home buying information: WHAT IS TITLE INSURANCE? - 09/16/07 03:42 PM
One of the biggest purchases a family will ever make is their home. Title Insurance protects purchasers from obtaining something that is not legal to purchase or that might have other debts attached to it.
There are many situations that can surface. Governmental bodies, contractors, lenders, judgment creditors, and the IRS may have claim to a property, sometimes without the owner even being aware of it.
Sometimes a deed can surface that pre-dates public record, putting a title in question. All these situations will jeopardize the purchaser's rights to the property.
A title insurance policy provides the homeowner with coverage against such an occurrence. Title insurance could mean the difference between … (0 comments)

home buying information: Contingency Contracts and Kick-Out Clauses... - 09/16/07 03:11 PM
If you own a home and want to buy a new home but don't yet have your first house sold, you have the option of putting a contingency offer on the home you are trying to buy. This means that the home you are trying to buy can be held while you try to get your current home sold.
Contingency contracts usually only hold the house for a limited amount of time though, and in some cases, you might get bumped if another buyer shows up with a more substantial offer. Meaning no contingency, more cash or better credit. Although this is an option, it should be … (0 comments)

home buying information: AVOID COMMON PITFALLS, KNOW WHAT TO LOOK FOR... - 09/16/07 02:40 PM
Whether you are considering buying or selling a home, conduct a audit of property items. This could make all the difference in the world. Although not everything will require costly repairs, some just might, which is why it is important to be prepared.
Before you head out to look at homes or put your home on the market, check these items to ensure they are properly working:
• Look for settlement cracks on the wall, floor, or ceiling. Every home, at one time or another, will get a settlement crack, so if you find a few, there's no need to panic. However, if … (0 comments)

home buying information: SO YOU'VE DECIDED TO BUY A HOME... Part 5 - 09/16/07 11:48 AM
Closing the Deal
You found a home you want to purchase, you made an offer and it was accepted, it passed inspection and your option period has passed without any glitches.
Tip...If your closing date is near the end of the year, make sure to speak with your accountant . They may be able to identify future savings tied into owning a home, and might recommend a specific closing date for tax purposes.
Be sure to calculate and re-calculate all of your closing costs to avoid any surprises. Costs generally range between 2% and 7% percent of the purchase price of the home.
Prepare a walk through to ensure … (0 comments)

home buying information: SO YOU'VE DECIDED TO BUY A HOME... Part 4 - 09/16/07 11:27 AM
When You Find The House You Want To Call "Home"
It's time to prepare an offer. This is where you hope you've chosen a qualified agent. Your mutual goal should be to negotiate the lowest possible price in the shortest period of time, with the most favorable terms. An experienced agent will be able to help gauge a fair price and will negotiate with the seller and seller's agent for you.
Identify the maximum amount you can afford before you submit your offer, to keep you from going over your budget in the excitement. Ensure your offer is within your price range and … (0 comments)

home buying information: SO YOU'VE DECIDED TO BUY A HOME... Part 3 - 09/16/07 10:53 AM
Shopping For a Home
Here is when you decide how you want to proceed with this process. When purchasing a home, you often will not have to pay for an agent. This is generally the seller's responsibility. To help streamline the process of finding your perfect home, let an agent do the legwork for you. Really do your homework when selecting an agent though, you want to make sure you work with someone who has your best interest in mind and listens to you in determining where and for what you are looking.
When evaluating the homes that you like, have a … (0 comments)

home buying information: SO YOU'VE DECIDED TO BUY A HOME... Part 2 - 09/16/07 10:24 AM
The Next Step Is To Get Organized
Now it's time to gather key information and educate yourself. We suggest you check your credit rating to ensure that nothing negative is outstanding that could prevent you from obtaining a mortgage. This can be done by contacting one of the three largest credit bureaus: Trans Union Corp., Equifax, and Experian (formerly TRW).
Next, make sure that you have the loan capability for a mortgage. Contact a loan officer and get pre-approved. For those of you who don't know, getting pre-qualified and getting pre-approved are two different things.
For pre-approval, you will need to know:
• How much cash you have available … (0 comments)

home buying information: SO YOU'VE DECIDED TO BUY A HOME...Part 1 - 09/16/07 09:54 AM
When you are ready to purchase a home, identify what you want and why. Below are a couple of questions to answer, before you begin.
1. What are your future plans?
a. Do you anticipate on having a family, growing as a family or maybe reducing the size of your family with kids moving out? This will help you identify the type of house your desire and ensure your Realtor is aware of your needs.
2. Do you have enough cash for a down payment?
a. Get pre-qualified and identify how much you can afford to spend on a home and make sure you have enough money … (0 comments)


Christy Schleicher

Precious Memories - Dallas TX

Frisco, TX

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