Do You Have the Correct Home Buyer Mindset to be Buying a Home?

By learning what you need to know and preparing how to purchase a home ahead of time, you will be less likely to become so enamored with a particular property that you fall into the traps and the pitfalls that are so often the result of IDM, or Irrational Decision Making.

Do not allow your emotions to come before sound and rational reasoning when making the decision to purchase a home.

Let's face it; if you've been out house hunting, you know the feeling you get when you finally think you've found a house you really like.

You're like a kid in a toy store, excited about the possibilities that this dream house could really be yours.

When you go to see the home, you're herded through it like sheep in a predetermined pattern.

• You're not encouraged to spend as much time as you need in any one place.
• You're not able to ask as many questions as you would like.
• You're not asked if you would like to set up another time to come back and go through the house again.

The option to sit down and have a good conversation with the owner is not available to you.

In other words, you're expected to make a decision on the largest single purchase of your life without having many of the facts you really need.

Of course, you're likely to get a home inspection and an appraisal done. But, if you think that's enough to protect you, you've got another thing coming to you.

After over 21 years dealing in real estate and its many players, I am here to tell you it simply is not.

• When it comes down to buying a home, nobody but you is going to be watching out for your best interest.
• You need to get as much information as you can before you buy.
• There is no one who can (or will) be as thorough as you.

Why? Because nobody else has to be as thorough.

It's not their home. They're not going to be living there.

And, whatever issues you end up having, they can't see them from their house!

Ask anyone who has ever purchased a home this one question:

After you purchased your home, were there things that you saw, noticed, or realized about the property that had they been seen, noticed or realized BEFORE making the purchase would have changed the way you proceeded with the home buying process?

Possible changes might have included:

• Offering less for the home,
• Making it a condition of the sale that something be repaired or replaced, or
• Not having gone through with the purchase at all!

Think about that for a moment.

What is the probability that you're going to be able to keep a level head when the real estate agent is telling you that you need to act quickly because there are three other showings after you?

And you "just love" the house...

If you are unprepared, but feeling pressured, how likely is it that you will make an informed decision quickly when you haven't even done any homework on the property?

Remember:

• Don't be pressured into making the mistakes typical homebuyers make.
• Take the time to do your homework and get the information you need to make a rational buying decision, then
• Step back, take a deep breathe and really look at what you're about to buy.

Copyright 2005 Don Berthiaume

Don Berthiaume gives you the questions you need to ask when buying a home. For more details, and for a free 4-part mini-course in home buying, visit this site now: Buying a Home

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.