buying a home: Don't Let Repairs Hinder A Good Transaction - 10/14/11 05:53 AM
To complete a successful real estate transaction, a series of events must take place. Buyer and seller have to agree on terms. The buyer must have the ability to purchase, and the seller has to be able to deliver the property. Often, during the purchase process, the home is inspected, and repair items need to be addressed. Although inspectors have been diligent in the past, the tight lending climate and challenging housing market, has made repair items a contentious issue.
Not only are buyers scrutinizing repair items, but lenders are becoming increasingly involved in requiring certain repairs are done prior to … (7 comments)

buying a home: Buying A Home At The End Of The Year Has Great Advantages - 11/29/10 10:22 AM
People often remark that the real estate market slows down in November and December. Although this may be true, I certainly believe winter is one of the better times to buy. Not only do I encourage end of year purchasing for clients, but I've done so twice, the latest of which was last year.
Using Leverage To Your Advantage
Sellers don't typically expect to get lots of showing activity in the winter months, and they certainly have lower expectations when it comes to offers. No matter the local market conditions, this later time of year, can make for a a strong buyers market. Although … (10 comments)

buying a home: Dare We Say, Good Real Estate News? 15 Year Mortgages, The Silver Lining - 09/04/10 05:20 AM
News of historically low mortgage interest rates is everywhere these days. Prior to the real estate meltdown, rates below 5% were typically achievable only through variable rate mortgages. Home buyers and investors gobbled them up. But similar to a game of musical chairs, when the music stopped, the low payments did as well, contributing to a group of homeowners who couldn't afford their loan.
The Beneficiaries
One of the few bright spots in the post apocalypse real estate market are very low interest rates. We hear the refrain "Rates are at a historical low point, yet consumers aren't buying." Well, that isn't neccassirly … (12 comments)

buying a home: Real Estate Transfer Fees? Capital Recovery Fees? - 08/28/10 08:43 AM
Real estate transfer fees, capital recovery fees, and re conveyance fees, are terms most consumers have never heard of. These fees are typically imposed on the sale or resale of a home, and were likely originated by a builder or developer to recover costs associated with building. These costs can include streets, sewers, and other infrastructure items.
Real estate transfer fees tend to range from one quarter of one percent of the sales price, to a full one percent of the sales prices. Furthermore, the fee will be charged every time the home changes hands for ninety nine years. More often … (1 comments)

buying a home: Is It Better To Rent A Home or Buy? - 08/27/10 07:23 AM
One of the most important questions people ask at some point is, is it better to rent or buy. The answer isn't immediate in all cases. For instance, during the last ten years of lending, the country has witnessed a great percentage of buyers who would not have qualified under historically established standards. There was an emphasis on home ownership, but not a priority if the home was affordable for the consumer. Furthermore, we live in an increasingly transient society, where renting is sometimes the better option.
But what about the person or family that can afford to purchase a home, and plan to … (4 comments)

buying a home: Is The Mortgage Interest Tax Deduction Middle Class Welfare? - 07/24/10 04:44 AM
That was a statement, made on a cable business show that I watched this morning. The debate stemmed from a report that the White House wants to overhaul the housing industry, in a long line of industries.
Can the government be successful in killing the mortgage interest deduction? My cynical side sees an overreaching government with the potential to get their hands on 100 billion dollars in taxes. When you look at municipalities in this economic climate, we are seeing an increase in traffic ticket collections, utility charges etc. What will the federal government do to feed their spending beast?
On the other … (6 comments)

buying a home: Reducing your debt - 06/19/10 12:17 PM
A financial channel I watch, asked millionaires what was the single most important factor to attaining wealth. The majority said not incurring large amounts of debt was the number one reason for their financial success. As with most things in life, it's sensible and simple, yet unique. Millions of Americans set a goal to pay off their credit card debt, yet few ever do. Is this one of your goal? With a lot of determination and a good plan, you can achieve the goal of taking control of your debt and credit. Here's how:
 
Get rid of the cards-
Well, don't cut … (2 comments)

buying a home: Do you go to inspections? - 06/01/10 07:54 AM
Every agent has a philosophy when it comes to attending inspections. Some attend every inspection, others none at all, and then there are the agents that fall somewhere in between. As we have mentioned before, the home buying process is daily for us, but rare for our clients. Most don't know an inspector, much less have several on speed dial. So they rely on us for us for such things.
My thoughts on inspections have always been to refer to my company's list (which includes seven inspection companies) and tell my clients they should interview a minimum of three, but of course I … (3 comments)

buying a home: Five questions to ask before you purchase a condo - 05/21/10 01:02 PM
Condominiums can be a nice alternative for buyers who want the benefits of ownership, without the upkeep of a single family home. But before we decide to dip our toes in the condo pool as it were, we must remember a few things to consider.
 
1. What is the status of the homeowners association? Although you aren't married to your fellow condiminium owners, bear in mind, the relationship is more close knit than in a subdivision of homeowners. Although one owns their real estate, there are common areas- such as heating systems, elevators and exterior items which are commonly owned. … (3 comments)