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Answers (9)
- Mindy Dotson, "mindy43619319"
- Contributions:126
Hi Nickie,
You must have some form of loan approval in order to buy a foreclosure. Banks will not entertain an offer without it. Most require a downpayment of a certain amount, say $1000.00. Some banks will even make you sign something in the contract package that will guarantee the closing by the contract date, or you will pay a penalty of $100.00 per day past the closing date. NEVER buy a home without a home inspection. So, even if you have the financials in place, have the home professionally inspected within the time frame alloted on the contract. If the repairs are too much, then you have an out and you can withdraw your contract without losing your earnest money. If you do not have the home inspected within the time frame, or not at all, then Buyer beware. You are buying a home whether you want it or not. One more thing, some foreclosure listing agencies do not have utilities on when they are being sold. You could ask for them to be on, or go ahead and set up accounts in your name in order to have the home inspected.
You must have some form of loan approval in order to buy a foreclosure. Banks will not entertain an offer without it. Most require a downpayment of a certain amount, say $1000.00. Some banks will even make you sign something in the contract package that will guarantee the closing by the contract date, or you will pay a penalty of $100.00 per day past the closing date. NEVER buy a home without a home inspection. So, even if you have the financials in place, have the home professionally inspected within the time frame alloted on the contract. If the repairs are too much, then you have an out and you can withdraw your contract without losing your earnest money. If you do not have the home inspected within the time frame, or not at all, then Buyer beware. You are buying a home whether you want it or not. One more thing, some foreclosure listing agencies do not have utilities on when they are being sold. You could ask for them to be on, or go ahead and set up accounts in your name in order to have the home inspected.
- Harriet Williams, "propertybybluewater"
- Contributions:43
Just a quick note to explain the difference between being pre-qualified or pre-approved by a lender. Being prequalified is a quicker process where a lender doesn't go through a thorough financial verification. If you are a buyer that has been preapproved by a lender you able to submit a stronger offer and have a better chance of your offer being accepted by a seller. I always advised my clients who are financing to get preapproved.
- David & Maria-Nella Landman, "PrimeOne Realty"
- Contributions:101
Get a prequalification letter from any lender or mortgage broker, then with that in hand, check for good realtors in your neighborhood or where you wish to buy, You can google or search for homes on the internet, once you find the one you like you can call the listing agent and talk to him about buyer representation.
- Larry Tollen, "Larry Tollen"
- Contributions:384
The first step is to sit down with a lender and get prequalified. One you've got this taken care of you need to find an experienced Buyer Broker. Do not work with anyone who hasn't been in the business at least 5 years. Ask them their policy on "dual agency" and look for a Buyer Broker who does not practice this.
Dual Agency is when the listing agent is also working as your agent. Despite what any agent may tell you, when this occurs both the Seller and the Buyer are getting the short end of the stick and the agents only focus is on the commission.
Begin thinking about what really matters to you, is it a specific location, access to a particular school district, proximity to public transportation or work, an open floor plan etc. The better you can describe to your agent what type of property you want, the more effective they can be in assisting you.
Best of luck.
- Kimberly Kinville, "Oregon Specialist"
- Contributions:186
Hi, Nickie
I'm glad to hear that your thinking about buying! I can't express to you how many of my buyers are getting the best deals on homes these days.
You can start by asking family and friends to find a great lender. Get some great references. Then do your homework, check with at least 3 lenders and compare lender fees and rates.
Once you get qualified, your next step would be to repeat the same approach and contact several referred Agents and chose 1 with whom you would like to represent you.
Best of luck to you and your husband!
I'm glad to hear that your thinking about buying! I can't express to you how many of my buyers are getting the best deals on homes these days.
You can start by asking family and friends to find a great lender. Get some great references. Then do your homework, check with at least 3 lenders and compare lender fees and rates.
Once you get qualified, your next step would be to repeat the same approach and contact several referred Agents and chose 1 with whom you would like to represent you.
Best of luck to you and your husband!
- Metro Indy Expert.
- Contributions:197
Sometimes the best way is to ask your friends or family for referrals of Realtors or mortgage lenders. Your first stop needs to be with a lender or your local banker where you keep your money.
- Ellie Everson, "Ellie Everson"
- Contributions:12
Hi Nickie,
The best way to start is to visit with a lender. A lender will help you determine the amount of a mortgage for which you will qualify. After being pre-qualified from a lender find a real estate agent you trust, are comfortable working with and knows the real estate market in the area you would like to live.
Good Luck
Ellie Everson
Century 21, Fischer, Rounds & Associates
The best way to start is to visit with a lender. A lender will help you determine the amount of a mortgage for which you will qualify. After being pre-qualified from a lender find a real estate agent you trust, are comfortable working with and knows the real estate market in the area you would like to live.
Good Luck
Ellie Everson
Century 21, Fischer, Rounds & Associates
- Dan, "the_country_hick"
- Contributions:4699
Look at the links below. Each offers some helpful advice.
This covers the basic home buying process. Now it seems the minimum fico score is 640 to obtain a mortgage. If you do not know your fico score talk to a lender near you. They may charge you a small amount but if financing that is really step one.
"Its your first home and you are looking for something but are not sure where to start to look or about loans."
You need to honestly look at what makes the most economic sense for you. Using your financial numbers the blog below gives the basic way to look at this.
"Does it make more sense to buy, or to rent? Here is the way to find out for sure."
Sometimes renting even at a slightly higher monthly cost is really the best choice to make. For a very different look at this question be sure to look at the blog below.
"Why rent if you could buy for less money? Valid reasons inside."
If those were helpful look at my profile for more useful information. There are more blogs showing more helpful information including an easy (but painful) way to build up a down payment.
I would also ask you to look at the market honestly. Many people believe that house prices will drop lower. Do some research on alt-a loan reset chart, Notice of Default, numbers of foreclosures, percentage of sales from foreclosures and short sales (distressed properties).
Do NOT believe anyone when they say the bottom is in. We had a temporary upward pressure for prices that went away when the first time buyers credit (FREE $8,000) ended. Prices are dropping in most of the country and will drop more for some time.
If you look at the site below it shows expected price changes, The big cities are all expected to have further price drops.
Mississippi
Tough economic conditions are making life rough in Mississippi. State tax collections have been declining for more than a year amid one of the worst economic downturns in the state's history. The state budget, already in the red, is expected to get much worse before things get better.
Still, nobody expects Mississippi to come bouncing back quickly. The state has historically been among the top two poorest in the country and is expected to remain that way.
This covers the basic home buying process. Now it seems the minimum fico score is 640 to obtain a mortgage. If you do not know your fico score talk to a lender near you. They may charge you a small amount but if financing that is really step one.
"Its your first home and you are looking for something but are not sure where to start to look or about loans."
You need to honestly look at what makes the most economic sense for you. Using your financial numbers the blog below gives the basic way to look at this.
"Does it make more sense to buy, or to rent? Here is the way to find out for sure."
Sometimes renting even at a slightly higher monthly cost is really the best choice to make. For a very different look at this question be sure to look at the blog below.
"Why rent if you could buy for less money? Valid reasons inside."
If those were helpful look at my profile for more useful information. There are more blogs showing more helpful information including an easy (but painful) way to build up a down payment.
I would also ask you to look at the market honestly. Many people believe that house prices will drop lower. Do some research on alt-a loan reset chart, Notice of Default, numbers of foreclosures, percentage of sales from foreclosures and short sales (distressed properties).
Do NOT believe anyone when they say the bottom is in. We had a temporary upward pressure for prices that went away when the first time buyers credit (FREE $8,000) ended. Prices are dropping in most of the country and will drop more for some time.
If you look at the site below it shows expected price changes, The big cities are all expected to have further price drops.
Mississippi
Tough economic conditions are making life rough in Mississippi. State tax collections have been declining for more than a year amid one of the worst economic downturns in the state's history. The state budget, already in the red, is expected to get much worse before things get better.
Still, nobody expects Mississippi to come bouncing back quickly. The state has historically been among the top two poorest in the country and is expected to remain that way.
- Melinda Ryan, "moloans"
- Contributions:36
I suggest finding a mortgage broker in your area...ask friends and family for referrals. A professional mortgage broker will explain the entire process as well as get you pre-qualified based on your income, assets, credit and debt profile. You should figure out a maximum monthly mortgage payment that you are comfortable with before talking with the mortgage broker as sometimes you will qualify for more that you are comfortable paying each month. Best wishes.
What do we need to buy a home?
My name is Nickie Radcliffe. My husband and I are sick of renting. But we have no idea where to start. Can you help?
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