Establish Your Home Buying Criteria

Before you start house hunting, decide on what you really need.  Then list the features that would be nice to have. Once you have a clear idea of what you need as well as what you would like in a house, finding that house will be much easier.

Be realistic. Looking for a home takes time, so focus on what's important to you. After looking at lots of homes, the line between "I need a garage" and "I want a garage" can get very blurry.

Many people focus more on what they'd like to have instead of focusing on what they actually need - that can mean they pass up a home that meets their needs in hopes of finding one that meets their wants.

Ultimately, you should be able to find a home that is a blend of your needs and wants.

To help keep your priorities in order, make a wish list and a must-have list, and take them with you whenever you look at a house. Share them with your real estate agent as well; he or she can search for homes based on your list.

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10 Ways to Come Up With a Down Payment  

You've found the perfect house. Interest rates are still low. There's just one thing standing between you and your dream home: a down payment.

Don't abandon your homeownership quest just yet. There are few ways to come up with the cash for your new castle:

Use special programs. There are many programs for home buyers in down-payment distress. Borrowers in a wide range of incomes, locales and professional groups may have access to aid from Fannie Mae and Freddie Mac, the government-sponsored offices that buy mortgages and package them as investments. Various nonprofit and community groups also lend a hand to buyers struggling to put money down on a home. And don't forget about assistance from state agencies.  

Tap your IRA. If you're looking to buy your first home, let the Internal Revenue Service help. Tax laws allow you to use up to $10,000 in IRA funds as a down payment if you've never owned a house. If you're married and you both are first-time buyers, you each can pull from your retirement accounts, meaning a potential $20,000 down payment. Even better is the IRS definition of first-time home buyer. Technically, you don't have to be purchasing your very first abode. You qualify under the tax rules as long as you (or your spouse) did not own a principal residence at any time during the two years prior to the purchase of the new home. In these instances, Uncle Sam waives the penalty for early withdrawal, but you may owe tax on the money depending on the type of IRA. Many cash-strapped home buyers, however, find the long-term return of investing in residential real estate is worth the short-term tax bill.

Find out about other ways that may help you to come up with a down payment…  

Have any other (legal) suggestions for coming up with a down payment? Leave us your comment by clicking the comment link below.

Tips for Selling Your Home in Winter

What makes selling a home more stressful?  Selling it in the middle of winter.  

The lawn is brown, the weather is usually bad and, unlike the longer days of summer, you have less time to show it off during daylight hours.

But not everyone has the luxury of waiting until the traditional spring or summer home buying season to plant that "for sale" sign, and while it's true that in most areas you'll probably have fewer buyers during the winter, you will have less competition from other sellers.  

That makes staging — the concept of showing your house at its best — even more important.   Be prepared to put a little effort into it. "It's more difficult to make something look really appealing this time of year," says Ron Phipps, broker with Phipps Realty in Warwick, R.I.  

If you do it right, you can really make your house stand out.

Have you had any experiences in selling a home in winter?  Leave us your comment below about the article.    

Scammers Target Homeowners As Foreclosures Increase  

As the number of foreclosures rises, homeowners unable to make their mortgage payments are facing another growing threat: "foreclosure rescue" scams.

State and federal authorities say they are investigating an increasing number of homeowner complaints about fraud and deception by companies that engage in lending to financially distressed borrowers seeking to avoid foreclosure. Several states have recently passed or are contemplating new laws to provide more protection against dishonest businesses trying to take advantage of already vulnerable homeowners.

The problem centers on foreclosure-rescue companies, which target homeowners behind on their mortgage payments through newspaper ads or fliers claiming services such as "fast cash," "equity funding" and "no credit check." According to some recent cases filed by consumers and regulators, the companies mislead borrowers into believing they can save their homes from foreclosure in exchange for a transfer of the title for a year or two. The companies promise borrowers they can stay in their homes by paying rent for that period, giving them time to catch up financially until they can buy back their property. Often unknown to the borrowers, however, the companies may have sold their homes to a third party, stripping out the home equity and leaving the borrowers on the verge of eviction.  

Read more about fraud and deception by foreclosure-rescue companies…  

Have you ever witnessed this kind of fraud procedure?  Share your experiences… We'd love to hear from you.