Buyers Remorse When Buying A Home

extravagance? Actually "Buyer's Remorse" is a perfectly sensible attitude. It's quite normal to feel both negative and positive feelings concerning your buying habits. Many people feel such excitement when anticipating shopping. Having money and a credit card gives a person a sense of power while shopping, only to be replaced by guilt and regret after returning home. Again, the feelings of remorse attack and the thrill of the purchases have lost their appeal.
Although there may be regret over purchases, and money spent, sometimes merchandise can be returned and they can receive refunds. But many items are non-refundable especially if on a special sale or discounted. A larger item such as a new car, can not be returned, except in some states, although sometimes can be exchanged for a different style car, but is considered used once it's driven off the lot, and money will be lost in the trading transaction.
So, after purchases, "Buyer's Remorse" often occurs! They feel they've lost control and there's an emotional disharmony clash between the desires for purchasing things they really may not need, and their feelings of having lost control of their buying/spending habits!

How is the Real Estate Market in San Diego?

The real estate market in San Diego has been slow to say the least. Property values are dropping fast and the foreclosure signs are popping up all over the place. It would probably be a few years before the market turns around there.

The next phase of loan resets should hit in 2009. Once this is through I think we will see where we are at in terms of market exposure.

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How do you get an FHA loan?

How do you get an FHA loan? It's actually very easy. The majority of mortgage brokers, banks and lenders can arrange an FHA home mortgage for you. FHA allows people to buy homes with lower credit scores. You can even have collection accounts. Ask your loan officer to see if the can pre qualify you. It should not take very long and there should not be a fee to do this. You may also want to ask about the Ameridream gift program. You can get up to a 3% gift of equity with this program so be sure to ask. A seller has the option to pay all of your closing costs as well. So technically you can buy a home with an FHA loan with no money down and and no money out of pocket.

FHA information

Property Lanzarote - Some interesting tips for buying in Lanzarote

Lazarote is an island that is about 80 miles off the coast of Africa on the Atlantic Ocean. It is part of the Canary Islands. It is the fourth largest as well. If you are buying property there you need to be aware of the sellers unpaid bills. If you buy a home in Lanzarote and there are unpaid bills, the new buyer inherits them. You need to have a solicitor check the record to make sure that you are not getting more than you bargained for. The other thing is that no one agent lists a home for sale. It is possible for a property to be listed for sale by more than one agent in Lanzarote. It pays to speak with a few agents about a particular piece of property that you are interested in.

Additional inforomation on Lanzarote

You may not be able to use disability income to qualify for a mortgage

On a loan that I was working on for someone, I ran into a bit of a snag when it came time to verify the disability income with Social Security. To be able to count an income stream for conventional financing, you must be able to demonstrate payments for 3 consecutive years. That's fine, but the social security administration will not provide a letter stating that they plan on making these payments out to the beneficiaries. I asked someone there why and I was told that their position is that everyone is rehab able. From this standpoint anyone can get better, therefore no 3 year letter.

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What is a balloon payment for a mortgage?

A balloon payment would be the amount of money that is due at the end of a loan. Not all loans are 30 years. Some mortgage loans allow you to pay a lower payment for a short period of years with a balance that is due at the end. Typically these types of mortgage loans are 5 to 7 years in length. They differ from adjustable loans in that and adjustable loan will have a rate adjustment at the end of the fixed period versus have the entire balance due like on a balloon payment mortgage.

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Free money to buy a home

No I'm not crazy. With the Ameridream program you can get a seller to contribute 3% of your down payment for your home purchase. If you don't have any money, the fha will also allow a seller to pick up all of your closing costs. Effectively you can still buy a home with no money down and have equity in the property. The key is to find a seller that is willing to provide you this funding. With the real estate market the way it is, sellers have to be more aggressive in the marketing of properties. A seller can give you up to a 6% concession on an FHA loan. In a buyers market, you should be able to find a seller that is willing.

Get me gift money

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You can still do 100% financing in Ireland

I am currently in Ireland and saw a bank advertising 100% financing. I think they are about to learn the same lessons there as we are currently learning in the states. I was told that these are about to go away just like they did in the state. They should get them to go away as fast as possible.

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What is the Ameridream program?

AmeriDream was established in 1999 as a 501(c)(3) charitable group creating home buying opportunities for qualified low to moderate income individuals and families to purchase affordable homes. AmeriDream provides a wide range of programs to benefit the individuals and families its serves including foreclosure prevention, providing financial support through privately-funded down payment assistance and home buying education.

The AmeridDream Downpayment Assistance Program was created to overcome the greatest obstacle to owning a home which is usually the downpayment. The downpayment gift never has to be repaid. The program has helped over 400,000 qualified homebuyers become home owners. AmeriDream is recognized as the most trusted and valued name in the gift assistance arena.

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Is FHA the best loan right now to buy a house?

FHA mortgage loans are right now the best way to buy a home for no money down. If you live in an area where Fannie Mae or Freddie Mac has deemed a declining market, your appraisal will be reduced by 5%. This means that that 100% financing program you were trying to get will require you to bring in 5% down payment now. So what is a buyer to do? You should apply for an FHA loan. You can buy the home with none of your money. You will still need to have 3% of your own money in the transaction but you can get that in the form of a gift or the Ameridream program.

The Ameridream program is basically legal money laundering that the government has set up to get home buyers their down payment. The seller can also give you the money through the Ameridream foundation. They don't directly give it to you, the Ameridream Foundation will pass it through to you at closing. Either way it works. You will need to provide your full income documentation including tax returns and pay stubs. You will not need to have any reserves in the bank and there is no minimum fico or credit score requirement.

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Stated Income and No Doc mortgage loans appear to be going away fast

Many home mortgage lenders including First Horizon and ING have eliminated their no documentation or stated income mortgage loans. This is a reaction to the mortgage meltdown that we are experiencing. If you want a mortgage now you will have to show your tax returns and w-2 statements. I actually think this move will bring stability in the long run to the housing industry. Too many people abused the system which led us into the mess that we are currently experiencing. FHA is probably the best way to go if you want to get a great mortgage without a big down payment.

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The tide will come back in for the Real Estate Market

If you are worried that the Real Estate market is over, I think you need to draw on a simple metaphor. The tide goes out and the tide comes in. You need to trust that the tide will come back in. Nothing ever stays the same and something in the universe is always at work. The Real Estate market will come back. It has gone down before and come back, it will do it again. The savvy investor will be out buying, the rest will wait and see what happens. What will happen is that values will go up and the ones who were waiting to see what happened will wish they didn't.

Don't wait to buy real estate, buy real estate then wait.

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Property Nut a great way to sell or find a home online

I recently put my home on the market for rent. I have it listed in MLS as well as Craigs List. I was spending about 30 minutes a day reposting my ad to keep it fresh in the system on Craigs List. The longer it is on Craigs List, the lower it goes down the list and the less likely it will be seen. One of the benefits of using PropertyNut.com is that they do it for your everyday. In addition to Craigs List, your listed property will be distributed on backpage.com, oodle.com, hotpads.com, vast.com and google. Listing my one rental unit was $9.95 per month. They also have unlimited plans if you have multiple properties you want to sell.

It's a no brainer.

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