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Three Home Buying Mistakes

It is easy to make some really huge home buying mistakes that are not easily fixed before closing. Sometimes these mistakes can haunt you for several years or even ruin your dreams of home ownership before the deal is closed.

Not Confiding in Your Financial Advisor

Your advisor could be your real-estate attorney or your real estate agent. Buyers will withhold vital information for a variety of reasons from worrying about how they will be perceived to thinking they have all the answers to simply not trusting their financial advisor.

Real estate professionals handle so many different types of transactions and personalities, that it is likely they have already heard everything. You will not surprise them with any of your problems or concerns. Your advisors are representing your best interest and they cannot do that if you don't tell them everything they need to know. Also, your advisor has more experience with dealing with problems and will have much better answers than you can ever come up with on your own.

If you are feeling scared or feel you have to back out of the deal, tell your advisor your concerns and listen to their advice. A professional can help you determine if you really do need to back out of a deal and may even be able to help you get your earnest money back, which is that portion of the down payment that accompanies a purchase agreement.

Altering Your Financial Status Prior to Closing

Once you are qualified for a loan, do not make any major purchases. Do not buy a car, washer and dryer, refrigerator, lawn mower or garden equipment, expensive electronics or computers, or furniture for the new house. Slight alterations in your financial picture could change your credit ratios enough that an underwriter will throw out your loan.

If your loan contingency has expired or been removed, there is a possibility that you could even lose your earnest money as well as losing the home.

Wait until the closing is completed before you make any major purchases. The temptation to buy new appliances or new furniture will have to be put on hold for a few days or weeks. Once the deal goes through, then go shopping.

Buying the Wrong House

If you are a first time home buyer, then make a list of priorities you must have for your new home. Figure out what are the deal breakers and what you can live without. The deal breakers are things you refuse to compromise on. This list may include the number of bedrooms, a garage, large back yard or water-front property. Things-you-can-live-without is a list of things you would like to have, but if they aren't included in your new home, you will not be terribly upset. For example, you would like to live in a cul-de-sac, have a tree large enough for a swing in your yard, or have French doors leading out to the patio, but if the house you find doesn't have one or more of these, you will still be happy living there.

Stick to this list.

Do not get caught up in the emotion of home buying and agree to purchase a home that is more than you can afford. Do not settle for something less than you want because of other factors, like a nice neighborhood or nice floor plan.

If you need two bathrooms, do not settle for one because you will be very unhappy in a very short period of time. Never agree to pay more than 10% over your original financial plan just because the larger house appeals to your emotions. You may run the risk of losing your home in a few months if your mortgage payments are too high.

Dressing up Your Living Room Can Help Sell Your Home

The one room where people tend to spend most of their time is the living room. This is also one of the most important rooms to have in order if you are planning to sell your home. This one room will make the greatest impression on your potential buyer. Buyers see the living room as a preamble to what they will get getting themselves into if they buy your home. Selling your lifestyle will help you to sell your home and your living room should reflect that lifestyle. There are a few things you can to do make the most of this space.

Keep it Neat!
Buyers are most impressed with a neat And orderly room than they are with a room that looks lived-in. Put everything away that is not absolutely necessary, including toys, souvenirs, magazines, and family photos. Hide the remotes and videos behind closed doors or in a drawer. Renting a storage unit and using it to store personal belongings until the sale is completed is a great idea.

Fresh Paint
Nothing says clean and new to potential buyers like freshly painted walls. Choose a color that is neutral, but one that will coordinate with your furniture. You want your living room to look very well put together.

Rearrange the Furniture
The focal point of the room should never, ever be the television. Rearrage the furniture so that a nice painting, architectural detail, or mirror is the focus of the room. If you have a great view out of your living room window, show it off!

Avoid Odors
Clean the carpet. If the room looks very nice but smells bad, you can put off a buyer. Replace the carpet if it is too stained. Remember to choose a neutral color. If you have hardwood floors, make sure they are well kept. Clean any area rugs.

Another way to eliminate odors is to smoke outside. A potential buyer who is a non-smoker will be particularly put off by a home that smells of stale smoke. Clean the nicotine from every available surface and paint if necessary. Until your home sells, make it a rule that everyone will smoke outside.

You want your home to reflect an easy, care-free, relaxed atmosphere. You want it to be worry-free and comfortable. Removing clutter, adding a few decorator touches like pillows and throws or a vase or two, will help with this approach. If your furniture is out of date or stained and dirty, consider renting some neutral toned pieces and put the old stuff in storage.

A little effort can go a long way in giving your home that extra push it needs to sell quickly. Finding a buyer is easy when you go to FindBuyers.com. Their unique matching system matches buyers and sellers much the same way dating sites match people. Give them a try. Signing up is free!

How to Save Your Home From Foreclosure

Foreclosure is a very frightening word to most people. Current government policies encourage homeownership and there is a nearly endless array of mortgage options to choose from making buying a home easier than ever before. All it takes is missing a couple of mortgage payments to set the foreclosure machine in motion. Then, the home you worked so hard for is suddenly taken away from you. Even worse, you may still end up owning money on the house if the home sells for less than your loan. Add to that, the utter devastation of your credit rating and you have a very sad scenario.

There are steps you can take to prevent this unhappy event.

First and foremost, make your mortgage payments your top priority before any and all other considerations, except health-care. If you are in financial trouble, don't worry about credit card payments, personal loans or other unsecured debts until you pay your mortgage. While falling behind in these bills can cost you money in fees and even damage your credit, it is not nearly as damaging as a foreclosure. Cut out extravagances such cable TV, entertainment, memberships to gyms, etc. Make pizza at home instead of eating out. Curtail extra spending everywhere you can.

Never simply ignore the problem. The farther behind you get on your mortgage, the harder it will be to catch up and the more likely you are to loose your home, despite any last minutes efforts you may make.

Contact your lender as soon as you realize that you have a problem - you are laid off or fired, you have an illness that means you will be out of work for a time, any other reason you may be temporarily set back financially. Your lender doesn't want your house. More importantly, lenders have options that will help borrowers through difficult financial times.

Open and respond to all mail from your lender. First notices will offer good information about foreclosure prevention. Later correspondence may include information about important legal actions. Failure to appear in court will not excuse you from a foreclosure.

If you have any assets that can be sold to raise some money - a second car, jewelry, a whole-life insurance policy, a valuable gun collection - go ahead and sell them. Is there someone in your household that can get a second job for awhile? While it may not raise enough money to get you out of financial trouble, it will show your mortgage company that you are making an effort, you are making sacrifices to save your home.

Avoid foreclosure prevention companies who charge you a fee for helping you with foreclosure prevention. Use that money to pay your mortgage, instead. Most of the companies will provide information that you can get for free from your lender or from a HUD approved housing counselor.

Don't loose your home to foreclosure recovery scams. If a company approaches you and tells you they can prevent your foreclosure if you sign a document, do not sign. You may well be signing your home over to a total stranger and you will become a renter in your own home. There are many options and resources to help you.

Your lender is always a very good place to start. Don't fail to contact them because you are scared of what they will say or you are embarrassed. Not talking to them is likely the worse mistake you will make.

How to Avoid Surprises When Buying a New Home

Buying a new home should be an exciting time for you. What you do not want are some bad surprises that sometimes go along with the home buying process.

It is not funny when you find out that the house you just bought has squirrels living in the attic or the house has a leaky roof that has been leaking for a long time, or that water is spraying on the wall behind the tiles in the bathroom and as soon as you lean against it first time, the whole wall collapses. Or what if your new home is located in a bad neighborhood where drive-by shootings are a part of your Saturday night entertainment?

How about a different kind of surprise? You go to the closing and the contract you signed has some fees attached that you missed reading because it was buried in the fine print and you are responsible for several hundred dollars that you were not expecting to have to pay.

What about moving into your new home only to find out there are no appliances because you didn't read that the former owners were taking the stove and refrigerator with them? Or finding out that the storage shed in the back you thought you were getting is now gone? Or discovering that all the ceiling fans were removed?

These are the kind of surprises that new home buyers do not want. There are ways to avoid surprises like these.

First, learn about the neighborhood before you agree to buy a home. A quick Google search will take you to the chamber of commerce site which will tell you all the good things about an area. The chamber of commerce wants to sell the city, remember. Find the local newspaper and read it. Most newspapers in the US have online versions, so reading the newspaper several days in a row may give you an idea about an area of town, particularly if it is a bad area of town.

Detailed statistics on any town can be found at www.city-data.com. This site covers every major city in the US. For weather information, go to www.weatherbase.com. Additional information can be gotten from the chamber of commerce or from a local Realtor. Write down your list of questions before you call so you will not forget to ask something that is important to you. Ask about libraries, jobs, crime, shopping and restaurants, schools, parks, or anything else that interests you. When asking about neighborhoods, a Realtor or a city official may be reluctant to tell you if an area is bad. Ask some questions and then read between the lines when they answer: Where are there a great number of rentals? Where is the oldest section of town? Has it been restored? Is there a college or university in the area?

If you are able to visit a town before buying, drive around to find an area you may like. If you see someone outside in that neighborhood, stop and talk to them for a few minutes. Go to a local tavern or bar and talk to the people in there. You can get a lot of insight into an area this way. Just remember that people sometimes exaggerate, but you can still get a feel for an area.

It is a good idea get a home inspector's check list and take it with you while viewing a home. Use it as your guide to things to look for when viewing a home. You can pass any information you may find onto the property inspector.

Once you are fairly certain you want to buy a home, walk around the block and see if there is anyone outside that you can talk to. They will tell you about noisy neighbors, recent crime and other interesting information.

The most important thing many potential home buyers is to always have a lawyer look over the contract before you buy a home. This cannot be stressed enough. Always have a lawyer look over your contract before you sign. They can explain the contract to you, using simple terms that you can understand and you will avoid many legal surprises that way. You will know if the former owners plan to take the refrigerator, ceiling fans and the storage shed out back. Also you will know about any hidden fees or at the very least, you will know exactly what you have to pay at closing.

Give Your Home a Cheap Make-Over Before You Sell

You have made the decision to sell your house and you want to make a really good impression to prospective buyers. There are a few simple and inexpensive things you can do to your home to get it ready for that all-important first impression. The same information applies to rental property if you are hoping to attract tenants.

Are the electrical outlet plates old? Are the light switch covers? Or worse, are they painted over? White or off-white plastic covers are about 50 cents each. You can replace an entire house for $20 - $30. If you have a little more money to spend on your make-over, then buy shiny brass covers for the living room and the foyer. If you can afford to do the entire house, give consideration to adding the master bedroom to the list. At about $5 each, brass covers add a lot of class for small amount of cash.

Are the interior doors basic brown hollow doors? Consider replacing them with nice white doors. You can paint your existing doors, but it will take about three coats of paint to properly cover the brown veneer, so it may be worth your time to spend the money for new doors. A pre-hung, pre-primed hollow door will cost about $20. Think about replacing the door knobs or handles, too, especially if they are old, worn or painted. A pretty brass finish door knob will cost about $10. The S-shaped handles add a lot of class and cost only about $20 each.

The walls look pretty good, so you have decided not to paint. Paint the trim at least. Most rentals and modern homes have off-white walls with white trim. Use a semi-gloss paint for the trim around doors, windows and on the floor boards. If the floor boards are worn, you can get prep-painted foam trim at any Do-It-Yourself store for about 50 cents per linear foot. Consider adding crown molding to at least the living room and the entryway.

The old saying goes, you only get one chance to make a great first impression. Think about the front door, which is the first thing people will notice. If your front door is cheap and old, the property will look the same. If the door is heavy, paint it a bold color in high-gloss paint. If you have to replace your front door, a new one will cost about $125 and it more than worth the return on investment.

Is the entry way or foyer covered in linoleum? Consider replacing it with Mexican tiles. An 8 x 8 area will cost only about $100 in materials.

One are that is often forgotten or overlooked is the bathroom. Hang a new shower curtain. Replace the old shower rod. Use new shower hooks. A nice shower curtain makes the bathroom look more finished and will only cost around $40. Again, that is not much money for a lot of class.

Most Americans spend most of their time in the kitchen if they are not watching television or sleeping. Take a look at the kitchen cabinets. Are they the dark wood from the 70s? Are they scratched? Worn? Old? Just plain ugly? Paint them. Don't worry about painting the insides of the cabinets unless you have a spray gun. Paint the cabinet doors and the trim with a semi-gloss paint and change the knobs to pretty plastic ones. Putting in a nice faucet makes a good first impression in the kitchen, too. They will cost about $150, but if you watch the newspapers and flyers, Do-It-Yourself centers will frequently run sales on overstocked merchandize.

Following these few tips and spending a little bit of money may make the difference in selling your home quickly, or renting it quickly.

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