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First and foremost educate yourself. Use your state's local housing authority for free seminars in the steps of a home purchase and learning about financing is key. You need to have a good sense of your income and the amount of money you can afford for the costs of ownership: mortgage, insurance, taxes and repairs. Once you have the basic real estate knowledge, you can make better choices in choosing your mortgage lender as well as your real estate agent.
Choose a lender and get preapproved for an amount that they would lend you for a house. Many times you are approved for more of a loan than you can afford to pay monthly, so be cautious about your price range when you are looking. Being preapproved will make the offer and sale process go smoother than if you are trying to buy and apply for a loan at once. You may need several thousand dollars to pay for the application, prorated insurance and taxes, title insurance, termite inspection, home inspection as well as closing costs.
If you attend open houses, keep the preapproval and its amount to yourself. That realtor is not for you--they are the seller. If they know your top dollar, you may end up with less negotiating room.
Call a real estate agent. Remember that fees for his/her service are paid by the seller. If you are a first time buyer with no home, you pay the agent nothing. He/she splits the fee of the agent who is working with the seller of the home you will buy. A good agent can make appointments to see houses you have found as well as some that may not have hit the market yet. They are also good at navigating through all of the hoops if you choose a repo or short sale home. I have also heard that some agents are called "buyer's agents" meaning they have nothing to sell you; they only work with homebuyers so there is no conflict of interest with them trying to put you into a home where they represent the seller also.
When your title company calls and is ready for you to sign, make sure that you carefully read the form that shows all of the charges that you and the seller will pay. Check that items you have paid upfront and those that the seller should pay are correct. This document should come to you the day before signing. If it is incorrect, contact both the realtor and the title company.
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If you sell your home to a first time home buyer is there any tax break when you buy your next home?
There are currently no federal programs that allow for you to receive a tax credit based on the fact that you sold the home to a first time home buyer. You should check if there are any state programs available.
Where are the useful first time buyer mortgages?
There are many useful & unique aspects of the home buying process. The people who buy first home use first time buyer mortgages like the fha home loan they seek & complete in the buying process.
Do you need to be a qualified buyer to buy a home that the owner will carry?
Yes, for the most part, you will have to have some qualifying element.
When a potential buyer approaches a seller to buy materials from a seller its called?
A potential buyer is a potential customer. With that said, every effort should be made to the potential seller to accommodate the customer.
What is first time new buyer home loan?
A first time new home buyer loan is a loan that is specifically targeted to first time home buyers. Some advantages of a first time home buyer loan include lower down payments, lower interest and lower fees, depending on the company offering the product.
Is it only proper to buy a gift for the first time home buyer or every home they buy?
yes every home Buyer
If you sell your home to a first time home buyer is there any tax break when you buy your next home?
There are currently no federal programs that allow for you to receive a tax credit based on the fact that you sold the home to a first time home buyer. You should check if there are any state programs available.
What are some of the tips for buying a repossessed house?
When one looks to buy a repossessed home, he/she should show him/herself as a worthy buyer; thus he/she should seem eager to buy, and make it clear he/she can afford the property. The buyer should ask questions which pertain to the property he/she is looking to buy. The buyer will have to do a lot of digging for his/her questions to be answered honestly and without circumlocution, thus the buyer should be assertive but patient. It would also be smart to figure out the actual value of the property, and the costs of repair services and fixtures/changes.
Is it acceptable to use more than one Realtor when looking for a home to buy?
In the end of of them will have worked for nothing... A buyer and seller should have separate agents.
When a home with a fireplace is sold does the buyer have a claim on a wood stove insert when the seller claims the insert as personal property?
if that is necessary for fire place.. than seller has to give it to the buyer...or buy another one. Just like we buy a jacket than the buttons, zipper should be there in order to function...
If you are an equal owner of a home with two other people and they refinance the house to buy you out who should pay for closing costs?
Usually the buyer pays all costs related to the purchase.
Do you qualify for first time home buyer if you bought from parents?
No you cannot take the credit when you buy your home from a close relative. This includes your parents.
Where are the useful first time buyer mortgages?
There are many useful & unique aspects of the home buying process. The people who buy first home use first time buyer mortgages like the fha home loan they seek & complete in the buying process.
Do you need to be a qualified buyer to buy a home that the owner will carry?
Yes, for the most part, you will have to have some qualifying element.
Will my living expenditure go up or down as a first time home buyer?
The living expense should be higher when you first buy a home (first few years). However, since home ownership is a long term investment, it will save you money in the long run.
What are the release dates for House Hunters - 1999 Buyer Has Five Days to Buy Her Home and Move from New Orleans to Fresno 63-5?
House Hunters - 1999 Buyer Has Five Days to Buy Her Home and Move from New Orleans to Fresno 63-5 was released on: USA: 11 June 2012
Compare between an actual buyer & a potential buyer?
A potential buyer is someone who MIGHT buy something. It is not yet determined that he/she will purchase. On the other hand, an actual buyer is someone who WILL buy something. There is an assurance that he/she will purchase.
