Archive for the 'Home Buyer Education' Category
The 8 Phases of Stress for Homebuyers
July 14th, 2009
Categories:Home Buyer Education
Recently a buyer reminded me of our initial conversation when I explained to him the three most stressful life experiences.
Top Three Most Stressful Life Experiences
- Death
- Divorce
- Moving
The client had already been through a divorce, so I don’t think he took me very seriously. After all how stressful can buying a home be?
There are eight phases of stress when it comes to home buying.
- Deciding to Move
- Getting Qualified for the Loan
- Finding a Home
- Crossing Your Fingers for Acceptance
- Dreaded Inspection Period
- Loan Docs and Closing
- Moving In
- (gotta reach the bottom of the article)
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Big 3 – Loan Programs
July 8th, 2009
Categories:Home Buyer Education
In the world of lending there are countless factors involved in a securing a loan for a home purchase. Other articles will delve deeper into the intricacies involved with obtaining a loan. This article will give you an overview of the three main loan programs available. When you begin researching loan programs, be sure to contact a mortgage professional for more information and the latest market updates and changes.
FHA-Insured Loans
An FHA loan is a loan insured by the Federal Housing Administration. The FHA was created in 1934 to increase home construction and reduce unemployment through loan insurance, which essentially lowers the risk to the lenders creating the loan.
During tough real estate times, FHA loans step in the spotlight and become more important as they allow homeowners to Read the rest of this entry »
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Taking a Closer Look at Home Inspections
July 7th, 2009
Categories:Home Buyer Education
You’ve found the house you want to call home and you’ve come to agreement with the sellers on the terms of the contract. Now its time to do your due diligence and make sure the home is in good shape.
Depending on the home and its condition you might have more than one inspection performed. No matter what, the first inspection performed should be by a home inspector.
A good home inspector will give you an understanding of the home’s condition and point out any issues that could use a specialized home inspection. They will put their findings in a report and often summarize the entire report with an executive summary.
Each finding by the home inspector should include:
- An explanation of the condition (issue)
- An assessment (severity) of the condition
- What could happen if the condition is ignored
- A picture of the condition
4 Areas of a Home Inspection
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Lease – What to Know
July 5th, 2009
Categories:Home Buyer Education
This article will cover an array of information regarding leases and is meant to help renters understand specific lease terminology and their rights as tenants. Arizona’s Residential Landlord and Tenant Act can be found in PDF format in the resources section towards the bottom.
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Types of Leases
There are several types of leases available. Below is a list of the leases available in both the residential and commercial industry. Each type of rent will calculate the rent amount in a different manner.
Read the rest of this entry »
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Title and Deed – What to Know
July 4th, 2009
Categories:Home Buyer Education
Title and Deed are two words you’ll only hear when buying and selling a home. While every state has different laws surrounding title and deeds, the basics are consistent from state to state.
This article will walk you through:
- The 4 Types of Deeds
- Understanding Title vs Deed
- The 4 Ways to Take Title
- Resource Section
- Read the rest of this entry »
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The Closing Table – What to Know
June 29th, 2009
Categories:Home Buyer Education
Once the contract has been accepted its time to focus on getting across the finish line. Often the anticipation of moving in creates a rush to wrap up the transaction as quickly as possible.
No matter how exciting the finish line may look, it is important to keep in mind the most critical part of the transaction occurs at the closing table. Once you sign the loan documents and record title, the home is yours along with all the responsibilities and any details hidden in the paperwork, which is all too often over looked.
Here is an outline of what is covered in this article:
- Preclosing Procedures -What the buyer and seller need consider and do before closing
- Closing Figures and Fees – What to numbers to look for and double check
- Prorations - And explanation and definitions
- Closing Time – What to expect when it comes time to sign your loan docs and who should be there
- Sample Closing Statement – Get a sneak peak at what you’ll be looking over
- RESPA and Closing - RESPA is on your side and here’s why
- Closing Table Resources – Links to the U.S. Department of Housing
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Market Value vs Market Price
June 23rd, 2009
Categories:Home Buyer Education
Appraising a home is a very detailed and methodical way to reach an opinion of value. While an appraiser is skilled at acquiring the most relevant amount of information possible and using that information to determine the value of a home, there is always a human factor involved with the market price.
To put it simply, a home may be valued at a certain, number but it will always be the home buyer that determines the price it will sell for.
Market Value
The goal of an appraiser is to estimate the most probable price a home will sell for in the current market, this is referred to as the market value. The market value has three assumptions about the transaction.
- The sale occurs in an open and competitive market
- The buyer and seller both act prudently and with knowledge
- The market value depends on the price not being affect by unusual circumstances
These additional factors are essential to determining Read the rest of this entry »
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