Blogging About Loans: November 2009

An office of elite mortgage lending professionals with a common interest and goal focused on providing customer service that exceeds expectation. Thereby building our business from repeat and referral opportunities. Ruth Vogt. LMB 100023827. NMLS 257576. Regulated by the Division of Real Estate. Fairway Independent Mortgage is an Equal Housing Opportunity.

Home buying tips for Castle Rock Colorado

Home buying tips for Castle Rock Colorado.

"I want to know what I don't know". That's how many people seeking home buying tips feel. They aren't sure what to ask simply because the entire language is foreign to them. They are at a loss of what home buying tips or topics for that matter, to even ask for more information about.

Below is an excellent article containing information provided by a well know real agent on the east coast. Whether buying there or in Castle Rock, the home buying tips she has written about apply in our market as well.

If it's the terms commonly used in the home purchasing process that are confusing to you visit our glossary of terms by clicking glossary of home buying tips.

We offer several classes as well as a home study course filled with home buying tips. Call or email us for more information!

WR Starkey Mortgage, LLP, NMLSR # 2146


WR Starkey Mortgage - A different kind of company...where people come first!

Ruth Vogt
Business Development Manager (LMB100023827)
6025 South Quebec, Suite 110
Englewood, CO 80111 
Work: 720-489-0712
Fax: 720-489-0273
Other: http://www.dora.state.co.us/real-estate/index.htm 
ruth@Lifetimelender.com 
www.lifetimelender.com 


 

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

 

 

"Ignorance is bliss" was never said about real estate purchases for 7 good reasons:


1. "Knowledge is bliss" may not make it as a buyer's slogan either, because you don't have to know it all—just what's relevant to success as you define it. Different sets of knowledge are important in different buying situations, so the "bliss" generalization may not be specific enough to be useful. "If it is to be, it's up to me" could be an excellent mantra since determination will drive buyers, both to discover what they don't know and then, to fill that knowledge gap. This combined effort will assure a buyer is well equipped to make confident buying decisions.

2. Generalizations are self-defeating when evaluating properties since it is how each is unique that addresses specific value to a specific buyer—if you'll excuse the generalization. All first-time buyers should not seek the same type of real estate solution just because they have never owned real estate before. Each of these buyers, whether they purchase alone, as a couple or with several friends or family members, has a different set of needs, weaknesses and advantages. When generalities are stressed, real estate solutions often concentrate on weaknesses like low down payments. Customized solutions, based on real estate knowledge, should focus on strengths which would counterbalance apparent weaknesses. For instance, first-time buyers may have more creative determination, which can allow them to tolerate living with boarders or tenants. These contributors to mortgage payments create a number of financial benefits and can turn an otherwise financially-out-of-reach property into a great investment solution. (See Pur-Plexing for more on this topic.)

3. Assumptions cost money and waste time. Assume nothing, including that you know what you don't know. Experienced real estate professionals have a wealth of practical knowledge available to fill your knowledge gaps, but you have to be receptive to gain the full benefit. For instance, do you ask questions and listen to the answers? Find out what you're assuming when you view properties, evaluate value and prepare an offer to purchase. The conscious effort and deliberate intent of this clarification means money in your pocket. Determination will enable you to put your advantages into action and use the real estate professional's knowledge to overcome weaknesses. Remember the parsing of "assume" ( make an "ass-[out of]-u-[and]-me" ) if you find yourself thinking or saying, "But I assumed…" and get back in control.

4. Fear has driven too many buyers to act in haste and repent in "if only I'd…" whining that can go on for years. Fear of missing out in a down market or in an up market, or in a variety of other "losing out" scenarios, can cause buyers to dive into a buying or not buying decision which may not be in their best interest. That's why working with a buyer agent, who places your interests first, can be a great strategy for ensuring you have all the knowledge necessary to protect yourself and gain financial advantage at the same time.

5. The impossible may just take a little longer in real estate, but the impossible can happen. Your dream property can be within reach wherever you start financially, but you'll need a solid set of strategies to get you there, not just dreams. Serious about owning your own horse ranch or waterfront castle? Talk to an experienced real estate professional who works in your ideal location to chart a reverse-engineered, long-term course toward that goal. With each property you buy along this clear path, you'll move closer to your high-value goal. It may take two or more real estate purchases and some clever investing, but if will be an interesting progression. If you're determined and build the right team—real estate professional, lawyer, mortgage broker, home inspector…—what's impossible?

6. The unexpected must be expected when buying a home, cottage or investment property. Worst case scenarios, contingency strategies and "Plan B" alternatives are creative tools in preparing to achieve financial gains and desired priorities. These approaches help you react favourably to the unexpected, but hopefully not unanticipated, and take advantage of the opportunities that lie there. Experienced professionals can predict the types of expected and unexpected happenings relevant to your situation. It could be taking advantage of the timing for new listings or the types of lenders beyond banks that hold financing choices for you. Negotiations are all about the unexpected. Most buyers are so focused on purchase price they forget that closing date, number of conditions, what's included in the purchase and other factors can weigh in to reduce the final sale price—that's where professional negotiators come in.

7. Cashflow is king. Beyond the purchase price, cash is necessary to pay for lawyer fees, title insurance or a survey, reimbursing sellers who paid the whole year's property taxes, and on the list of closing costs goes. The professionals involved will provide you with details on possible expenses. While you may have enough cash to close, do you have enough cashflow for owning? Over the first year, unexpected expenses can crop up, so create a projected ownership budget at the same time you go over purchasing costs. This foresight should keep you out of the "house rich—cash poor" category.

This article was written by PJ Wade

Jackie Connelly-Fornuff
Coldwell Banker Residential

Babylon, NY
Direct: (631) 274-1937
Cell: (631)
703-0201
Email: Jackie.Connelly-Fornuff@cbmoves.com
Website: www.longislandrealestatelady.com
Blog: http://jackieconnellyfornuff.com

 

 


 

 

 

 

          


Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.

Ruth Vogt Colorado Mortgage Lender Ruth Vogt, Sales Manager

 #LMB100023827, NMLSR# 257576

 Equal Housing Opportunity. 

 Regulated by the Division of Real Estate.

   www.ColoradoHomeLender.com

   ruthv@fairwaymc.com  303-881-7849.

 

Twitter Icon           http://www.facebookloginhut.com/facebook-login/

 


by Twitter Buttons

Timer

Comment balloon 2 commentsRuth Vogt • November 24 2009 11:36PM
Home buying tips for Castle Rock Colorado
share
Home buying tips for Castle Rock Colorado "I want to know what I don't know". That's how many people seeking home buying tips feel. They aren't sure what to ask simply because the entire language is foreign to them. They are… more
Mortgage Rate Indicators
share
Market Comment - Week of November 23rd, 2009 Mortgage bond prices rose last week pushing mortgage interest rates lower. Mixed data resulted in up and down trading but within a relatively narrow range. Things were going well the first part of the… more
Can a house have too many Christmas trees?
share
Have you gone to Christmas parties that have "designer trees" in each room??? Do you envy them or does it turn you off? I, for one, want just one tree that is very well "put together". So you know what I do? I actually… more
FSBO homes for sale in Castle Rock Colorado
share
FSBO homes for sale in Castle Rock Colorado. Once you decide to sell your home, many sellers contemplate selling the homes without the assistance of a licensed real estate agent. Thus, the term For Sale By Owner, most often advertised as… more
WR Starkey Mortgage voted one of best companies to work for in Denver!
share
WR Starkey Mortgage voted one of best companies to work for in Denver Do you enjoy WHAT you do for a living? But a better question is whether or not you like the company you represent! The Denver Business Journal announced the top ten… more
Current Mortgage Interest Rates
share
Current Mortgage Interest Rates Below are economic indicators that are affecting current mortgage interest rates Nationally, housing starts came in lower than expected and banks are maintaining the current pace at which they put… more
Conventional Conforming Loan Limits Extended
share
Conventional Conforming Loan Limits Extended In a previous post last month I expressed a concern about the conforming loan limits, which has now been extended. .. more
FHA Loans in Denver
share
FHA Loans in Denver Maximum FHA loans in Denver can go as high as $406, 250 for a single family home making FHA loans viable financing vehicles even if it's NOT your first home. If you look at the chart below, you'll see the average… more
Tax Credit Extention Comparison
share
Tax Credit Extention Comparison What's new? What's the same? Here's a nice little graph that will help you see the variances at a glance: &… more
FHA Loans in Denver available on HUD homes for $100 down!
share
FHA loans in Denver available on HUD homes for only $100 down! So, what's a HUD home, you ask? A HUD home is a one to four unit property that has gone into foreclosure whereby the original loan was insured by a division of HUD called the… more