Harry Khayalian blogs about what to look for in finding the right Realtor for you.

“As a prerequisite for selling real estate, real estate professionals must be licensed by the state in which they work, either as an agent/salesperson or as a broker.

Before a license is issued, minimum standards for education, examinations and experience, which are determined on a state-by-state basis, must be met.”

Buying or selling a house is a huge transaction. No doubt, one of the most important transactions you will ever deal with. So you should make sure you trust the person who will be helping you with this process.

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A trusted, experienced REALTOR® with extensive knowledge of the city and potential neighborhoods you are looking at is always your best resource.

But a major aspect of purchasing your home is the appraisal value. So who better to turn to for advice, than an appraiser-turned-Realtor?

Cindy Strahota is just that, and she gives us her unique perspective of what a potential home buyer should look for from the perspective of an experienced appraiser.

“Today’s buyers are more savvy and educated than ever thanks to the Internet. Take advantage of the World Disclosure of public records which differs in each state; start with your county and try the assessor, the treasurer, and the recorder of deeds.

You will probably find information about when the property was built; the square footage; how many owners there have been, and probably many more interesting things.”

Purchasing a home goes far beyond whether or not it has the kitchen of your dreams, a walk-in closet or enough fireplaces. You have to consider the neighborhood, traffic patterns, crime rates and more. This is where an appraiser comes in, and getting advice from an appraiser-turned-agent could prove invaluable.

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And once you’ve found that house of your dreams, what happens next? That’s when all the financing kicks in. When banks and lenders get involved. So what will be required of you? What should you have prepared to make sure the transactions go as smoothly as possible?

John Milligan breaks down the step-by-step process that you will go through in order to obtain that all-important loan.

“Some lenders may offer a pre-approval, but others require that you have a specific home chosen before they will discuss loan options.

Before you even think about applying for a mortgage, it’s important to know where you stand from the lender’s point of view.”

You want to be sure that you have all of your financial documentation in order when it comes time to purchasing a home. Missing a dot on an “i” or a cross on a “t” could mean the difference between becoming a first-time homebuyer, or missing out on the home of your dreams.

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These rules are designed to not only prevent unplanned closing costs for the home buyer, but to save them money as well. The last thing you want when sitting down to sign your final paperwork is to get “sticker shock.”

Rob Dykstra blogs about the new rules put into effect by HUD regarding “good faith estimates.”

“Many prospective homeowners have been shocked and surprised when they arrive at the closing table. To date, most homeowners have only been supplied with a good faith estimate showing their potential closing costs and fees; none of which were set in stone.

The difference between good faith estimates and actual closing costs has even forced some home buyers to walk away from the home of their dreams that they were so close to owning.”

There are a lot of financial factors involved when purchasing a property. You know that the price on the house itself is just the tip of the iceberg. With the cost of inspections, repairs, closing costs and more, many people may be unpleasantly surprised when signing their paperwork.

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But how did these homeowners get to this point? And how can you make sure it does not happen to you? The most important question is, “can you afford it?” But that question can be misleading. It’s not just the actual cost of the home that you need to look at- there is also the down payment and closing costs. Much like buying a car, the final price you actually pay can be vastly different from what it said on the sticker.

Amir Aliloupour gives us a breakdown of the vital financial bits and pieces of a real estate transaction that you’d should be prepared for.

“One of the biggest reasons we find ourselves in this market is due to buyers who rushed into buying and forgot to ask the very fundamental and basic question that any home buyer should always ask before start looking for homes: “what can I really afford?”

There are several basic elements that could help you to find out how much you can afford and what you can spend for your dream house.”

This is definitely a great time to be in the housing market. Mortgage rates are near all-time lows, and short sales and foreclosures can provide homebuyers with great deals. However, buyers should remain cautious and take the time to decide what is realistically afforable for them.

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When a buying a home- most likely the biggest purchase you are ever likely to make- you want to be as prepared and educated as you can be, so you will know exactly what is going on while your agent is working to get the best deal for you.

Harry Khayalian spells out the basics you need to know when taking that big step and making an offer on a property.

“A written proposal is the foundation of a real estate transaction. Oral promises are not legally enforceable when it comes to the sale of real estate. Therefore, you need to enter into a written contract, which starts with your written proposal.

This proposal not only specifies price, but also all the terms and conditions of the purchase. For example, if the seller offered to help with $2,000 toward your closing costs, make sure that’s included in your written offer and in the final completed contract, or you won’t have grounds for collecting it later.”

The more you know about what is going on behind-the-scenes between brokers and the negotiating that usually takes place during a home sale, the better experience you will have.

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Also feeling the crunch in the current economic state are new home construction companies. That being said, some savvy homebuyers can now find brand new construction for relatively decent prices.

Pete Goodman says that while there are certainly some great deals to be found on newly constructed homes, some companies may be putting profit before quality.

“In some ways, large home builders have received their bailout and they are very savvy. These builders have developed a strategy to survive and will only build if it is profitable for them.

People need to forget the notion that these builders are desperate to make a sale at a loss just to get the home off the balance sheet and produce revenue.”

There are no doubt some great, new, well-constructed houses out there on the market. A savvy househunter can probably find a great deal. Just be sure to ask the right questions, and you just may find yourself in a great brand new home.

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So what’s going on here? Pete Goodman blogs about what many see as the “social experiment” of real estate.

“The government and big banks have performed and are still performing a social experiment on a grand scale with housing. They are busy taking care of each other while making the rules and seeing how consumers react.

If you put 10 cigarettes in a rat cage what do you think will happen? Odds are, the rat will take the bait and chew on a cigarette. The government and banks change the rules of the housing market in a similar way to see if we take the bait and do what is expected.”

The end result appears to be to assist in getting potential homebuyers into a home. However, we also know that the goal of bankers, lenders, the government, etc. is to make money, so we must be careful and take everything into consideration.

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Perfect for first-time home buyers looking to find their new home, who may not be familiar with the site or search process, this “behind-the-scenes” open source search technology now empowers visitors with the ability to search properties by using predictive (as-you-type) suggestions, so they can quickly and easily narrow down their search criteria to neighborhoods, streets and exact addresses.

It also features new interactive search options that allow buyers to refine their home search to include certain specifications like price, square footage, and number of rooms, therefore yielding a quicker, easier search experience.

More experienced buyers with a clear and detailed picture of their dream home can tailor a search to only include homes that match what they are looking for. If buyers want a 1,200+ square-foot home in Seattle, WA with 3 bedrooms and 2 baths, their search will only yield results that meet that criteria. 

Not only do these upgrades make the search for a home more efficient, they allow buyers the ability to formulate a more comprehensive idea of what they want in a home, and the actual possibility of finding exactly what they have been searching for with just a few clicks.

I am interested in buying a house from a friend that is about to go into foreclosure. The bank told my friend just to bring someone in if they are interested, and that they don’t need to involve any REALTORS®. Is that even possible? Also, I don’t know whether I can get approved for a loan since I have a mortgage now that I am paying on. I do have pretty good credit though. Will I have to sell mine first?

-Annie

First, I would suggest speaking with a lender and get pre-approved to see if you can carry the two mortgages. I would discuss my options on your current home with the lender. Are you able to carry two mortgages? If you are able to carry both mortgages, and you meet the debt-to-income ratio, are you planning on using one of the homes for an investment property, or are you planning on selling your current home down the road?

After speaking with a lender, and deciding what your plan is for your current home and the one you are considering purchasing, I would then contact a Realtor that is knowledgeable in short sales and foreclosures.

I would highly recommend using a Realtor to represent at least you, and maybe the seller of the home you are looking at purchasing. The asking price that the seller’s give you might not be the amount the bank will accept. Also, the amount the seller’s are given might be what is needed to pay off all of the debt on the house. With today’s market, the price for the home might be above what the market is bringing right now, and you don’t want to overpay for a property.

I would not cross this bridge alone. I would find an agent you can trust and who has knowledge in the foreclosure and short sale industry. I would interview a few agents to get a feel for their knowledge and experience in this area. If you are ok with dual agency, that agent can represent you and your friend (the seller) through this transaction. They will be able to help make sure the offering price is fair in today’s market, and they can help you get all of the proper documentation filled in correctly in addition to doing the leg work and follow up with the bank .

Mabel Davis is a REALTOR® with Keller Williams Elite in Pennsylvania.

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