FamilyFirstRealtyBlog

How to Buy Your First Home: A Step-by-Step Tutorial By  Amy Fontinelle   Investopedia.com 2018     {Click on each of 13 steps to read:} Buying a Home: Introduction Buying a Home: Choosing Your Location Buying a Home: Determine Which Kind of Home Suits Your Needs Buying a Home: Calculate How Much Home You Can Afford Buying a Home: Special Programs for First-Time Buyers Buying a Home: Get Preapproved for a Loan Buying a Home: Find an Agent Buying a Home: Find a Home Buying a Home: Write an Offer Buying a Home: Go Through the Escrow Process Buying a Home: Get Properly Insured Buying a Home: Close and Become a Homeowner Buying a Home: Conclusion Many people go through life thinking that they could never buy a home. Maybe they think they can’t afford it, or they think that their credit isn’t good enough. Perhaps the whole process of buying a home is just so daunting and complicated that they won’t even allow themselves to daydream abo...

How much it costs to sell a house BRIDGET SIELICKI JUNE 6, 2018  in  REAL ESTATE Stephen Brashear/Getty Images A shortage of homes for sale in the U.S. gives sellers the advantage in most housing markets. But many sellers don’t realize that getting rid of their house likely will cost them thousands of dollars. Real estate commissions and other fees can eat up about 10 percent of the sale price of the home. Some expenses are negotiable and fluctuate with the real estate market. But sellers should expect to pay part of the costs in the transaction and avoid sticker shock at closing time. Here are the major costs of selling a house. Realtor’s commission The real estate commission is usually the biggest fee a seller pays — 5 percent to 6 percent of the sale price. So, if you sell your house for $250,000, you could end up paying $15,000 in commissions. The commission is split between the seller’s real estate agent and the buyer’s agent. Many hom...

How to Navigate a Multiple-Offer Situation When Buying a Home Avoid getting caught up in the drama of a bidding war as you compete with other buyers for a home. Bid smart to be a top contender, but don't get caught up in the competition. (Getty Images) By  Sally Forster Jones , Contributor  |  Aug. 5, 2016, at 9:55 a.m. How to Navigate a Multiple-Offer Situation When Buying a Home               The real estate market is competitive right now, especially in larger markets like  Los Angeles  and  San Francisco . A lack of inventory over the last several years has pushed prices higher and created a  challenging environment for buyers who are often up against five, 10 or even 20-plus buyers all bidding for the same property. For buyers who are just entering the market or for those who have lost out on one or several properties, here are a few tips for put...

How to Save for a House Down Payment by TSD Contributor Updated on 03.21.18   Housing   Loans   Saving Money Advertiser Disclosure  While mortgage lenders understandably tightened up their credit criteria in the wake of the housing crisis, saving for a new home has since become easier. Both Fannie Mae and Freddie Mac now buy mortgages with down payments as low as  3% of the purchase price , a big drop from the old 5% minimum. While it’s easier to qualify for a  conforming loan  when down payment requirements have been reduced, it’s still better to put as much money down as you can — the bigger your down payment, the lower your monthly mortgage payment will be. And even 3% of a $300,000 home is a pretty big chunk of change. Plus, there’s the matter of saving not only for a down payment but also for closing costs and a reserve fund for the inevitable  repairs and other expenses that come with home ownership . Saving so much mo...