First Time Buyers

The End is Near for the $8,000 tax credit

First Time Buyers

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Most lenders are taking upwards of 40 days to close an FHA loan, which most first-time buyers are using.  Today we’re 39 days away from November 30th – the date by which a first-time buyer must CLOSE on his/her new home in order to receive their tax credit.  Adding in a couple extra days for [...]

22 October 2009 Read the full article →

Wrong On So Many Levels

First Time Buyers

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Another example of REO lunacy, about which I’ve written before. Our first time home buyer is being required to sign a document containing the following clauses. She must sign before the bank that owns the house will even look at her offer, which is one among many offers they received. These are the most heinous [...]

17 September 2009 Read the full article →

Builders Resurface

Buyer Help

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Builders are back! New home builders in the metro Phoenix area can arguably be blamed for some of the mess we’re all in. Many people do argue that, in fact: builders overbuilt, didn’t stop building spec homes quickly enough when buyer demand flagged in 2006 and allowed investor owners whose tenants dragged down property values. Blame [...]

10 September 2009 Read the full article →

FHA Game Changer

First Time Buyers

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Aug 5, 2009, 11:56 am. This just in, from one of our favorite lenders – mortgage broker Kevin Reiser of AmeriFirst Lending: The FHA loan game is going to change completely. Mortgage giant Taylor, Bean & Whitaker just lost their FHA funding accreditation. They are: the 3rd largest FHA lender in the US the nation’s [...]

5 August 2009 Read the full article →

Real Estate Glossary, Starter Home

First Time Buyers

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This isn’t an official definition. I’m not sure there is one. It’s just what I use as shorthand for a certain type of property. 3-4 bedrooms 2 bathrooms about 1200 to 1600 square feet small yard usually no pool usually located about 20-30 miles from anything you can reasonably call ‘downtown’ almost always in a [...]

17 July 2009 Read the full article →

How Interest Rates Affect Your Purchasing Power

Buyer Help

Understandably, folks are focused on falling housing prices this year. What often gets lost in the shuffle is how changing interest rates affect a home buyer’s purchasing power. Higher interest rates will often kill your buying power faster than falling prices, so it pays to pay attention. Rates are currently at historic lows, but expected [...]

3 June 2009 Read the full article →

How Much Does a Home Inspection Cost?

Buyer Help

How much does a home inspection cost? Usually it depends on the size of the home. It also depends on the inspector – each is an independent businessperson. I use two different certified home inspectors and the rates they’re recently charging are: Small condos, about $250 Average sized home, about $300 to $500 Large and [...]

1 June 2009 Read the full article →

Bridge Loans Using $8,000 Homebuyer Tax Credit

Buyer Help

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Yesterday the FHA released new guidelines designed to further stimulate the struggling housing market. The FHA (Federal Housing Administration, an arm of the federal Housing & Urban Development department) is now allowing ‘bridge loans.’ What’s A Bridge Loan? Just like a physical bridge, bridge loan financing gets you from here to there. Bridge loans are [...]

30 May 2009 Read the full article →

The escrow process explained again

Buyer Help

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I’m re-posting an article I wrote last year due to the number of first-time homebuyers in the market right now.  I hope you find this useful. You’re ready to buy a house.  You write up an offer with your Realtor.  What’s next? You’re trying to sell your house.  Your Realtor brings you an offer from [...]

5 May 2009 Read the full article →

Buyers having hard time getting accepted bid

First Time Buyers

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I’m helping a first time buyer shop for a house on the near-Northwest side in the under-$70,000 price range. She wants at least 3 bedrooms, 2 bathrooms, and must have a backyard (big! dog!). We’re shopping from 19th Avenue to about 83rd Avenue, and from Peoria road north to the 101. We’re searching inside the blue [...]

28 April 2009 Read the full article →

Down Payments For Dummies

Buyer Help

Seriously. You’re not a dummy if you don’t understand the in’s and out’s of down payments. I didn’t either when I bought my first home. It was just a catchy title. And possibly a trademark infringement, but don’t tell the Patent and Trademark Office on me, ‘kay? Here’s the skinny for all you first time [...]

25 April 2009 Read the full article →

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