Buyer’s Choice Realty blog

During strong Seller’s Markets some homebuyers had difficulty getting offers with contingencies accepted. Now that the market has turned around buyers are doing much better with typical contingencies including financing, inspections, repairs, replacements and even the sale of the buyer’s property prior to closing on the home they want to buy.

When properties are well priced, it can be more difficult to get the contingencies that a Buyer’s Market usually allows. Competing bids can push buyers into making crazy decisions about Home Inspections. Don’t give it up, even if the property is sold “as is”.

Regardless of the particular market, most real estate experts would advise against giving up the home inspection contingency. It’s just too risky to go without.

The other mistake some buyer make is to put too many contingencies into an offer. Talk with your buyer’s agent to get a reasonable approach to contingencies.

Ronn Huth - 800-25 BUYER

Before you set out on the adventure of buying real estate, it’s important to understand your legal rights as a home buyer so you aren’t seduced by the misguided beliefs that surround the true guidelines of the business.

It’s up to you to learn about the different aspects of buying real estate. Things like the purchase contract, mortgage rates and above all what’s possible to anticipate so far as the soundness of the home you’re considering, as well as any monetary dealings associated with it.

It’s your responsibility to complete your preparation and realize your complete protection under the law. Your real estate buyer’s agent or attorney can help but this is an area where due diligence on your part is nicely rewarded.

Thanks to anti-discriminatory laws and regulations such as the Fair Housing Act, no property owner may refuse to accept an offer coming from any buyer based on race, creed, or color. Although some sellers do believe is that this is any sellers’ legal right. Any such behavior is often legally interpreted as discrimination regardless of what the seller may believe. Don’t let any person inform you they’ll not allow your offer to be presented. Further, any licensed real estate agent is held to an even higher standard.

It does not mean, of course, that your offer will be accepted, or even that the seller will make a counter-offer. But rejection had better not be based on discrimination.

In situations or locations where multiple offers on the same real estate for sale are not that unusual, it should be comforting for you to know that at least your offer will be presented to the seller.

Massachusetts has some peculiar laws, rules, and regulations that buyers need to know and understand. Here at Buyer’s Choice Realty we can walk you through some of theose concerns and help you find the right answers.

Ronn Huth 800 25 BUYER

Mortgage closing costs are on the rise across the nation and are up 8.8% over the last twelve months. Origination and title fees on a $200,000 home loan average $4,070 nationally according to Bankrate Inc.’s 2011 Closing Costs Survey.

Banks are requiring extra employment verification and the like to keep loans in shape for Fannie Mae and Freddie Mac, and although these regulations “have been in place for a couple of years already, the mortgage industry takes them more seriously now. New forms and regulations that are still in discussion are influencing lenders already.”

Bankrate said, “On average, lenders charge about $1,614 in origination fees this year, up 10.3 percent from last year. Origination fees include lender charges for services, such as underwriting and processing.”

“Interest rates get a lot of attention, and rightfully so, but it’s also important for consumers to compare lender fees when shopping for a loan,” said Greg McBride, CFA, senior financial analyst for Bankrate Inc.

Is lending passing on a cost that should have been built in to start with? What do you think of the rising closing costs?

While you’re trying to decide when the best time to buy real estate might be, line up a team who can help you accomplish your goal when you decide to move forward. You can do this by researching online, attending open houses in the area and asking a real estate agent to keep you on top of market fluctuations.

If you’re a home buyer, make sure you have job security, a relatively healthy economy in your local area and a plan to stay put for at least 10 years.

Good economic news will help fence-sitters make the decision to get serious about moving. Bad news of any sort can cause the market to stall.

Find a good buyer’s agent to work with who understands your needs, and wait to buy until the time is right for you. It could take you a year or so to make the final decision. Some agents don’t have the patience to stick it out. Ask them that question.

One of the most difficult aspects of the current home buying process is financing the transaction. Find a mortgage broker who is a real professional, has been in the business for years and who understands what current underwriters will require from you to process your loan.

Assemble all the financial documents you’ll need for loan approval even before you start looking. Ask your buyer’s agent or broker to have your loan package previewed by an underwriter so you know beforehand if there are any problems.

Take care of any possible closing issues in advance so they don’t cause last-minute delays in closing. Your buyer’s agent can help you with all of this.