Choosing the Best Realtor as a First Time Home Buyer

By Lonnie Steinhoff

Many first time homeowners are intimidated by the entire home buying process and may turn to a real estate agent to answer all of their questions. While a real estate professional can be a valuable resource for your home buying needs, they shouldn't be the only resource you count on.

The book, "100 Questions Every First-Time Home Buyer Should Ask" by Ilyce Glick, recommends that prospective home buyers should study the neighborhood by do online research and to make the time to interview several realtors to find themselves the best match. There are numerous new homeowners have used this strategy to their advantage.

You can actually screen out real estate agents to find out which one will service your needs the best. Here is a list of pertinent questions that you can ask to help you decide who to choose:

1. How many years have you been selling real estate in this neighborhood? Find out how well-established the real estate agent is in your prospective neighborhood so you can be confident that they can show you all the benefits and the drawbacks.

2. What is the average price of homes that their clients buy and sell? Make sure you are working with a real estate agent who is comfortable with your budget range and won't try to sell you a premium or luxury home if you're not ready for it.

3. How many clients do you have on the average? The answer that is given will be significant because this is the way to know how much time the real estate agent can devote to your needs.

4. Do you work with an assistant? The relationship between a buyer and a real estate agent is allowed to flow only by proper communication and it is necessary to know if you be directly speaking with the agent or coursing all your concerns through an assistant. Knowing this will also help make you aware of how the procedure of communicating with the agent will be.

5. What percentage of your business is with first time home buyers? If you know how frequently the agent deals with people who have the similar requirements as you have, it will be an indicator as to their experience, and this can help you make up your mind.

6. How many years have you been with the company? A well-established realtor or agent who can show a strong track record of success with a certain company may be a better match for you than someone who has moved around a lot or has only recently jumped into the business. Don't be afraid to ask for references from a supervisor to find out if the agent has the experience and skills you need.

Finding the best real estate agent for your home buying experience can take time, so it is in your best interests to review several qualified agents in your area before making the final decision. Real estate agents can offer many insights and guidance about your prospective home and neighborhood, and you will need a reliable and experienced professional to help you find your dream home. - 31385

About the Author:

If you are a new homebuyer searching for houses for sale in Minnesota, using the internet is one of the easiest ways to find what you are looking for. The MN MLS allows you to search by price and location, throughout the state.

Things to Look For on the Second Showing For Your First Home

By Neil Walford

To be properly prepared for the challenge of buying your first home or another house, you will be able to get a better investment by first conducting intensive research without first seeking the aid real estate agent. One of the important steps involved in buying a house is the showing, and the ideal way to go about it is to have at least 3 showings per house to facilitate proper inspection and do detailed inquiry. Since you are already considering the house after the first showing, take notes while examining each area of the house for any physical defects during the second showing.

"100 Questions Every First Time Home Buyer Should Ask", book author, Ilyce Glick recommends that first time home buyers should use the time of the second showing to reconfirm what they had found appealing during the first showing and to identify any problems that it may have to be able to save time and money. Here is a list of things to do a closer inspection of during the second showing:

Check the roof. Ask the property owner or the agent how old the roof is, and if there have been any renovations or repairs made to it. The cost of having to place a new roof or repair an old one is quite expensive, so knowing what condition the roof is in can prepare you for any future expenses that you may have if you decide to continue with the purchase.

Inspect the wear and tear of the interior. The things that you can look out for are wall cracks, creaky floorboards, shaky stairs, peeling paint and other similar defects that may not cost too much to fix, but need to be planned for.

Check the mechanical systems. Are all the heaters and furnaces functioning well? Is there any sort of insulation that is installed? Get all the details you can about the mechanical system so you can make provisions for repairs or replacements.

Assessing the local neighborhood. Take the time to explore the back yard and gardens in front of the house. Do you like the views? What is the noise level like? These are details that can be hard to assess from online research and pictures alone, and will give you an idea of the overall experience of living here.

Check for pests. Do you see any tell-tale signs of rats or termites? Are there roaches or other bugs? Find out if the house is infested with pests and if the property owner has done any pest control so that you won't be walking in this kind of problem unprepared.

Visualizing your daily activities. Can you see yourself cooking in the kitchen or watching television in the living room? Will your furniture fit easily in each area? Try visualizing the things you do every day as if you are living in this home and see if it truly 'feels like home.'

Take full advantage of the second showing to conduct your preliminary inspections and to help you already decide if the house will suit you. Make a list of the positive and negative things about your investment so that when you sit down to make your final choice, it is ready for your review. - 31385

About the Author:

When looking for Minnesota homes for sale, the world wide web is an invaluable resource. New homebuyers can use the MN MLS to view active listings of homes and real estate throughout the state.

Real Estate Investing For The Rest Of Us

By Marcus Myer

Location - don't jump in to buy a property because the market is bearish. Consider the location of the property very scrupulously. The truth is a property with a bad location won't fetch you a good price even if the market is bullish. If you have an interest in buying property then ensure that the property is suitably located.

It should be in the vicinity of shopping complexes, malls, hospitals, colleges parks and should be easily accessible by road and mass transit systems. It may be right that a property will cost you comparatively more if it is well found. Nevertheless, you will be ready to fetch a more acceptable price when the market picks up.

long-term - making an investment in property is a long-term proposition with convincing returns over a period. You may have a higher capital gains tax guilt. A property that can fetch good rental revenue is a gold mine.

Don't think of selling such a property. Lease it out instead. Always put aside a certain portion of the revenue for upkeep and maintenance. Many backers who flipped properties found themselves in the middle of a property market crash and were saddled with properties that they couldn't dispose off.

You need to sell or hire it straight out. A lease option goes against the interests of both buyer and seller. The tenant will ask for discounts on the rent with the debate that these be changed against the deposit and closing costs. In all chance, the tenant won't buy the property at the end of the lease and the owner would have lost a lot of money re refunds on the rent. The lease agreement should have a clause that stops the tenant-buyer from defaulting on the purchase by allowing you to forfeit the deposit.

Local - Buy local, think local. Concentrate on the idea of investing in buying local property ; at least at the beginning of your real estate investment career. Do not rush to buy property in another state or country, as you would not be so knowledgeable about the conditions. Making an investment in property in other states will boost your expenses vis commuting. Consider the incontrovertible fact that as a prospective owner you will have to inspect the property to determine if there is any damage every month. You'll also have to ensure that the property is not being misused in any way.

The outgoings add up in case you invest in another state. It makes for better business sense for you to think local and buy local. - 31385

About the Author:

The last thing you ever want to get is bad or outdated information about properties for investment. You'll never have to worry about that again after you vistit this site real estate agent wildwood nj

Your Credit Report and the Effects of Bankruptcy

By Casey Deanwater

How long will a Bankruptcy ruin a person's credit?

If bankruptcy is unavoidable, you can file either a Chapter 7 bankruptcy, also known as a "liquidation bankruptcy," or a Chapter 13 bankruptcy, also known as a "reorganization bankruptcy." Chapter 7 will allow you to discharge your debt, while Chapter 13 provides a way to repay your debts using a negotiated repayment plan.

Will Bankruptcy Affect Your Credit History Adversely?

Filing for bankruptcy will stop creditors from trying to collect the debts you owe, but WILL NOT give you a clean financial slate. Bankruptcy will seriously affect your credit report and credit worthiness. Consequently, obtaining a loan or line of credit in the future will be extremely difficult.

When you file bankruptcy, your credit score will plunge by hundreds of points. This same bankruptcy will remain on your credit report for 10 years, unless you try to remove it. One option to consider is rebuilding your credit score. This, however, is difficult at best when no one is interested in offering credit to you.

A credit company will most likely deem a person with a bankruptcy on their credit report as a possible financial liability. In light of this, you might want to consider repairing your credit score.

Instead of waiting 10 years for the bankruptcy to clear from your credit report, you can take definitive action. Credit repair allows you to rebuild your credit score more quickly, become eligible for new loans in less time, and become credit worthy faster.

Rebuild Your Credit Legally

There is a legal route to challenging information on your credit report. If you believe any entry on your credit report is inaccurate, the Fair Credit Reporting Act (FCRA) allows you to contest this information.

If you send a dispute letter to a creditor or credit bureau, the disputed entry must be investigated and verified within a specific timeframe. Subsequently, the negative entry must be deleted in its entirety if it cannot be verified.

If you are interested in pursuing this avenue of credit repair, expert advice and assistance can be invaluable. The legal professionals at Lexington Law can assist you with removing erroneous entries from your credit report and can guide you through the process. - 31385

About the Author:

We raised our credit scores from the upper 500 range to 745 and 763 in under six months and got approved for our dream home. Discover the one rule you must obey in credit repair by seeing proof at www.creditforcouples.com and get the real truth about lexington credit repair.

It's a Buyers' Market, but Does That Mean It's The Right Time to Buy?

By Stephen Daniels

Many potential home buyers are wondering whether or not this is the right time to step back into the housing market. Experts seem to be quite divided on this topic, as the real estate market has been one of the hardest hit sectors of the economy.

It could possibly be years before the economy and the housing market can make a full recovery. Nobody can call the housing bottom until values have stabilized and are increasing across the nation. Amidst all of this uncertainty, could now be the right time to invest in a home?

A quick Internet search will reveal many different opinions on whether to buy now or wait. It could very well be the right time for YOU to buy, based on lower property pricing and historically low mortgage rates. Educating yourself about the current market situation, and determining your needs and time frame is essential before you decide to invest in a home.

Many people believe that because property values have fallen so low, homes are now priced below their market value. While there are certainly some homes on the market now that ARE undervalued, or priced lower than what the market can bear, most homes are not underpriced. Even REO homes (those that are now bank owned due to foreclosure or deeds in lieu of foreclosure) are not always priced below fair market value.

Yet amidst all the uncertainty about when the housing market will fully recover, and whether or not housing values and prices will fall further, there are facts out there that support buying a home now. Mortgage rates are at almost historical low levels, and house prices are back at values not seen since 2003. This could be an excellent time to buy if you believe you will keep the property for several years and can wait for the housing market to stabilize.

It has been forecast that the low mortgage rates are not likely to last beyond the first quarter of 2010. The Feds have been subsidizing the low mortgage rates by purchasing mortgage backed securities, but that subsidy will end March 31, 2010. At that point, most analysts believe rates will rise.

Low mortgage rates can allow home buyers to qualify for more home at the same monthly payment. There is no way to know how high or how quickly mortgage rates might rise later, but rates are currently about 1% - 1.5% below where they were just a year ago. Many potential home buyers find this to be a substantial opportunity.

In addition to the low prices and low mortgage rates, the government is encouraging home purchases with the first time home buyers tax credit of up to $8,000, and the existing home buyers' tax credit of up to $6,500. Buyers must have accepted purchase offers no later than April 30, 2010, and must close on that purchase by June 30, 2010, in order to qualify for the tax credits. Some states are offering additional cash incentives.

Historically, the United States has experienced many recessions. In fact, boom and bust cycles are an economic norm. While this recession has been the most severe since the Great Depression, no one doubts that it will end and housing values will rise again. Historically, property has been a great investment. It is very likely that those who purchase now will reap the financial benefits in a few years. - 31385

About the Author:

Southern Florida Luxury Real Estate adds in-depth market knowledge and the resources of EWM and Christie's Great Estates, plus local expertise and global network access to your real estate transaction. Powered by SEO 2.0 Services

New Home Construction in Commack: Is New Right For You?

By Craig Axelrod

If you've ever thought about purchasing new construction on Long Island, then now is the time for you to be searching. With the real estate market where it is, it is more affordable than ever to buy new construction. On Long Island, your options are limited. The amount of free real estate available in this once farmland space, is virtuallycompletely developed. Many communities have instituted limitations on construction, preserving the remaining farmland and open areas.

However, new construction is still available and may be perfect for the new homeowner. If you've been searching at real estate, and have considered new construction, you should review this:

1. Older houses, while "charming" on the outside, are, in fact, old houses. Over time they age. Many houses in the40 to75-year-old range have become "knock downs"bought by builders to put up new construction. If you're buying an older home, it could cost you more in the long run with maintenance and repairs.

2. New construction gives you more freedom. Very little people ever locate the "ideal home" of their dreams. Generally, they need to paint, wallpaper, change carpeting, move walls, re-do bathrooms and kitchens and a list of various tasks that become very costly. That older home that looked like a deal becomes very expensive once you've done the repairs and alterations you want.

3. With new construction, you do not have to live through renovations. Kitchen remodeling, expansions and changes to your house can take months-even years. All the while, you are living in a construction zone.

4. You also have the additional costs of doing these upgrades, which must be purchased on top of the asking price of the house. Many families have to save for many months to have the available cash for improvements. Others may try to take 2nd mortgages or home-equity loans, but this can prove unsuccessful-especially with more rigid lending requirements.

You could look to borrow an additional $150,000, but your home is not worth an additional $200,000 today. Therefore, you lack the collateral to support that home equity loan. In contrast, new construction, even if slightly more costly, has the full cost in the home already, which is what mortgage companies want to see.

5. When choosing real estate, and evaluating existing homes, you have very few options. The real estate is "as is"-meaning the lawn is what it is, the plantings are what they are, and the yard is what it is. Usually, with new construction, it is either newly landscaped or in basic form so that you can landscape as you choose (generally, new construction without landscaping is less expensive than landscaped). With new construction, you are purchasing beautiful new property or freshly graded land that is set for landscaping.

When you're ready to choose new construction, be sure to keep all of these factors in mind. As you review the expense of the house, acknowledge the final expenses beyond the purchase price. Many families discover far better values with the newly built houses versus a less expensive existing house that needs upgrades. Even if you are handy, a updgrade are not free. You also need to come up with the money to pay for those improvements (whereas with new construction, those expenses are built into the asking price and are covered by the mortgage). - 31385

About the Author:

Article by Craig Axelrod, with Emmy Homes, which is one of Long Island's most trusted real estate builders. Their Commack real estate features new construction in Commack. Visit EmmyHomes.com for information.

Figure Out Your Debt to Gross Salary

By Darlene Strang

Before you begin looking at purchasing a home, it is important to consider your debt to income ratio. This is one of the first things a mortgage lender will look at when apply for a home loan along with your current credit rating (the ratio also has an impact on your credit rating).

The ratio is based between how much you owe each month on personal debt and how much you earn. The ratio gives you and your mortgage lender the percentage of debt you owe in relation to how much money you are making which gives the lender an idea of how much of a mortgage to give you that suites your financial state.

Doing the math: It is a simple calculation, add up your monthly expenses (such as your car payments, minimum credit card payments, loan payments etc, note: you don't include things like groceries or utilities). Add your expenses and payments (your mortgage payments plus, mortgage insurance, home insurance and property taxes) and divide the total by your gross monthly income.

Note: When shopping for a mortgage is that your debt-to-income ratio should be no higher than 36%. Anything above this could mean you'll be denied credit or charged a higher interest rate on your loan.

It should be noted that it is advisable to ensure that your total house hold expenses do not exceed 28 percent of your total take home salary (though there are exceptions). Remember that the lower your debt the better debt to income ratio you will have, making your chances of receiving a better interest rate on your mortgage much higher.

Debt to income formula: *Minimum monthly credit card payments: + Monthly car loan payments: + Other monthly debt payments: + Expected mortgage payments: *Total = *Your debt-to-income ratio is: *Your total by your monthly gross income = - 31385

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