First time buying a house…need advice from home owners.

April 29, 2012 by  
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Lisa asks…

First time buying a house…need advice from home owners…?

OK. Im trying to purchase a home, i’m scared and VERY CONFUSED!! i have been pre-approved for a loan and have looked at several houses. I have placed offers on three homes but nothing has happened. This is the deal: I have an realtor (who is suppossedly representing me) and I feel that she’s not doing her job, I feel that she wants to sell the houses she likes not the houses im interested in. Now my question is I want to change agent and cancel her out…however, I have given her the 1000 deposit which she said was going into “escrow” …if i cancel and decide to look with someone else will i lose that money??? Please help with any advise…i really dont want to be screwed over….I feel sooooo ignorant…and really frustrated because i’ve read soo much information on first time home buying tips etc etc …and it’s just not clear to me…Thanks.

The Expert answers:

Did you sign a document stating that you would employ this real estate agent for a certain length of time.

If you did the agent might demand that the time expire on the contact before she quits.

If you just want to get out of the contract simply write letter to her broker and send her a copy indicating that you are not pleased with the real estate agent and no longer desire her services nor the services of the real estate broker service, and to please return my $1000.00 deposit.

The $1000.00 was for a deposit on a propeprty and not for her personal use, so she should return this without fail.

Make sure you put this in writing and not verbally. You might need proof that you displeasure was of a certain date.

She still might be in a position to collect a commission from you if you purchase a house she has shown you or introduced you to an agent that might sell you a house down the road.

So you want to make sure that you use none of her properties she introduced you to nor any agent she introduced you too.

You may look for a property on your own, why do you want a real estate agent to show you houses that are available on the Internet and other places.

Find an area that you want to reside, check the cost of houses in this area and see if you can afford this neighborhood, if not then you will have to lower your expectations.

Attend open houses in the neighborhood you want to reside in after you have decided that you can afford to reside there. Your pre-approval should tell you how much house you can afford.

When making an offer don’t feel bad about making an offer less than the asking price.

If you still want to use a real estate agent check with your mortgage broker that pre-approved you and see if he can give you a referral for a real estate agent. That is unless he recommended your current agent.

Check with other professionals you know to include family and friends to see if they can recommend a good agent they have used in the past.

Friends are not good people to use, even if they are in the real estate field.

I hope this has been of some use to you, good luck.

“FIGHT ON”

Helen asks…

Buying a home in cash… tips on how to get approved?

Hey, well my parents have been looking into buying a house in cash for about 6 months now, in fact my parents have in the past, submitted 3 different applications to buy a house in cash fully but they always end up being “out-bought” by some other person who takes out a loan….how is this possible? My parents currently have 3 new pending applications for great homes all 3 of those homes cost around $90K and my parents are offering the banks around $6- 10K more than the house actually costs is this a good way of convincing banks to let us buy the house? Because i mean we will pay fully in cash and we even offer more money than the house is worth and yet the banks approve people who take out loans and don’t offer more than us, why is this? are banks just stupid or is it a matter of luck? Any tips on how to seduce banks into approving us (aside from offering even more money in cash)?. Thanks in advanced!

The Expert answers:

That’s very stranege, usually cash offers get top priority.

However, maybe those properties were priced hot and got offers even 10K higher than asking.

George asks…

im looking into buying a spin bike for home use? any tips?

I am tyring to buy a spin bike that is relatively cheap. I found some on ebay but does anyone else know where to look? and what does the weight for a flywheel mean (im checking out a model that is made by gymtronix with a 40lb flywheel) thanks!

The Expert answers:

Invest in a small TV….it’s boring!!

Paul asks…

My client wants to withdraw funds from his 401k to buy a home. Any tips on getting Prudential to release funds?

We have an accepted offer on a bank owned home, and banks typically are slow to release signatures on documents if at all. To be conscious of the deadlines, we need the funds to pay for inspections and so forth. Prudential said they wouldn’t release funds unless we gave them all the documents signed by the seller. Banks typically give verbal responses and agreements, and I might have a challenge getting our documents returned before the deadlines pass.

The Expert answers:

Ah yes, dealing with funds. I’ve used my self-directed IRA in a similar situation. Ask Prudential if your client can pay for it upfront then get reimbursed at closing. It’s for the same purpose you are just keeping within the deadlines to streamline the process.

I guess the risk would be that your buyers may fork out the $$ and then deal doesn’t go through and that money doesn’t get reimbursed from the 401K. Good luck!

Nancy asks…

Anyone have any good tips or questions to ask when buying/looking at a home?

The Expert answers:

It is too warm in the afternoon? Does the sun come in from the front or back? For flats, back is better if you are hanging your laudry there. Second handed —–> drainage system, air-conditioning system, flushing system, which part of house needs repairing or upgrading? Next door neighbours? Schools, recreational activities in the vicinity? Transportation system? Security? And of cos, lower prices?

Sandy asks…

i’m buying my first home…what are some easy, inexpensive decorating tips to spruce it up?

The Expert answers:

Paint it.
Cheap easy and a huge difference!

Donald asks…

How can i dye my bottom tips of hair at home without buying hair dye? (:?

The Expert answers:

When I was in High School kids used kool aid to color there hair, .89 cents for a small pack at walmart. Good luck

Charles asks…

1st time buyer and planning on buying a home with KB Homes. I need tips, suggestions, precautions..?

Ok I’m a first time home buyer and I’m also in the process of buying a brand new home from KB Homes in Lancaster,CA. The total cost for the home is $137,000 and I have been pre-aproved but I wasn’t told for how much the loanwould be. I was told that my total downpayment would be between $10,000 to $12,000 I have given my information and also just recently gave $3000 to start the process of the paperwork and etc I was also told that if I decide to stop the paper work or just cancel everything I would loose my $3000, but heres what I found “fishy” from them I wasn’t told about programs that they are for 1st time home buyers, loan options,.Now heres were I need help from you guys or tips, suggestions or precautions that I should know or do before signing the closing papers.

1. Is there any possible way that I can bring a RE agent to help me with the closing papers and tell me whats right or not right for me?
2. Do I have an option to shop for a Loan from another lender besides Countrywide?
3. Has anyone purchase a home form them and had any bad or good experiences?

Every response, tips, suggestions will be helpful..thankx

The Expert answers:

KB Homes is one of the bottom 10% of the builders. I would NEVER buy a KB house.

Junk. Google them and see all the problems and “fishy” stuff that happens.

Sandra asks…

how can I make my hair glossy and make it grow faster AT-HOME without buying any products?

I want to make my hair grow faster and make it glossy without spending any money… are there any AT-HOME tips?
can your details be a bit more specific please thanks

The Expert answers:

Mayo will make your hair very shiny……just get a jar and put it all over your hair and then wrap a plastic bag around your head and let it set for about ten minutes or fifteen……you’ll have to wash it 2 or 3 times with dish soap (depending on how long and thick your hair is)…..oh, and I must warn you, you won’t be able to eat mayo for a while because its not the best smelling on your head. A few more tips for healthy hair is to use a soft bristle brush when your hair is wet to reduce in breakage, when you are towel drying your hair don’t be a maniac..just gently pat it. If it is possible you should use olive oil shampoo, its organic and very good for your hair though it costs about $4. Be sure to get it trimmed every month or 2 to keep the dead ends away because dead ends stop hair growth. When you are washing your hair in the shower massage your head for a good 2 minutes, this stimulates hair growth. Try not to wear the pony tail holders that have the metal thing on them because that also breaks your hair and if you use heat stylers (curling iron, blow dryer, straightener…) spray your hair with a heat protectant that you can get pretty cheap at Wal-Mart to keep your hair from getting damaged. Good Luck!

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Investment Ideas / Real Estate Ideas?

April 28, 2012 by  
Filed under Real Estate Expert Answers Questions

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Sharon asks…

real estate contracts (breach)?

I bought a home from a builder where the builder and developer promised dog parks. However they were not honest with the people in the homes near the park sites. They didn’t tell these homeowners that there would be dog parks near their homes. So those homeowners banded together and raised hell and the developer backed down.
I am disabled and have a service dog. My disability causes me to not be able to drive at times which I why I specificly asked if there would be dog parks in the community and they told me yes. Now they’re not building them. My service dog is a 75lb labrador who needs exercise and I can’t always drive her to a park. While they should’ve been honest with those few homeowners near the park site, doesn’t this constitute breach of contract with me and the others they promised the dog parks to. While we don’t have the promise in writing, it’s in advertisements and they clearly offered it or those homeowners would’ve had fought them and made them back ddown.

The Expert answers:

Unfortunately for you , no.

Unless the contract of sale expressly represented there would be a dogpark AND it states that the representation shall survive closing.

Under the “merger doctrine”, all prior representations made in a real estate deal (even in the contract) are deemed to be merged into the deed. In other words, unless a provision is stated to survive the closing, the law assumes that if you took the deed at the closing, the seller has satisifed all its conditions and promises or you have waived them.

As for advertising, I would take a look at them and see what they say very carefully. If they represent there will be dog parks, I would call my state attorney general and ask them if this is some type of consumer fraud or false advertising. If there is enough interest, they may start an investigation that may get you some compensation for your troubles. If they merely state it is their intention to create a dog park, then you are probably out of luck because they didn’t anticipate so much opposition from the neighbors, and it was probably a planning board decision on their site plan after public outcry to request they not be dog parks, and the developer probably had little or no control over that.

Maria asks…

Investment Ideas / Real Estate Ideas?

I am thinking about investing into real estate later in life so I have additional income. I have always been into music and from my experience, the demand for warehouses (band rehearsal space) is very high in my area. I was wondering if it would be a good idea to purchase a warehouse, say 50K with a 30 year term, and renting it out to bands. Most warehouses go for about 300 a month per band here, so assuming I have 2-3 bands renting it out, I’d make at least a small profit every month depending on my P&I amount. Of course I wouldn’t purchase a warehouse unless A. I could afford the rent without renting it out to bands, and B. I either break even or make a small profit from the tenants. Another idea is purchasing a really cheap condominium / house and renting it out as well. I’m still very young, so I don’t have much knowledge when it comes to investing or purchasing property, so any information / ideas would be greatly appreciated.
Thanks!

The Expert answers:

There are a lot of commercial buildings (warehouses) in foreclosure lately and you may be able to get a good deal on such a building. It could be a lucrative business to rent out the music space, if you got the building for a good deal.

Good luck!

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