Monthly Archives: January 2011

First Time Home Buyer Tip #14

Not everyone should buy a house! I suppose that is the last thing you thought you’d ever hear a real estate broker say!  Its true and anyone who denies it is only looking out for themselves.  Here is a valuable rule of thumb that you should keep in mind:  If you don’t plan on being […]

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First Time Home Buyer Tip #13

Think all foreclosed houses are trashed? Not at all!  In fact, many we’ve seen lately are in as good of condition as homes owned by normal sellers.  Some are turned over to the bank by home owners who have cared for the home, and some are fixed up by the bank prior to going on […]

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First Time Home Buyer Tip #12

Did you know up to 79% of credit reports contain some kind of error? You might be shocked (or maybe you wouldn’t given the way the credit bureaus work) to know that errors occur this frequently.  The other statistic that you should know is that up to 25% of credit reports have errors serious enough […]

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First Time Home Buyer Tip #11

Tempted to buy a home with a Lease-Option or Rent-to-own? You might want to resist the temptation!  The idea of buying a home without having to qualify for a loan is appealing.  If you don’t have a down payment or your credit is damaged, you may have considered using the Lease-Option (also called Rent to […]

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First Time Home Buyer Tip #10

Buying a fixer upper and need money to fix it up? If you have the stomach for it, buying a fixer upper can be an excellent way to get a good deal on a home or be able to buy in an area that would otherwise be too expensive for you.  There is a mortgage […]

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First Time Home Buyer Tip #9

Need cash for your down payment? Did you know that you may be able to borrow money from your 401k or your IRA for the down payment on your first home?  You usually have to pay it back with some interest, but you’re just paying yourself back.  Other ideas to find money for a down […]

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First Time Home Buyer Tip #8

What houses can you get the best deal on? Vacant ones! A vacant home means someone has monthly expenses, worries about vandalism, freezing water pipes, etc. so they are more motivated to sell!  This would include almost all bank owned homes (also called REOs), houses with owners that live out of state, and some rental […]

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First Time Home Buyer Tip #7

It may not be smart to pay off all your debt before buying a home. There are many factors to consider before deciding its time to buy a home.  Just be careful that you’re not being too careful!  If you have a lot of debt, by all means, you should pay it down before buying […]

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First Time Home Buyer Tip #6

You should always pick the best neighborhood you can afford, even if it means that you will have to settle for something less of a house. Here is an example of what I mean: House #1 Large, nicely fixed up home but the neighborhood would be a “6” on a scale of 1 to 10 […]

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First Time Home Buyer Tip #5

Before you commit to a condo, be sure to look into a condominium association’s financial stability. A condo association does an annual budget and you have a right to see it since you’ll be a contributing member once you buy in the complex.   If the association does not have enough money for large expenses […]

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