I am curious to know what other’s have had to say about my current agent, however, I am unable to click on the reviews link next to the 5 stars. Is this something that is supposed to be visible? Thank
by TaylorMiles
I understand the value of having an attorney review everything during a home sale… But, I am not entirely seeing the purpose at this point. I am buying a condo, and at this point in time I already have an executed contract, and the seller is using their own Title company and paying for the title insurance.
So if the title insurance is paid for and in place, and the contract is already executed, what could a lawyer do for me besides provide reassurance?
I am not sure that reassurance is worth the money.
Home Buying For Dummies
Now updated — America's #1 bestselling home-buying book!Want to buy a house, but concerned about the market? Have no fear — this trusted guide arms you with Eric Tyson and Ray Brown's time-tested advice and updated strategies for buying a home in current market conditions. You'll discover how to find the right property, make smart financial decisions, and understand the latest lending requirements and tax implications.New to this edition — new and expanded coverage to help homebuyers take
I am looking at buying a home. I was wondering what the process was and if anyone could give any tips on buying, what to look for, how much to have stuck back, etc? Any info would be greatly appreicated!
Why should you have an expert on your side during the biggest purchase you’ve ever made?
Why should you have some one looking out ONLY for you and to explain to you the documents that you are signing and which are legally binding on you?
Certainly getting an attorney on your side before you signed the contract, or while the attorney’s approval period was still running would be better than now, but. . . . .
The title company should ensure that title is clear, but they are NOT representing you!
Most real estate are handle according to the state laws of the state in which you reside. Title and escrow closer make sure these laws are followed to the letter of the law.
Hiring a real estate attorney could be beneficial if there was an unusual transaction, but most real estate transactions are mundane and cookie cutters.
Then if you are securing a mortgage loan another professional is there to insure that things go right during the transaction. These professionals are required by federal and state laws to provide you with the various RESPA law requirements covering interest rate, APR, terms and terms of the mortgage loan you are getting for this transaction.
Now if the sellers are carrying the mortgage loan and there are no mortgage companies you might consider legal advice on the mortgage arrangements and since you are there this attorney might consider looking over your contract.
I hope this has been of some use to you, good luck.
“FIGHT ON”
I hope you at least read the condo bylaws and the condo has a reserve fund in place.
For the amount the condo costs, I would absolutely have a lawyer. It is like fire insurance. Do you expect something to go wrong? No. But you are prepared just in case.
Hello;
I suggest you try to work closely with your real estate agent and loan officer. When you pick a loan officer, try to get one from a major bank.
There will be a title company involved so you have the right assurance that there will be no problems later. The title company insures you and seller.
I used to do mortgages, I found whenever the lawyers got involved, the process slowed way down and the closing cost went up.
Try not to hire one if you can avoid it.
the more money you have in the bank at the time you apply for your loan will help get you better rates also you should get your finances and everythign in order before home shopping then you should go to your lender and find out how much home you can afford and then go for a home at a price less then that if they say you can afford one hundred thousand then shop in the high eighties range, then after you have your loan find a realtor that will show you the houses you want to see if they dont then find another one but dont buy in haste and make sure to have a full home inspection before you close on the house and try to get the sellers to pay closing costs
First you would need to get a real estate agent to help you find a home. While you’re browsing homes you’d need to get pre-approved for a mortgage so that when you find one, you can place an offer immediately. If your offer is accepted you’d then have to arrange to have insurance and to get an inspection of the home as well as a lawyer to search for any liens or other hidden problems with the home. If that all goes well, then you can buy the home and move in depending on when the closing date is set for.
For a downpayment you could expect to put down 20% of the mortgage or else pay a penalty of about 2.5 to 2.75% of the mortgage. You should keep about 3-5% of the value of the home in easily available cash as well for all the problems that will occur soon after or renovations you will want to make.
Call a couple of mortgage companies and have them pre-approve you. Get the best rate and don’t be afraid to go back and tell someone that you got a better deal. Hey everyone is there to make money. Next or first find a Realtor just because they are a big name doesn’t make them the best it may be better to just walk into an office. They will search for homes in your price range and walk you through the rest. It’s really not as difficult as it may seem the Realtor should do most of the work for you except sign papers!!
Good basic reference…. but very CA biased.,
A friend recommended this book, and it is a helpful reference that covers all the basics. Confused by inspection and what to expect? There are helpful hints and good definitions to help you figure that stuff out. This book helped “calm me down” by explaining all the processes of home buying in a simple way so there were no surprises.
My only real gripe is that the book is VERY California biased. While it is impossible to clarify all the nuances of buying a home in different states, counties, and towns… the homebuying process differs significantly in California than most of the northeast. Well, the process may be the same – but escrow agents? Huh? We got lawyers for that. Some terminology was a bit confusing. And there was plenty of coverage about earthquakes… but what about snow? Or what to look for with different types of heat? These are HUGE concerns when buying a house in the northeast and these issues aren’t even discussed. I felt the book could be more comprehensive in addressing homebuying across the USA… not just in Cali.
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|Extraordinarily Detailed,
New home buyers might be tempted by the 2009 combination of low home prices, low interest rates, and federal incentives to start searching for a home. If you do, and especially if you live in a heavily regulated state like California, books like this one are extremely valuable. Much of the advice might seem “obvious” when you think about it (why do you “need” title insurance anyway?) but no one thinks about all aspects of purchasing a home when they first enter the market. This book spells out all the steps you need to take from deciding whether you really need to buy a home at all (if you are planning to move soon, don’t) to saving for a down payment all the way through escrow. Mortgage options (15 v. 30 year, adjustable or fixed) are also covered in some detail so potential homebuyers can make sound choices. It is, on the whole, a very useful book.
This For Dummies guide also includes quite a bit of valuable information most people would not think of when buying a home. Sandbagging by mortgage companies is moderately more common than you might expect in a down market and this guide tells you how to recognize it. The authors also explain why sellers, in general, are not very realistic about what their property is worth and how to effectively use the internet when searching for a home. Hint, mortgage calculators are not nearly as useful as they are convenient. You should know from your own budget (including contributions for retirement savings) what you can afford, and not be pushed into a house beyond your means by a calculator that only considers your income and debt ratios. Finally, the book covers the psychology of home purchases, including buyers remorse and negotiations.
There is simply too much in this book to cover it all. Suffice to say, this is not a guide to getting rich in real estate. The authors (wrongly, in my opinion) do view real estate as an investment but first time home buyers, the target audience for this book, should not. Homes can in fact be something of a liability. But the 4th edition of ‘Home Buying for Dummies’ can help you limit the costs associated with buying your home and for this reason alone the book is invaluable. And if, in the future, you should actually make money on your purchase, more power to you. Besides, the authors have another title for you on how to sell your home. If it is even close to as comprehensive as this book, you should buy it too when the time comes.
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|4th Ed probly not necessary,
I was hoping the 4th Edition of this book brings more relevant items pertained to the 2008 crash and what’s happening in the last 12 mos. But I should had known, paper books take awhile to edit, publish, stock, so I feel I kinda wasted my money and could had borrowed a 3rd Ed from the library instead. But if u are not paying full retail like I did go4rit. Overall excellent info for the first-time buyer. I personally wish it has gone into more details of some of the items. To complement this book, you most likely have to get another one on FORECLOSURE unless u absolutely shunt going this route. A separate book on MORTGAGE is also recommended for completeness.
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