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House Buying Stress
By Jan Green of JazLive Open Public Networking Community
The decision to purchase is house can be a stressful process. Depending on where the real estate is located on the planet; it is best to start fact finding from sources that are not directly connected to the real estate industry first. Collecting information from industry sources can be confusing. How to sources can be very helpful, if the author is not in real estate or mortgage industry. Personally, I like to began searching for information I am not familiar with in wikipedia. This site serves the International community with objextive information supplied by user/members. House buying in the USA, generally consist of the following: 1) credit score (derived from history of reported financial transactions showing status of accounts, paid-out, open, written-off, defaults, judgments, bankruptcy, credit inquiries ...)
2) price of house (home seeker should be clear on how much (s)he can afford in the price of a home, including taxes, insurance and maintenance ~ first time buyers may have been excellent in paying mothly rental; however, should he/she become a home owner extra expenses not associated with leasing living space has to be considered, i.e., real estate taxes, real estate insurance and mortgage interest which does not contribute to the principal "price of the home" ... as well a maintaining the home, i.e., lawn care, structure (paining), plumbing (toilet & leaking pipes) or possibly replacing a water heater)
3) find several lending institutions and request proposed loan amount to seek approval (this works better than having a real estate industry providers submitting the request for you and avoids numerous inquiries to your credit report by non-financing institutions)
4) go house shopping take your time and list homes that interest you; narrow your list; go back and take a 2nd and 3rd walk thru if necessary to envision your likes and dislikes about your choices ... be sure to arrange an independent walk-thru with a housing inspector (this will be added cost; but, can be a costly mistake if skipped for an inspector can inform you of items you may have not noticed or missed like foundation issues, sagging ceilings, out-dated electrical wiring ...) items found by a housing inspector can help you negotiate the price of a house if you really want a particular choice on your list ~ the asking price can be discounted for the amount of repair/replacement items found plus labor to repair/replace
5) make an offer if the seller agrees on your offer, be sure all particulars are in writing (items regarding repair/replacement you will be responsible for as well as repair/replacement items the seller claims responsiblility); items the seller takes responsibility for should also include a defined time of completion. After written particulars are agreed upon, be prepared to leave earnest monies (from one to several thousand dollars) which obligates you as well as the seller to proceed to necessary arrangements to meet again to re-inspect property and share date to close the deal (escrow closing)
6) re-inspect property physically perform a final inspection of the real estate focussing on repair/replace items the seller agreed to take responsibility of. Make sure you satisfied with completed work before going to escrow closing.
7) escrow closing when the buyer gets to this stage, (s)he should have had his/her own legal authority look over documents to ensure legal matters concerning the property are valid, resolved and free to be transferred to a new owner; real estate attorneys are the better authority for he/she also ensures all of the proper documents are present to ensure the buyer and seller has performed all necessary actions to protect the value of the property being transferred as well as the amount of invested funds from the loaning institution. Taking these seven steps can greatly diminish stress for anyone looking to buy a house. I was inspired to write this intel based on the following intel.
Original intel ~ Titled "Mortgage biggest stress factor when buying house" ~ submitted in Dutch language. (Author unknown ~ intel is still in rating process at the time of this submission) Hypotheek grootste stressfactor bij aankoop huis Bij een meerderheid van de Nederlanders (86%) levert de aanschaf van een woning stress op. Dat blijkt uit onderzoek van Delta Lloyd Bank onder vijfhonderd huizenkopers. De hypotheek levert de meeste stress op (54%). Stress over de hypotheek wordt veroorzaakt door het moeilijk vinden van juiste informatie door de ondoorzichtige hypotheekmarkt (78%), de keuze voor de hypotheekvorm (58%), de keuze voor een hypotheekadviseur, bank of verzekeraar (36%), het tijdig regelen van alle benodigdheden (35%) en de doorlooptijd van de offerte (21%). Wanneer Nederlanders geen stress ondervinden bij de aanschaf van een huis, is dit volgens Delta Lloyd doordat een onafhankelijke adviseur, een bank of verzekeraar die zorgen wegneemt.
Dutch version translated to English
By a majority of the Dutch (86%), the purchase of a home stress. This is evident from research of Delta Lloyd Bank under five hundred houses buyers. The mortgage provides the most stress (54%). Stress on the mortgage is caused by the difficulty of finding appropriate information by the opaque mortgage market (78%), the choice of mortgage (58%), choosing a mortgage consultant, bank or insurance company (36%), the timely settlement of all supplies (35%) and the turnaround of the tender (21%). When Dutch no stress when buying a house, this is Delta Lloyd by an independent consultant, a bank or insurer which eliminates concerns.
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How to Buy a House
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Dutch Man Inspecting House
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This intel was contributed by JazLive
JazLive
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May, 2012
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