ARCHIVED BLOG POSTS
2007
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Buying Your Home - Insurance What kind of home insurance should I get? A standard homeowners policy protects against fire, lightning, wind, storms, hail, explosions, riots, aircraft wrecks, vehicle crashes, smoke, vandalism, theft, breaking glass, falling objects, weight of snow or sleet, collap...
10/19/2007
How do I find a home inspector? In order to find a home inspector, Dian Hymer, author of "Buying and Selling a Home A Complete Guide," Chronicle Books, San Francisco; 1994, advises looking for someone with demonstrable qualifications. "Ideally, the general inspector you select should be either a...
10/19/2007
Buying Your Home - Home Inspections & Warranties Do I need a home inspection? Yes. Buying a home "as is" is a risky proposition. Major repairs on homes can amount to thousands of dollars. Plumbing, electrical and roof problems represent significant and complex systems that are expensive to fix. ...
10/19/2007
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What are problems buying foreclosures? Buying directly at a legal foreclosure sale is risky and dangerous. It is strictly caveat emptor ("Let the buyer beware"). The process has many disadvantages. There is no financing; you need cash and lots of it. The title needs to be checked before the purc...
10/19/2007
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Where can you find foreclosed HUD homes? The U.S. Department of Housing and Urban Development acquires properties from lenders who foreclose on mortgages insured by HUD. These properties are available for sale to both homeowner-occupants and investors. You can only buy HUD-owned properties throu...
10/19/2007
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Where can you find foreclosures? In most states, a foreclosure notice must be published in the legal notices section of a local newspaper where the property is located or in the nearest city. Also, foreclosure notices are usually posted on the property itself and somewhere in the city where the ...
10/19/2007
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Can I get a HUD home for as little as $100 down? If you are strapped for cash and looking for a bargain, you may be able to buy a foreclosure property acquired by the U.S. Department of Housing and Urban Development for as little as $100 down. With HUD foreclosures, down payments vary depending ...
10/19/2007
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What types of foreclosure are there? Judicial foreclosure action is a proceeding in which a mortgagee, a trustee or another lienholder on property requests a court- supervised sale of the property to cover the unpaid balance of a delinquent debt. Nonjudicial foreclosure is the process of sellin...
10/19/2007
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Buying Your Home - Foreclosures Do you have to buy HUD homes through a realty agent? You can only purchase a U.S. Department of Housing and Urban Development property through a licensed real estate broker. HUD will pay the broker's commission up to 6 percent of the sales price. Are foreclosures ...
10/19/2007
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Buying Your Home - Lease Options What is a lease option? When a renter signs a lease with an option to purchase a property for a specific price within a certain time frame, that is called a lease option. In most lease-option situations, a portion of the rent is applied to a future down payment. ...
10/19/2007