Home Buying BlogThe Home Buying Blog and RSS feed will keep you up to date on changes to our website's content as well as provide a discussion of current, newsworthy articles and information related directly to home buying only. To subscribe, click on the RSS orange button on the left. Financing TerminologyA description of the most used real estate mortgage financing terminology to help you better understand the process and being armed to ask the right questions. Permalink -- click for full blog post "Financing Terminology" HUD HomesInformation about HUD homes and the HUD foreclosure and bidding process. Permalink -- click for full blog post "HUD Homes" Conflict free home buyer representationHome buyers need to find conflict free representation which they can't get from a traditional real estate company. Permalink -- click for full blog post "Conflict free home buyer representation" Be Wary of Dual AgencyFrom the Counsel's Office, NYS Department of State, "As a principal in a real estate transaction, you should always know that you have the right to be represented by an agent who is loyal only to you throughout the entire transaction. Your agent's fiduciary duties to you need never be compromised." Home Buyer Tax Credit Extended One Year for MilitaryThe home buyer tax credit is extended another full year until April 30, 2011, for certain military and government personnel. Do you qualify? Check out the IRS's website to see if you do. REODiscussion of REO property or better known as bank owned or real estate owned property. Permalink -- click for full blog post "REO" Find an AgentFind an Agent resources that help you determine the right agent for you and help in finding such an agent, buyer agent, exclusive buyer agent. Permalink -- click for full blog post "Find an Agent" HUD Settlement Cost BookletHUD revised their Settlement Cost Booklet in December, 2009. Here is information about the US Department of Housing and Urban Development's, HUD Settlement Cost Booklet Permalink -- click for full blog post "HUD Settlement Cost Booklet" Looking For An Agent? Start by Ignoring Your Friends and RelativesAccording to NAR's (the National Association of Realtors) Profile of Home Buyers and Sellers 2009, "Forty-four percent of buyers found their agent through a referral from a friend or family member." The problem is your friends, family members, and co-workers may not know that there are special agents, "exclusive buyer agents", around the country who represent home buyers only. Consequently, you will probably end up working with the wrong agent. Home Buyers - Check Your Credit First!Home buyers often wait until they have a property under contract or until they apply for a mortgage to have their credit reports pulled. It can take 4 to 6 months sometimes to get inaccurate information removed from your credit reports and even longer to get your credit scores to readjust and increase to where you can qualify for a mortgage. One In Four Credit Reports Contain Serious Errors!A survey by U.S. PIRG (The U.S. Public Interest Research Group) found: "One in four credit reports contains errors serious enough to cause consumers to be denied credit, a loan, an apartment or home loan or even a job." 'The big credit bureaus and big business tolerate big mistakes in credit reports,' said Ed Mierzwinski, U.S. PIRG Consumer Program Director. 'But those mistakes ruin the financial reputations of hardworking Americans.' Is Credit Repair a Rip Off?Credit repair has a very negative connotation. It is open to a lot of scams and is one of the most investigated financial industries. As a result of such problems a law was passed governing credit improvement entities, the Credit-Repair-Organizations-Act (CROA). In part the law states: The Housing Double Dip Began in DecemberDecember brought signs that the fledgling recovery of home values in many markets is slowing again. U.S. home values got a bit lower again in December relative to November levels and the rate of decline got just a little bit higher as well. HUD Booklet Advises Buyers to Search for an Agent Who Will Represent Their Best Interests
The US Department of Housing and Urban Development (HUD) Releases Latest Version of “Shopping for your Home Loan - HUD Settlement Cost Booklet”. It advises buyers to search for an agent who will represent their interests in a real estate transaction. FHA Regulations ChangeFHA recently announced changes in the FHA mortgage program. Borrowers with a FICO score of less than 580 will need 10% down payment. Borrowers with a FICO score of 580+ will need 3.5% down. The upfront MIP, Mortgage Insurance Premium, is being raised to 2.25% of the mortgage amount. And, the seller concession limit is being changed downward from 6% to 3%. The result is that home buyers may need to save up more money for down payment and closing costs after these changes go into effect in early summer. ForeclosuresDiscussion of the steps of a foreclosure including pre-foreclosures and REO property owned by a bank. Permalink -- click for full blog post "Foreclosures" Short SaleA discussion of the steps involved in buying a home using a short sale process. Permalink -- click for full blog post "Short Sale" Little Known Realtor Rule Could Cost You ThousandsThere is a little known drama that sometimes plays out behind the scenes when buying a home. An agent, that you had a brief contact with earlier, comes out of the blue claiming a commission on the home you are buying through another agent. Welcome to "One Date And You Are Married", a behind the scenes drama that plays out from time to time without buyers or sellers initially knowing what is happening. Skeletons In The ClosetAliens, skeletons and other selling horrors leave impact on would-be buyers. These and numerous other annoyances usually leave a lasting impression on would-be buyers. But they are not the kind of imprint you want to make. They are far more likely to kill a sale than seal it. And they happen more often than most people think. One Date You Are MarriedOne Date You Are Married discusses the problem with buyers seeing property or obtaining real estate information from more than one agent. The first agent can make a claim for a commission later. Permalink -- click for full blog post "One Date You Are Married"
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