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Question by Cherry_Almond: Buying our “FIRST” home….do people expect a “Second?” Budget!?
I have the ideal dream house in mind…like-new….2.5 bathrooms and plenty of room for guests and a big family. But right now its just me and my boyfriend (soon-to-be fiance within the next couple of years) trying to save for a house. Our savings are slim, and I forsee more of a 1 bath, 3 bedroom, single family ranch style home.

I always hear people saying “Its their FIRST home…”…”First time home buying”….etc.
So how does that work? We settle on the first home, save money, sell the house and then pay even more money for a nicer house in the future? How is that possible? Help please I need someone with more knowledge on homebuying.

Best answer:

Answer by zocko
if u put 10% down on a 250,000 house you have 25,000 invested.
If the value of the house goes up 10% in the time that you own it it would be worth 275,000. So if you sell at 275,000 you would have 50,000 in hand to use as a down payment on a second house.
50,000 would be 10% of 500,000 so you get a bigger house and have more to put down.
the initial downpayment doubled in the time you owned the house because you leveraged your money.
this is a simple example and your numbers will be different.
It’s always best to buy when it makes economic sense for you. I tried to save extra money once and the price of the house you want can go up faster than you can save or interest rates can go up and make the same house more expensive to afford.

Add your own answer in the comments!

Question by Z2K: What is “Health -buying and selling”? i need a 100 words answer for my COMMUNICATION SKILLS ASSIGNMENT

Best answer:

Answer by Ruby
Prescription Drugs I would assume. Google it. Good luck.

Add your own answer in the comments!

Question by trer: Why do people fall for those late night “get rich quick buying Real Estate” scams?
Obviously, it’s not as simple as they make it sound (a) find pre-forclosed property (b) buy it (c) flip it. The best economists cannot time the market so how can some Joe Schmo do it?

Best answer:

Answer by SDD
For the same reason that they buy lottery tickets.

Know better? Leave your own answer in the comments!

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Question by Cherry_Almond: Buying your “First Home” they say. Can I have a “Second!”?
So how does that work? We settle on the first home, save money, sell the house and then pay even more money for a nicer house in the future? How is that possible? Help please I need someone with more knowledge on homebuying.

Best answer:

Answer by Captain Tenneal
The only way you upgrade to a nicer home is;

the first house had a lot of appreciation since you bought it(the value went up) and you make money on the sale. Tough to do in this market. Or as`you get older your income goes up and you can afford a bigger mortgage

What do you think? Answer below!

Question by crazygaykitty: What are the pros and cons of buying real estate “rent to own”?
I really want to get in on this market, but I don’t have a down payment yet and i need to work on my credit. Has anyone done this?

Best answer:

Answer by wizjp
Oner dies, defaults on mortgage and is foreclosed, refuses to transfer deed when complete, seller backs out, dies, walks away……

full on possibility for a grease fire without a good lawyer writing the agreement.

To the individual below; don’t DIY the agreement. I underwrote for a firm that looked at land contracts every day.90% of the problems came because the contract was poorly executed or written. This is not a DIY legal issue. Too many possibilities. Get a GOOD lawyer. Review his previous land contract experience before you agree to anything.

Add your own answer in the comments!

Visit www.LafayetteCaRealEstateCenter.info- the #1 source for current information about Lafayette, Ca. Real Estate. Whether you wish to BUY or SELL Lafayette Real Estate you need a recommended real estate veteran – one Lafayette counts on and so will you.
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Steps Towards Buying Your First House

Steps Towards Buying Your First House

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Home Page > Finance > Real Estate > Steps Towards Buying Your First House

Steps Towards Buying Your First House

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Posted: Apr 02, 2008 |Comments: 0
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Are you ready to buy a house now? Do you also know how to arrange finance for the home buying procedure? These questions are top answered untimely on in the course. On the other hand, buying your first home could be exciting and to some extent scary process. But a tiny research would go a long way towards obtaining you in the door with a smallest amount of stress involved. So if you are a newbie to the procedure of buying a home and also require assistance getting off the base, then read the following steps involved.

Locate Established Real Estate Agent

Locating the established real estate agent could real difference in your home buy process, particularly if you’re purchasing you dream home for the initial time. An excellent real estate agent could guide you through the complete home buying procedure and could also assist you shun expensive mistakes. So do contact any reputed firm to locate a great real estate agent.

Checklists Tool

A checklist is a helpful tool when you are buying a new home — in particular when it is your primary time going all through the course. A good quality checklist would certainly keep you on target and assist you retain information on what features to search for when hunting for a house.

Mortgage Loans Kinds

When you want to buy a home fast, you would have come across lot of information about the different kinds of mortgage loans. It could be perplexing when you are not really informed. You would also want an expert house inspection before you actually purchase, and your lender generally requires an assessment. So do make certain you’re well knowledgeable about the different kinds of mortgage loans. You’ll find plenty of information on the various kinds of mortgage loans online.

Credit Matters

Credit is a significant title when you planning to buy a home. You need to be sure that mortgage lenders would for sure review your credit in every possible corner. So it pays to have a watch your own credit history first. You must know how to get your credit report and verify it for precision. You must also know the different ways you could actually improve your credit before buying a home.

Process of Home buying

It pays to be knowledgeable about the procedure of buying a new home — principally if it’s your first home buying. The procedure could also be devastating to a first-time purchaser, but you could stop this by just understanding the steps that are involved. Try learning the steps of buying a new home in feature, from house locating to settlement.

Foreclosure land

Though it may not hold good for everyone, but yet buying foreclosure properties could be a method to get a house for less than actual market value. You can try locating such home or could put a request across to your real estate agent to find such home. We hope you find your dream home at affordable rate!

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About the Author:

Samuel Johnson is an expert author for We buy houses, Sell home for cash. He written many articles in various topics. For more information about Construction Sell house, We buy house, We buy home cash. Visit our site We buy houses for cash.Contact him at reiiarts@gmail.com

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Real Estate 101: All the Tips You Need for Buying Your First Home

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Question by ******: Buying a “short sale” house?
My wife and I made an offer on a property that’s a short sale. The seller agreed to the price, but b/c of the “short sale” we must get third-party approval (bank that owns his house). How long does it take for that to happen? Any experience out there for this type of situation?

Thanks
I appreciate the feedback. The seller’s agent said it was a crap-shoot as the the length. We’ve got the offer written as such, where they have 12 days to decide. I’m not going to sit on my thumb any longer…

As far as ‘staying the course’ on this property for the next 12 days, my wife loves the house and I like the fact that it’s a bit over 30% below FMV.

Best answer:

Answer by zeuz
Personal experience:

1. Sometimes it happens.
2. Sometimes it doesn’t.

Absolute worst thing that I ever experienced (in the early 1990s) was a short-sale where the bank “agreed” until the day before closing.

The funny part of that transaction was as follows:

Bank was owed 9,000
Short sale was at 8,000
Bank backs out of the deal, and the property goes to foreclosure sale for 9,000

Dummies.

Add your own answer in the comments!