably never has.Here's the report breakdown -
Short sales take 17 weeks to complete. 54.1% of Shorts in 11/2009 were 1st time buyers, now it's down to 39.7% in 8/2011. Short Sales generally sell at 27% lower than non-distressed properties. Always wonder where they get these numbers? First time buyers are making multiple offers on Short Sales to try and expedite the process … (11 comments)
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first time home buyer: Everyone has their fingers in my buyers wallet ..... - 08/04/11 04:56 PM
Everyone has their fingers in my buyers wallet ......I've got a recent deal going FHA where we switched from the standard FHA 203B to a 203K loan. To me it seemed pretty easy but I knew that the transfer would probably be a problem. Buyer took it all in stride because they really didn't understand what was going to happen to them next. Loan officer requests a 30 day extension. Hmmm, seems a little excessive asking for 30 days? I started to pop off angry emails asking what he'd done for the past 45 days that we needed another 30 day … (10 comments)
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first time home buyer: Schaumburg IL First Time Home Buyer Program - 03/22/11 02:39 PM
Schaumburg First Time Home Buyer Program Yes, it's true and I've used it with a Schaumburg buyer just last year. It was very easy to do and many first time buyers do not realize that this kind of help is available (neither do Realtors©). I'm living proof that the program exists and I've got one happy buyer that was grateful for the help. There are guidelines that you must qualify for and you must live in the property for 5 years.Schaumburg has identified in the Community Development Block Grant (CDBG) Program that a first time homebuyer's program is needed to increase … (5 comments)
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first time home buyer: Schaumburg IL Homes - What types of financing was used? - 02/24/11 07:05 PM
Schaumburg IL Homes - What types of financing was used? While investigating the total sales for each property type in Schaumburg IL I noticed a few striking differences between Schaumburg single family homes and multi-family home sales.
Depending on what type of property you have will figure into your buying or selling strategy. Types of financing that buyers use have different criteria and variables that sellers must pay attention too. On FHA purchases the home must have minimum standards to protect the buyer from unknown future mechanical breakdowns. When the appraisal is done on these properties the appraisers check the attic … (4 comments)
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first time home buyer: Look Mr. Buyer .... I'm not going to do it - 12/12/10 12:47 PM
Mr. Buyer .... I'm not going to do it I am currently working with an REO buyer and we have looked at many a house now that needs WAY too much work. Finally we happened upon just the right house and we made an offer. We submitted the offer to an unlocal REO team (national it says?) to present the offer to the bank. They tell me that the bank requires 5 to 7 business days to review the contract. That seems just about right but I was hoping for a response sooner never the less.The buyer has no patience, not … (8 comments)
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first time home buyer: 10 Reasons for Buying a Home in Today’s Market - 10/06/10 10:41 AM
In spite of the media, I believe that buying a home is still a good opportunity & investment. This excellent post by John Mulkey gives the reasons why.
If you are looking for a home in this market with plenty of opportunities and great rates, please give me a call.
Via John Mulkey, Housing Guru (TheHousingGuru.com):
I will begin by stating that I’m not a real estate agent and derive no income from real estate sales. The information provided is to help potential home buyers make the most prudent choices regarding the purchase of a home.
As a former home builder, … (6 comments)
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first time home buyer: The Chicken and the Egg of Real Estate - 10/02/10 11:16 AM
Why should you get preapproved as a Buyer? This is a great post that spells out the reasons why. Lenders have changed the rules and if you are a first time homebuyer - you don't even know the rules!
We're not being nosy, trying to jump the gun, trying to be pushy. It's just common sense to be sure we know what is affordable for you.
Sage advice from Cynthia Larsen in CA.
Via Cynthia Larsen - Sonoma County Real Estate Broker (707-332-2560 www.cynthialarsen.com):
The chicken and the egg. Which comes first? When a potential buyer calls and wants me to show … (4 comments)
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first time home buyer: Is there a minimum square footage requirement for a loan? - 09/26/10 10:44 AM
Interesting question brought up on my 'Smallest House' post about financing problems on this 'peanut' of a house (I mean cozy of course). Perrin Cornell brought up a point about lenders having a minimum square footage amount for a property. I had never heard of this but it's better to be proactive right?I started with email questions to all the lenders that I normally use. My fingers were setting fire to my computer keys!"The square footage on this house is only 580 are we going to have a problem? Is there such a thing as too small of a house to lend … (9 comments)
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first time home buyer: Newest Discrimination: PREGNANCY and Your Mortgage App - 08/14/10 11:11 AM
Schaumburg Home Buyers, IF you hear this ... get up and walk out of your loan application!
Can we say gender discrimination?
There are many great lenders who would not ask that question. Contact me to find out about a lender who would not subject you to this discrimination!
Via Erica Ramus - Realty Executives / Pottsville PA Real Estate:
I closed on a house today where the buyer was asked by BANK OF AMERICA about their future child plans! Not if the wife was pregnant now, but FUTURE plans.
This is a young couple moving from their first to second home. At the last … (0 comments)
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first time home buyer: Aren't All Lenders The Same? - 08/11/10 03:42 PM
All Lenders are not created equal! They don't even offer the same mortgage plans! I would love to refer you to someone that values my business referrals and gets you home you desire!
Via Stephanie Reynolds (AgentsOfPossibility.com, REALTOR, GRI, ePro at CMI, Inc. ):
Aren't All Lenders The Same?
A lot goes into your process when buying a home. It is a big event. Finding the right neighborhood, a great floor plan, the right number of bedrooms and of course, the right price! The purchase of a home will be one of the biggest investments you will make in your lifetime.
One of the primary details in any … (8 comments)
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first time home buyer: 7 Tips for Coming Up with Down Payment Money - 08/06/10 10:55 AM
LOOKING FOR DOWN PAYMENT HELP? Here's a great post that might give you suggestions to come up with some extra $$ for that home purchase you're planning. Be aware that there are MANYprograms to help homebuyers so if you would like to discuss them, please call or email me.
There are many communities or counties that offer help and there is only a certain amount allotted per year and some income requirements might apply.
Via Bo Kociuba (Keller Williams Realty-Yukon, OK):
Zero down loans are (almost) entirely a thing of the past. While many wanna-be buyers are tucking their down payment … (3 comments)
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first time home buyer: The Top 17 Features Generation Y Looks For When Buying A Home - 07/18/10 02:06 PM
What the new crop of buyers are looking for in today's homes. See if you agree with this list.
A thank you to Bea Fields in North Carolina.
Via Bea Fields (Bea Fields Companies, Inc. ):
I want to start this post by saying that, as with all demographics, not all Generation Y home buyers are going to want the following list in a home. But, the trends with this age group seems to be leaning in the direction for certain amenities and features when buying or renting a home.
I also will just add that as Generation Y begins to marry … (2 comments)
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first time home buyer: Schaumburg Homes - What's the results of the tax credit? - 07/04/10 08:36 AM
What's the results of the tax credit with Schaumburg Home Buyers? I've been waiting to write this update now for quite sometime on Schaumburg Home Sales and to be honest, it sure is a let down! Yep, anti-climactic end to the Home Buyers Tax Credit. Like a sharp object aimed at a balloon, it's a total fizzle (or as Snoop Dogg would say 'a total furrrschnizzle').The graph illustrates sales for single family and multi-family Schaumburg Homes from January to June 2010. With all the media hype, I would have expected better numbers. What I see here is the standard increases that we … (2 comments)
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first time home buyer: With Current Interest Rates This LOW .. Do Yourself a Favor and Make the Call! - 07/03/10 02:33 PM
Interest rates are really low! HONEST! They've truly never been better and yet there are people that are sitting on the fence doing nothing regarding their finances! Need advice? Pick up the phone & call to get your answers.
It's painless! Honest, there has never been better time to refinance or start out in your new home but you have to take that first step.
Scroll down to the right and I have a widget that tells you what the average rates are in IL everyday!
This is a great post from Gene Mundt a loan officer here in our area. … (0 comments)
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first time home buyer: Top 10 Sought After Home Features - 06/20/10 04:32 PM
Top 10 sought-after home features Survey reveals must-haves, turnoffs with house hunters.For real estate professionals trying to put their best foot forward, the results of a recent survey offer clues on how to make for-sale listings stand out. In May, an online brokerage company asked about 1,000 house hunters who registered on its site what their "must-haves" and "deal breakers" were for their future home purchase. While the survey found that house-hunting men and women tend to have different priorities when searching for a home, their preferences do overlap in some ways.Men and women's top 10 preferences were largely the same … (2 comments)
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first time home buyer: Ten Best Home Buyer Behavior Practices - 06/11/10 12:58 PM
This is a list of suggestions on how to form a working bond with your real estate agent. If you would like loyalty from them, I am sure they would like loyalty from you also.
This is a great post offering guidelines to new buyers or buyers getting reintroduced to today's marketplace. Enjoy this post from Carra Riley.
Via Carra Riley CRB, CRS, GRI (Carra Riley Inc.- Real Estate Consultant, Author, Speaker ):
Ten Best Buyer Behavior Practices
Many things we read in the blogosphere inspire creative writing ideas. I recently read a blog post about an agent who … (3 comments)
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