10 Things to Ask a First Time Home Buyer
June 17th, 2009 categories: For Buyers
I was invited to be a guest speaker at a First Time Home Buyer Seminar and was given a list of topics to discuss.
As I prepared for this seminar, I thought about how I wanted to present material to a group of first time home buyers and what would be the most important thing to say to this group. So here is what I came up with. I wanted to first talk to this group and find out
Truths or Myths
- Owning your home is the American Dream
- Buying a home is one of the most important investments in ones lifetime.
- People who own a home feel better about themselves.
- Owning a home can bring long term security and wealth
- Owning a Home is better than Renting
Basic Questions to Ask Yourself:
- Why do I want to own a home?
- Why is it important to Me and My Family that I own a Home?
- What Does my Dream Home look like?
- What would happen if I do not find my Dream house?
As a Realtor I think buying a home is one of the most important decisions in ones life time. People look back on their life a remember great moments like getting married, having a child and buying their first home.
For those of you ready for the challenge, get ready for an exciting time. I challenge you to think, learn, embrace the experience with all of your senses.
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Buyers Are Looking For Foreclosures
May 13th, 2009 categories: For Buyers
More and more people are on the internet each day looking for information.
So what kind of information are they seeking about real estate? According to Google, 6,000,000 people have searched for foreclosures in the past month.
There were 201,000 people looking for foreclosure in Illinois. Out of this group 18,000 were looking to buy foreclosures and another 8,000 were trying to find information how to buy foreclosures.
While searching for foreclosures 12,000 people only want to search on sites where the information is FREE.
More people were searching for Short sales (200,000) than Bank foreclosures (135,000).
IL RealEstate Specialists is listening to what people want from an internet site. Buyers can search for Active listings for FREE.
These Active listings are arranged as either Pre-foreclosure “Short Sales” or “Bank Owned” Foreclosures.
All listings are all listed for Sale by Real Estate Brokers. We are not searching the public records like other sites giving you information on people who have no intention of selling their home.
IL RealEstate Specialists is also one of the very few sites that also provides Sales data on Foreclosures. Our records go back to 2007 through 2009. This information is useful to buyers who want to know what homes are selling for before they make an offer on a home.
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Before You Write a Check to Buy a Foreclosure..
April 7th, 2009 categories: For Buyers
Are you thinking about buying a foreclosure property?
Buying a foreclosure is not as simple as it sounds and requires some expertise. If you are a first time home buyer, I recommend you find yourself a Realtor who can assist you with the process.
There are many different ways to buy a foreclosure home. You can buy a home as a “Short Sale”, go bid on a home at a Sheriff Sale Auction, or buy a home after the auction which is typically listed as a Bank Owned Foreclosure.
In all instances you are buying a home in “As-Is” condition. Many foreclosure homes have been neglected, damaged, vandalized, and should be inspected by a licensed home inspector. Plan a budget for repairs needed prior to writing an offer.
Have your Realtor complete a “Competitive Market Analysis” of home sales in the area. Remember many foreclosures are listed below Market Value and can be a bargain.
Most “Short Sales” are listed below Market Value but need the approval from the lender before a sale is accepted.
Make sure you are pre-qualified to buy a home with a lender before writing an offer. A bank will only negotiate with qualified buyers. This means showing stated income, pay-stubs, 2 year tax returns, proof of down payment. If a cash offer verification of funds in the bank are required.
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