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What questions should a first-time home buyer ask during the open houses or home showings?
Buying a home can be a daunting experience. Here is some advice from Answers.com contributors on what to ask/do during home showings:
- You can ask whatever you want, but they don't necessarily have to tell you the truth. Open Houses are a great way to see a house, not a great way to get info on it. Remember that in most states the real estate agent at an open house works for the seller. Usually you have the right to be represented by your own agent, and that's the person you should direct your questions to. It doesn't cost any more. Your agent has a reason to give you accurate information and help you find a good house.
- First of all, you need to talk to at least 3 mortgage companies BEFORE you start looking for houses to discuss rates and estimated payments. It's always better to have an idea of what you can afford. There are also online payment estimators. In my experience, banks will preapprove you for more than you can really afford once you add in insurance and taxes. While it's fun to go look at million dollar homes, it will do nothing but frustrate you if you can't get a loan for even a quarter million dollar home. Yes, an agent can contact a mortgage company for you. Banks and credit unions usually have lower fees and commissions, though.
- You should ask the sellers any and all questions that you may have regarding the foundation and any problems with the house. Ask about anything that concerns you but remember that unless you put it in writing as part of your offer the answer is not legally binding upon the seller. If the seller completes a seller's property condition report then you should have it written into the offer that the seller's property condition report survives the closing of the purchase & sale.
- Ask the seller: What do you like most about the property and what do you like least about the property? Sellers will almost always lie when responding to this question, and it will give you a feel that there are issues relating to the property that the seller is concealing. Sometimes the seller give you a totally honest answer and even tell you what he or she don't like with the property. TRY to listen carefully to the seller, because sellers like to talk a lot about their property and in the process disclose more information than their broker would like them to.
- Go into all closets and cabinets and look up at the sealing for fresh paint or brown spots, which is evidence of roof leaks. Flush toilets and turn on faucets which will reveal evidence of plumbing or septic issues etc.
- After going through two property buying experiences I discovered that it is pretty difficult to find Realtors and Mortgage Brokers that are truly looking out for your well being 100%. Problems, such as city liens and delinquent personal property tax (missed by a title search) that a Realtor should know and address or informed us about, we found out a month or close to a year after owning the property.
- An open house is more or less for the agent to gather leads. When you are shown a house and it is not YOUR agent be aware as with the above answer that they are not looking out for your best interest. It is always best to find a buyer agent. They will look out for your best interest. They will remember anything you say about how much you are preapproved for.
- DO NOT CALL every agent listed on each house you are interested in looking at. Real Estate agents work on commission only. It is a waste of your time and theirs to come out to show you a house and then you sign with another agent. Yes, the agents are paid after closing, and the check given to their broker for their cut. Many people in the general public don't realize this. Would you want to work for nothing?
- I highly recommend getting a buyer agent to show you any homes you are interested in. They may also help search for homes that fit your needs. The agent will ask you questions, talk with your mortgage company and get the seller's disclosure for you. If you are a first time home buyer, there are many advantages to having someone guide you through it. Once you have an agent and you want to go to an open house, take the opportunity to do it. Be sure you tell the agent holding the open house that you do have an agent and will be calling them if you like it.
- You should find yourself a buyers agent to solely represent your interests, get referrals to 2 or 3 lenders and arrange your loan. Then have your agent search for property that matches the properties in your price range. Alternatively, you can research homes on the Internet for your agent to arrange visits to. It's a good idea to always use your agent to communicate to the sellers agent or to the seller. Don't go to an open house and express your interests to the other agent, they will want you to use their services. And when one agent represents both the buyer and seller there is an obvious fiduciary conflict on who the agent should be more loyal to.
- Although one might be scared by the thought of a fiduciary conflict, the issues of conflict in representing both the seller and buyer on a price negotiation is worse. Also, if you do not have a buyer's agent giving you detailed advice on what has sold in the area in similar properties, you may overpay, not realizing the home is overpriced.
- In Massachusetts, and perhaps other states, the agent holding the open house is working for the seller. If you ask that person to help you with the process and write up the offer, that person is still working for the seller, and is only assisting you with it, but does not represent you. Only if you sign something saying that person is your buyer's agent does that person work for you. In Massachusetts, if they are working for both, they are a dual agent. If the person helping you is a seller's agent, he/she can tell the seller any information about you that you tell, including personal and financial info, and that can be to your disadvantage in negotiations, and that person's purpose is to get the most money out of you to give to the seller. If you already have a buyer's agent and you enter an open house, put your agent's name on the sign in sheet, and perhaps give the agent the card of your buyer's agent. If you wish to make an offer, the seller's agent can then cooperate with your buyer's agent. The commission percentage is decided when the seller lists the property. If the seller's agent also handles the offer, the seller's company gets the whole commission. It is not less because it is handled by one company. If there is a buyer agent, the commission, same amount, gets divided between the two companies.
- I would ask: when was the gas boiler last serviced and has it been regularly serviced tested, if there are trees overhanging the gardens, fences and gates, who is responsible for maintenance and pruning, look at the exterior gutters and fashia boards - when were these painted if at all, how old is the gas fired boiler, and consider if it may need replacing, if there have been replacement double glaze windows, are these still under guarantee.
- The first thing you should ask when you are going to buy your own house or property and also you are just a first time home buyer is about the safety of the place, then next ask if the house already undergone on home inspection, then you need to ask also about the possible calamities that the house already experienced and of course do not forget to ask about the contract and price whenever you are decided to get the place.
- If you are looking at a distressed home (repossessed or short sale) ask for an amount of repair money to be included to cover electrical, water heater, furnace, stove and roof deficiencies. Otherwise once the offer is accepted, you may be in a bind if your mortgage company will not give you a loan if the house has appraisal issues and the bank or FNMA will not repair them. Really, this is not for cosmetic issues, but rather house systems.
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Tax Credit to Aid First-Time Homebuyers If you were a first-time homebuyer in 2008, you should know about and begin to plan for a new tax credit that was recently put i…nto place. Some details of the credit include: * The tax credit is applicable to taxpayers who purchased homes after April 8, 2008, and before July 1, 2009. * The First Time Homebuyer tax credit will reduce the taxpayer's tax bill or will increase their refund, dollar for dollar. * The homebuyer tax credit will be paid to eligible taxpayers even if they don't owe any tax or the credit is more than what they owe. * This tax credit works almost like an interest-free loan in that it has to be paid back over a 15-year period.
The tax credit for 2009 ends November 30, 2009 - your transaction must close by that date in order to qualify for the credit. Currently, there is no official continuance of t…he credit. There are rumors that it will be continued into 2010, but no confirmation from the government yet. For more Real Estate info/stats/fun facts, visit my blog at www.wordpress.com/thomsonteam.
As a home buyer you should consider the following: What is the best quality of dwelling available that is still within my budget?Do you want move in condition or are you will…ing to make upgrades at your own expense?What is the condition of the dwelling and how much will repairs or upgrades cost?Will the home retain value and have good prospects for resale?Is the area on its way up or down? Do I want a bigger and better home in a cheaper area or a smaller home in a more affluent region? Will the home be big enough for the family we intend to have or will we have to move to a larger place at some point? How much time am I willing to spend traveling to and from work each day? What is the quality of the school system and how will my children get to school? How far away are the shopping facilities, banks, parks, libraries, restaurants, public transit, etc? Do I want a special play area for my children or outside activities or gardening? How much yard do I need? Must there be parking for one, two, or three cars? What are the family's favorite leisure activities and how far away are they? Would a densely populated neighborhood be desirable? Where does my extended family live? My close friends? How far away from them am I willing to be?
There are many tips for first time home buyers. First, make sure you have a down payment and are approved for a mortgage. Then find a real estate agent to help you locate yo…ur dream house. Remember, do not look at cosmetic things, walls can be painted, rugs can be removed, it is more important to have a good location, school system, and a home that will pass inspection.
There are a number of tips for first-time home buyers. This includes talking to people who have purchased homes and learning about the process, making a large down-payment, an…d looking at the budget and what is affordable.
Answer Yes, and no they do not need be on the title. But remember if you borrow money from the the cosigner make sure to get clear gift allotment numbers a…nd make sure to find out asap if the bank needs the money to be aged or not. Answer yes!
what was the average age of a first time home buyer i n 1999
1. Get a home inspection. 2. Watch for unreasonable balloon payment terms. 3. Get a reasonable fixed finance rate. 4. Do title search to make sure you are paying t…he "real" owner for the property. 5. Have an attorney review the sales contract. Note: these are minimum "Must-Dos"
If your credit score is 588 make 70K and your a first time buyer should you wait to increase your score before purchasing a home?
Generally, you should work to improve your credit score whether buying a home or not. Other factors can/should weigh in here, such as the market (good time to buy now), …programs such as the First-Time Homebuyers credit (currently in effect, it is $8,000 if you are below $75K individual income) which you might be able to use as a downpayment, any other downpayment money you could use, good reputation or history at your institution such as Credit Union, and Credit Unions typically allow lower down payments, along with FHA loans which are worth checking into. Your recent debt/credit is also a factor, if no larger loans recently this will look better for you. The main thing is if you can get approval/financing, and can afford it, have the down payment, and can find a good property with a motivated seller... meaning if all the elements are there and you get a loan, you should do it. Find out. If you don't get approval, then you will know what you have to do. Either way, you can work toward improving the score.
There are definitely a lot of programs available for those interested in receiving a home loan, especially for a first time home buyer. The best advice I can give is to find a… mortgage company that you can trust and has an established reputation. I would suggest a mortgage company that is part of the LendRIGHT program (which represents the top 3% of community lenders in the United States). I would also recommend that the company you choose be a direct lender as well. These mortgage companies can offer programs and services that others cant; like direct in-house underwritten, FHA refinance programs, FHA 203K renovation loans, USDA rural housing loans, VA home loans, reverse mortgages, and other mortgage refinancing programs.
It is unlikely that there is a money give-away program like the one that existed for minority home buyers during the Bush administration, that triggered the predatory lending …crisis. However, you need to do some research on your own to determine what home buying assistance may be available in your area. In some cases, a second time home buyer can obtain first time home buyer status. Contact your town or county offices and ask for the home loan assistance programs. You should contact your state's housing finance agency. Many municipalities offer limited amount mortgage loans with a payback schedule that decreases each year the the homeowner resides in the home. There is often no payback due after 7-10 years. There are interest free loans available for certain borrowers in certain areas from a variety of initiatives by state and local housing authorities. There may also be grant money available. For people who make enough to afford the mortgage payments but not to save up a down payment there is money available from the many types of down payment assistance programs, available through state and local housing agencies. You may be able to obtain more information from a good real estate agency or the mortgage officer at a local bank.
Sorry for the one-liner question, did not know how to add all the details in the question itself. Here they are: We purchased out first home on October 15th; we file under mar…ried filing jointly status, and our combined income is above the 150,000$ limit (that was in effect before Nov 6 2009) but below the 225,000$ limit (for home purchased after Nov 6 2009). Do you know if there is any way I can claim any tax credit for our home purchase? Not knowing that congress was going to increase the income limit for the second tax credit extension, I decided to go ahead with house closing on Oct 15th w/o waiting for the new extension to start, now it just seems a bit unfair that I cannot get any tax credit just because I purchased the house 3 weeks before Nov 6th!
Interest rates for first time home buyers mortgages will vary depending on many factors. Such factors include current debt, employment status and the term of the mortgage. Fir…st time home buyers will tend to see interest rates of 5 - 10 percent plus prime. So depending on what the prime lending rate is, anywhere usually from 7 to 13 percent.
There is information available on the internet that suggests that first time buyers with bad credit need not worry about their bad credit causing issues as they may be a good …candidate for a federal mortgage payment plan.
Most non-private banks offer first home buyer loans. The Department of Housing and Urban Development offers information on first time home buying and the particulars of who a …bank will deal with such loans.
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.
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