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Home Buying 101 category.

How can owning a home pay off at tax time?

A home provides many tax benefits, literally from the time you buy to the time you sell. The mortgage interest paid on a home loan up to $1 million for a primary residence or second home is tax deductible every year, as is the local property tax. Other mortgage costs—including late-payment charges and early-payment penalties—are […]

Is there anything I should know about closing day?

Yes. The following to-do list can help save you a few headaches and keep the closing on track:
Keep extra money in your account. Something unexpected can pop up during the closing that will require more money out of your pocket. Take your checkbook. Even better, find out how much you will need to pay and […]

Is it possible to save on closing costs?

Certainly, once you get pass the sticker shock. Closing costs are expensive. They can average between 2 to 3 percent of the total home purchase price. But here are a few ways to save:
Haggle with the seller. He may pay all or part of the closing costs.
Nab a no-point loan. You may have to pay […]

What are closing costs?

Closing, or settlement, costs are expenses over and above the price of the property. Both the buyer and seller incur some of these expenses when transferring ownership of a property. Who actually pays, however, often depends on local custom and what the buyer or seller negotiates. Closing costs normally include title insurance, loan points, escrow […]

Do I need an attorney to buy a home?

A lot depends on the state where the property is located. Some require an attorney; others do not.
Most homebuyers can generally handle routine real estate purchase contracts as long as they read the fine print and understand all the terms. But pay close attention to any clauses, contingencies, and other special considerations that will […]

Does the seller take the furnishings once the home is sold?

Normally. This is because the fixtures—personal property that is permanently attached to a home, such as built-in bookcases or a furnace—automatically stay with the house unless noted otherwise in the sales contract. Anything that is not nailed down is negotiable, including appliances that are not built in, such as washers and dryers.

What contingencies should appear in the offer?

When you look to purchase a home, anticipate potential problems. But protect against them so that if something does go wrong, you can cancel the contract without penalty. This is what contingencies allow you to do. They should be included in any offer you present to buy a home.
Most offers include two standard contingencies: a […]

What are some negotiating tips?

Know the seller’s motivation to sell. This will enhance your negotiating position. Sellers who must move quickly due to a job transfer, divorce, or contract on another home, are more inclined to accept a lower price to speed the process along.
Remember, too, that the listing, or asking, price is what the seller would like to […]

Can you negotiate interest rates?

A few lenders will negotiate the mortgage rate and number of points on a loan. However, this is more the exception than the rule with established lenders. As always, shop around and know the market before you enter a lender’s office. Rates are often published in local newspapers and on Internet Web sites.
You may have […]

Are low-ball offers a good idea?

Any offer can be presented, but a low-ball one that is extremely less than the asking price can dampen a prospective sale and prevent the seller from negotiating at all. Unless the home is overpriced to begin with the offer will probably be rejected.
Do your homework before making an offer. Compare prices of recently sold […]

Is it possible to buy a home below market price?

Certainly, but do not hold your breath. It takes a lot of determination and time to find a real bargain. But if you are adamant, here are some likely targets to pursue:

foreclosed property
a fixer-upper
hard-to-sell new homes in a housing development
tenant-in-common partnerships.

With the latter, you may be able to buy a partial interest in this form […]

Is private mortgage insurance necessary?

Lenders require private mortgage insurance (PMI) on most conventional loans with less than a 20 percent down payment. They believe there is a correlation between borrower equity and default. They have found that the less money borrowers put down, the more likely they are to default on a loan. PMI guarantees the lender will […]

What about title insurance?

Title insurance protects the lender against unclear title to the property you are buying. It is almost always a requirement for closing on a home. If you desire coverage as well, buy an owner’s policy, which will protect you against any title-search errors and losses that arise from disputes over property ownership. The cost of […]

What is condo and co-op insurance?

This insurance protects your investment and personal belongings from most disasters. As an owner, you will need two insurance policies—your own to cover liability, living expenses, your belongings and structural improvements, and a master policy provided by the condo or co-op board. The master policy covers the common areas that you share with others in […]

What kind of home insurance should I get?

A standard policy will do in most instances. It protects against several natural disasters and catastrophic events. However, it will not guard against earthquakes, floods, war, and nuclear accidents. The policy can be expanded to include these disasters as well as coverage for such things as workers’ compensation. In fact, the lender may require […]

What does homeowners’ insurance cover?

It protects against disasters—whether natural, manmade or mechanical. A standard policy insures the home, as well as your possessions. Because this insurance is packaged, it covers liability for any harm, loss, and property damage that you or your family members cause others. And it includes additional living expenses in case you are temporarily displaced because […]

Do I need to be at the inspection?

No, but it is a very good idea to be there. Following the check-over, the home inspector can answer your questions and discuss problem areas with you. This is also an opportune time to get an objective opinion about the home from someone who does not have emotional or financial ties to the property.

How do I select a home inspector?

Begin by only hiring one who is qualified and experienced, someone who belongs to an industry trade group, such as the American Society of Home Inspectors (ASHI). This organization has developed formal inspection guidelines and a professional code of ethics for its members. Also, membership in ASHI is not automatic; members must have demonstrated field […]

Should I hire a home inspector?

By all means. Buying a home without getting expert advice is risky. Once a home inspector uncovers major plumbing and electrical problems, for example, you may decide you do not want to spend several thousand dollars on repairs.
Always include an inspection clause in your written offer. This clause gives you an “out” from buying […]

What does a home inspector do?

A home inspector is a paid professional—often a contractor or an engineer—who checks the safety of a home. Home inspectors search for defects or other problems that could become your worst nightmare later on. They focus particularly on the home’s structure, construction, and mechanical systems.
It is not the inspector’s job to determine whether you are […]

What about appraised value and market value?

A certified appraiser who is trained to provide the estimated value of a home determines its appraised value. The appraised value is based on comparable sales, the condition of the property, and several other factors.
Market value is the price the house will bring at a given point in time, once the buyer and seller establish […]

What is the difference between list price and sales price?

The list price is a seller’s advertised price, or asking price, for a home. It is a rough estimate of what the seller wants to complete a home sale.A seller can price high, low—which does not happen very often—or very close to what they hope to get. A good way to determine if the list […]

Are there standard ways to determine how much a home is worth?

Yes. A comparative market analysis and an appraisal are the two most common and reliable ways to determine a home’s value.
Your real estate agent can provide a comparative market analysis, an informal estimate of value based on the recent selling price of similar neighborhood properties. Reviewing comparable homes that have sold within the past year […]

How do you determine how much a home is worth?

The short answer: a home is ultimately worth what is paid for it. Everything else is really an estimate of value. Take, for example, a hot seller’s market when demand for housing is high but the inventory of available homes for sale is low. During this time, homes can sell above and beyond the asking […]

How does a lease option work?

A landlord agrees to give a renter an exclusive option to purchase the property. The option price is usually determined at the outset, but not always, and the agreement states when the purchase should take place—whether, say, six months, or a year or two down the road.
A portion of the rent is used to make […]

17 Tips for Making Your Country Place Safer

By Curtis Seltzer
RISMEDIA, November 27, 2007-In most rural areas, rates for most crimes are far lower than most urban and suburban communities.
But rural crime rates have been significant or on the rise for certain types of lawbreaking, such as driving under the influence, burglary and larceny theft, according to the FBI’s recent Uniform Crime Reports […]

What is a lease option?

It is an agreement between a renter and a landlord in which the renter signs a lease with an option to purchase the property. The option only binds the seller; the tenant has a choice to make a purchase or not.
Lease options are common among buyers who would like to own a home but do […]

Are buyers protected against housing discrimination?

By law, real estate agents may not discriminate on the basis of race, color, religion, sex, disability, familial status, or national origin. They also cannot follow spoken or implied directives from the home seller to discriminate. If you suspect you have been discriminated against, a complaint may be filed with the local Department of Housing […]

Why do I need an agent if I can find a home by myself on the Internet?

While more buyers now use the Internet to gain access to listings, or available properties for sale, it is still a good idea to use an agent. The agent brings value to the entire process: he or she is available to analyze data, answer questions, share their professional expertise, and handle all the paperwork and […]

Can I use an agent to purchase a newly built home?

Yes. In fact, some builders pay agents to find prospective buyers. But you also can use a buyer’s agent to help negotiate the price and upgrades on a new home. An agent can be particularly valuable directing you to newly built developments that match your needs, as well as helping you select reputable builders who […]

What does a buyer’s agent do?

A buyer’s agent represents the buyer exclusively. This means he works to protect your interests in the transaction and helps to negotiate the best purchase price and terms. More information about buyers’ agents is available by contacting the National Association of Exclusive Buyer Agents at (609) 799-4382, or log on to www.naeba.org.

Is there anything I should not tell my agent?

Most definitely! Never reveal the top dollar you are willing to pay for a home. It will severely undercut your chance to negotiate the home price with the seller. While an agent may spend a lot of time showing you homes and sharing information, the reality is that she works for the seller, who ultimately […]

What can I expect from a good real estate agent?

Competence, efficiency, and ethics. According to the All America’s Real Estate Book by Carolyn Janik and Ruth Rejnis, good agents take the time to qualify buyers and show properties in their price range. They plan showing routes carefully and have pre-inspected most properties. They have a thorough knowledge of financing options, are up on the […]

What is the best way to find a real estate agent?

Begin by asking someone that you know. Friends, relatives, co-workers, or neighbors who have recently purchased a home can give you a firsthand account and attest to the agent’s professional abilities. Sometimes an agent you contact will refer you to another one who works more closely with buyers and sellers in your neighborhood. Once you […]

How do you decide whether to add on to an existing home or purchase a new one?

There are a few things to consider, including cost, individual needs, and what will add value down the road. Also important: your emotional attachment to the existing home. As designer and builder Philip S. Wenz, the author of Adding to a House: Planning, Design & Construction, notes, an addition is much cheaper than […]

Is it best to save for the ultimate dream home or begin with a less expensive starter home?

It can take a long time to save for that perfect dream home. Meanwhile, the market has been flooded with some of the most favorable mortgage interest rates in years. Low rates make housing more affordable, which is why so many buyers have jumped on the home buying bandwagon.
Home-price appreciation has also been […]

How much can I afford?

The general rule of thumb is that you can buy a home that costs about two-and-one-half times your annual salary. A good real estate agent or lender can determine how much you can afford and estimate the maximum monthly payment based on the loan amount, taxes, insurance and other expenses. To find out now how […]

What is the first step to buying a home?

Make sure you are ready—psychologically and financially. Ask yourself the following questions: Do I have steady income? Is my debt lower than my total income? Do I have enough money to pay for the down payment and closing costs? Am I working hard enough to improve bad credit?
A house needs constant care and attention. Also […]

What are the advantages of owning a home?

There are many. Among the most appealing: you own it, which gives you, instead of a landlord, control of your living space. Other benefits stem from potential tax savings and the build up of equity as your property likely appreciates in price over time. Equity can be used to help put children through college, purchase […]

Common Real Estate Deal Killers

RISMEDIA, Nov. 26, 2007-Most news reports point to the subprime lending mess as the cause for the housing slump. But home sellers should know that plenty of people with good credit are simply cautious buyers, which can keep sales down.
In most areas it’s a buyer’s market, so people can be picky. “Most buyers in this […]

How does a lease option work?

A landlord agrees to give a renter an exclusive option to purchase the property. The option price is usually determined at the outset, but not always, and the agreement states when the purchase should take place - whether, say, six months, or a year or two down the road.
A portion of the rent is used […]

What is a lease option?

It is an agreement between a renter and a landlord in which the renter signs a lease with an option to purchase the property. The option only binds the seller; the tenant has a choice to make a purchase or not.
Lease options are common among buyers who would like to own a home but do […]

Condos, a Bright Spot in Seattle Housing Market

RISMEDIA, Nov. 20, 2007-(MCT)-Overlooked for years as a significant housing source, condominiums are now a rapidly growing presence providing a ray of sunshine in an otherwise gray local housing-sales scene.
The condo market is healthier than the detached-house market and prices are holding their own. Those are the key findings from an analysis released Friday of […]

De-Coding the Meaning of ‘Mortgage’

By Ralph Roberts
RISMEDIA, Nov. 6, 2007-The origin of the word “mortgage” is intriguing. It is a French word generally believed to be derived from two Latin words-”mort” (meaning death) and “gage” (meaning pledge or something of value that’s forfeited if the debt is not repaid).
Although you might feel as though you are signing your life […]

How to Know When the Price is Right

By Curtis Seltzer
RISMEDIA, Nov. 6, 2007-Buyers of country property always ask, “What’s the right money to pay?” They often seek an answer in three ways.
One approach is to assume that the buyer’s right money is roughly 15% less than the seller’s asking price.
Deduct five to six percent from the asking price for commission and five […]

Have To Move Soon? Valuable Information To Assist In The Process

RISMEDIA, Nov. 2, 2007-Let’s assume you’re in that growing segment of consumers who have to move soon from their present homes for reasons that range from job transfers and relocations to divorces, wildfires and deaths of spouses. Individual priorities don’t allow enough time for the current sluggish housing cycle to recover or the next cycle […]

Drought Imperils Second-Home Markets, Prices

By Curtis Seltzer
RISMEDIA, Oct. 31, 2007-At least with a flood, Noah could escape on an ark. With drought, he would have been stuck in the mud.
Drought has beset more than one-third of the U.S. in 2007. Much of the West continued its decade-long aridity, while parts of the Southeast-from Mississippi to Virginia-experienced extreme drought.
Global warming […]

Is a Bigger Lot Better When Buying a Home?

By June Fletcher, The Wall Street Journal Online
RISMEDIA, Oct. 29, 2007-Question: My wife and I live in Silicon Valley, and we’re looking to trade up to a single-family home from our condo. In terms of future capital appreciation, is it better to purchase a newer, larger home on a tiny lot (3,000 square feet and […]

Tips on Finding Country Property

By Curtis Seltzer
RISMEDIA, Oct. 22, 2007-You catch yourself staring at the napkins on your kitchen table in Suburb, USA early on a Saturday morning. The week’s stress is over; another begins on Monday.
You say to yourself, “I need a piece of the country.”
How do you start? Here are some tips to get you started:
- Pick […]

New Trends in Real Estate Decisions

By Lauren Baier Kim
RISMEDIA, Oct. 19, 2007-Here’s a look at what’s new in real-estate markets across the U.S. from around the Web.
Boomer roomies
As baby-boomer women near retirement, more are expected to consider living with a friend or purchasing a place with a pal, says a Boston Globe article.
The article cites an AARP study of women […]

How to Find True Values in Foreclosures

By Jennifer Openshaw
RISMEDIA, Oct. 18, 2007-(MarketWatch)-You’ve heard a lot (probably too much!) about real estate market problems and especially the rapid rise in foreclosures. But as a real estate investor you’re picking up big-time “bargain” signals on your antennae. The headlines are ominous: some 243,000 foreclosures in August, up 36% from July and 115% from […]

Wire Fraud? What to Do When Problems Surface After Declining a Home Inspection

By Lew Sichelman
RISMEDIA, Oct. 16, 2007-(MarketWatch)-Question: I am a service member who has just returned from a 14-month unaccompanied deployment. I bought my first home upon returning, an exciting venture. However, being new in this business, I didn’t know what to expect. Due to the cost associated with moving my family, I was unable to […]

New California Appraisal Law is Good First Step to Protect Appraisers and Homeowners

RISMEDIA, Oct. 11, 2007-Last Friday, California Gov. Arnold Schwarzenegger signed into law, SB 223. This bill is an attempt to reform the system that puts pressure on appraisers to hit a predetermined value for a property, set by the mortgage brokers or homeowners to make a sale go through.
The American Society of Appraisers (ASA) believes […]

True or False: If a House Lingers, is There Something Wrong With It?

By June Fletcher, The Wall Street Journal Online
RISMEDIA, Oct. 10, 2007-(WSJ.com)-Question: I’ve been shopping for a home, but notice that many of them have been on the market for many months. Does this mean that there is something wrong with them?
Answer: There could be, but more likely the fault lies with the owners, who are […]

Prudential Georgia Realty: State of the Real Estate Market

RISMEDIA, Oct. 9, 2007-The market facts tell us that-right now-there is a truly unique window of opportunity for well-informed buyers of residential real estate. As we look back historically, there have been previous “windows of opportunity” for buying real estate, stocks and other investments. How many times have we heard those familiar words, “I sure […]

APR Often Misleads Borrowers into Costlier Mortgage Loans

RISMEDIA, Oct. 9, 2007-Borrowers who shop for mortgages based on the loan’s annual percentage rate (APR) often choose costlier mortgage loans without ever knowing it. Using APR as a determining factor when selecting a loan is actually a very poor and unreliable way to comparison shop for the best mortgage, and often leads borrowers into […]

In a Recession, Does Land Offer Refuge?

By Curtis Seltzer
RISMEDIA, Oct. 8, 2007-If a recession is coming, is rural land a good place to have your money?
The answer does not depend on what your definition of “is” is. But there’s no one-size-fits-all answer, because much depends on the severity, length and characteristics of any economic pullback.
And everything else depends on the land […]

Real Estate In Your 70s: To Buy a Home or Rent

By Kelly Greene, The Wall Street Journal Online
RISMEDIA, Oct. 4, 2007-Question: We recently sold our home and have relocated to a different part of the state. We are renting until we decide which neighborhood we wish to live in and have eight more months on our lease. Should we decide to buy at our ages, […]

Are you Prepared to be Ruled by a Homeowners Association?

Q& A: What Happens to your Credit Score When You Get Married?

By Lew Sichelman
RISMEDIA, Oct. 2, 2007-(MarketWatch)-Question: I was wondering what will happen to my credit score after my boyfriend and I get married. We both have bad credit and we have been working on repairing mine first because it isn’t as bad and will repair sooner. We would love to buy our first home, but […]

Curb Appeal: Five Tips for Inspecting Your Landscape

RISMEDIA, Oct. 1, 2007-If you’re a homeowner, chances are you will spend a portion of your weekend landscaping your yard. Whether you’re over-seeding the lawn, mulching the garden or planting shrubs and trees, landscaping is a great tool to increase the perceived value of your home. What homeowners and potential buyers may not consider, however, is […]

Buying Foreclosures: Deal or No Deal?

RISMEDIA, Oct. 1, 2007-Buyers and would-be investors often look to foreclosure sales to find real estate bargains. But newcomers to this market could find some unpleasant surprises if they go in blind. All homes should be thoroughly inspected by a professional home inspector before sealing the deal.
Why inspect if you can’t negotiate?
Foreclosure homes are usually […]

The Eight Documents You’ll Need to Get a Mortgage Approved

RISMEDIA, Sept. 28, 2007-Getting a mortgage home loan might seem like a tedious process, but if you do your part to look good on paper, you can increase your eligibility for the best interest rates (https://www.informars.com/equifax/). Financial institutions primarily consider three main areas in determining who is eligible for a mortgage: employment history, credit history, […]

Six Low-cost Interior Touch-ups for Apartment Renters

By Ruth Mantell, MarketWatch
RISMEDIA, Sept. 26, 2007-(MarketWatch)-Renters don’t usually think about making home improvements to apartments they don’t own. But there are some inexpensive projects that can make your rented nest more comfortable — assuming your landlord approves.
Here are six ideas:
1. Paint
First, focus on your walls. A rule of thumb when it comes to painting […]

Study Says: Global Van Lines, Mayflower Transit and Two Men and a Truck Rank Highest in Customer Satisfaction

RISMEDIA, Sept. 26, 2007- J.D. Power and Associates released its 2007 Full-Service Moving Company Customer Satisfaction StudySM this week. Global Van Lines ranks highest for long distance moves, while Mayflower Transit ranks highest for local moves in the Northeast, South and West regions and Two Men and a Truck ranks highest for local moves in […]

10 Ways to Protect Your Relationship When Buying a Home

By Connie De Groot
RISMEDIA, Sept. 20, 2007-It would indeed be sad if you and your partner struggled through the maze of home buying just to find that you both are not particularly excited to be together in that home. Sounds dramatic….well it most certainly is for most.
I have gone through this process with countless couples […]

How to Protect Your Relationship When Buying a Home

By Connie De Groot
RISMEDIA, Sept. 19, 2007-It would indeed be sad if you and your partner struggled through the maze of home buying just to find that you both are not particularly excited to be together in that home. Sounds dramatic…well it most certainly is for most.
I have gone through this process with countless couples […]

Real Estate 2.0: Sites Allow Users to Exchange Information about Houses

RISMEDIA, Sept. 18, 2007-(MCT)-It used to be you went to online real estate sites in search of pictures and information about homes for sale. Then came virtual tours, aerial maps, and easy access to data about comparable sales. Now comes a slew of sites encouraging you to chat about real estate online.
New sites encourage visitors […]

The Kitchen Goes on a Diet As Homeowners Trim Budgets

By June Fletcher
RISMEDIA, Sept. 18, 2007-(WSJ.com)-Many Americans are losing their appetite for costly kitchen makeovers. With pending home sales at a six-year low and home prices flat, people are no longer willing to sink as much money into their kitchens as they were during the boom. Spending on kitchen renovations costing more than $20,000 was […]

Despite Public Perception, Mortgages are Still Attainable

RISMEDIA, Sept. 12, 2007-(MCT)-Easy credit…no money down…bad credit OK…no income verification. Those come-ons for home loans were common just a few years ago, as numerous lenders tried to cash in on the home buying frenzy and the impossible hype that house values would rise higher and higher each year without end.
“If you were a landlord […]

What to Do about an Eyesore Development Going in Next Door

By Lew Sichelman
RISMEDIA, September 11, 2007- (MarketWatch)-Question: I am in a bit of a bad situation here. We bought our property just over two years ago and now the electric company is building an eyesore across the street from us. I believe it will have a huge impact on our house and land value. We […]

Want a Car with That Home? It’s Yours in Buyer’s Market

RISMEDIA, September 10, 2007–(MCT)–Atlanta-area househunters Kendrick and Shaquita Gatewood have been courted with car leases, feted with furniture and tempted with tile. A health care worker and a teacher with secure incomes and down payment money, the couple are the toast of the Douglas County real estate market, where they plan to purchase a roomy […]

Paying for a Home Inspection Now Could Avoid Headaches Later, Author Says

RISMEDIA, August 31, 2007–Despite the downturn in the housing market, millions of homes will still be bought and sold. At a time when price negotiations have become more vigorous, many buyers and sellers neglect one important element that could cost them thousands of dollars: the home inspection.
Mike Kuhn, co-author of “The Pocket Idiot’s Guide to […]

Poll Finds Most Employees Feel Appreciated at Work

RISMEDIA, August 31, 2007–(MCT)–Maybe the griping is as bad as ever where you work, but a survey of employees done for Adecco, the staffing company whose U.S. headquarters is in Melville, finds that most American workers feel appreciated by their employers.
Adecco concludes from the online survey done last month of 2,469 adults, done by pollster […]

What to Do When You’ve Been Turned Down for a Mortgage

RISMEDIA, August 30, 2007- (Bankrate.com)–A common nightmare keeps most first-time home buyers awake at night: What if I get turned down for my mortgage loan? While it is natural to fret about this worst-case scenario, the chances of it actually happening are quite slim given the popularity of preapproval and the myriad ways mortgage lenders […]

Tips to Protect Yourself and Your Home When Applying for a Mortgage

RISMEDIA, August 29, 2007-Many homeowners who were forced into foreclosure didn’t fully understand their mortgage. Don’t make this mistake. Many loan officers fail to disclose all aspects of the loan and closing cost; spending the extra 20 minutes asking these questions can mean the difference of keeping your home or losing it to foreclosure.
These questions […]

Buyer Beware: Mortgages Application Can Bring Unwanted Calls, Thieves

RISMEDIA, August 28, 2007-All Erica Bradshaw really wanted was a house. But when she applied for a 30-year mortgage to purchase a home in downtown Orlando this year, it didn’t take long before she was deluged with other credit offers.
They said she was spending too much money. They told her she could get a better […]

Realty Q&A: Beef up Your Credit Score, but Don’t Overstuff It

By Lew Sichelman
RISMEDIA, August 28, 2007-(MarketWatch)-Question: You always seem to be advising readers with poor or just OK credit on how to boost their credit scores. What if a person has no credit-card debt, no bad marks on their credit report, no other debt besides car and house, and a credit score of 769? How […]

Mortgage Experts Launch ‘Better Mortgage Bureau,’ for Consumers Looking for Legitimate Home Loans

RISMEDIA, August 24, 2007-With an entire industry quaking, it was bound to happen.
A Better Business Bureau-type organization has finally arrived to help the mortgage industry to regain its credibility and footing among consumers. It’s called the Better Mortgage Bureau. Its Web site, http://www.bettermortgagebureau.com went live this week, and it could not have come at a […]

Tips for Relocating

By A. Michael Del Duca
RISMEDIA, August 23, 2007—A new career opportunity sometimes means relocating your family to another city. Careful consideration of various factors, such as your partner’s career, the effect on the children’s educational and recreational activities, and financial constraints all impact the decision to move.
Additional responsibilities crop up when moving to a new […]

New Designer Homes within Reach at around $300K

RISMEDIA, August 23, 2007—For the magic $300,000 price point — just a little more than the national median home price of $223,800*– home buyers can now look forward to a lot more house in new and developing communities across the country. Move.com, an online network of Web sites for real estate search, finance, […]

As Lenders Tighten Mortgage Standards, Credit Unions Stay the Course

By Amy Hoak
RISMEDIA, August 23, 2007—(MarketWatch)—As many mortgage lenders tighten loan underwriting standards and interest rates on jumbo mortgages rise, consumers may be able to find a friend in their credit union.
One reason: Many (although not all) of the mortgage loans made by credit unions are held in their own portfolios and therefore don’t need […]

How to Work out a Problem Mortgage with Your Lender

By Lew Sichelman
RISMEDIA, August 21, 2007—(MarketWatch)—Question: During the loss mitigation process, how can the lender lose contact with the borrower or deny the borrower based on a previous bankruptcy? Where can the borrower get information that explains the loss mitigation process and determine when the lender is failing to deal with the borrower in an […]

HomeVestors Issues Free Report on Seven Secrets of Successful Real Estate Investing

RISMEDIA, August 20, 2007—Psst. It’s a secret to many, but one company is sharing why plenty of people are still buying houses and finding success in residential real estate investing across the U.S. despite the fluctuating economy.
HomeVestors of America, the company famous for its “We Buy Ugly Houses®” billboards, has released a free special report […]

Condos Add Pet-Friendly Amenities

RISMEDIA, August 17, 2007—(MCT)—When Georgia Tech chemistry professor Steven Giradot decided to find a new home closer to his job, he had to account for something besides his own preferences in choosing the next place to live.
He had to think about Junior and Sidney. Especially Sidney, who is an energetic Jack Russell terrier.
Giradot looked at […]

Five Most Moved-To Cities: Growing Families Find Great Prospects

RISMEDIA, August 16, 2007—Growing families are flocking to Atlanta, Charlotte, Houston, Chicago and Las Vegas to find great home values and family-friendly communities boasting healthy local economies and abundant job opportunities. Move.com, an online network of Web sites for real estate search, finance, and moving, features homes in the most moved to cities […]

Trading Pieces: With Any Fractional Property Ownership, Resale Comes into Play

By Jennifer Openshaw
RISMEDIA, August 16, 2007—(MarketWatch)—This is the last in the four-part series on fractional ownership. Promise. If you’ve been watching my column, you learned about buying into this evolving Millionaire Zone vacation-home ownership alternative.
Smart buyers know that, for everything they buy, someday it must be sold. And the ability to sell it for a […]

Avoiding a Capital Gains Tax on the Sale of Your House

By Tom Herman, The Wall Street Journal Online
RISMEDIA, August 16, 2007—(WSJOnline.com)—Question: We bought a home in California in May 2001. In May of this year, we sold that home for a $175,000 profit. In December, 2004, we bought an Arizona vacation/rental home while maintaining the California home as our main residence. We now are leasing […]

Taking a Chance: Buyers Grab Foreclosed Homes at Auction

RISMEDIA, August 16, 2007—(MCT)—Tough luck for some spells opportunity for others.
A mortgage foreclosure means at best that someone’s payments leapfrogged past his or her budget — so far past that a lender took possession of the house. A bank holding the inert asset of a foreclosed house is a motivated seller, and there are buyers […]

Is New Construction Your Best Bet? RE/MAX Agents Point Out Pros and Cons

RISMEDIA, August 9, 2007–Many of us wrestle with the desire to have a brand new home, one that has exactly the features we want, the colors and finishes we prefer. We love the idea that every component will work flawlessly and won’t require repair or updating for many years.
Still, for the vast majority of […]

New Foreclosure Database Gives Savvy Real Estate Investors Competitive Edge

RISMEDIA, August 8, 2007–With foreclosures at an all-time high, Melissa Data (www.MelissaData.com), a provider of targeted leads and mailing lists, has announced the availability of a online Foreclosure List that provides investors with quick and easy access to premiere property data on homes listed below value. Users can select records from criteria including City, ZIP […]

What to Look for When Buying a Fractional-ownership Vacation Home

By Jennifer Openshaw
RISMEDIA, August 3, 2007—(MarketWatch)—Last week I planted a seed for many of you. How to own a vacation home - a top quality, high end, unit, perhaps in the $2 million range, for not so much money, not so much in upkeep, not so many of the usual ownership headaches. So now I’m […]

Renters Say Air Conditioning Is the One Amenity They Can Not Live Without

RISMEDIA, August 2, 2007—Apartments.com survey to current renters supports the importance of staying cool as more than 36% of respondents indicate that air
conditioning is the one amenity they can not live without. Air conditioning is also consistently the most searched amenity on Apartments.com.
In addition to air conditioning, 22% of renters surveyed stated that parking is […]

The Glamorous Life: Celebrity Homes for Sale

RISMEDIA, August 2, 2007—Forget about getting a Star Map. This week’s Trend Spot gives you the inside look at celebrity homes like “That 70’s Show” star Wilmer Valderrama’s multi-million dollar Los Angeles bachelor-pad with photos and detailed descriptions of their luxurious amenities, incredible views, fanciful designs and elegant decorating. Trend Spots is sponsored by Move.com, […]

Beyond Curb Appeal: Take a Closer Look at a Home’s Landscape

By Amy Hoak, MarketWatch
RISMEDIA, August 1, 2007—(MarketWatch)—An infestation of carpenter ants signaled the demise of a shade tree in Doug Cowles’ yard almost 20 years ago when he lived in Downers Grove, Ill. In retrospect, he knows he should have given the trees a better look before buying the home.
“I had to pay to lose […]

Placing a Winning Bid on a Home Before It Hits the Auction Block

By June Fletcher, The Wall Street Journal
RISMEDIA, August 1, 2007—Question: My husband and I just came across a house that is up for auction. We loved it! It is a corporate-owned home, and the person who was living in it relocated. This type of home is on the market a lot in our area, and […]

The Bureau of Labor Statistics Releases June 2007 Employment Cost Index

RISMEDIA, August 1, 2007—This week, the Bureau of Labor Statistics of the U.S. Department of Labor, released its June 2007 Employment Cost Index. The Employment Cost Index (ECI) is a measure of the change in the cost of labor, free from the influence
of employment shifts among occupations and industries.
Total compensation costs for civilian workers increased […]

Consumers: How to Benefit from Taking Charge in Home Appraisal Process

RISMEDIA, July 31, 2007—It is now vitally important that home buyers and sellers understand a home’s current market value as houses are staying on the market longer, and prices are falling in many areas.
“With all the publicity about foreclosures and scams surrounding the real estate finance industry, consumers are understandably nervous about buying and selling […]

Securing a Mortgage For a Home Overseas

By June Fletcher, The Real Estate Journal
RISMEDIA, July 31, 2007—Question: When buying real estate overseas, how does an American obtain a mortgage? Is it even possible? — Vladimir Ashtamenko
Answer: In our shrinking world, it’s no wonder that Americans want to buy homes overseas. And given that foreign housing markets don’t necessarily act in sync with […]

Regional Spotlight: Watertown Web Site Will Have Property Listings

RISMEDIA, July 31, 2007—The city of Watertown, NY, will redo its Web site later this summer. Among the new features will be a page listing downtown properties for sale or rent.
“It’s a new opportunity for people to market their properties,” said Downtown Development Specialist Christine E. Hoffman.
The city receives about 100 inquiries a year about […]