Foreclosure Scams Prey on Homeowners

Consumer advocates and legal experts are advising homeowners to watch out for scams as foreclosure rates shoot through the roof.  One popular scam is the offer to help a troubled homeowner get a new mortgage, and at a closing, trick the homeowner into signing away the deed to their property.

Has anyone you know fallen victim to one of these scams?  If so.. share what you know about it… but leave out any names of course!  Use the comment link below to leave us your experiences.

Townhouse or Condo: Which is Better?

The confusion comes because a town house, which is simply a multi-story, attached residence, can be owned one of two ways — either with or without the lot.  If the developer includes the town house's lot in the sale, ownership is "freehold" or "fee simple," just like most single-family detached homes.  If the lot isn't included in the sale, the town-house development is considered either a condominium — where owners own everything up to party (or shared) walls individually, but share ownership of the land and common elements like pools and swimming pools with other neighbors — or a co-op, where individuals receive a fractional stake in buildings, land and common elements that are owned and controlled by an association.

Other factors, like finishes, location and demographics, muddy the comparison, too.

There are many factors that go in to determining which is better, a townhouse or condo, too numerous to cover them all here.  But if you're considering one or the other and have questions you'd like answered, we'd be happy to answer them for you.  Just use the comment link below and leave us your question.  We'll get back to you with answers.  Your privacy is protected, as email addresses are NEVER published here, although you need to enter one to comment.  We look forward to hearing from you.

When NOT to Buy Real Estate

Most people would probably think a real estate agent writing about NOT buying a house now must mean the agent has either lost his/her mind or is independently wealthy.  But, I believe there are a few times when the decision to buy real estate should be put on hold.  I'd be interested to hear what you think at the end of the article.

If you have recently changed jobs, you may have a hard time getting financing for a new home.  Instead of wasting valuable time looking for a home, a smarter option might be to continue saving for a down payment while maintaining a regular work schedule.  You could also work at improving your credit history by purchasing things on credit and promptly paying them off.  Once your current employment history and monthly income has been consistent for at least a year and you have a healthy down payment saved, then contact us to be shown homes for sale in the area you are wanting to buy in.

If you suspect you might need to change jobs soon it would be wise not to purchase a home.  The process of buying a home is expensive even if you don't consider the actual cost of the home.  Imagine being laid off or transferred shortly after buying a home.  If you're forced to make a quick sale of a home you just bought, chances are you could lose money.  Waiting until there is stability in your life might be the prudent choice.

If you're new to an area, it might be a good idea to explore it a little before jumping into purchasing a home there.  It can take time for the character details of different neighborhoods to reveal themselves, and buying in the "wrong neighborhood" is a decision that could affect you for life.  Renting for at least a few months can seem like a waste of money, but in fact it gives you valuable time to make a wise decision about where you want to live and invest your hard earned money.

There are other circumstances and instances which could make a buying real estate a poor choice at a given time, these are just a few thoughts.  I'd love to hear yours.  Leave your comment by clicking the "Comment" link below.  ALthough you need to supply an email address along with your name to leave a post, don't worry, your email address WILL NOT BE PUBLISHED here for anyone to see or abuse.  We are very strict about that, and hope you will leave us your thoughts on this topic.

Foreign Cash Could Boost U.S. Housing

The weakening dollar has caused many problems for U.S. consumers, but it may also be providing the fuel for one unintended — and very welcome — benefit: a rally in the struggling housing market driven by foreign investors.

For an individual or developer trying to sell a home, interested buyers are just as likely to already have a place in London or Paris as they are to be first-timers new to the market.  Some mortgage brokers are already seeing a boost in inquiries about buying property from overseas.

As the housing market has plummeted, the dollar has also sunk to record lows compared to other currencies, such as the euro, meaning more spendable cash in the U.S. 

Today, a foreign buyer would need only 34,100 euros to make a $50,000 down payment on a house. At the beginning of the year, the same buyer would have needed 37,920 euros to make the same down payment.

Because lending guidelines have gotten so tight in recent months due to rising delinquencies and defaults, it is more difficult for U.S. borrowers to get a home loan.  First-time homebuyers are especially being squeezed right now, and that is where the foreigners can provide support.

For investors from countries like Ireland, the exchange rate is providing a boost in spending power.

The Dollar is also on sale in neighoring Canada, where the exchange rate now buys more for Canadians in the U.S. than it does in Canada.

Home Inspections: Why You Need One

Home inspections provide detailed information about the overall condition of the house one is planning to buy. A standard home inspection provides a visual examination of the physical structure and major interior systems of a residential building. An important point to be noted is that a home inspection is not to be confused with an appraisal or a building code inspection. In a home inspection, a qualified inspector takes an in-depth, unbiased look at the home to evaluate the physical condition of the house and its systems. He identifies the items that need to be repaired or replaced and also estimates the useful life of the major systems, equipment, and structure of the house.

If you have a question or comment about this article of the video, please use the comment link below and we'll be sure to respond back to you as soon as possible.