Home Buying 101 Archive


Why is location so important?

Sunday, December 2nd, 2007
Location remains the single most important factor when choosing a home. It can make or break the value and desirability of a home. ...
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What about guidelines for VA foreclosures?

Sunday, December 2nd, 2007
As with HUD, anyone can purchase a VA home. Qualified buyers also can receive the benefit of a VA loan - no money down - even if they are not veterans. If you are interested in purchasing a VA foreclosure, visit its web site, www.va.gov.


What are some of the guidelines for purchasing HUD foreclosures?

Sunday, December 2nd, 2007
If you have the cash or can qualify for a mortgage, you can buy a HUD home. Down payments vary depending on whether the property is eligible for FHA insurance. If so, the down payment can be lower than the 5 to 20 percent required on conventional loans. HUD requires ...
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How do I find government-repossessed properties?

Sunday, December 2nd, 2007
The Department of Housing and Urban Development (HUD) acquires properties from lenders who foreclose on mortgages that it insures. These properties are then available for sale to potential homeowner-occupants and investors only through a licensed real estate broker. HUD will pay the broker's commission up to 6 percent of the ...
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What are the disadvantages of buying foreclosures?

Sunday, December 2nd, 2007
Buying directly at a legal foreclosure sale is risky. Among the disadvantages: ...
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What happens at a trustee sale?

Sunday, December 2nd, 2007
When a homeowner falls behind on three payments, the bank will record a notice of default against the property. When the owner fails to pay up, a trustee sale is held, and the property is sold to the highest bidder. The lender that initiated the foreclosure proceedings will usually set ...
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Where can I find foreclosure properties?

Sunday, December 2nd, 2007
Look in the legal notices section of your local newspaper. A notice is also usually posted on the property itself and somewhere in the city where the sale will take place. ...
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What causes a foreclosure?

Sunday, December 2nd, 2007
A lender decides to foreclosure, or repossess, a property when the owner fails to pay the mortgage. Unfortunately, thousands of homes end up in foreclosure every year. Many people lose their homes due to job loss, credit problems, divorce, unexpected expenses, and during periods of economic instability. ...
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What about a vacation home as an investment?

Sunday, December 2nd, 2007
Like any investment, it can be risky. Location and current market conditions are extremely important when deciding whether to buy. ...
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Should I buy a vacation home?

Sunday, December 2nd, 2007
The second home market has more ebbs and flows than the primary home market. Sales are iffy in a bad economy except, perhaps, on the high-end. That said, there is a growing trend toward the purchase of vacation homes. They are being bought for investment purposes, enjoyment, as well as ...
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