Buy a Home For Less

December 4, 2009 by  
Filed under Blog, Buy a Home For Less

How to Buy a Home For Less

Everyone dreams of their own home that will shelter and nurture a family. To fulfill their dream many have worked hard. With the current crisis or fall of price the only question the buyer may ask: How to Buy Less? This would mean to buy home for less than the original cost. The security of owning a home is priceless and it represents the personal and financial achievement that they. Besides, a home is the most valuable investment one can ever make, which comes with incentives like your federal tax deductibles. The rewards of owning a home comes with a sense of personal satisfaction that no other tangible assets can ever give.

Buy for Less:

Buy for less doesn’t mean going for the lowest offers in the real estate market. When you buy a home for less, it means that you are becoming a smarter buyer out there who knows how to invest your savings. Normally people believe that buying a home will mean giving twenty percent of total value as down payment. When you mortgage a home, you will expect a 3-5 percent interest rate from your lenders. This type is becoming popular with many who dream of buying a home. It stretches their spending power, allowing them to maximize their cash resources.

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Here Are Five Helpful Tips on How To Buy Dream Home For Less:

1. Check the prices of homes which are foreclosed in the neighborhood where you are planning to buy your new home. You many encounter short sales. There are sellers who will sell their home for less than the amount of their loans.

2. The sudden fall of prices makes it ideal in housing market to make low offers to sellers. It may cause some stress and your offer may be ignored. But once the agreement is reached, you can expect immediate payment terms. Some sellers will quickly give in to your rate, especially with the economic crisis going.

3. Through web you can bid for new homes using federal government auctions. By this bidding process you don’t need to hire an agent which helps you to avoid paying agent commissions. And most homes are listed for sale lower than their market value. You may also check your local listing for home auctions. To bid for home deposits are required and you will send it by wire transfer. When you win the bidding you can pay the total amount though cash, checks, cards, or wire transfer, depending on your local revenue department.

4. If you got an offer to buy a home at an unbelievably low-price, resist the desire to buy without inspecting the home itself. Sometimes, what seems a good deal can cost you even more. You can always compare homes, and see if buying homes that cost the same or slightly higher can save you from an expensive home makeover. If you can hire someone to inspect the heating, electrical, and plumbing works, you may do so.

5. Compare the homes prices and their features. Always be on the watch on great deals that will offer you additional incentives. Even though you are not buying a new home you can get extra features on a low-priced home like extra storage space, a huge patio, or a nice view of the bay. Prices of new homes are dropping, and instead of purchasing an existing home, you can opt for a new one.

If you’re planning to purchase a home through mortgage, make sure you meet all the lender’s prerequisites to qualify you for a low down payment mortgage. Your ability to pay and willingness to finalize the loan are key elements in the approval of your mortgage. Although there will be bounds set on what type of home you can purchase with your mortgage, there will always be one that will suit your taste and needs. The Federal Housing Administration or FHA may require a down payment less than three percent, if your mortgage is supported by government insurance. Remember that bounds change from state-to-state and the mortgage provider of your choice. In the end, the home you purchase for less should justify the price that you are ready to pay. Your Dream Home Awaits!

 

Housing Assist Coldwellbanker