Buyers Reports

House hunting for first-time homebuyers- It's an exciting, albeit nerve-wracking, experience. If you're like others in the market for their first home, you probably have in mind exactly how your soon-to-be home will look. But it's important not to fall into the bad decorating, dingy walls, and dirt-bare back yard equals bad-home trap. If you don't see past the hideous wallpaper, funky light fixtures, and avocado green carpeting, you may miss out on a home with great potential. And, if you're looking for a home in a seller's market where homes are being snatched up as soon as they go on the market, you'll come to realize you can't be choosy if you want to make a competitive offer…

Since Sept. 11, more and more Americans have pushed safety and security high on their list of requirements for the community where they might buy a home. Some are reconsidering the allure of big city urban living, especially when a greater use of technology can permit them to live virtually anywhere and telecommute to the city for work. Based on largely anecdotal evidence obtained from real estate agent interviews Forbes.com recently produced "The Best Houses in the Safest Places," a survey for luxury homes off the beaten path. The magazine found 16 cities in 11 states it deemed as "conceivably" safer than big cities…

Who needs seller financing? Most people think that it's for those who have damaged credit, or could not otherwise obtain conventional financing. That may be the case, and if indeed you have some credit issues that require seller financing, be prepared for the following terms…

What is PMI? Although the borrower pays the monthly (or annual) premium, this insurance is solely for the benefit of the lender. It is designed to protect the lender should they have to foreclose on your property, and the price that the property is sold at a foreclosure sale does not equal the outstanding balance on your mortgage loan. Unfortunately, although many lawyers believe that the monthly PMI premium can legally be deducted as "mortgage interest", the Internal Revenue Service takes a strong position that such payments are not deductible…

You've finally found the perfect - or near-perfect - house. You've haggled, negotiated, and appear close to finalizing the deal. But first you'll want to hire a professional inspector - and then you'll want to do some inspecting yourself, including the home's major systems. An inspection involves a qualified professional who will take an objective look at the condition of the property and prepare a report. But it's also important that you, as the buyer, carefully inspect every foot of the house for things that might not be included in the professional inspection, as well as the things that are, like the systems - heating, cooling, plumbing, electrical service, and the water heater…

A buyer who finds that one special home may wonder why the present owner is selling. The reason could be as benign as a job transfer, or as nasty as a divorce with arduous negotiations. Can buyers ask why a home is being sold? Or are such questions somehow unfair, something that goes in the "MYOB" (Mind Your Own Business) category? As a buyer, you should know more about the home than the number of bedrooms and baths…

Couples today are breaking away from the typical crystal, China and silver gift registries when it comes to asking for wedding gifts. Since a new marriage can often mean time for a new house, many couples are throwing tradition to the wind and asking for extremely practical gifts -- like money toward a down payment or tools to keep their new house humming. Money has always been a popular wedding gift, and now some couples are making it clear it would be the gift of choice. They're going to their brokers to set up special joint accounts that are targeted toward a down payment…

Periodically you may hear from individuals who want to make $1 million in real estate -- quickly and with no money down. Usually they want to know more about real estate foreclosures -- how to buy them and how to profit from such homes. Foreclosure properties can be a good place to invest for exponential growth (or loss). There are some deals out there for little or no money down, but potential investors should take precautions because foreclosed properties can involve significant risks…

Private Mortgage Insurance (PMI). PMI is a monthly fee that the borrower pays if the first trust loan exceeds 80 percent of the purchase price. Since a lower down payment results in a statistically higher risk to the lender, PMI insures a portion of the loan to reduce the risk to the lender. Thanks to creative lenders, however, a borrower can still put as little as no money down and avoid PMI by taking out two loans. Ask your loan officer about loan packages with no PMI, sometimes called "piggy-back" financing…

Each year more than 40 percent of all homes are purchased by first-time buyers according to the National Association of Realtors, a percentage which should offer some comfort if you're about to buy a first home. Others have done it, others are doing it, and you can too. But like most things, there are ways to make the process easier. Here in capsule form are 10 baseline strategies to make that first purchase a good experience…