Don't be intimidated by the prospect of buying your first home. While the process may seem daunting, once you break the process down you'll see that you can certainly do it. Today's marketplace is perfect for buyers in that mortgage rates are low and there are plenty of homes to choose from. Here's how to get started: 1. Get approved for your mortgage loan before you house shop. It's no fun looking at homes that are way above what you can afford. If you are preapproved for $200,000, you can save yourself a lot of time and trouble by narrowing down your prospects from the beginning. Shop for a good rate at your normal bank and then see what traditional mortgage lenders have to offer as well. 2. Narrow down your choice of locations. It's important to look down the road at things like loca... 09/28/2011

Good negotiating in real estate isn't about coming out victorious over the other side, it's about understanding the seller's motivations and striking a deal that satisfies all parties as much as possible. The following tips can help you survive the negotiation of a real estate purchase: Don't focus on price only Many buyers make the mistake of thinking that price is the only point up for negotiation. Buyers can often negotiate quite a bit of value into a contract in addition to the number on the bottom line, such as a preferred closing date, the seller paying or contributing toward closing costs, concessions for home repairs, and so on. Don't move too slowly Real estate can be an aggressive commodity, and buyers who rest on their laurels run the risk of losing out on desired properties.... 09/28/2011

before you get serious about purchasing a home, take these tips into consideration. * Pay down your debt. Before you even apply for a mortgage, it's important that you reduce your debt load. The smaller it is, the better for your debt-to-income ratio, which lenders use to determine how much they'll allow you to borrow. Items like car loans, child support and alimony, credit card bills and student loans are all factors that the lender will consider. Paying down debt can have the added benefit of improving your credit, as well. * Check up on your credit. Having good credit is another essential element in smart home buying - it can affect how lenders view you, and the terms of your mortgage. The better shape your credit is in, the better your potential to get the mortgage of your dreams. E... 09/28/2011

Tax Deductions for Vacation Homes By: Donna Fuscaldo Published: November 17, 2009 Tax deductions for vacation homes vary greatly depending on how much you use the home and whether you rent it out.   Is your vacation home a vacation home? If you bought your vacation home exclusively for personal enjoyment, you can generally deduct your mortgage interest and real estate taxes, as you would on a primary residence. Use Schedule A to take the deductions.The IRS even allows you to rent out your vacation home for up to 14 days a year without paying taxes on the rental income. You might be able to deduct any uninsured casualty losses too, though you can't write off rental-related expenses. (More on those below.) If the home is rented for more than 14 days, you must claim the income.Now, if you ... 09/28/2011

Justifying Staging to Get Properties Sold June 14, 2011 by barbschwarz · Leave a CommentFiled under: Home Trends  By Barb Schwarz, Stagedhomes.com I was recently interviewed by a real estate publication and I thought I would share the answers I gave to the reporter's questions here at the Styled, Staged & Sold blog. What's new in the world of home staging? How has it changed in the last two years? The pendulum is swinging; the public is now becoming the driving force to make sure their home gets staged for sale.  Real estate professionals are still crucial in driving the world of home staging but many real estate agents hang back to the point where now the seller is the one asking, "Aren't you going to tell me to get my house staged?" The down economy also has driven the need for home s... 09/28/2011

TIPS ON PUMPING GAS Only buy or fill up your car or truck in the early morning when the ground temperature is still cold. Remember that all service stations have their storage tanks buried below ground. The colder the ground the more dense the gasoline, when it gets warmer gasoline expands, so buying in the afternoon or in the evening....your gallon is not exactly a gallon. In the petroleum business, the specific gravity and the temperature of the gasoline, diesel and jet fuel, ethanol and other petroleum products plays an important role. A 1-degree rise in temperature is a big deal for this business. But the service stations do not have temperature compensation at the pumps. When you're filling up do not squeeze the trigger of the nozzle to a fast mode If you look you will see that the... 09/28/2011

Things to Consider When Purchasing a Home There are many issues to evaluate when considering a home purchase including what you can afford, what kind of loan best suits you, the property itself and once you find your dream house, how much you are willing to pay for it. How Much Can You Afford?   Before starting your search for a home, you must decide how much you can afford. Generally speaking, it is recommended that the down payment be a minimum of 5-20% of the purchase price. In addition, there are two other standard thresholds to consider in terms of how much of your monthly income should be spent on housing. Your total housing costs (mortgage, interest, property taxes, insurance) should not exceed 28% of your income. The combination of your housing costs and all other monthly debt (... 09/28/2011

For what the typical family wastes every year on air leaks--about $350--you can plug energy-robbing gaps, start saving money, and enjoy a more comfortable home. 1. Insulate around recessed lights Most recessed lights have vents that open into the attic, a direct route for heated or cooled air to escape. When you consider that many homes have 30 or 40 of these fixtures, it's easy to see why researchers at the Pennsylvania Housing Research/Resource Center pinpointed them as a leading cause of household air leaks. Lights labeled ICAT, for "insulation contact and air tight," are already sealed; look for the label next to the bulb. If you don't see it, assume yours leaks. An airtight baffle ($8-$30 at the home center) is a quick fix. Remove the bulb, push the baffle up into the housing, then... 09/01/2011

Regular home maintenance is key to preserving the value of your house and property. “It’s the little things that tend to trip up people,” says Frank Lesh, former president of the American Society of Home Inspectors and owner of Home Sweet Home Inspection Co. in Chicago. “Some cracked caulk around the windows, or maybe a furnace filter that hasn’t been changed in awhile. It may not seem like much, but behind that caulk, water could get into your sheathing, causing mold and rot. Before you know it, you’re looking at a $5,000 repair that could have been prevented by a $4 tube of caulk and a half hour of your time.” Maintenance affects property value Outright damage to your house is just one of the consequences of neglected maintenance. Without regular upkeep, overall property values are af... 09/01/2011

Getting your home's heating system professionally serviced every year will keep it running smoothly and help keep heating costs under control. Who does the job? The simplest way to get the work done is to hire your fuel company to do it. Oil companies and gas utilities usually provide this service, or you can hire the contractor who installed the equipment. Also, some plumbers handle heating systems. What is involved? The technician will clean soot and corrosion out of the combustion chamber where the fuel is burned, and check it for leaks or damage. He'll inspect the flue pipe for open seams, clogs, or corrosion that could cause carbon monoxide to backdraft into the house. He'll replace the filters on oil and forced-air systems. Finally, he'll test the exhaust from your cleaned machine... 09/01/2011

1. Don’t slack off on home maintenance. Houses in need of TLC often attract investors or property flippers, which are known for submitting low-ball offers. To attract offers and the highest bids, sellers should attend to any upkeep and maintenance issues before putting the house for sale. 2. Make sure the home isn’t being overshadowed outside. Nothing kills curb appeal more than a home you’re selling that you can’t even see. Be sure to trim trees or bushes to ensure they aren’t blocking any windows or the exterior of the home. 3. Remove wallpaper. Wallpaper and borders can be a nuisance to remove so you might want to take these personal decor touches down before you list the home. Neutralize the homes in subtle colors that will appeal to the most buyers and allow buyers to better visual... 09/01/2011

The Department of Housing and Urban Development has once again extended its deadline for a program that provides up to $50,000 in interest-free loans to unemployed or medically ill home owners who are struggling to make their mortgage payments.  The new deadline is now Sept. 15. HUD resumed taking applications for the program on Monday. The $1 billion Emergency Homeowners Loan Program, which launched in June, was originally slated to end on July 22, but HUD first extended the deadline to July 27 to give home owners more time to apply.  Home owners eligible for the program will be able to qualify for up to $50,000 in interest-free loans for up to two years. Home owners who have had a drop in income of at least 15 percent from involuntary unemployment or underemployment due to economic co... 09/01/2011

Many people who feel they are prepared to enter the real estate market by purchasing their first home have experienced a roadblock to good mortgage rates – their credit cards. Credit cards can play a positive, but also a negative role in the process of purchasing a home. There is not a doubt that having a credit card can work highly in your favor when it comes time to shop around for your first home.  If you have a consistent history of timely credit card payments this builds a strong credit rating.  Having a high credit score not only will secure you a mortgage quickly, but one with very competitive rates. Your credit card can be very influential when determining what mortgage you are seeking because the credit card payments are added to what the payments ‘would be’ on a possible mortg... 09/01/2011

Five Simple Home-Buying Tips For First-Time Home Buyers Buying a home is very exciting. Especially if it’s your first time to do it. At the outset, there’s really so many things to do and so many things to consider that it’s very easy to forget some things in the process. For example, if you’re looking at purchasing Chicago real estate and you begin looking around for Chicago homes for sale, it’s easy to get excited about a purchase especially if you find a house that looks exactly like how you envisioned your dream house to be like. However, it’s essential to step back a while and evaluate the home you want to purchase to make sure you’re making the right decision. Here are a few tips that you can keep in mind... 09/01/2011

7 Ways to move a negotiation forward By Adorna Carroll, ABR®, ABRM(SM), e-PRO®, GRI, PMN, SFR, SRES®, Owner/Broker, Realty 3 Carroll & Agostini, Berlin, Connecticut An excerpt from REBAC's Monthly Newsletter, The Today's Buyer's Rep.Avoid deadlock! If your negotiation is struggling, here are seven tactics and techniques that can help get things moving in the right direction again. Take a time out. If tempers have flared, suggest revisiting the conversation when you’ve both had an opportunity to rethink options. Apologize for losing your temper (even if you didn’t) so that the stage is set for cooperation instead of combat. Reestablish common ground on a personal level with the other negotiator. Rebuilding rapport can go a long way. Soften your approach and compliment the other negotiato... 08/27/2011

Top iPhone, iPad apps to manage your budget Most popular free and paid downloads By Inman News, Tuesday, August 23, 2011. Inman News™ Editor's note: This updating list of free and paid mobile apps for iPad and iPhone includes apps that are useful for managing your budget. The list is based on a search of the keyword "budget" at apps-ranking website TopAppCharts.com: Source: TopAppCharts.com. 08/27/2011

Productivity Apps Report: Popular mobile tools for iPhone, iPad By Inman News, Tuesday, August 23, 2011. Inman News™   Image courtesy of Cea.   Going mobile has never been so easy. This report includes a series of top 10 lists featuring a range of popular apps that real estate professionals may find useful in boosting their productivity or efficiency as they build up their business. The apps featured in this report are based on searches of keywords and phrases at apps-ranking site TopAppCharts.com. The app lists include free and paid apps for iPhone and iPad devices. Top iPhone apps to manage your contacts Editor's note: This continually updated list, powered by app-ranking site TopAppCharts.com, displays the most popular free and paid contacts management apps for t... 08/27/2011

When purchasing а home fоr thе first time, new home owners neеd а wаy tо finance this large аnd life-changing purchase. Because this maу bе the fіrst time they аrе buying a home, fіrst time home owners may nоt havе enоugh savings in thе bank and mау be facing financial hardships for such a purchase. FHA (Federal Housing Administration) loans аllow first time home buyers a means tо finance payment fоr their new home. FHA loans аrе open to аnуоne who mаy neеd one, but generally аrе directed at thоse firѕt time home buyers in order tо assist them in purchasing а home whilе thеу mаy hаvе limited savings. FHA loans tend tо be mоre popular оver conventional loans fоr two main reasons. First, аn FHA loan requires thе lеаst amount fоr dоwn payment, at 3.5%, whеn compared tо оther loan types. Si... 08/25/2011

Personal Finance Seven Questions to Ask Before Making an Offer On a Home By Dana Dratch Published August 17, 2011 | Bankrate.com   Print   Email   Share   Comments inShare2   Text Size   Reuters Before you make an offer on a house, it pays to ask a handful of questions. While the answers might scare you off or make you rethink your bid, they could make you feel more confident that you're making the right move on the right house. As you prepare for buying a home, here are seven questions to ask before you make the offer. What is This Property Worth in Today's Market? For ethical reasons, agents can't tell you how much to offer, says C.D. "Chip" Boring, broker/owner of Re/Max Realty Plus in Sebring, Fla. Instead of asking directly how much the ... 08/25/2011

Fannie Mae and Freddie Mac are federally chartered organizations designed to bring global capital to local communities by purchasing and guaranteeing loans made by mortgage lenders. As a homeowner, there are several ways you benefit from Fannie Mae and Freddie Mac. If your loan is owned or guaranteed by one of them, you pay a lower interest rate. And, when the time comes to sell your home, the pool of buyers capable of getting a mortgage is much wider thanks to Fannie Mae and Freddie Mac. To see how a loan guaranteed by one of the GSEs helps you save money, download our free PDF worksheet.Homeowners who qualify for a Fannie Mae or Freddie Mac mortgage, called a conventional loan, typically get interest rates that are ¼% to ½% lower than non-Fannie Mae, non-Freddie Mac loans. At times wh... 08/24/2011