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Is This The Right Time To Buy Your First Home?

by TeamForYOUrDreams

The old saying “Buy Low, Sell High” sure sounds like obvious advice.  But haven’t you heard Wall Street commentators talk about how hard it is to “time” the market?  The same is true for buying a home.  By the time you know when the market was at a “bottom”, it isn’t any more.   All of the signs indicate that once this market hits bottom, everyone is going to jump in, so that the bidding by buyers will make the prices go up rapidly.   And mortgage loan rates fluctuate, sometimes rapidly.  So how can a first time homebuyer tell when to buy real estate?  

 

There are two fundamental considerations, for all buyers:

-         Can you afford the home now?

-         Will you stay in it long enough to justify the initial costs?

 

First time homebuyers have two huge advantages right now:

-         You don’t have to sell another home first!

-          You can get up to $8,000 from the government!  Not a loan, but free money!

 

So, if you can buy now, should you?

-         Larger than usual inventory of homes for sale means more to choose between

-         Low interest rates mean you can get more home for the same money

-         A Buyers Market means you have more clout than in a Sellers Market

 

That adds up to making this an unusually good time to buy a home anywhere from Cary to Wake Forest or any other part of the Triangle in North Carolina.

 

For a more detailed disuccion on this topic, please go to http://solonglandlord.com/steps-for-first-time-home-buyers-to-take/should-first-time-homebuyers-buy-now.

Short Sale Information for Sellers

by TeamForYOUrDreams

A short sale may be your best alternative if you have financial trouble and a house that will not sell for enough money to pay off all the debts associated with the home, but it is not for everyone. It is not for people who do not have a financial crisis, because they will not qualify with their lender.

You need to evaluate the alternatives. You can let the bank foreclose. You might consider giving the bank a deed in lieu of foreclosure.  You can try a loan modification.

A short sale is not an easy process. You have to get the buyers to be patient, as the lenders may take a while to review the offer.  One oddity of this process is the real negotiation is done with the bank and lien holders. Normal negotiations in real estate sales are between the buyer and the seller.

For a more detailed discussion on this topic, please go to http://shortsalesr.us/for-sellers/.

Referrals Benefit First Time Homebuyers

by TeamForYOUrDreams

Referrals are the lifeblood of real estate agents. A referral is a recommendation, most valued when introduced by someone both the agent and client regard highly.   Having never bought a home, first time homebuyers might be most comfortable with this process, because they can rely on the experiences of friends they trust to help them find the right agent.

Referrals also come from other agents. In this case, a referral fee is paid to the referring agent if the lead results in the sale of a property.

If you are trying to find the right Realtor, ask a friend who has bought a house in Cary, Raleigh, Apex or anywhere else you want to live in the Triangle area of North Carolina.   If you are a first time homebuyer who is new to the area, find a Team that specializes in first time homebuyers so they can give you the extra care you deserve.

For a more detailed discussion on this topic, please go to http://solonglandlord.com/steps-for-first-time-home-buyers-to-take/referrals-benefit-first-time-homebuyers.

Don’t Practice Law, Unless You’re a Lawyer

by TeamForYOUrDreams

The relationship between Realtors and Lawyers is interesting.  Lawyers do not want Realtors intruding on their turf.  When a foreclosure proceeding is filed, it may be considered a lawsuit depending on the foreclosure procedures in your state.  Many foreclosures are done by a power of sale in the deed of trust, so it is just a series of notices and other requirements leading to a non-judicial foreclosure.  In other words, it is not a court proceeding.   However, in many states a foreclosure is a filing with the court, so it can be considered a legal proceeding or lawsuit.

In North Carolina, the Short Sale Addendum to the Listing Agreement says “If a foreclosure or other judicial proceeding is filed with respect to the Property, although Firm may continue to solicit and negotiate offers to purchase and contact, communicate with, obtain information from and supply information to Lienholders,  Firm may no longer negotiate the terms and conditions of a Short Sale with Lienholders, as such negotation would constitute the practice of law.”  Other states have similar interpretations of the line between what a Realtor can do and the practice of law. 

If you are not licensed as a lawyer in the state where the property is located and where the client lives, you need to know about the rulings that may restrict what you do in negotiations when a foreclosure has been filed.  One other pitfall to avoid is the regulations on debt counseling. If you charge the seller a fee that is not contingent on the closing of the sale, it can be argued that you are doing debt counseling.

How do you stay out of trouble?  Follow the wording in your forms.  How do you find the line?  Talk to your broker in charge.  You may also want to talk to an attorney, particularly if your firm has one on retainer. 

For a more detailed discussion on this topic, pelase go to http://shortsalesr.us/short-sale-dos-and-donts/dont-practice-law-unless-youre-a-lawyer/.

Getting a First Time Homebuyer From Contract to Closing

by TeamForYOUrDreams

After you successfully get a contract, what is next?  As a first time homebuyer, the process will be new to you, and it can be stressful.  A good Buyers Agent can review the main steps and options with you before you go under contract.  The key areas are loan approval, repair negotiations, legal arrangements, utilities/insurance setup, and funding. 

 

As the buyer, you must stay on top of gaining loan approval, providing required information quickly, paying required bank fees, and keeping in touch with your lender.  Your agent will schedule the inspections called for by the contract and help you draft a repairs request.  You will need a closing attorney, who will review the contract, initiate a title search, order a survey (optional), work with you to schedule the closing meeting, work you’re your lender to properly record all related costs, conduct the closing meeting including explaining lots of documents, record the deed, answer questions, and an abundance of other services.  You will need to select a company to provide home owner’s insurance a couple weeks before closing, in order to allow the attorney and the insurance agent to communicate.  At least a week before closing you will need to contact appropriate utilities and arrange for the electric, water, gas, cable, and other services to be turned on in your name.

 

Think of moving from the point of signing the contract to a successful closing as a project, and select a Buyers Agent who will act as a good project manager – one with the communication skills, work ethic, and attention to detail to handle all the things that come up. 

 

For a more detailed discussion on this topic, please go to http://solonglandlord.com/steps-for-first-time-home-buyers-to-take/getting-a-first-time-homebuyer-from-contract-to-closing.

Displaying blog entries 1-5 of 5

Contact Information

Photo of Team For Your Dreams, Inc. Real Estate
Team For Your Dreams, Inc.
REMAX United
7721 Six Forks Road, Suite 110, Raleigh, NC 27615
Raleigh NC 27615
919-846-3272
919-812-5111
Fax: 310-347-4041