how to buy a house buying your first house in 2011 advice help

how to buy a house buying your first house in 2011 advice help.

You know the old story: a guy is walking down the street in New York City. He goes up to a local and says, "Excuse me, can you tell me how to get to Carnegie Hall?" And the New Yorker replies: "Practice." It may be an old joke, but the concepts in it are still useful. If you want to buy a first home it’s a good idea to get directions from people who’ve been there, and it couldn’t hurt to practice.

Practice
"Don’t jump into buying the first home you see," says Stacie Zoe Berg, author of The Unofficial Guide to Managing Your Personal Finances (Macmillan, $15.95). "Go to open houses. Get to know the market. Investigate many neighborhoods, and if you’re going to buy a newly built home, look at a lot of different models," she says. "Don’t be afraid to play around, underbid, and see what the process is like. Practicing when your real money is not at stake is a low risk way to learn."

Remember it’s an investment
"The most important thing for someone buying a home to keep in mind is that it will likely be the biggest investment of their life," Berg says, "What often happens is that people get so excited about buying a home of their own that they forget they are dealing with real money. And the fact is that since most of the money being invested is borrowed, it’s not even their money."

"Another problem first-time buyers run into is that the amount of money that the lender qualifies them for might be more than they can afford to borrow," cautions Berg. "First-timers don’t know how tight it can get. They may borrow too much, buy too much house, and then wonder why they suddenly can’t afford groceries."

Get your credit in shape
"Make sure that your credit is in good shape before you start the process. If it’s not, get to work on it," says Berg. "Mortgage lenders determine what kind of loan you qualify for by using computrized credit scoring systems. The bottom line question to answer is how likely are you to pay back the loan. Any factor that brings your score down will be reflected in the cost of the loan to you."

Think about your down payment
Lenders generally look for a down payment that is twenty percent of the purchase price. So if your dream house costs $150,000, you need to accumulate $30,000 to make the down payment.

"If you can put down twenty percent, you eliminate paying Private Mortgage Insurance (PMI)," says Berg. "PMI protects the lender if the borrower defaults on the loan. It’s usually required if you borrow more than eighty percent of the purchase price. PMI is an extra cost, and you want to avoid if you can."

What if you can’t put down twenty percent? There are low-money-down loan programs available. You must qualify for these programs and your mortgage rate may be higher. Your buyer’s agent (see below) should be able to help you find lenders with programs that are right for you.

The amount of time it will take to accumulate a down payment is different for each buyer. It’s a good idea to meet with a financial planner, as soon as you can, to create a program that will help you reach your goal.

Get pre-approved, not pre-qualified
"If you have a pulse you can probably get pre-qualified for a loan," says Ray Brown, co-author (with Eric Tyson) of Home Buying for Dummies (IDG Books, $16.99). "Pre-qualification means that you are ready and willing to borrow. But your ability to borrow has not been verified by the lender."

Brown recommends that buyers get pre-approved by a lender before they get serious about house shopping. "It’s a seller’s market in most parts of the country. If there are 5 offers on a new listing, having pre-approval can make your offer stand out," says Brown, who was a real estate agent for thirty years. "When you are pre-approved, it means that the lender has verified your financial status and they’re willing to lend you a specific amount. In essence you’re shopping with a letter of credit."

Get your team together
You will probably need to assemble a team of professionals to help you through this process. The four professionals you are most likely to work with are: a buyer’s agent, a mortgage lender, a certified home inspector, and an attorney.

Brown suggests that you interview the people for your team carefully. "If you don’t trust someone, don’t do business with them."

1. The buyer’s agent: "A buyer’s agent exists to make the deal fairer for you, the buyer. Their responsibility is to you, not to the seller," says Berg. "The seller’s agent, who may be the realtor with the listing, and may even show you the house, is obligated to give any personal information (your salary, pre-qualified loan amount) to the seller. Don’t tell your secrets to the seller’s agent."

Tips on choosing a buyer’s agent:
Ask the agent for an activity list that shows the properties they’ve sold in the last 12 months. The list should include property addresses, dates sold, closing prices, buyer’s names, and whether the agent represented the buyer or seller.
Check to see if they’ve been closing sales regularly throughout the last 12 months. If not, ask them why.
Check the geography. If the agent hasn’t bought or sold houses in the neighborhood you want, find a different agent.
Check closing prices. If you want to spend $200,000 and the agent’s lowest (or average) closing price is $500,000, you need a different agent.
Use the activity list as a reference list. Call at least two of the agent’s clients from one, six, and 12 months ago. Ask the buyers what they think of the agent. Do they think the agent got them a good deal? Was the agent responsive, reachable, and trustworthy?
Interview the agent. Make sure that they are a full-time agent and will be acting exclusively as your buyer’s agent and not as a dual agent (you and the seller).
If the agent wants you to sign a contract, don’t commit to more than 3 days. If the person is not aggressive enough for you or your personalities conflict, you want to be able to move on.

2. The mortgage lender: "There are as many kinds of loans now as there are flavors of ice cream at Baskin Robbins," says Brown. "When I started in the business, you could have any kind of mortgage you wanted as long as it was either a 15 or 30 year fixed rate. Now people are blown away by the choices."

Tips on choosing a good lender:
Interview lenders, just like anyone else on your team. A good lender will help you find the loan that works best for you and you should understand your options once you’ve spoken with them.
Ask your agent for a referral. You may not end choosing that lender, but it’s a good place to start researching.
Look for a lender that has a competitive spirit and ask them if they are willing to negotiate their fee schedule. With interest rates rising and fewer people refinancing, lenders may be hungrier for your business.

3. The certified home inspector: "The inspector checks to make sure the home is structurally sound and that everything is in working order," says Berg. "This is especially important with a newly built home, because if the inspector hasn’t written something down, then the warranty won’t cover it once you’ve closed."

Tips on choosing and using a home inspector:

Get an inspector that is a member of the American Society of Home Inspectors, the national trade organization that certifies inspectors. You can reach them at (800) 743-2744.
Make sure you hire a full-time property inspector.
Make sure that you get a foundation-to-roof inspection.
Be there, with your agent during the inspection. That way the inspector can show you exactly what the existing and potential problems are. This information can be essential in negotiating price.

4. The attorney: Real estate contracts are legally binding and can be confusing. If you ever have a legal question, contact an attorney. Before you sign contracts on a newly built home, or an existing home, have an attorney read the documents.

The tip of the iceberg
Like any major investment, buying a home requires time and research. "You can’t be expected to know everything about every aspect of buying your first home," says Brown. "And fortunately, you don’t need to know everything as long as you put together a team that does."

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Luxury Home for Sale in New Zealand

"One of New Zealand's most luxurious homes for sale - Price guide NZ$10M (approx US$5M)

Discerning architecture and a magnificent location have combined to produce a property that is so much more than simply a sum of its parts. A cliff top with sweeping views stretching from St Heliers in the south across the Hauraki Gulf to Coromandel and Great Barrier Island provides the site for a striking home that complements but never overwhelms its setting. Combined, the result is an impressive property that maximises its superlative location and architecture.

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These are linked by spacious galleries opening directly to the courtyard lending a taste of the exotic to the property. The courtyard, with its outdoor fireplace, sheltered sitting and dining areas and 21 metre heated pool, complete with diving platform, overlooks a stunning expanse of sea and sky.

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Its six bedrooms, five bathrooms and choice of living areas, including a games room, gym, sauna, beauty therapy room and office allows the option of accommodating extended family or guests in separate self contained areas."



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$75 million dollar beach house spanning three oceanfront lots in Cameo Shores Southern California.

selling your house without a broker in 2011 or use a broker to sell?

selling your house without a broker in 2011 or should you use a house broker to sell your house?.

YOU CAN SELL YOUR HOUSE without a broker -- and save yourself a ton of money in the process. But there are times when going it alone just doesn't make sense. You may need to sell fast, or simply not have the time to devote to selling your house yourself. In that case, a real estate broker is your only option. But don't just pick the first one who walks in your door and tells you selling your place will be a cinch. Here's how to find the best one.

First of all, you want someone who has a strong track record selling your kind of home in your neighborhood. Some brokers specialize in starter homes while others sell more trade-up homes. Put together a list of brokers by asking friends and neighbors for referrals. If you've lived in the area for a while you probably have a sense of which firm has the most market share. If you have time, attend a few open houses one weekend to see some brokers in action. You may be tempted to give your listing to a friend, but that can easily backfire since disputes with brokers are common.

Interview brokers over the phone. A top broker will know your particular market, as well as the schools, taxes and local transportation. At least four to five years of experience is ideal, but someone new at the game may devote more energy to your sale and be more negotiable on the commission. They should have access to and use your area’s Multiple Listing Service (a database of all available properties that brokers use to find homes to show to buyers), and be willing to split their commission with another broker who brings a buyer to the table.



We don't put much stock in titles, but here's what they stand for: All real estate "agents" must be licensed by the state (requirements vary). They can take an additional test to become a real estate "broker," which means they can run their own office. A "realtor" is an agent or broker who is a member of the National Association of Realtors. That only means they promise to adhere to a code of ethics.

Of course you want someone who will give you a break on the commission. If yours is a seller's market, just tell brokers that if they want your listing, they’ll have to shave a point or two off their rate (that may not sound like much, but one percentage point amounts to a 33% cut in pay for the broker, assuming they will split a 6% fee with another agent). If it is a buyer’s market, you may have to be more creative to get a break. Many agents will give you a discount if you give them an "exclusive" -- that is, let them show the home for a couple of weeks without putting it on the MLS. That way the agent won't have to split the commission with another agent. If it is a very high-priced home, or if you are moving up to purchase another home through this same agent, you can usually get a break.

In some areas it's worthwhile checking in with a discount broker. An expanding field, these agents will take a flat fee or reduced commission to provide a lower level of service. Some will list your house on the MLS and handle negotiations with the buyer, leaving showing the home up to you. The problem is that other agents don't like to work with discounters so you may not get much traffic through your home.

If you go with a cut-rate broker, make sure they have a good track record.

When you've narrowed down your list, ask the top three contenders to come by your home. At the first visit they should interview you about your goals and expectations for the sale, present their qualifications and explain their typical approach. Ask for a copy of their typical listing agreement (usually boilerplate), to give you an idea of the terms you would be agreeing to. But if they ask you to sign right away, don't. Get the phone numbers of the last three sellers they've worked for so you can interview previous clients about their experience. Be sure to ask them if they would work with that broker again.

On a second visit, top brokers will usually make a formal presentation, giving you a detailed marketing strategy that describes their plans for advertising, open houses and marketing to other brokers. You should also get a suggested list price for your home (based on comparable sales in the neighborhood) and an estimate for the amount of time it will take to sell. Don’t be fooled into choosing the broker who gives you the highest price. Some brokers will set an unrealistic price just to get a listing.

You can't be sure you've found your sales agent until you actually sign the listing agreement. Some brokers will balk at the guidelines we recommend and you may need to alter the agreement a little. You want the right to take the property off the market for any reason, to switch brokers or cancel the agreement without penalty if you are unsatisfied with the broker's efforts. The agreement should be in effect 90 days and should only have a six-month period where you would owe this broker a commission if someone they showed the home returns to buy it later. The listing agreement also puts in writing the agreed upon commission, parameters for marketing your home and receiving offers. Your agent should agree to continue to show the property as a "pending sale property" on the MLS until closing.

All this may seem like a lot of work before you've even put your house on the market. But if you choose your broker wisely, the selling process should be fairly hassle-free. After the sale you may even feel like the agent actually deserves the fee.

the video below is from 2008 and might not apply now, where there was special offers in various us states like Alabama, California, Florida, Louisiana.

Minneapolis Mortgage broker| rural guaranteed housing loan

The Guaranteed Rural Housing loan program is a government insured Single Family home loan program for low to moderate income borrowers looking to purchase a home in a rural development are. Up to 100% of the home's appraised value can be financed. Call us for details at 952-285-4319. We finance in Minnesota ONLY-although the program is available nationwide.



How To Select A Baton Rouge louisiana Real Estate Agent

"How to select a Baton Rouge Real Estate Agent with video tips on the home buying process. Real Estate Video blog explains how to buy a Baton Rouge House find homes in MLS"



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how to sell your house in 2011 best ways to make most money from house selling in this property market 2011???

how to sell your house in 2011 best ways to make most money from house selling in this property market 2011???.

You may be ready to move on to your next home, but is your home ready to appeal to its next owner? Have you gotten so comfortable in your home that potential buyers won’t be able to imagine themselves living there? Does that cozy reading lamp make the room look smaller, darker, and less inviting? Can you even remember what it was about your home that made you want to buy it?

As a homeowner preparing to sell your house, you’ve probably given a lot of thought to how much money you’d like to make on the sale, but not much on how to present (stage) your house for maximum appeal.

"A buyer knows in the first minute whether they’re interested enough to stay and look at a house," says Susan Bowman, a realtor in Marin County, California. "Staging can be a big help because most buyers can’t see through the clutter. I have a person who comes in and rearranges the furniture and creates focal points. Most sellers are overwhelmed and don’t know where to begin. If the seller invests a little in having someone come in and help them, they can probably add 10% - 25% to the closing price."

Bowman is a realtor in one of the hottest, dot.com-millionaire real estate markets in the country. This is a market where even a 2,700 square foot house, in need of a new roof and garage, can sell for over a million dollars. Stagers (also called designers and house organizers) can charge upward of $2,500 for their services in Marin County.

"I think that this kind of service pays for itself," says Bowman. "My stager, has lists of appraisers, charities and antique dealers who will take pieces on consignment. Naturally you get a write off for the charitable contributions. She also knows handymen who can help with small repairs."

It’s not unusual for a stager or a realtor to recommend that you put up to half of your furniture in storage. "When people live in a house they put pieces in places for fun or convenience," says Bowman. "It’s very hard for a buyer to imagine themselves in a place that is inundated with someone else’s history. A piano covered with family photos doesn’t present a very neutral canvas."

"The house may not look the way you would live in it, but it sets the stage for a much more attractive sale, " says Bowman.

If you’re interested in doing your own staging, Bowman makes the following suggestions:


Make the front doorway as attractive as possible.
Invest in a gardener to put redwood chips in flowerbeds. It gives them a finished look.

Ask yourself what attracted you to the house in the first place: ambiance, views, lighting? Make sure that aspect is highlighted so that it can appeal to the next buyer.

Replace all bulbs with higher wattage bulbs and leave the lights on. A bright house is more inviting.
Eliminate clutter. Take everything off the kitchen table and counters.
Remove Oriental and area rugs. While cozy, they tend to define usable space, which can inhibit a buyer from imagining their own furniture there.
Stay in a hotel for a weekend and let your realtor show the house.

To fix or not to fix
When preparing to sell your house, you may or may not be aware of conditions in your home that can affect your negotiating power. Having a pre-inspection done by a certified home inspector can give you the information you need to decide what you want to fix and what you don’t.



"Preparing to sell your house is all about being proactive," says Kathleen Kuhn, Vice President of HouseMaster Headquarters (www.housemaster.com), a home inspection franchising company in Bound Brook, NJ. "It’s not uncommon for a seller to be unaware of some of the defects of their house. They’ve been living with them for so long, they may not notice the problems. A buyer is going to try to negotiate two dollars off the asking price for every dollar of repair needed. If the seller has pre-inspected, they have more control and peace of mind."

It’s easy to imagine that a seller might not want to invest a lot of money in a house they don’t intend to live in anymore.

"If that’s the case, I think the seller might consider disregarding systems that are aging, but functioning as intended, and elect to fix things that are causing deterioration in the home," says Kuhn. "A leaky roof is going to continue to cause problems with underlying roof materials and increase the cost of roof replacement later. An aging furnace will just eventually die. It’s easier for a buyer to accept an aging system than a possible repair."

The home inspector doesn’t deal with the cosmetics unless they are potential repair issues. "A tree overhanging the roof may seem like a low priority or cosmetic issue, but it can create the likelihood of a roofing problem or carpenter ants," says Kuhn. "The inspector is not likely to get into the subject of whether you need a paint job. He’s really there to detect what you wouldn’t notice on your own."

"We recommend that the seller promote the house as pre-inspected," says Kuhn. "Sellers sometimes have the misconception that the inspection is just for them and they don’t want to share it with the buyer. When the seller makes repairs, and shows the pre-inspection and repair documentation to the buyer, the buyer can see the value of the repairs. This can affect the negotiation positively for the seller."

Remember, even if the buyer accepts the pre-inspection report, they still have the right to have their own independent inspection done.

Signing on the dotted line
You may not be required to have an attorney to complete the sale of your house. In some states a licensed realtor can fulfill that function. Your realtor can advise you of the law in your state. However, considering the speed and complexity of real estate transactions, especially in the hotter markets, you might be well advised to have an attorney review any legal paperwork you’re going to sign.

"I think it’s a good idea to have an attorney evaluate the purchase agreement before closing," advises Carol Cooper, attorney and Publisher of Lawyers.com (www.lawyers.com), a web site devoted to consumer and business legal needs. "Closing can become a complex process. Inspection report issues may need to be negotiated, and other legal matters may require a lawyer’s advice. Strange things can happen. I once bought a house and when I went to the closing the prior owner hadn’t finished moving out. She said she would finish the following week. My attorney asked me ‘what if she slips and falls, or sets the house on fire. You own the house. You would be liable. You need to set up an escrow account to cover that liability.’ I wouldn’t have known that and I am a lawyer. It was a real lesson in why you shouldn’t represent yourself."

No matter who represents you at any given point in this process, it’s a good idea to take a few minutes in the beginning, to look at your house with buyer’s eyes.

Housing Market Forecast Projection 2011

"That's the question that every wants to know the answer to. If you turn on the TV or read the newspapers you will likely see stories about the slow market, high unemployment, low consumer confidence and lack in demand for housing. The question is: What factors will affect you? And what should you pay attention to?

So the projection for 2011 is for foreclosures to increase and possibly peak which will likely result in housing values dropping another 7-10% before the end of the year. But we have record low interest rates this has been driven by the federal reserve and will likely continue until the job market improves.

Affordability is becoming very good and in some places it's less expensive to own than to rent. The market may bottom out in 2011 although values will likely stay down for the next 3-5 years before we start to see appreciation. It's going to be a slow process.

So what as home owners should you do? You have 2 options: stay or sell. If you do decide to stay in your house it would make sense to look at refinancing as interest rates are very low. If you are going to sell it would be better sell sooner rather than later as values are likely not to increase for the next 5 years.

Now for buyers, this is an excellent opportunity. You can purchase a property below market and get a low interest rate. Be sure to keep your mortgage affordable."



2012 - The Crash of the U.S. Housing Market? (could things get worse in 2012/)

"From Glenn Beck's Fox News Channel program on June 16, 2009 - a graph showing the upcoming crash of the United States housing market thanks to incompetent buffoons like Nancy Pelosi, Harry Reid, Barney Frank and Chris Dodd who were told many times this was coming and chose to look the other way as hundreds of thousands of people were outright handed mortgage loans they had no possible way of repaying and had no business owning a home.

According to the forecast we've only seen the worst offenders hit the foreclosure mark so far. The next stage comes in 2010 - just prior to the midterm elections - when people who actually tried to pay on their homes will begin to fall into foreclosure -- with another group set to arrive there in 2011 just prior to the total collapse in time for 2012.

There's that date again folks -- 2012! Coincidence? Not likely!"