AIA Chiangmai

Happy New Year,
Make it a better world. “Pay it Forward” as in the movie. If you haven’t seen it, do!

Welcome,

Basically, almost everyone wants to buy a house and honestly everyone of legal age and competent mind can if they have the will and knowledge. Sure you can buy all the get rich schemes on the web and off the high intensity infomercials but do they really work for everyone? Or do most of them end up on a shelf? Check Ebay when you get done here. It is unbelievable that people pay hundreds of dollars for these so called courses with dreams of making fortunes and then auction them off for 30-40 dollars. That was a terrible investment. They would have fared much better by taking legitimate courses or at least not spending their money.

You may ask, how does one buy a house without money and good or any credit? No joking around Donald Trump does it every time, using other people’s money. If you try hard enough you can find someone to sell you their property with owner financing. You just make arrangements with them for the sale price, the interest rate and term. You and they may prefer a short term loan, say ballooning it in five years. This means you make the regular payments for 60 months. This should be adequate time to get stable income and credit, even if you have filed bankruptcy. Of course there are many more ways of acquiring real estate.

Would you consider selling your own property, or does it scare you to death. It really isn’t that big a deal or a lot of dumb agents wouldn’t be doing so well. Do I sound disgusted with some agents? I am. As an appraiser and broker I have seen a lot of corruption and it enrages me. That’s one reason we decided to do this. But, if you are working with an agent, hopefully you spent some time selecting a good one with an impeccable record. In today’s market contracts are received within minutes of placing a sign in the yard. Contracts are available on-line, at the office stores and in the library. The average real estate sales commission is 6%, which most people don’t know is negotiable. By law there is not supposed to be a set amount across the board. Many times companies offer lower commissions and then some agents won’t show the property and are even bold enough to say so. They will show new construction which is typically 5% but nothing else.

If you choose to sell your property here are some starter points. Make it look good from the street. Decisions begin right there. Many times a purchaser will take one look and say no. Make your schedule very flexible so when they want to see it they can, or they’ll move on. Clean the clutter and dust. Have some coffee brewing or some bread baking. Let the people freely browse the house with you. Don’t lead them. Many times your familiarity with the house causes you to just rush through, but they need time!

Suzie is a licensed real estate broker and certified residential appraiser with 20 years of experience who hopes to improve the industry one step at a time.

http://www.freewebs.com/realestatenews/.

Tags: buy, FSBO, gov, government owned, home, house, insurance, Money, mortgage, real estate, sell, trumpbuy, FSBO, gov, government owned, home, house, insurance, Money, mortgage, real estate, sell, trump

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The purchase price is not the only cost that effects your home buying adventure. Whether this is your first home or you are moving up or down in housing there are costs that will have a large effect on your ability to close the transaction. Some are required by your lender some are required by common sense. Make sure you are budgeting for these 10 extra costs.

1)Mortgage Application, Brokers Fees, and Points - These costs can amount to thousands of dollars some like the application fee are poc (paid outside of closing) $200 to $500 depending on the lender. Broker fees a percentage of the loan are sometimes waived or rolled into the mortgage. Points .5% to 4.0% of the loan amount can be rolled into the loan or paid at closing this cost is based on your credit and buy down cost of the mortgage. Good idea to shop lenders.

2)Appraisal Fee - $150 to $550 can be higher they vary in price depending on the size of the property, complexity and price range. On larger more expensive properties banks may have an outside appraiser rather than their bank appraiser which will increase the cost. Paid at closing.

3)Survey Fee - Your bank or mortgage company may require a survey or updated survey depending on the local custom. Costs are from $400 to $1200 or more, this is one area where common sense says get a survey. A survey will give you the assurance that you are getting the property you think you are buying. It will show all buildings, sheds, garages, decks, porches, driveways, and walkways. It will also show whether your structures encroach on your neighbor’s property or his on yours.

4)Title Insurance - Most lenders require you to pay for a Lender Title policy a must do for you is to get an owners Owner’s Title Policy this will insure you against any claims of past issues that could affect your ownership of the property. Based on cost of the property several hundred to thousands of dollars.

5)Attorney’s Fees- Depending on local custom an attorney may be required. Real Estate transactions are complicated and a good real estate attorney can make a smooth closing. Based on hourly fees or fixed if they handle the closing, plan on $400 to $900.

6)Property Taxes - You will be required to reimburse the seller for pre paid taxes or you may be paid from the seller’s funds if taxes were not paid. Any event you will put money into escrow usually 3 months that is held by the lender to pay the taxes when they come due.

7)Homeowners Insurance - POC 12 months in advance required by the lender.Also 3 months escrow by the lender at closing. Based on cost of the property, type of construction, location, your personal credit rating and previous insurance usage.

8)Homeowner Association Dues/Fees - You will be required to reimburse the seller for any pre paid homeowner fees. Depends on subdivision location condos, townhouses, and gate communities will have them. This should be listed on the seller’s disclosure documents.

9)Transfer Tax - Normally paid by the seller sometimes split with the buyer in the sale price. Some states are as high as 4.5% of the sales price check out state laws could be thousands of dollars. Paid at closing to the state, county and city.

10)Miscellaneous Service Charges - First time home buyers get hit hard here check out the hook up fees for electric, gas, cable, and telephone. Also deposits if you have no track record of paying utilities. Hundreds of dollars.

Bill Carey with over 30 years in real estate sales, investments, and home building offers a unique perspective to the buying and selling process of residential real estate for F*R*E*E consumer information and reports log on to http://www.CharlotteNCExecutiveHomes.com and see
“Insider Real Estate Secrets Revealed”
…a must-read for Home-Owners and Renters!
It’s a F*R*E*E 12-lesson e-course covering more than 20 topics exposing the realities behind buying and selling a home.
It Could Make(or Save) You Thousands of Dollars

See http://www.BillCareyRealtor.com and sign up for our monthly e-newsletter with tips for buyers, sellers, home owners and soon to be home owners.

(Your Comments are Welcome)

Tags: billcareyrealtor, first time home buyer, FSBO, home buyer, home mortgage, new home buyer, Title insurancebillcareyrealtor, first time home buyer, FSBO, home buyer, home mortgage, new home buyer, Title insurance

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