Everything You Need To Know About Mortgages

Realtor.com shows lots of houses for sale at bargain prices. How can we tell which are honest?

To qualify to buy a house twice as big as the one we have now, we have to sell this one first, then apply for a mortgage prequalification, then shop for the bigger house. If we apply first, the present monthly mortgage payment would disqualify us for the bigger house.

But what if we sell this house, then discover all those bargain houses have problems, such as needing extensive repairs or being perpetual short sales?

The place we want to buy a bigger house is far away, but we also have the option of just keeping this house and staying here.

We want to sell while the tax credit is in effect, because it can make it easier to sell faster. If it expires, we will just give up and stay put.

So our real question is how we decide how cheaply to sell this house, without knowing how cheap houses really are where we want to go.

It is always best to consider with some skepticism any advise of a person who profits by your purchase. I have always invested in a private appraisal – sure it might cost a couple hundred dollars – far cheaper than over paying for a house – far cheaper. Also after seeing a house I am interested in I always go without the realtor and talk to the neighbors. A Sunday afternoon works well for this. “Hi, my name is Thomas and I am considering buying the house on the corner. Do you know anything about it and the neighborhood?” They may be friends with the owner, but most people cannot resist being asked their opinion and you will learn much:

The bad:

“Yeah, I think the basement leaks – I loaned Joe my portable sump pump last spring”

” New roof last year – too bad they had so much water damage before it was replaced.”

“Kathy told me they were going to sellout and move after she got out of the hospital – poor thing – the home invasion really shook her up and I don’t blame her, getting beat up and raped like that. We’re putting our place on the market too as soon as it is all fixed up and ready to list. Whole neighborhood is going to hell!”

The good.

“Joe, over there, he is a fanatic about maintenance – always working on the place. Must be the best kept house in the neighborhood.”

“Schools are good here, top ten in the state rankings.”

Like any major purchase – it is worth a trip to check on prices before making the move of this magnitude. It is up to the buyer to do due diligence and pity the man who does not.

Mortgage Pre Approval versus Mortgage Pre Qualification for purchasing real estate.

The Real Estate Agent’s Guide To: Prequalification Letters This volume in the Series breaks down the various types of Prequalificaiton and Preapproval Letters provided by mortgage lenders and mortgage brokers. How to identify a good letter, how to recognize a fake.Residential mortgages explained with the real estate agent in mind. Understand how loans are really approved these days, where the money comes from and most importantly how to avoid the pitfalls…

Mortgage Stressbusters $16.96 No Synopsis Available

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