OwnerLand Blog

1. Arrange financing before you make an offer. Increase your chances of buying the home you want by getting pre-approved for a mortgage and waiving financing as a condition on your offer to purchase. In a competitive market, sellers have been known to ignore an offer that is conditional on obtaining financing. Some will even accept another offer for less money if there is a firm commitment behind it. 

2. Know your limit. No matter how much you love a home, decide on the maximum amount you are willing to spend and stick with it. Write the number down as a reminder. If you act on emotion or find yourself in a bidding war, it’s easy to forget your limit and wind up paying a lot more than you bargained for. 

3. Hire a home inspector. A home that has basic curb appeal and a stylish interior may also have a neglected roof, broken furnace or other hidden flaws in need of repair. Know what you’re getting before you buy. Make your offer to purchase conditional on a home inspection. Get the seller to cover the cost of any necessary repairs or deduct the estimated cost involved from your final offer. If the seller is unwilling to accept these terms and you still want to proceed with the sale, be sure to factor in repair costs on top of your mortgage. 

4. Budget beyond the down payment. There’s more to affording a home than coming up with a down payment and negotiating a mortgage rate. Remember to budget in extra money to cover your moving and closing costs (which can often add up to between two and six percent of your loan). Ask your lender or mortgage broker to give you a Good Faith Estimate of the loan-related fees you’ll have to pay. Your REALTOR® can also help you compile a list of other expenses. 

5. Get a move on moving. Try to synchronize moving/closing dates so you can move from your existing home to your new home on the same day. Otherwise you may have to arrange a short-term rental or camp out with family or friends and put your furniture in storage. You don’t want to have to move twice.

RealEstate.com Jan. 11, 2007

Buyers can take advantage of the Tax Credit with a Land Contract Purchase.  Land Contracts are real estate transactions where the property owner sells to a buyer and holds the mortgage for the buyer for a short period of time.  The buyer then refinances the property into a traditional loan at the end of the land contract term. 

This type of purchase benefits buyers that can't quite qualify for a traditional loan but are relatively close to meeting requirements.  It benefits the seller by offsetting the expense of their mortgage with the payments from the buyer.  Oftentimes, a seller can then move on to their next home.

In order for the purchase to qualify for the tax credit, there are specific terms that it needs to meet including the recording of the land contract and an actual closing of the transaction with a settlement statement.  It's important to work with a competent real estate agent to be sure that your purchase meets the requirements so you can receive your Tax Credit.

Whether you're an agent or a buyer, these changes will affect you!

Check out this video!

TBWS on FHA Changes

Rolling into the new year, consumers have 3 great benefits in buying real estate:

1. The Extended Tax Credit: OwnerLandHomes.com has a comprehensive video that explains the Credit and answers many of your questions.
2. LOW Interest Rates:  Rates are still very low.  These rates make start increasing as the years progresses so now is the time to take advantage of them.
3. Good Home Inventory:  We have many homes for sale in our markets.  Many are good deals and affordable.

It's time to act!  If you are thinking of buying a home, you need to move now to take advantage of the benefits available to you.

Jeff Barnhart/OwnerLand Realty

The new year has started with a lot of advantages for real estate professionals.  If you sell real estate, you have 3 big benefits to share with your database of prospects:

1. The Extended Tax Credit:  Our OwnerLandHomes.com homepage has a great video explaining the credit and answers mosts questions your prospects will have.
2. Low Interest Rates:  Rates are still very low but may be creeping up as the year goes.  Now is the time to urge your buyers to move on their new home before the rates increase!
3. Good Home Inventory:  We have many homes for sale in our markets and many are well priced and affordable for your buyers!

Our economy is getting back on track and consumer confidence is rising.  Expose your business and make the most of the tools you have!

Jeff Barnhart/General Manager