MAXIMUM REAL ESTATE: July 2008

July 23, 2008

10 home-buying tips for uneasy times

10 home-buying tips for uneasy times
Check out these 10 home buying tips.
No matter if your a first time home buyer or have been through the process a number of times these tips make sense.
Really, these tips apply not only for "uneasy times", but in a booming economy as well. Find an professional agent you can not only work with, but one that wants to help you successfully purchase your home. Find a mortgage lender work for you in getting your loan at the best possible rate. Find time to research properties online and by driving around in different neighborhoods to find the house that is right for you. Foreclosures are a great way to buy properties under market value, but be sure to discuss all the aspects of buying a foreclosed property with your Real Estate Agent to make sure it is something you want to take on. Additionally, all buyers are looking for the "DEAL" and in this market there are a lot of aggressively priced homes that are great buys and that are not foreclosures. Shop around and make sure you have everything in place to allow you to make an offer when you find the right property. Chances are that if you found the perfect home for a great price someone else has found it as well.

Terms to Know

Easement - A right to use the land of another for a specific purpose, such as for a right-o-way or utilities. An incorporeal interest in land.

Homestead - Land that is owned and occupied as the primary residence. In many states a protion of the area or value of this land is protected or exempt from judgments for debts.

Pre-foreclosures - are homes on which the owner has fallen behind on the mortgage or which have already been taken back by the lender, but haven't yet gone to Auction.

Auction foreclosures - are bank-owned homes that will be sold on the auction block. Auctions historically are dominated by a small numbers of experienced investors, but these days individual homebuyers may be found at auctions as well.

Listed foreclosures - are bank-owned homes that have been listed for sale with a local realty broker. Oftentimes, these homes will be described in the local multiple-listings service, or MLS, as "bank-owned" or "lender-owned.

REO - Real Estate Owned
A term used by lenders to describe real property involuntarily acquired by them through foreclosure. Lenders typically use Real Estate Brokers to market their REO properties.

Real Property - The interest, benefits and rights inherent in Real Estate ownership.

Earnest money - The cash deposit paid by the prospective buyer of Real Property as evidence of good-faith intention to complete the transaction. Its primary purpose is to serve as a source of payment of damages should the buyer default. The earnest money is typically given to the broker at the time the sales contract is signed and deposited into an escrow account.

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MAXIMUM REAL ESTATE

July 23, 2008

10 home-buying tips for uneasy times

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