5 Mistakes First-Time Home Buyers Make

First-timers can be eager to jump into home ownership. But real estate experts say they see them committing the same mistakes, time and time again. Here are some of the most common ones, as identified by experts in a recent CNBC article:

1. They’re unprepared to compete against all-cash offers.
2. They place a car ahead of the home.
3. They place too much emphasis on online loan information.
4. They bank too much on online home values.
5. They forgo the home inspection. 

Comments

Post a Comment

Popular posts from this blog

Successful Closing Tips in Colorado

Tips For a successful closing 1 Colorado law requires that all funds paid at closing by the parties must be in the form of a wire transfer, cashiers check or teller check. 2 If possible, avoid peak times when scheduling closings (Friday afternoons, end of the month). 3 The title company will need a loan number and contact information on existing loans, HOA contact, seller's forwarding address and social security numbers for all parties. 4 If a Power of Attorney is to be used for closing, contact the title company as early as possible. 5 When scheduling moving vans or other closings be sure to allow time for the resolution of problems which may delay the completion of your transaction. This information is provided to assist you in your real estate transaction. Should you need additional information, please feel free to contact us.
Read more

Estimated FHA closing costs for buyers -buyers getting an FHA loan

BUYER’S CHARGES (buyer getting an FHA loan) 1. Purchase Price 2. Mortgage Title Policy 3. Miscellaneous Title Endorsements as Required by the New Lender (see title commitment) 4. Recording Fees 5. Loan Discount Fee 6. Doc Fee (.01 cent per $100 of sales price) 7. Hazard Insurance Premium (1st year) and reserves 8. FHA Mortgage Insurance *premium and. Reserves 9. Loan Discount Fee- as per contract 10. Tax Reserve Account 11. Survey* 12. Credit Report* 13. Appraisal* 14. Interest on New Loan* 15. Express Mail Fees (if applicable) 16. Real Estate and Loan Closing Fees 17. Homeowners Dues, Fees, etc. *Amounts Determined by the New Lender Note: Buyer must pay all prepaid expenses. All other charges are negotiable if agreed to by all parties in the sales contract.
Read more

Centennial - Piney Creek January to March 2008 single family home sales report

7 residential closings up 700% over the same period in 2007. Absorption Rate is ok at 9.0 months. Its not possible to determine any kind of trend since the first three months of 2007 only saw one sale. but it is very encouraging that the sales are off the roof during the same period in 08. Also checkout the average sales price. Jan - March 2007 Jan - March 2008 % Change # of sales closed 1 7 700% # of sales Closed - YTD 1 7 700% Avg Days on Market 229 136 -59% # of Active Listings - 21 - Absorption Rate (months) - 9.0 - Average $ per SqFt 105 148 141% Average Price (Sold) 406,800 622,314 153% Click here for active homes for sale in Piney Creek Absorption Rate Definition Disclaimer - the information and commentary provided in this Blog are opinions of Homes And People and should be used for informational purposes only. All sales data is from the MLS and the information is deemed reliable but not guaranteed.
Read more

Protect yours and your clients' homes

Crime is a major concern of citizens and their law enforcement agencies; although in recent years the increase in crime in America appears to be leveling off. Since 1990, according to the National Neighborhood Watch Program, national trends show burglaries down 32 percent. The organization believes that the credit goes to its focus on residential burglary prevention, plus individual citizen involvement in the crime prevention process. AN OUNCE OF PREVENTIONThe AARP website offers these common sense tips in an article entitled How to keep burglars away from your home: Lock it up - Prevent home theft by locking doors and windows when you leave, whether for a few minutes or a few days. Extra Keys - Never leave a set of house keys in a hiding place; the burglar's business is to know those places. Instead, leave a set with a trusted neighbor or friend. Shed some light - Thieves prefer to operate in darkness, so keep entryways, pathways, stairwells, porches and yards well lit. AARP and ...
Read more

Estimated VA closing costs for buyers -buyers getting a VA loan

BUYER’S CHARGES (buyer getting a VA loan) 1. Purchase Price 2. Mortgage Title Policy 3. Miscellaneous Title Endorsements as Required by the New Lender (see title commitment) 4. Recording Fees 5.. Tax Certificate 6. Doc Fee (.01 cent per $100 of sales price) 7. Insurance Reserve Account* 8. Tax Reserve Account 9. VA Funding Fee* 10. Loan Origination Fee* 11. Discount Points* 12. Premium for Hazard Insurance 13. Survey* 14. Credit Report* 15. Appraisal Fee* 16. Interest on New Loan* 17. Miscellaneous Loan Fees per New Lender* 18. Express Mail Fees (if applicable) * *Amounts Determined by the New Lender Note: Seller can pay all closing costs and pre-paids for the buyer if agreed to all parties in the sales contract.
Read more