Home Buying: Things To Keep In Mind

So you've decided you want to own a home and now you want to begin your search for one. Before jumping into a home search, there are a few things you should keep in mind when going about buying a home.

First things first, you cannot buy a home if you can't afford it! Don't assume how much you can afford, find out your loan eligibility. If you're planning on purchasing a car or any other high-priced item on a loan, then please stall such purchase until after you get your home as your eligibility reduces with every other loan you hold at the time of a mortgage application.

Next, when you go in to see a home, don't let an unkempt / untidy house put you off. Try and visualise the house in its best condition and see if it would suit you then. In fact, an unkempt house may put other buyers off and by some chance this may lead you into a better position when negotiating for the home, as the seller may find it difficult finding a buyer for his place.

If the home you decide to purchase is being sold by the home owner himself, don't deposit any earnest money with him directly. Such earnest money should be deposited in a trust account as some owners mistake such money to be theirs and hesitate in refunding the same if the deal falls through for valid reasons, such as financing or repair issues.

Once you've finalised on a home and go to get an appraisal of the home done by a professional appraiser, do not panic if the appraisal value comes below the actual price you decide to pay for the home. There are options you can consider in this case. You would have to consult your agent or your mortgage broker for some advice.

Some other factors you may want to consider are listed below:

- Any signs of leakage in the house near the roofs and the foundation walls

- Problems with the sewer drainage system, if any

- Neighborhood by daylight and night. Drive by and see for yourself before making a decision.

- Natural light. Are the rooms dark without artifical light? Does that concern you?

- The amount of property taxes that has to be paid every year

- Any structure on the property which may overlap into an adjoining property.

- Is the home located in an airport's flight path?

- Any planned roadways, which may eat into the property's front yard.

So, don't rush into buying a home without considering some of these factors. Wish you the best of luck in finding your new home!

Sameer S Panjwani is the CEO and Founder of ChoiceOfHomes.com - Web Portal to Sell / Rent Your Home Online.

More than 40 states signed onto a proposed $25-billion deal with major mortgage servicers over faulty foreclosure practices. New York, Nevada and Delaware joined California in holding out for better terms.

More than 40 states signed onto a proposed $25-billion settlement with major mortgage servicers over faulty foreclosure procedures, but California, New York and other key states were still not among them.

California has until Monday to share in a multi-state deal with banks to obtain mortgage relief and reforms. Atty. Gen. Kamala Harris, who walked away from talks last year, says the door remains open.

With a Monday deadline at hand, California officials have resumed direct talks with the Obama administration about joining a multibillion-dollar, multi-state mortgage settlement with the nation's largest banks, a source said Sunday.

The talk show host pays $12 million for the 4,088-square-foot house with four bedrooms and four bathrooms. The ocean-view home sits on 1.26 bluff-top acres with beach access.

In one of the more talked-about transactions in town, actors Brad Pitt and Angelina Jolie have sold their Malibu beach house to daytime host and comedian Ellen De Generes for $12 million.

The four-bedroom, five-bathroom house built in 1920 for industrialist James Wigmore lists for $2,875,000.

A decorative cast stone entrance opens to this restored Spanish Colonial Revival-style house in Pasadena's South Orange Grove area. Built in 1920 for industrialist James Wigmore, the house retains such original details as coffered wood ceilings and arched doorways.

They don't believe they can sell their property for what it's worth, so they're spending money on making their homes more comfortable.

Do you fit any of these descriptions?

A biennial research report by the National Assn. of Realtors indicates that a handful of real estate agents and brokers and their clients either don't know the law or don't care to follow it.

When it comes to lawsuits, real estate agents and brokers tangle mostly among themselves.

The president aims to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages.

 

The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.

The Standard & Poor's/Case-Shiller index of 20 large U.S. cities fell 1.3% in November from October as foreclosures continue to drag down the housing market.

Three straight months of home-price declines in the biggest U.S. cities showed that foreclosures remain a significant drag on a housing market that is entering its fifth year of deterioration.

L.A. Clipper Chris Paul may be quick down the court, but he moves pretty fast when it comes to buying multimillion-dollar real estate too.