There are many signs to watch for when looking for the best time to purchase a home or property. Keep your eyes on the classifieds in the local newspaper. Many sellers will list their home without a real estate agent or broker in order to save on closing costs. Also, check the legal notices for properties going into foreclosure. These notices will give the address of the property. It may be possible to arrange a private sale with the owner, avoiding the process of foreclosure. Some of these properties may be eligible for a short sale which is making arrangements with the lender to accept a price lower than the balance due on the mortgage. Many Open House signs in a neighbourhood indicate many sellers anxious to find a buyer. Check with local real estate agents for the number of houses on the market, and the length of time they have been listed. When there are many properties on the market, sellers are anxious to find buyers.
When interest rates begin…
Read more >>
To the great relief of many people, both inside and outside the real estate industry, it looks like the worst part of the falling real estate market may be behind us. It’s risky business attempting to predict market ups and downs (see below) but at least in some parts of the USA it does appear that buyers are beginning to emerge from their lengthy hibernation. If you are looking into the possible purchase of a home, here are the top ten potential problems that you should avoid before signing on the dotted line.
1. Not Obtaining a Loan Pre-approval Letter Getting pre-approval for a home loan is an important first step for potential buyers. Obtaining a loan pre-approval will give you a much better idea of the amount of money you can safely borrow. Having a pre-approval letter also indicates that you are serious about buying. Most sellers with quality houses won’t even consider an offer unless it is accompanied by verification of pre-approval. Furthermore, should any problems with your credit…
Read more >>
