Buyers Reports

Would you spend $650,000 for a beachfront home with sagging shutters, no landscaping, peeling paint, old appliances, outdated wallpaper and a generally drab exterior? On paper, the house sounds less-than-desirable. But before you answer, consider that this potential fixer-upper is located in California just steps from the Pacific. Drab as it may be, could this home sparkle one day? With a coat of paint, some "sweat" equity, and thorough revamping inside and out could this property be an investment gem? All homes are different, but there are certain criteria which can help you spot a fixer-upper with good potential. Here are a few basic questions to ask: What needs to be changed? There are some homes which are structurally sound that require only cosmetic changes -- say that worn carpet from the 1960's, the historic appliances, or that inefficient heating system which consumes more fuel than a high school. It makes sense to inventory a home to see what can remain and what must go…

Many would-be home buyers are dismayed at the ever-increasing price of their rent and housing in general. In addition, they just can't seem to make enough money top afford the purchase of a home. They are in industries that will not provide them more opportunity than what they have now. As an example, someone who's salary was at $15,000 and though there are houses priced about $50,000, their debt to salary ratio knocks them out of the buying arena at this time. They can't see homeownership as a part of his future. For people in this situation there is hope.. Someone making $15,000 could purchase a house in several markets with today's interest rates…

Thinking about a second home? In 2001, nearly 6 percent of the record 6.2 million sales of single-family homes were of second homes. According to the most recent data, there were 3.6 million vacant seasonal homes in the third quarter of 2002, up from 3.1 million in 1990 and only 1.7 million in 1980, the U.S. Census Bureau said. "That category often is cited as the total number of vacation homes," David Lereah, chief economist of the National Association of Realtors, says. "However, we believe that assumption misses many recreational properties that are not vacant." Other census data show there are 9.2 million homes held by owners in addition to their primary residences…

Escrow has closed, the title is in your name, and the hassle of moving is finally over. While you may feel like the home buying process is behind you, it's not. Now the onslaught of mailers, solicitations, and tempting offers geared toward new homeowners, who are typically trying to rebuild their finances. How has your mailbox become a receptacle for these solicitations? Your home purchase is a matter of public record. There are many things you can do - and not do, for that matter - to get back on solid financial ground. There are the obvious things: stay on top of your mortgage payments; try to avoid any major purchases, like a new vehicle; and make sure you have adequate homeowners insurance. In their book, Home Buying for Dummies (Hungry Minds, Inc., 1999), Eric Tyson and Ray Brown outline everything a first-time homebuyer would ever want and need to know about buying a home, including how to get your house in financial order…

What hurdles are out there in a seller's market that a buyer may have to contend with besides the common problems with a seller's market? There's not enough inventory and too many buyers? There's also the problem that a house can actually sell for too much. This can happen when a contract price exceeds an appraisal from the bank. When this occurs the buyer must come up with the difference or the seller must reduce the sales price down to the appraisal. Apart from taking the above noted actions, buyers can beef up contracts without going over the appraised value of a property and having to renegotiate the contract or resulting in a failed contract altogether. These strategies may include using monetary and non-monetary offers in the contract…