Credit and the First Time Homebuyer

Spring and summer are typically busy times of the year for buying homes. For the first time buyer, the prospect of getting out of the renting world and actually having a home is exciting but also a little overwhelming. To make sure your experience is a positive one, we have pulled some important tips together for you. For starters, order a copy of your current credit report from the three main reporting agencies, which include TransUnion, Experian, and Equifax. The majority of credit reports contain some type of inaccurate information. Whether wrong address, incorrect account information, or having another person’s … Continue reading →

Contract Disclosures

In addition to the real estate contract setting out information pertaining to the price, financial contingencies, terms, and so on, it is also used for disclosures. For instance, let us say you were interested in buying a house. However, as you walk through, you notice a crack in the basement. Although after having the home inspected by a professional you find the crack is insignificant, the seller would likely want this listed in the contract so after the purchase, the buyer could not come back demanding it be fixed. Another important type of disclosure is the one pertaining to lead … Continue reading →

Escrow Responsibility

When buying or selling a home, you will have a number of people working for you to include the real estate agent, the lender, the home inspector, the appraiser, and the escrow agent. However, because the escrow agent has the responsibility of handling the deposit money and completing the escrow agreement, confidentiality is of the utmost importance. For starters, there is the retention of the money. In this case, the escrow agent would need to maintain any cash in a secure and locked safe, which would be accessible only by him or her and other authorized individuals. A reputable escrow … Continue reading →

Escrow – Licensed of Controlled?

In many states, the process of buying or selling a home includes the services of an escrow company. However, for most people, understanding the process of escrow is a bit confusing. Instead, what you commonly see is the buyer and seller placing their full trust in the real estate agent and lender to handle everything, which includes choosing an escrow company. The result is literally entrusting this company to keep your funds safely tucked away. In addition to safeguarding your funds, the escrow company is also responsible for ensuring all necessary instructions included to the real estate agreement are correct … Continue reading →

Comparing Escrow Fees Online

When buying a home, you will find yourself making tons of comparisons. In addition to comparing builders, land, paint, type of wood, mortgage loans, real estate agents, insurance premiums, and more, you will also find that you need to compare escrow fees. Unfortunately, many buyers believe that escrow fees are established by law. The result is the homebuyer does not add these fees into their search for costs associated with closing. In truth, escrow fees are usually not regulated by law or even by state statute. Instead, you will find these fees established by the actual escrow company. Typically, most … Continue reading →

FSBO – Advertising and Marketing

If you are thinking about selling your home without the assistance of a real estate agent or broker, you need to do everything possible to get the word out that the house is on the market. After all, if you were working with a realtor, he or she would list your home with the Multiple Listing Service (MLS), have open houses, and send out postcards or flyers to neighbors, and so on. However, by selling yourself, all of the advertising and marketing falls back on you. One excellent option is to use a website called HomeToursOnline.net. This virtual open house … Continue reading →

Finding the Right Architect and Builder

Building your own home is exciting and overwhelming all in one. If you have been weighing the odds of buying versus building and have determined that you can build, you need to find a good architect and/or builder. After all, buying opposed to building is very different with an entirely new set of rules. Although not intended, many people building a home find they have to stay more involved than they would like to keep the progress on schedule. For starters, never go with the first architect or builder you meet. That does not mean you would not go back … Continue reading →

Common Loan Types

One of the best things you can do when deciding to buy a home is understand your options for a mortgage loan. As you will discover in this article, each loan type is very different since people have different factors that come into play. Once you understand what each loan is, you will have a much better chance of knowing the direction in which you need to go. * FHA – An FHA loan is insured, not funded, by the Federal Housing Administration or FHA. This organization is a division of the United States Department of Housing and Urban Development, … Continue reading →

FSBO and Home Inspections

Okay, after months of consideration, you have finally decided to put your home on the market. However, instead of hiring a professional real estate agent or broker, you want to do it on your own to avoid the high cost of commission. For Sale by Owners or FSBO have become increasing popular over the years and for good reason. While a FSBO requires real hands-on dedication, it is a great solution for many people. Now, if you are a buyer looking to buy a FSBO, which ultimately can save you money too, you need to remember that you would not … Continue reading →

FSBO – Setting the Price

Although most people go through a real estate company when it comes time to sell, you also find people choosing a “For Sell by Owner” or FSBO. When using a realtor, he or she would conduct market analysis coupled with an overview of your home to set the price but when selling the house on your own you will need to set the price, which can be a little unnerving. Obviously, you want the best price possible but without pricing yourself out of the market. As a part of the price setting process, many factors come into play. For instance, … Continue reading →