The Right Way of Buying Foreclosures Home

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The real estate industry is reshaping a new market as a result of the real estate bubble burst and the sub-prime mortgage problem.  We are now witness to the emergence of a new phenomenon called a foreclosures home.

Investors and homeowners who can pass the stringent requirements of financial institutions may consider investing on a foreclosures home.  There are a lot of properties that are on the FHA foreclosure listings we can consider as “best buys.”  Another thing to watch out for is the impending occurrence of a second wave of foreclosures; this time in the prime property sector.

Best Practices When Buying Foreclosures Home

Buyers can follow either of three routes in buying foreclosures home.  One option would be to transact directly from the homeowners before the real property is foreclosed by the mortgage lender.  This approach is referred to as pre-foreclosures.

Another approach is through auction. Prospective home buyers are required to bid the highest to purchase a foreclosures home.

The third one involves direct transaction with the real estate company.

Buying Through Pre-Foreclosure

Pre-foreclosures can be an attractive approach under the following circumstances.  Prospective home buyers must have the available equity to close out the deal with the present owner of the real estate property.  You should also have access to complete information appertaining to the property; particularly the title, the mortgage structure and liens.

The owner of the home gives up his rights to the property by signing a deed in your favor.  You are in effect assuming the mortgage along with the rights to the real estate property.  You also have to pay all back payments or mortgage payments that are over due.

The auction approach may vary depending on the state where auctions of a foreclosures home are held.  It is essential to note at this point that this approach carries the heaviest risk.  This method, however, may also yield the greatest benefits to the winning bidder, as he stands to gain as much as 40% out of the transaction.

The downside of this approach is that buyers will not be able to do a thorough inspection of the property prior to the auction.  Winning bidders also have to pay in cash.  In some instances, you may also encounter problems with former owners of the property refusing to vacate the house.  In addition, you may also compete with real estate investors who are out to cash in on the purchase through resale as well.

Buying directly from the real estate company entails lesser risks when it comes to the actual condition of what you are buying.  You are afforded ample time to inspect the property.  You can also demand for a clean title and also add a stipulation in the contract that it is subject to getting a mortgage.  Brokers usually handle the sale of foreclosures home in behalf of the banks.  This approach is the safest amongst the three approaches, however, the downside would refer to lesser gains from the purchase of the foreclosures home.

Selecting the right method in buying foreclosures home would depend on the goals and circumstances of the buyer.

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Home Selling Advice

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What do buyers need when they plan to buy a home? In fact, there are so many aspects one needs to consider. In the seller’s point of view, you should follow some home selling advice. Here are some advices for your success of selling home:

First, your should be an informative seller. You could put the “Home for Sale” in your front yard. Don’t forget to put your phone number on it, so a buyer can get contact you..
Second, your should put a reasonable price, valued by the physical price of your home, environment and location. The better location where your home is placed, the better price you can put. And the better physical condition of your home, better price should be granted. Don’t forget that a buyer needs an achievable price. So the process of the negotoation will determine it.

Third, correlated on physical condition of your home, your home curb appeal is the most important thing. You can do some works to improve appealing of your home exterior. Just to make it beautiful, tidy, and fresh. The color of your home is necceesary to be considered.

Fourth, get your buyer in the right mood by creating a cozy environment in your home. What do I mean by “cozy environment”?  Very important is  fresh air, clean environment, fresh odor, and the most important is a homelike sitation. Just make a buyer feel like in his own home sweet home.

Fifth, When you get down on the negotiation, your should learn how to make a great offer. The point is, you should be a great win-win negotiator. On the Internet there are many articles about how to be a great communicator and negotiator. Just follow the rules and tips.

Sixth, good presentation of your home selling can add great value to attract a buyer. Know your entire home and its contents, and present it to your buyer. Tell them how sweet your home is, how much you love it, your experience in your home, the great moments you have passed by etc. Just be a familiar and friendly seller that can give much impression to your buyer.

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How To Avoid The Most Common Mistakes Made When Buying A Home

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Buying a home is one of the most important and significant financial decisions that most people ever make. And because of the large sums of money that are involved, there are definite pitfalls and problems that you want to do your best to avoid as you make your decision.

One of the most common mistakes that many home buyers make is not getting pre-approved or pre-qualified for their mortgage loan in advance of starting their home shopping. As a result, if they put in an offer on a home at the same time that another prospective buyer makes an offer, and that buyer has been pre-qualified, the other buyer will almost always get the house because of having their financial arrangements already in order. So avoid this mistake by arranging for your mortgage loan in advance.

Another common mistake that is made is not enlisting the help of a qualified realtor in the home buying process. Buying a home these days is becoming more and more complex and involved. So having your own realtor who is looking out for your best interests and is knowledgeable about all the real estate requirements for your area can save a lot of headache and hassle.

Sometimes home buyers also rush into buying a home too soon. So its very important to take your time in the buying process, and not allow yourself to feel as if you are under pressure to buy a particular home quickly. New homes go on the market all the time, so be patient and you’ll be able to find a home you want, at the price you want, soon enough.

The opposite of that scenario can also be a big mistake. There are some home buyers who have such stringent requirements for their dream home, that they often pass up excellent homes that are very good bargains simply because their demands are unreasonably high. In a rising market, this can often cost them very dearly in the process. So although you may have very definite ideas about a home you would like to purchase, try to realize that some small compromises are usually necessary when buying a new home.

Sometimes home buyers get carried away emotionally and become attached to a home that is actually out of their price range too, and then saddle themselves with a huge debt that is difficult for them to pay. Most often financial institutions will help try to prevent such a situation, but buying restraint needs to start with the home buyer first. A good practice is never to even look at a home that falls outside of your affordable price range to begin with.

Whenever you are seriously looking at any home, be sure to inspect it thoroughly before you agree to the sale and sign the papers. It’s usually best to hire a quality home inspector on your own to go through the property and give you an unbiased assessment of its condition. If major problems are found, it can save you a lot of money by making this small investment.

One other common mistake that you want to avoid is not being aware of all restrictions that may be placed on your property by local zoning laws or homeowners associations. You may have specific plans for improving your property after the purchase, but you need to make sure that there are no restrictions on the plans that you have in mind before you buy.

These are some of the more common mistakes that homebuyers have made in the past that you can learn from. So before you buy your next home, review this list of tips and ideas to help make your home buying experience a successful one.

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Must Read Tips – What You Need To Know About Buying A Home

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The home buying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home!


But before going into the buying process you should first ask yourself if your are already ready for home buying.


Do you prefer or even enjoy moving into different places. Do you prefer using your savings for things like vacations, appliances, retirement or having your own business? Do you like to enjoy not having so much trouble with regular maintenance and repairs?


If your answers to these queries are yes, then you may not be ready to delve into the home buying experience. You may have a lot of good reasons for buying a home but you should also have to consider your reasons for not wanting to.


Remember than buying home is not just the biggest financial decision you will ever make but also the strongest emotional choice in your life, so be prepared to make wise decisions when you are in this process.


Buying home always seems to be a great idea, but it is important that ownership of a certain property comes with a great deal of responsibilities too.


Of course, being a homeowner is something to be proud of but it also means having to invest money, time and energy and take on added responsibilities. So, before you decide to buy a home, make sure you’re ready.


The first things that comes into our mind when we think about home owning, is the wonderful things that is connected to it. It is true that there are a lot of good reasons for buying a home. So here are some of the good advantages of home buying.


Financial security is a very great deal of advantage when it comes to owning your own home. If the housing prices would go up, your home can provide you with some financial security due to capital appreciation.


Flexibility is another thing, when owning your house you will be able to decide all the aspects that comes with it. You can decorate or renovate your home to meet your own family’s personal tastes and needs.


And of course stability, having your own home will make you feel at ease and less burden than renting one.


Although it is really nice to think about the positive aspects of owning a home, it is also a crucial part to consider the downsides as well. Here are some of the disadvantages on home buying.

Financial Stress is a very common problem in home buying. Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances.


Maintenance and Higher Costs are also a big problem. Keeping your home in good shape requires time and money.


You may pay more each month for housing than you did as a renter. There are also extra costs for maintenance and property taxes.


So, you’ve decided that homeownership is right for you. Now you need to determine if you are financially ready to buy a house.


To avoid any future surprises, you can do some financial exercises to see where you stand. They include: calculating your net worth, your current monthly expenses and your current monthly debt payments.


Knowing your net worth is important because you will need this information when you discuss a mortgage with your lender.


Your net worth is the amount left over once you’ve subtracted your total liabilities from your total assets. It will also give you a snapshot of your current financial situation and show you how much you can afford to put as a down payment.


Just remember all this notes and surely you will be able to arrive at some very good decisions in home buying. Do not rush into home buying, take some time to think and view the property first before closing a deal.


Closing day is the when you finally have bought your home; you now take legal possession and finally get to call your new home your own. You are sure to feel great relief and satisfaction but remember that the home buying process isn’t over just yet. There are quite a few things that need to be done on closing day.


Make sure that your lender will provide the mortgage money to your lawyer. You must provide the balance of the purchase price to your lawyer along with the closing costs. Your lawyer pays the vendor, registers the home in your name, and provides you with a deed and the keys to your new home.

Free for sale by owner listings – sell your house for free – You can also search our database of family homes for sale by owner or read a selection of real estate articles and information at Home-Sale.com.au

Common Home Buying Mistakes

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In thinking about life’s most rewarding experiences, buying your first home ranks right near the top of the list. For this reason buying a home should be a memorable event, but for the right reasons. When it comes to home purchases many people have the tendency to lead with their hearts and that can cause some definite troubles. In this article we are going to explore some of the more common home buying mistakes and how the average buyer can avoid them and other purchasing pitfalls. Planning is really the bottom line in major purchases. If you take the time to plan every step of the process then there should be no unpleasant surprises or unexpected crises. If this is your first time buying then it’s a good idea to get some advice from an experienced buyer as well as from your agent. The more info you have the better.

Alright, let’s start looking at some common buying mistakes. One of the most common is over-excited buying or impulse buying. Keep in mind that there are a lot of homes out there so you don’t have to buy the first home you look at. consider your options and don’t jump at a home simply because you like the first thing you see. How can you know that this is the home for you if you have not seen others yet? Buying a home is indeed an exciting time but you need to keep your head on as there is a lot of money involved in this. On the other side of the equation, don’t ever “settle” for a home when there are better options available. They may require a bit more money but you still have to be happy with the home you have purchased and “settling” for a home is not going to lead to happiness.

Another common mistake is purchasing too much home. This can easily get a new home owner into a disastrous situation where they cannot afford to make the payments on the home and you can see what the final outcome of this will be. Once again, careful planning is the best deterrent for this kind of situation. Coming to terms with your financial situation previous to purchasing the home is also a necessity. Be realistic about your ability to pay the bills and the mortgage and have money left over for life’s other little necessities such as food.

Craig Gleason is a lifelong resident of the Chautauqua Lake area. Craig and his wife Nancy are realtors who specialize in Chautauqua Lake real estate and properties in the Chautauqua Lake area. For more information on this amazing areas homes, contact Craig & Nancy today or visit us online at http://www.chautauquarealestate.com/

Steps To Getting A Mortgage And Buying A Home – Part 2

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Buying a new home is not just about researching mortgages and applying for mortgages, theres the important step of moving in. As you read this article, you will find out about the crucial phase of actually buying a home and moving into your new home.


In this buying a home article, you will learn:

* About the negotiation of buying a home

* What does a solicitor do in the process of buying a home

* Property valuation and surveying

* Completing the mortgage application


About the negotiation of buying a home:

The negotiation process is one which for the first time home buyer, is not one which you are likely to excel at. Negotiation is an art which some people have learned to master, while others who are new to negotiation do not always get the best deals.


The dynamics of the negation is this: the home owner has a property, and wants to get the most money he or she can. You are a potential buyer, and want to get the lowest price possible. The degree that you are a better negotiator will determine how lower you buy the property for, and the more skilled the existing home owner in the art of negotiation, will determine how much more he manages to get out of the deal.


The last paragraph may make you think whether you can really get the best prices for the property. However, there is a way to make life easier when negotiating, and that is with a bit of research.


To be able to get the best price a suggestion is to look at similar style properties in the area you are thinking to buy a home in and look at the prices. That way, you can make sure that you are getting the real estate at least at the market value or around there.


What does a solicitor do in the process of buying a home:

After you have found your new home to buy and started the negotiation process, you can now look to finding a solicitor. A solicitor will help you with all the paperwork necessary in the process of buying a home. Some people have mixed views at this point, some like to apply for the mortgage, while others like to appoint the solicitor first.


Appointing the solicitor in the beginning can save a lot of hassle later on in the process of buying your new home. Now you can apply for the mortgage.


Property valuation and surveying:

Even though properties in the area may have a similar price, there are some things we do not know about the property. Is there any structural damage? Are there any unseen expenses, which is why the seller is planning to sell?


The property valuation and surveying will bring out how much the property is worth. Before a mortgage lender will agree to give you a mortgage, they will need the valuation and surveying done on the property. The real estate professional fees for valuation and surveying vary, and again research can help you find the best prices.


Completing the mortgage application:

At this point most of the hard work in the process of buying a home has been accomplished. You now can speak to your mortgage lender and get confirmation that they are willing to give you a mortgage for the sum needed to buy the home.


The process of buying a home can be a hard one, for the first time. If you have aspirations to buy more than 1 property, then the first time experience will be beneficial to you, in the future. When the mortgage lender gives you written confirmation, and the property taken off the market, mortgage finalized, then you can look forward to moving in!

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Maximizing Profits in the Home Buying Season

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Spring is the traditional time to buy and sell in the real estate business, and while the housing market has not been at its best, this just allows people to take advantage of excellent deals. Whether you are trying to buy property or sell your home, learn how to maximize your profits during this home-buying season.

Maximizing Profits From Home Sales

Those looking to sell their homes should follow a few steps before putting it on the market. Firstly, make sure you understand why you are selling or else you run the risk of spending a great deal of time and money on a project that goes nowhere. Once you are fully prepared to sell, start researching where you want to live next.

Interview real estate agents and ask for marketing plans to increase visibility of your home. Also, ask them for advice on to prepare your home for selling, home staging, pricing and the net profit. Develop a plan with the agent you choose and make sure they know exactly what you want out of your selling experience. Once your house is on the market, hold off on visiting new homes since it is usually more profitable to wait until you sell before you buy.

Getting The Most Out Of Home Buying

Real estate online is the easiest way to begin researching neighborhoods and prices. Determine what you can afford first, then start looking at all the places you would want to live. Open houses are a more traditional way of looking at property without having to commit to a real estate agent. Compare prices between new homes and older ones. If you can narrow down a few choices and are truly serious about buying, then start calling real estate agents.

Mortgages rates are at a historically all-time low, so find out all your financing options before you make any bids. With the housing market flooded with sellers, now is a better time to buy than ever. If you absolutely love the house, buy it regardless of whether you think the price will drop.

Just because there are more options does not mean the best deals go unnoticed. Look for foreclosed homes that are real estate owned (REOs) or find sellers that need to move in a hurry for your best bargains.

Maximizing Profits For Both Buyers And Sellers

Hire an appraiser to determine the value of your house and fix any major repairs before putting it on the market. If you are completely ready to buy a certain house, hire a home inspector to check it out for necessary repairs or damage.

Buyers and sellers should both talk to lenders and receive loan preapproval letters, so you know how much you qualify for when acquiring a mortgage. Do some comparison shopping for lending companies and mortgage types before settling on anything, and be careful of mortgage frauds.

Above all, make sure that what you want is to buy or sell before you are stuck with a huge loan you cannot pay off or a house that sits on the market. Taking time to prepare yourself for selling or buying a home will help you get the most out of this real estate season.

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Renting Versus Buying a Home – Four Questions

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When considering renting versus buying a home, forget the biased advice of those who think it is always better to buy. Instead, consider the important questions you need to ask. Here are four of them.

1. How long will you be there?

Generally, if you will be moving in the next few years, you’ll be better off renting. Of course this wasn’t true during the last real estate bubble, when home values in some areas were going up 20% or more annually. But then some of those who timed it wrong and bought in the summer of 2006 saw a 20% decline in value in the following years. How would you like to be facing a move when you owe more on your home than it is worth? Unless you want to gamble, consider buying only when you’ll be in the home for a while.

2. What will the cost of owning the home be?

Add up all the various costs. Include the mortgage payment, taxes, insurance, utilities (guess if you have to), any immediate updates or improvements you’ll be making, and a reasonable amount for maintenance. Figure the total average monthly cost of owning the home. Once you have that, you need to answer the next question.

3. What is the cost of renting a home?

Include rent plus renters insurance (if you’ll buy it) plus utilities (guess). Now you have a basis for comparison. If it’s dramatically more expensive to buy, it may be better to rent for now and bank the difference. For example, a few years ago we lived in a city where a home that was worth $160,000 could be rented for $750 per month. Utility costs would be the same in either case, and the total cost of owning worked out to about $1,250. Had someone bought the home then, they would be in a home today that is worth about the same $160,000 (that was the top of the market). Had they rented and banked the $500 per month difference, they would have almost $20,000 saved today, meaning they would be that much further ahead if they bought that home (or a different one) now.

There are a few more things to note here. Some of that mortgage payment is principle, not interest. In other words some equity would have been built up even without a rise in value – but not much. Of course if the home were sold now, there would be expenses associated with that sale, eliminating any equity gained. On the other hand, rents can rise, while a fixed rate mortgage payment will remain the same. All of this gets back to the first question about how long you’ll be living there. The longer the time, the more likely it is that buying makes more sense, at least financially. But don’t skip the next question.

4. Do you want the responsibility?

As you can see from the example above, renting versus buying a home can be the smart move at times. But even when buying puts you further ahead financially, that is not always the final determinant. I like owning a home, and in large part because of the financial advantages. But my wife and I also plan to stay here a long time. If not, we might be renting, because I don’t actually like taking care of a house.

It is something to consider, especially in those situations when buying may have such a clear asset-building edge over renting. A landlord takes care of the roof, the heating system, the painting, carpeting, and even the yard work in many cases. With your own home, all of that is in your responsibility, along with buying and repairing large appliances, resurfacing the driveway and spraying for bugs. Do you want the work of being a home owner?

Eventually most people probably should buy a home. The cost of owning a home usually won’t go up as fast as rents, at least if you have a fixed-rate mortgage. Nobody can tell you to leave. A house is a great way to build assets too. After all, even when renting versus buying a home costs less each month, how many renters really do bank the difference? But as you can see from the questions above, there are times and situations when renting makes sense.

 

Copyright Steve Gillman. To see a photo of the house we bought for $17,500, get a free ebook on how to buy Inexpensive Homes, and a free real estate investing course, visit: http://www.HousesUnderFiftyThousand.com

Home Buying Tips for First Time Buyer

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Buying a home is always exciting, but it can also be stressful and exhausting if you are not prepared. Giving yourself time to take the necessary steps can make your home buying experience a fun and relaxing endeavor.

The first step in buying a new home is deciding on a realtor. It is extremely important to hire someone who knows what they are doing, especially when you are buying your first property. Look for a good realtor with lots of experience in the area that you are surveying. A realtor who knows the area can not only give you advice on your house but on the location and neighborhood you will be moving into. Interview a couple realtors before deciding on one; take time to get to know them a little bit since you will trust them with some big decisions.

Once you have a realtor, start looking into what type of house you want. Consider size, timeline, price, and location in all your decisions. You probably want a place that can be semi long term, so think about career, children and changes in your life while searching for your house. How big does your home need to be in order for your family to grow? What type of income will you be having over the next 10 years? Where will you be comfortable living, in the city or in the country? These are all questions to consider before you begin looking at listings.

Paying for your new home can become a stressful issue if you do not plan ahead. Hiring a mortgage broker to help you with you planning is always a good idea. Letting a professional look at your finances and guide you with your decisions usually sets you in a better situation down the road. Make sure that you understand all of the issues surrounding your loan. Don’t be afraid to ask questions about any of the numerous papers you will be asked to review and sign. Make sure you get detailed answers about the amounts you will be expected to pay monthly and over the years. It is VERY important to be comfortable with your mortgage broker and be willing to spend a lot of time asking questions and reviewing options with them.

Once you have your team of professionals and your budget clear it is time to start shopping for homes. This is the fun part so don’t be afraid to take your time and look at tons of places! Try to stay in price ranges and neighborhoods that you know you will be comfortable living in. Look at all types of homes. New homes and usually more expensive but come with warranties and usually have less repair problems than re-sale homes.  Weigh your options and think about how much time, money and effort you are willing to put into home renovations. Always keep in mind the option of buying a lot to build on. This can be a little bit more time consuming, but if you finance it right you can have your perfect dream home for the same price you would be buying a re-sale property. Whatever you decide to do, make sure you love your home before you sign the papers.

This article was produced by Eric Badgley; with REMAX Bellingham specializing in Bellingham Real Estate. http://www.bellingham-realestate.net

The Home Buying Process

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Many a home buyer has wondered in the midst of their looking chaos- Is this how it is done because this is exasperating? Well to help buyers figure out that the information overload age need not apply to them when looking for and in buying a house, we have detailed the Buying Process for better peace of mind below… less chaos. We will assume for the purposes of this article that you are buying a home, but much of the same advice might apply for any kind of property. This article is written in a state where real estate agents handle real estate transactions, so realize that in some states or counties an attorney is required. Check with you local state officials for any differences that may pertain. Information in this article is not guaranteed to be reliable regarding differences that may exist in different states.

1. Become Educated

If you don’t contact a realtor first, do at least take time to get educated both about the real estate values by shopping online and about getting pre-qualified with a mortgage lender.

Maximize your opportunities to find the right home by eventually sharing your property wants/needs and timeframe with a realtor.

Your realtor can:

Direct you to competent and reputable mortgage professionals to establish your comfortable home buying price range.

Help with advanced search methods or tools.

Help you to understand neighborhoods and home features and their value in today’s market, as well as relevance to your buying needs.

Conduct information gathering and research on specific properties for you.

Create a venue for home buying advice and counseling.

Discuss current market conditions.

Commit to your agent of choice for the best professional service because commitment reciprocates commitment and genuine service, which is maximizing your opportunities.

2. Get Pre-Qualified

Finding the right mortgage lender or bank can be trying. Often times a good realtor will give the best recommendation. While finding a reputable lender to help you establish a comfortable shopping range is always a first recommended step, you do not have to settle on a mortgage lender or bank just yet. But the sooner you know just how much house you can buy, the less time it will take to pinpoint homes that truly meet your needs and budget!!! Also, don’t forget the energy and possible long hours saved from shopping around for homes that don’t meet your needs and budget. Everyone that is sensitive to an economy based on effective use of time and information has experienced getting the ‘food yanked out of their mouth’- this may be no less painful if you completely go it on your own. Insist actually on a pre-approval to include some of the items in #4 below.

Your lender will:

Check your credit.

Determine your debt to income ratio.

Discuss which mortgage product best fits your situation.

Provide a Good Faith Estimate, showing you what your closing costs would be.

Determine what purchase price you qualify for.

Write a “Pre-Qualification” (Pre-Approval if you take extra steps) letter that strengthens your offer on a home or property.

3. Find Your Dream Home

After becoming pre-qualified or pre-approved with a lender, it is time to find a home that truly meets your needs and budget.

Use a local realtors office or internet property search solutions to access “All the Listings”. You can do this by typing into the internet the name of the city (and state, if needed) followed by the words “real estate”. Most local county boards will control how much data gets released onto the internet. Most realtor sites will “serve up” some version of the local Multiple Listing Service containing all the listings. There are also some bigger 3rd party conglomerates that are competing to serve up the data more centrally because of how the information gets withheld or released and based off referral power revenue (to agents) that can be generated. Occasionally, the question of reliability in which the 2nd or 3rd party data gets delivered up, will leave that property search less desirable. Typically, these entities get property data either direct or in a “feed” from the local Board of Realtors in that County. If it’s a direct line, then data can be deemed “real-time”. If not, usually a day or two lag time of new listings going on will be rendered at your interface point of contact search solution. Also, many entities that serve up the data do not have a very friendly search interface console. Most people search until they can find one or two solutions they like. The bigger conglomerates compete with how you as the end user will eventually be connected up with which realtor. Both realtor and conglomerate may compete with the need to withhold enough information to still be able to entice you enough to get your contact information. Often times an individual realtor’s site will give out more data on listings than the big conglomerates because they already have some security of possible representation of business. Each may be earning some of your business and this is how they hope to get to be the ones to represent your real estate interests.

Get set-up on Email Updates if that area has them. Email updates are when a new listing comes onto the market matching your criteria and you get a reference to that listing freshly emailed to you with all pictures and data relative to that new listing.

Select those homes or properties that are of interest.

If possible drive-by the listings to become accustomed to the neighborhoods, styles and curb appeal of your preference homes.

Let your realtor know which ones that you would like to see or know more about and he/she will research the homes you have selected and set appointments for those you are interested in. Please note that the realtor will have showing instructions on each listing you select, which may or may not accommodate your desires of seeing it “right now”. Depending on areas, sometimes a Key-Box will be attached to the home as a way for your realtor to access the home when an appointment was not able to be secured. If this is the case, there is usually still a courteously call to the Seller that is appreciated protocol, so give your realtor some ample time a day or two, if you can, to line things up. If in an area, likelihood abound that many homes of the homes selected are on Key-Box, then less time is required and in some cases immediate showings can be arranged.

Now, your realtor should be competent enough to guide you through getting an offer written and accepted, after which you may need to immediately start on getting a loan.

4. Getting a Loan

Since, the market has been hit hard by the sub-prime market, many people and even Lenders are in a quandary over what is going to surface as the “real deal” in Lending money. Can you look far enough forward and perhaps think about becoming pre-approved, which is stronger than pre-qualified, even before you go shopping? I hope so, because the below is what you are looking at and why do this after all that house hunting work, only to find out you have wasted everybody’s time. Not the least to mention is the seller having had to take their house off the market with no compensation… when you may have been able to save yourself and your realtor all that running around by figuring out first, if you can really get a loan. These are some of the basics you will need in order to obtain financing.

Proof of Income

Employed – 2 year tax returns or W-2, 1 month pay stubs

Commissioned -2 year tax return including 1099 or W-2 and pay stubs

Self Employed – Federal tax return, profit and loss statement, 2 years balance sheet

Retired – social security awards letter

Other income

Rental property – copy of lease

Alimony or Child support – copy of Divorce decree

2 months bank statements

Driver’s license

Social security card

Home Owners insurance information

Bankruptcy information

Proof of Earnest money check

Your lender will:

Verify your information meeting the criteria for the loan

Prepare all the required documents and verifications

Upon a valid contract, submit your package with the appraisal to the underwriters (who re-verify and give approval to release funds for this transaction)

Handle last minute conditions from the underwriters

Once all conditions have been met, the loan is released from Final Underwriting and the true lender is committed to funding the loan.Your realtor or attorney can be checking in with your mortgage lender or bank as performance dates grow close. Such dates might include making sure ny appraisal condition or loan denial deadline is on schedule to be met. Thus, you, your realtor and lender should be working hand-in-hand to ensure that the loan details are being handled and remedied as needed.

Many a home buyer can breathe a sigh of relief knowing that if you follow the “yellow brick road”, along the home buying process that it will land you a home… and there is no place like home!

Brian Habel is an active full time real estate agent with RE/MAX First Realty

in St George Utah- the fastest growing community in the U.S. for over a 5 year

period of 2000-2006. For more info go to St

George Utah Real Estate.