• Dealing With Dual Real Estate Agents.
Historically, real estate agents have represented the seller of a property. The seller, after all, is usually the one who pays their commission, and agents therefore have a fiduciary relationship with the seller. This in no way means that agents may operate outside the bounds of the law and ethical conduct of course. It just means that the real estate agent is just that, an authorized agent of the seller for a particular transaction. • Auction Guides: Not So Hot Properties.Seized Cars from $500 and Foreclosed Homes from $3000 No Money Down! Ads like these in newspapers and magazines, on television and the Internet, and in coupon mailings to your home may sound like the ticket to your dream home or car. They offer the chance to buy a big ticket item at auction - for well below its market value. What deals! Just call the toll-free number for more information.
Is there a catch? You bet! • Where to Shop and What to Look For.Once you have found the home of your choice, you may think that your shopping days are over. Actually, only the first phase has been completed. Next comes finding a mortgage and payment terms that fit your budget. Where you shop and what you look for are important.
• The Mortgage Application Process: Some Things to Expect.The mortgage application process requires considerable paperwork. First there is the application form, which asks for detailed information about you, your employment record, the house you want to purchase, etc. The lender will need documentation pertaining to your personal finances--your earnings, your monthly expenses, and your debts--to help gauge your willingness and ability to repay the mortgage. • Understanding Your Rights to Fair Lending.Federal law protects every homebuyer looking for a mortgage loan against discrimination on the basis of race, color, national origin, religion, sex, marital status, age, receipt of public assistance funds, familial status (having children under the age of 18), handicap, or exercising your rights under other consumer credit protection laws. Lenders may not take any of these factors into account in their dealings with you.
• Financing Houses. Lenders control many programs -- some make use of over 200! Generally, lenders look for the following typical standards:
• Buying Houses: Types of Bargains to Find.To make a good profit in real estate, you must buy right. Check out all property types available to find the best transaction for your specific situation. Consider fixers, distressed sales, repossessions, multiple listings, for sale by owners, and vacant properties just wasting away.
•How Much Home Can You Afford In Today's Market?
If you haven't figured your credit worthiness and borrowing power lately, you might be surprised at how much home you can afford to buy in today's market! Mortgage Lenders are very optimistic about the future of the real estate market and as a result they are willing to loan more on properties than you might expect! And, lenders are making loans at rates not seen since the late 1960s.
• Is it a good time to buy a house?With the economy slowing and interest rates higher than they were a year ago, is this a good time to buy a house? Or should I wait?
• Taxes: Homeowners.The bustling mortgage activity means more taxpayers must master the complex rules that help homeowners win big tax advantages.
