Real Estate Information

Before You Buy A House - Top 10 Tips


There are serveral things you need to think about and check on before you buy a house. Even looking at so many houses can be confusing. Below is a list of the top ten things to help you before you buy.

1. Pre-qualify for a mortgage. Now you know how much house you can afford before you start looking. This will narrow your search and keep you "real" and not disappointed on houses you can't afford.

2. Find a good neighborhood. Know the school district and is it a good one if you have kids attending. Is shopping convenient? Is the area growing and can you look forward to appreciation on your house? What's the area like? Are you next to vacant land that could be a freeway or a new mall in your backyard?

3. Log. Log your visits to potential houses. Sounds silly, but after you look at several, it can get confusing later on. Write down advantages and disadvantages of each house. Even draw a simple layout sketch to refresh your memory.

4. Money. How much more is your house going to cost than just your house payment? Taxes and Insurance. And if you are new home buyer and don't have a huge down payment (20%) then add in mortgage insurance. Required by the government. Check with your mortgage company. They can give you the rate. Realtors sometimes forget to tell you these added costs. This will be your real payment. You also have to look at utilities. And certainly it would be hard to move into a house without repainting or wallpapering or something.

5. Shop till you drop. Don't stop at the 3rd house and say that's it and pick one. You should look at a bunch of homes to get a good comparison. And you'll remember number 3 above. You should look at 15 homes at least as an average guideline.

6. Inspect. Found the house you want? Ready to make an offer? Not yet. Hire a professional inspection service. Once they make their inspection, you are better armed with any potential problems and can adjust your price accordingly.

7. Let the negotiations begin! Now you are armed with your inspection information, you are ready to negotiate carefully. Put it ALL in writing. No exceptions.

8. Moving. Allow extra time to move. Something always happens. Make sure you have plenty of overlap and plenty of time to get out of your old house. One word. Rain.

9. A word on insurance. Shop around. Consider a high deductible. $250 deductible seems a little low these days. And you pay for it. Also, consider your car insurance while shopping. Most offer discounts when they get all of your business.

10. Real Estate Agents. Yes, you can find a house on your own, but agents are helpful to assess your needs and show you houses that may match what you are looking for. They also get on your side for the negotiating. Get a referral from a friend or family.

Buying a house is a big deal. No need to rush. They make them everyday. Shopping for financing can be as big a step as actually finding the house. Don't give up. It's work. Then you have to move everything.

Stuart Simpson has a neat mortgage calculator you can try.


MORE RESOURCES:

International Business Times

Mariner Real Estate acquires loan portfolio
BusinessWeek
Mariner Real Estate Management LLC said Friday that it worked with bank regulators to buy a portfolio of real estate loans worth about $760 million. ...
Leawood-based Mariner buys $760 million in real estate loans from FDICKansas City Star
Mariner Real Estate Management Acquires $760 Million FDIC Real Estate Loan ...Benzinga
FDIC sells another $760 million in REOHousing Wire
Emii.com -Bloomberg
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Jamie Dimon's real estate woes
Los Angeles Times (blog)
The bad real estate market has forced a series of reductions that have brought the listing price down by nearly half, to $6.95 million. ...

and more »


Real Estate News: Mortgage Rates Fall to 4.32%
Wall Street Journal (blog)
Mortgage Rates Hit New Low at 4.32%: Average mortgage rates hit another record low even as Treasurys sold off, according to Freddie Mac's ...

and more »


Investors Real Estate Trust Declares Regular Quarterly Common Share ...
MarketWatch (press release)
MINOT, ND, Sep 3, 2010 (GlobeNewswire via COMTEX) -- Investors Real Estate Trust (NASDAQ:IRET) (NASDAQ:IRETP) announced today that its Board of Trustees has ...

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Town Hall

Mo. drops appeal of real estate ballot measure
The Associated Press
2 whether to amend the Missouri Constitution to prohibit real estate transfer taxes, which typically are charged like sales taxes based on the price of the ...
Mo. drops appeal of real estate ballot measureKOAM-TV
Mo. judge orders real estate tax on fall ballotBusinessWeek
Ballot measure on real-estate transfer tax cleared by judgeKansas City Star
Real Estate Journal Online (blog) -FOX2now.com
all 122 news articles »


RiverSource LaSalle International Real Estate Fund, Inc. Declares Third ...
MarketWatch (press release)
Investments in real estate securities may be subject to specific risks, such as the risks associated with general and local economic conditions, ...

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Commercial real estate: JP Morgan Chase buys site on Cape Coral Parkway
The News-Press
Todd Holman of Woodyard and Associates Commercial Real Estate negotiated the transaction. - Jet Liner LLC leased 9728 square feet of industrial space at ...

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Commercial real estate transactions
Dallas Morning News
John Barker of Marcus & Millichap Real Estate Investment Services negotiated the sale. SRK Properties purchased a 3540-square-foot retail building on 10672 ...
Rankin Commercial Properties says Commercial Real Estate Back to Black.dBusinessNews Triangle (press release)

all 4 news articles »


KOMO News

Pending real estate sales inch up in July
Inman.com
By Inman News, Thursday, September 2, 2010. More homebuyers signed purchase contracts in July than the month before, according to a report by the National ...
Real Estate News: Pending Sales Rise in JulyWall Street Journal (blog)
Retail sales, number of home contracts increaseWashington Post
Broward Pending Home Sales Continue to RiseBenzinga
San Francisco Chronicle -DailyFinance
all 373 news articles »


Why is Google Getting Involved in Real Estate?
Forbes (blog)
And what impact will it have on the real estate market at large? The answer to the first question, as TechCrunch points out, may just be that they can ...

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Google News

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