The excitement of buying a new home is indescribable. You spend all of your time going over all the details of each and every possible home that is suitable for you. Then you actually find a home that you just love. After spending a great amount of time thinking about your dream home, you make an offer. Then it happens, you get that call from your realtor - your offer has been accepted. All of a sudden the reality that you just bought a home hits you like a ton of bricks!
Buyers have different reactions the that "Oh My Gosh, I Just Bought A House" feeling and understandably so. Buying a home is a BIG decision. Many people begin to have second thoughts about their decision. Did I do the right thing? Can I afford this? What if something happens? How much money did I just spend? Can I come up with the down payment? How much are the closing costs going to be? Etc.
You feel like your life is going to be changed forever. You think that you will never again be able to live the life that you currently have - enjoying eating at a restaurant, going to the movies whenever you feel like it, having a shopping spree. You think your entertainment budget has been shot out the door! Then you get the dreaded truth in lending statement and you see just exactly how much your mortgage including the interest will be over 30 years and you are shocked and dismayed. You think "what have I done?"
Sit down and relax. Millions of people buy new homes every day and get through it with no problems. Don't worry, what you are feeling is normal and you will be glad to know that it is temporary. This too shall pass. You will adjust your lifestyle and things will be back to normal before you know it.
Try to replace all of those negative feelings with positive ones like - imagining yourself sitting in your new home, enjoying your new life. Picture how well your new home suits your family's needs. Think about all of the things that you will have in your new home that you don't have in your current home. Give it time, you will get the hang of it.
If you still have those "Buyers Blues" then call your realtor immediately. Your real estate agent has years of experience helping their clients through the home buying process from start to finish and they will be more than happy to help you with anything you need. So remember, these feelings are normal. Then go relax and enjoy yourself. Go and eat at your favorite restaurant or do a little shopping; whatever it takes to rid yourself of the buyers blues and before you know it you will be sitting in your new home wondering why you ever had any doubts!
Wednesday, January 18, 2012
Thursday, January 12, 2012
Buying A Home At A Discount
Real estate is no exception when we talk about how inflation has affected each and every aspect of our life. At first, buying a home was only a matter of selecting your area, surveying places around it and making a decision. Times have changed now and the first thing that you bring under consideration is affordability. Not that you didn’t worry about finances back then, but you at least knew you weren’t over paying for your property. So the name of the game, when it comes to buying real estate today, is not only to get the best house of your liking but also to get the best financial deal for yourself.
Short Sales
So what do you do to get a discount while buying your dream home? The first step that you can take in order to find good financial deal on your next house is reviewing Short Sales.
A short sale means a sale that falls short of the amount owed on the mortgage. They happen only when the seller can't come up with the cash to pay off the difference. Most important, though, is that they can happen only when the lender agrees to accept the reduced payoff. However, it doesn’t mean the lender will agree to sell to you in all cases.
Lenders aren't in the business of accepting less than they are owed, so few short sales make it to the finish line. The best way to go about it is to hire an agent who has experience with short sales. He knows how to find people who are looking to sell. First, find out if the bank even has a clue that the seller is trying for such a deal; it would be a complete waste of time to try and bargain with the seller just to have the bank refuse the deal.
Foreclosures
Another way to look for a discounted deal is to look for foreclosures. Everyone has heard about foreclosures and the overwhelming inventory available. Situations like this usually give rise to discounted prices, especially in today’s times, because of the large inventory of homes sitting on bank books.
Buyer Beware; this process is lengthy and buying a foreclosed home can be full of pitfalls. If you have this picture in your mind of a well-maintained family home, surrounded by a white picket fence that is owned by an elderly woman who couldn’t keep up with mortgage payments, think again. Those types of foreclosures are few and far between. Unless you are a licensed general contractor, bring someone who is highly knowledgeable about construction with you.
Many foreclosed homes need repairs and most have been gutted by squatters looking to sell the best features of the home. Assuming that you’ve done all your homework and you still want to purchase that foreclosed property, your real estate agent will make an offer to the bank.
Best advice before getting to this point is while seeking that foreclosed home, get your financing complete with pre-approvals – the deal will go a lot smoother if the bank sees that all the foot work has been completed.
Short sales and foreclosures are just two options available to you. And, while they may be challenging deals to put together, they can be a great avenue towards home ownership.
Short Sales
So what do you do to get a discount while buying your dream home? The first step that you can take in order to find good financial deal on your next house is reviewing Short Sales.
A short sale means a sale that falls short of the amount owed on the mortgage. They happen only when the seller can't come up with the cash to pay off the difference. Most important, though, is that they can happen only when the lender agrees to accept the reduced payoff. However, it doesn’t mean the lender will agree to sell to you in all cases.
Lenders aren't in the business of accepting less than they are owed, so few short sales make it to the finish line. The best way to go about it is to hire an agent who has experience with short sales. He knows how to find people who are looking to sell. First, find out if the bank even has a clue that the seller is trying for such a deal; it would be a complete waste of time to try and bargain with the seller just to have the bank refuse the deal.
Foreclosures
Another way to look for a discounted deal is to look for foreclosures. Everyone has heard about foreclosures and the overwhelming inventory available. Situations like this usually give rise to discounted prices, especially in today’s times, because of the large inventory of homes sitting on bank books.
Buyer Beware; this process is lengthy and buying a foreclosed home can be full of pitfalls. If you have this picture in your mind of a well-maintained family home, surrounded by a white picket fence that is owned by an elderly woman who couldn’t keep up with mortgage payments, think again. Those types of foreclosures are few and far between. Unless you are a licensed general contractor, bring someone who is highly knowledgeable about construction with you.
Many foreclosed homes need repairs and most have been gutted by squatters looking to sell the best features of the home. Assuming that you’ve done all your homework and you still want to purchase that foreclosed property, your real estate agent will make an offer to the bank.
Best advice before getting to this point is while seeking that foreclosed home, get your financing complete with pre-approvals – the deal will go a lot smoother if the bank sees that all the foot work has been completed.
Short sales and foreclosures are just two options available to you. And, while they may be challenging deals to put together, they can be a great avenue towards home ownership.
Friday, January 6, 2012
6 Common Mistakes Homebuyers Still Make
Getting a new home is easy but tricky at times. Many buyers are encountering stumbling blocks en route to their chosen house. This is because they commit minor mistakes along the way that hinders smooth processing. This can be prevented only if you are familiar with these common mistakes.
1. Having no pre-arrangements with the bank for mortgages before making an offer is the most popular mistake. Communicate with a bank to know the price range you are capable of paying and other mortgage details that you need to know.
2. Knowing your exact budget is critical. Most people look around for houses even without the budget in mind. First thing you need to know before finding a home to purchase is how much you can pay for a new home. You can save much time if you trim down your list of houses based on its price; imagine finding that dream home only to find out you won’t be approved for the mortgage?
3. Getting unreliable and inexperienced real estate agents is a big no-no. Choose an agent that has the background to back him or her up. Also, consider the real estate companies you are dealing with. Make sure that they have a good standing in terms of the services they are providing.
4. Most people are shopping around within a limited market. You can find homes for sale anywhere such as internet, print ads, and even on TV. You may also want to ask for help from your agent to provide you a list of preferred houses. You can save time if you know what kind of house you are looking for.
5. Purchasing a home long distance without thorough inspection is a mortal mistake. After choosing a home, it is a must to visit it personally so that you can see it in a closer view. Some pictures only show the good angles of the house. It can be very deceiving at times. Check the structure and foundation to ensure safety. Also, look around the neighborhood and get comfortable with it.
6. Buyers tend not to compute the total cost of the house. Other expenses such as home insurance, association dues and even lawyer's fee for proper documentation of the purchase should be considered. We are not talking about coins here. These range from hundreds of dollars to even thousands. You need to prepare your pocket for it.
Buyers are usually not aware of all the details. It is your home and you are responsible for it. You need to know and understand everything about it, from home warranty to insurances and even the history of the house.
1. Having no pre-arrangements with the bank for mortgages before making an offer is the most popular mistake. Communicate with a bank to know the price range you are capable of paying and other mortgage details that you need to know.
2. Knowing your exact budget is critical. Most people look around for houses even without the budget in mind. First thing you need to know before finding a home to purchase is how much you can pay for a new home. You can save much time if you trim down your list of houses based on its price; imagine finding that dream home only to find out you won’t be approved for the mortgage?
3. Getting unreliable and inexperienced real estate agents is a big no-no. Choose an agent that has the background to back him or her up. Also, consider the real estate companies you are dealing with. Make sure that they have a good standing in terms of the services they are providing.
4. Most people are shopping around within a limited market. You can find homes for sale anywhere such as internet, print ads, and even on TV. You may also want to ask for help from your agent to provide you a list of preferred houses. You can save time if you know what kind of house you are looking for.
5. Purchasing a home long distance without thorough inspection is a mortal mistake. After choosing a home, it is a must to visit it personally so that you can see it in a closer view. Some pictures only show the good angles of the house. It can be very deceiving at times. Check the structure and foundation to ensure safety. Also, look around the neighborhood and get comfortable with it.
6. Buyers tend not to compute the total cost of the house. Other expenses such as home insurance, association dues and even lawyer's fee for proper documentation of the purchase should be considered. We are not talking about coins here. These range from hundreds of dollars to even thousands. You need to prepare your pocket for it.
Buyers are usually not aware of all the details. It is your home and you are responsible for it. You need to know and understand everything about it, from home warranty to insurances and even the history of the house.
Tuesday, January 3, 2012
How To Enhance Your Kitchen's Appeal
You know it. I know it. We all know it. Your kitchen is the most important room in the house and the one room that can make or break the sale of your home. So how does your kitchen look? Is it outdated? Does it need a little TLC? Ok, don't panic because there are a few things that you can do to your kitchen to make it more inviting to prospective buyers without breaking the bank.
The first thing you need to do is to stand back and take a good hard look at your kitchen. What do you see? Maybe it just needs a good thorough cleaning. If you have lived in your home for a while you may not be able to see the forest through the trees. So look at your kitchen as if you were buying your house and make notes about what you are seeing and what needs to be done.
Here are some quick tips to help enhance your kitchen and possibly add thousands to your bottom line.
1. Clean, Clean, Clean - don't forget to scrub the cabinets inside and out, and remember the floors, and the appliances too
2. De-clutter everything, including the cabinets, drawers and pantry. Your buyers will be looking at everything
3. Remove all personal items - this will help buyers to see your home as theirs and not yours
4. Go through all of your cabinets and remove any unnecessary items. This goes for your pantry as well. You want to showcase your kitchen as clean, neat and orderly - this is what sells
5. Clear off the countertops of small appliances and gadgets - this will make your kitchen look bigger
6. A fresh coat of paint will go a long way and give it a fresh, updated look for very little cost and this is something that is easily done yourself
7. If you have wallpaper, assess its condition and age and consider having it textured and painted. Sometimes wallpaper can date your kitchen quicker than anything else. Your buyers will see outdated instead of clean and fresh and this will reflect in a lower offer
8. Look at the floors. Are they outdated and worn? A simple new vinyl floor covering will make your kitchen look newer than perhaps it really is. A vinyl floor is a very cost effective way to instantly upgrade your kitchen with very little expense but could add to the value of your home in the mind of the buyer
9. Do you have cabinet knobs? Are they making your kitchen look dated? If so then change them, this is just another relatively simple way to make your kitchen look as if it has been upgraded
10. How about your countertops. How do they look? Did you know that there are companies that will come to your home and spray a new decorative surface on your countertops for pennies on the dollar of what it would cost you to replace them and it makes your kitchen look fabulous and barely cost you a thing. Again, this is just another quick, inexpensive way to update your kitchen.
Try some of these simple tips and tricks today and get ready for those top dollar offers to pour in. A few minor touches could make the difference between a good offer and a great offer.
The first thing you need to do is to stand back and take a good hard look at your kitchen. What do you see? Maybe it just needs a good thorough cleaning. If you have lived in your home for a while you may not be able to see the forest through the trees. So look at your kitchen as if you were buying your house and make notes about what you are seeing and what needs to be done.
Here are some quick tips to help enhance your kitchen and possibly add thousands to your bottom line.
1. Clean, Clean, Clean - don't forget to scrub the cabinets inside and out, and remember the floors, and the appliances too
2. De-clutter everything, including the cabinets, drawers and pantry. Your buyers will be looking at everything
3. Remove all personal items - this will help buyers to see your home as theirs and not yours
4. Go through all of your cabinets and remove any unnecessary items. This goes for your pantry as well. You want to showcase your kitchen as clean, neat and orderly - this is what sells
5. Clear off the countertops of small appliances and gadgets - this will make your kitchen look bigger
6. A fresh coat of paint will go a long way and give it a fresh, updated look for very little cost and this is something that is easily done yourself
7. If you have wallpaper, assess its condition and age and consider having it textured and painted. Sometimes wallpaper can date your kitchen quicker than anything else. Your buyers will see outdated instead of clean and fresh and this will reflect in a lower offer
8. Look at the floors. Are they outdated and worn? A simple new vinyl floor covering will make your kitchen look newer than perhaps it really is. A vinyl floor is a very cost effective way to instantly upgrade your kitchen with very little expense but could add to the value of your home in the mind of the buyer
9. Do you have cabinet knobs? Are they making your kitchen look dated? If so then change them, this is just another relatively simple way to make your kitchen look as if it has been upgraded
10. How about your countertops. How do they look? Did you know that there are companies that will come to your home and spray a new decorative surface on your countertops for pennies on the dollar of what it would cost you to replace them and it makes your kitchen look fabulous and barely cost you a thing. Again, this is just another quick, inexpensive way to update your kitchen.
Try some of these simple tips and tricks today and get ready for those top dollar offers to pour in. A few minor touches could make the difference between a good offer and a great offer.
Subscribe to:
Comments (Atom)
