This document provides information to help first-time home buyers through the process of purchasing a home. It outlines 4 steps: 1) finding the right help to find a home, 2) getting qualified for a loan, 3) working with a realtor to find and make an offer on a home, and 4) next steps after an offer is accepted like inspections and closing. The document emphasizes working with a realtor who can guide buyers through the process and negotiate on their behalf. It also provides resources for financing assistance programs for first-time buyers.
Should I Short Sale My Home eBook by Harris and Chen. Information regarding Short Sale to avoid foreclosure. How to get out of upside down homes bought at the peak real estate market.
As marketing writer and publications editor at Quicken Loans, Kathy Fawcett took the budget spent on a printed brochure and with the same spend, helped to create a B2C 4-color magazine: Home Advantage.
First Time Home Buyers Tax Credit $8000SusanWainfor
This slide show is a more user friendly and easier to understand format provided by Real Living to help buyers make an informed decision in buying their first home!
Thinking about buying a home in San Diego? Here is a great guide to help you. The process of buying a home a home can be overwhelming at times, but you don't need to go through it alone.
It’s the question on everyone’s mind… Is Denver in a real estate bubble, and when will it burst? Vivi Gloriod from Team Vivi Real Estate discusses the factors that contribute to housing decisions, variables that cause values to increase, and what the Denver real estate market looks like going forward.
Should I Short Sale My Home eBook by Harris and Chen. Information regarding Short Sale to avoid foreclosure. How to get out of upside down homes bought at the peak real estate market.
As marketing writer and publications editor at Quicken Loans, Kathy Fawcett took the budget spent on a printed brochure and with the same spend, helped to create a B2C 4-color magazine: Home Advantage.
First Time Home Buyers Tax Credit $8000SusanWainfor
This slide show is a more user friendly and easier to understand format provided by Real Living to help buyers make an informed decision in buying their first home!
Thinking about buying a home in San Diego? Here is a great guide to help you. The process of buying a home a home can be overwhelming at times, but you don't need to go through it alone.
It’s the question on everyone’s mind… Is Denver in a real estate bubble, and when will it burst? Vivi Gloriod from Team Vivi Real Estate discusses the factors that contribute to housing decisions, variables that cause values to increase, and what the Denver real estate market looks like going forward.
QuestBack is een online Feedback Management oplossing die bedrijven in staat stelt bedrijfskritische informatie te verzamelen en hier effectief en direct op te reageren naar hun doelgroep óf te vertalen naar beleid.
Oltersdorf Realty Home Buying Presentation, Leelanau, Grand Traverse, Travers...Oltersdorf Realty, LLC
Please take a moment to browse our detailed guide for homebuyers geared especially towards first time home buyers in the Traverse City region (Leelanau and Grand Traverse County). The combination of decreased home values, low interest rates, and federal incentives make this a very attractive time to purchase your first home or to be a move up buyer. Topics covered include: The current Traverse City real estate market, the buying process, buy vs. rent, tax incentives, home buyer credit, finding an agent, securing a loan, and protecting your investment. Please visit http://www.oltersdorf.com for additional information!
Are You Thinking About Buying a Home | KM Realty Group LLCTammy Jackson
The process of buying a home can be overwhelming at times, but you don't need to go through it alone.
You may be wondering if now is a good time to buy a home or if interest rates are projected to rise or fall. The free eGuide below will answer many of your questions and likely bring up a few things you didn't even know you should consider when buying a home.
Have questions? Contact us today.
✅ https://kmrealtygroup.net/contact-us/
List all the advantages of purchasing foreclosed homes as an inves.docxsmile790243
List all the advantages of purchasing foreclosed homes as an investment and fully explain why each is an advantage? Then, list all the disadvantages of purchasing foreclosed homes as an investment and fully explain why each is a disadvantage?
Do you feel that the reward will outweigh the risk? Explain why or why not.
In order to score points you need to complete the assigned reading and answer the question from the reading assignment. Please feel free to do additional research on the topic. But, in all circumstances, make certain you document your source(s) of information.
You may certainly disagree with what is in the assigned reading/video, but you must reference where you obtained your information, your opinion on the topic, and why you disagree. Just writing your opinion on a topic without doing the reading assignment will score you zero (0) points.
REAL ESTATE
Findin
SOLI
Spotting
investment
opportunities
n a tough real
estate market
IT HAPPENED \/yiTHOUT A SOUND. IF
only it were possible to hear the real es-
tate bubble burst, then maybe the down-
turn in the housing market wouldn't have
caught quite so many people off guard.
And the outlook remains rather grim. At the current rate, it
would take nearly a year to sell all of the unsold homes that dot
the nation's landscape. It's a real worry for homeowners thinking
about the basic economics of the situation: The giut of supply wiíl
only continue to depress home prices. Indeed, the residential
real estate market is on shaky ground.
All of this has made it challenging for real estate investors look-
ing for stability. Many homeowners who were unable to sell their
homes have unexpectedly become landlords. At the same time,
owners of investment properties have been rejiggering their
approach to evaluating investment options. With a slew of former
homeowners entering the rental market, many landlords are able
to demand higher rents.
Take Patrice andjohn Hopkins who have owned investment
properties since March of 2005 and done quite well. A year ago,
the couple pocketed a $45.000 profit from the sale of a 2.3-acre
By Kemhaj. Dunham
80 AUGUST 2008 : BLACK ENTERPRISE : V Í̂V Í̂Vki.BLACKENTERPRISE.COM
THE HOPKINS FAMILY
WANTS TO EXPAND THEIR
REAL ESTATE INVESTMENTS.
piece of land in Fredericksburg, Virginia, that they'd purchased
a year earlier. The parents of two daughters—Amari. 8, and
Alexandra, 2—they are ready to reinvest. But now that the housing
market has taken a hit, the couple is moving with caution.
Actually the couple would like to undertake a rather big
project. They're looking to purchase as many as 10 townhomes
that they will rent out. Patrice and Joh n, who reside in Triangle,
Virginia, and have an annual household income of $225,000,
want to spend no more than $130.000 per property. They're
also weighing participation in the federal governments Hous-
ing Choice Voucher Program (often referred to as Section 8),
which allows low-income families to lease affo ...
Thinking about #buying your first #home?
This is the #seminar you can't afford to miss.
Did you know that #rent of $915.97 per month is the principle and interest payment on a #mortgage of $200,000?
Find out about:
• pre-approvals and rate guarantees
• cashback incentives
• 5% down payment financing options
• free 1 year UNIRISC Home Systems Warranty
Sign Up Today: http://snip.ly/eIv6
*Monthly principal payment based on a 25 years amortization of mortgage principal at a 5 years interest rate of 2.70%.
First Time Home Buyer's Guide - KM Realty Group LLCTammy Jackson
The process of buying a home can be overwhelming at times, but you don't need to go through it alone.
You may be wondering if now is a good time to buy a home… or if you should continue renting. The free eGuide below will answer many of your questions and likely bring up a few things you didn't even know you should consider when buying a home.
Have questions? Contact us today.
✅ https://kmrealtygroup.net/contact-us/
• The $8,000 tax credit is available for first-time home buyers only.
• The law defines a first-time home buyer as a buyer who has not owned a home during the past three years. If you\'ve owned an investment property that was not your principle residence, you may still be eligible.
• All U.S. citizens who file taxes are eligible to participate in the program.
3. your first home
Congratulations! You are thinking of buying your first home. You are about to enter a wonderful
new chapter in your life that we know can be both exciting and scary. Many first-time home buyers
will contemplate the decision for years before taking any action, even a first step. This brochure
helps you to take that first step.
Once you purchase a home, you will soon reap the tax advantages of home ownership and the
opportunity to build equity (or wealth) over time. According to the Federal Reserve, the median
household wealth accumulation for a homeowner was $184,000; in comparison, the median net
worth of a renter was $4,000. It’s time to start taking those steps!
Step 1
Find the Right Help to Find the Right Home
Step 2
Get Qualified for a Loan and Find Out How Much Home You Can Afford
Step 3
Work with Your R e a lt o r ® to Find the Right Home and Make an Offer
Step 4
What to Do Next – A Checklist
3
4. get the facts
Step 1
Find the right help to find the right home
You’ve probably already been using the Internet to search for homes, financing options, and home-
buying information. You will find many of those resource links included in this brochure. We also
encourage you to contact a John L. Scott Residential Specialist at the very beginning of your
quest and put that John L. Scott Residential Specialist to work for you. John L. Scott Residential
Specialists are Realtors® and subscribe to the Realtor® code of ethics. He or she will help you find
what you are looking for in a home, in the area you want, and at a price you can afford. When
you find a home that you want to make an offer on, your John L. Scott Residential Specialist will
research the market and let you know if the price is fair. He or she can help you negotiate an offer
and advocate on your behalf throughout the process.
A John L. Scott Residential Specialist can help take the mystery out of the purchase of your new
home and show you the ropes. There are hundreds of little details in buying a home, and some
details that are not so little—like property lines, easements, earnest money, and the time allowed
for home inspections (to name a few). Don’t worry, you will be involved throughout the process
and if you have any questions along the way, do not hesitate to ask
your John L. Scott Residential Specialist
F i n d t h e r i g h t R e a lt o r ®
You may already be working with a trusted real estate agent/broker.
If you aren’t, take the time to find the right Realtor® to meet your
needs. Ask family, trusted friends and coworkers for Realtors® with
whom they have worked and would recommend.
Learn about the market
Every market in the Northwest is a little different but, in general, now is an excellent time to
purchase your first home if you find the right home at a fair price. At the time of this printing,
interest rates on fixed-rate mortgages are near historic lows. If you want to know what a
percentage rate can do to a monthly payment, go to johnlscott.com and follow the mortgage links
to the mortgage calculator and plug in some numbers. You will be amazed. The real estate market
is a much more balanced market today with buyers finding many more properties from which to
choose. That wasn’t the case over the past few years. Greater selection means the chances are
better you will find the right home for you with the amenities you are looking for.
4
5. your first home
Where are we in the real estate cycle?
That is the big question, isn’t it? We all want to make sure we are getting the best deal, so we’re
all trying to time the market. What makes that difficult is that the bottom is generally only visible
once we are climbing out of it. That said, we project that housing in the Pacific Northwest will soon
be seeing an upswing. Here is why:
• In general, the Pacific Northwest has a very strong economy and we are projected to add
more than two million residents in the next 12 years.
• The Northwest has fewer subprime loans in danger of foreclosure so, unlike what is
happening in some states, we have many fewer “distress sales” or foreclosures.
• Historic low interest rates and tax credit incentives are turning the market around. If you
are renting, you are not alone. There are thousands of people just like you who want to
buy a home and are just waiting to see what the market is going to do. As these people
enter the market, supply will go down and the market will heat up, especially in the more
affordable price ranges (under the median/midpoint).
Median Price of Single Family Homes
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
0
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 YTD
2008
Idaho Oregon Washington U.S.
Source: Federal Housing Finance Board Monthly Survey
5
6. get the facts
Step 2
Get Qualified for a Loan and Find Out How Much Home You Can Afford
This is another one of those “first steps” you need to take. It costs little or nothing to determine if
you can buy a home right now and the price range in which you should be looking. Most first-time
home buyers are surprised at what they learn and wish they had started the process a long time
ago. Your John L. Scott Residential Specialist will help you find a reliable loan officer.
Do you have enough money to buy a home?
If you have saved some money for a down payment and you anticipate living in that home or
condominium for three to five years, the answer is almost always yes. It is time for you to start
building your own wealth instead of contributing to somebody else’s with your rent payments. In
most cases, the interest portion of your mortgage payment and your property tax payments are tax
deductible. There are also valuable financial assistance programs for first-time home buyers.
Appreciation of Stocks vs. Real Estate
$10,000 down payment on a $200,000 home
Now 10 years from now
$150,000
$110,300
$100,000
$35,200
$50,000 $23,600
$10,000 $10,000 $10,000
$0
Stock Market Stock Market Homeowner
(normal market) (bull market) (normal market)
Source: National Association of REALTORS®
Ta x c r e d i t s a n d o t h e r b e n e f i t s
Thanks to legislation passed early in 2009, first-time home buyers and those who have not owned
a residence in the last three years are eligible for up to an $8,000 tax credit. This credit does not
require repayment, though some conditions do apply. The full $8,000 is available to individuals
with an adjusted gross income of no more than $75,000 or joint filers making no more than
$150,000. The credit applies to home purchases closed January 1, 2009 through
November 30, 2009.
6
7. T h e r e a r e m a n y p r o g r ams
a v a i l a b l e t o a s s i s t f i r s t t ime
h o m e b u y ers.
Another provision of the Act allows a tax deduction of up to $500 ($1,000 for joint filers) for
people who take the standard deduction. Many homeowners use the standard deduction ($5,350
or $10,700 for joint filers in 2008), rather than itemizing, because it is more than the mortgage
interest they could deduct. Be sure to check with your tax professional.
Recent changes in FHA loan limits have expanded the number of people and properties that
qualify. In some cases, you can get an FHA loan for as little as 3.5 % down.
Many first-time home buyers don’t realize you can also use up to $10,000 from your IRA to
purchase your first home. In many cases, you can use gifts or loans from family members as long
as you disclose this information to the lender. The federal government knows that first-time home
buyers are good for the local and national economy.
Lenders look at three things when you apply for a mortgage: your debt-to-income ratio, your down
payment, and your credit score. If you pay your bills on time, do not carry a lot of debt, and have
a down payment needed for the loan program, you will be fine. Getting prequalified by your lender
is an important first step in actually starting to look for your first home, and you will have real
negotiating power when you do find the right home. If you don’t quite qualify, your mortgage expert
should be able to suggest a plan with steps that will lead to qualification over a period of months.
Your John L. Scott Residential Specialist will help you to find a qualified mortgage consultant who
7
8. A knowledgeable
expert will help can discuss your loan options with you.
Step 3
you prepare the Work with Your R e a lt o r ®
best deal and to Find the Right Home and Make
an Offer
avoid delays Well, this is a giant step isn’t it? By now,
or costly mistakes. you know how much you should spend
on a home. Your John L. Scott Residential
Specialist will help you to find the best
home that is within your budget and
meets your needs. Using your Residential
Specialist’s market knowledge and
negotiating skills, together you will craft
a written offer that details the amount
of the offer and the conditions of the
sale. If the seller “counters” your offer,
your Residential Specialist may need
to negotiate until you both agree to the
terms of the sale. Your John L. Scott
Residential Specialist can advocate on
your behalf at your direction during these
negotiations. You will be very much a part
of all the decisions, and your questions
will be welcomed.
Step 4
What to Do Next – A Checklist
There is still a lot of work to do after your offer is accepted. Your Residential Specialist can guide
you through the process. Among the next steps:
Get a home inspection
Many offers are made contingent on a home inspection. You and your Residential Specialist should
8
9. your first home
have agreed on a reasonable length of time for the inspection and include it into the offer. An
inspection will tell you about the condition of the home and can help you avoid buying a home that
needs major repairs, or help you negotiate with the seller to have the repairs made before you buy
the home.
S h o p f o r h o m e o w n e r ’s i n s u r a n c e
Lenders require homeowner’s insurance to cover the collateral for the loan (the home). Consult
with your John L. Scott Residential Specialist if you have questions.
Complete the paperwork necessary to close your loan
Your loan officer can advise you as to exactly what is needed.
Don’t forget to sign up for utilities!
You want to be sure that the lights come on and water flows from the faucets when you move
into your new home. Go to the Our Services tab on johnlscott.com, then click on Home Services.
You can connect essential home services online for no additional fee as well as compare service
providers for telephones and high-speed internet connections.
Complete the transaction
You are now ready to complete the transaction. This is also called “settlement” or “closing.”
Closing is where you need to read and understand the documents you are signing. Ask if you
don’t understand any part of the document. There are no dumb
questions when it comes to a purchase of this size.
At Last
Before you know
it, you will have
completed all
the items on your
checklist and it
will be moving day.
Congratulations! You are
now a proud homeowner
with a place to call your own.
9
10. get the facts
Resour ces
The following resources are more than links to information, they are sources for low interest loans
for many household incomes.
Federal Housing Administration (FHA)
www.fhainfo.com
FHA operates within HUD and has the primary responsibility for administering the government
home loan insurance program. This program allows a first time home buyer, who might otherwise
not qualify for a home loan, to obtain one because the risk is removed from the lender from FHA
who insures the loan for the lender.
Most first time
home buyers are
surprised a t wha t
the y learn and
wish the y started
the process a long
time a go.
11. US Departmentof Housing
and Urban Development
(HUD)
www.hud.gov
This is where you will find valuable leads and
information about all federal programs that
assist first time home buyers, including FHA,
Fannie Mae and Freddie Mac.
US Department of
Agriculture Rural
Development loan
programs
www.rurdev.usda.gov/wa/housing.
htm
Yo u r John
These programs are for rural development
and you may qualify.
L . S cott
Habitat for Humanity
R e s i d e ntial
www.habitat.org/cd/local
S p e c i alist
c a n a d v o ca te
o n your
b e half.
11