When you’re buying a house on your own and without an agent, there are two key traits to use throughout the process: knowledge and organization. Knowledge is necessary in making sure you obtain the correct documents and contract forms that fit your state laws and your buying situation. It’s also important in knowing exactly what you’re buying into. Organization is then needed for keeping these documents and forms protected, filled out and looked over by an attorney, an escrow agent or a title company. Here are key areas to keep in mind and focus on with knowledge and organization:

• When beginning to look for a house, you need to research other houses in the same area and of the same size, and see what they are selling for. This way, you will not overpay for a house that has been priced only by the homeowner, who might think his or her house is worth more than it really is.

• Find out what is happening with the properties around your house. If there is open land, find out who it belongs to and what plans that owner has for it. If you’re not sure if land belongs to your potential property or not, find out, even if the seller says it does. This could dramatically change the future value of the property.

• Find out what disclosures your state laws require sellers to share with you, so that you are provided with all the information that you are rightfully owed. An attorney or an escrow or title company can guide you through obtaining the correct disclosure forms.

• When downloading contract forms from the Internet, make sure to read them thoroughly and choose the type that you specifically want to follow in your financial trade. The contract you use will be followed word-for-word if a problem arises in the future, so you’ll want to know exactly what you are agreeing to.

• Always hire some sort of third party to hold your earnest money and help you through the process of filling out documents. Whether it is an attorney or an escrow or title company, it is important to have this third party, even if you have the knowledge needed to complete the process. You never know what type of person you’ll be dealing with in a real estate transaction, so you might as well have credible backup support.

• If you go through the process alone, keep all of your documents in organized and labeled files, in a safe location, and make copies of every form and written communication you have with the seller. If a problem arises in the future, you’ll want all the information you can find to back you up.

While this may seem overwhelming or like a lot to remember, keep in mind the enormous payback for your efforts: thousands of dollars in savings, total control of your house-hunting process and comfort in knowing you can do this.

If you’re settling in on the perfect New Year’s resolution for 2010, make it this one: to buy your next home with Buy Owner! By doing so, you will be choosing the simplest, quickest method of finding the home of your dreams, you will be completely in charge of your own search and, on top of all that, you will be doing it with the tools right at your fingertips!

When you’re ready to start browsing properties, you can visit www.BuyOwner.com and search thousands of listings for sale by owner. You don’t need to make a commitment to anyone else, or pay anyone else to help you search. You just search in your leisure, and you take the next step when you’re ready.

To help you find exactly what you want in a new home, you can use the Advanced Search option. This allows you to search for a specific price range, a particular type of property style (such as a single-family home or a condominium), certain features you want included with the house like a pool or a garage and so much more!

As you are browsing, you can also use the Housefly tool to see what properties other visitors are viewing. Is the house you like getting a lot of views? Are there other popular properties that catch your attention?

Once you’re ready to commit to the process of buying a new home, Buy Owner can help you receive a loan through our mortgage partner. Sales representatives and customer service staff will also be available to help answer any questions you may have during the process.

To help answer the questions that new or experienced homebuyers might have during the buying process, Buy Owner provides loads of blog articles to fill you in on the current market and what you should know as a homebuyer.

Make 2010 a successful year by using Buy Owner to find your new home! Then, next New Year’s, you’ll be making resolutions from the comfort of your new home.

As anyone who’s applied for a credit card, a loan or a lease (not to mention a mortgage) can tell you, your credit rating matters. And while it’s important to remember that you can’t raise your score overnight, there are some steps you can take that will improve it over time. Consider these:

1. Always pay your bills on time. At its most essential, this is what good credit is all about. When you’ve established yourself as someone who can consistently pay what you owe, you prove you are a responsible credit user. Also, the longer you’ve been paying on time, the better.

2. Pay down debt. If you haven’t been paying your credit cards on time (thus the problem with your credit in the first place), the best way to repair the damage is also the simplest: pay down the debt!

3. Apply for cards when you need to. It’s a common misconception that having many cards = better credit. In reality, the key is establishing good credit over time, and that’s why it’s not smart to open lots of cards at once.

4. Know the facts. Did you know paying off a collection account won’t take it off your report? Not for seven years. Did you also know closing unused credit cards can possibly lower your score? Knowing these things can make a difference in how you approach credit.

5. Check your reports. Want to know what your current credit report reveals? The Fair Credit Reporting Act requires three reporting agencies—Equifax, Trans Union and Experian—to provide you with an annual report, free of charge. For more information, click here.

6. Dispute errors. One of the reasons it’s such a good idea to check your credit is that there may be errors affecting your score. When you check your annual reports, be prepared to dispute any incorrect items.

With today’s struggling economy, buyers are currently looking for the best low-cost options when purchasing a home. Therefore, the market for manufactured homes is very popular. Yet, when people hear the term “manufactured home,” they might be picturing a poorly constructed mobile home that is run-down and out-of-date. On the contrary, there are tons of prefab homes on the market that meet building codes and boast a stunning appearance! You might not even be able to tell the difference between a manufactured home and a traditional ranch house built “on site”. Today, factory-built homes often boast a similar design, structure and overall appearance. Buy Owner is here to give you the low-down on manufactured homes and to offer tips for buying them.

What is a manufactured home?

A manufactured home, formerly known as a mobile home, is built in a factory (according to a Federal code set by the U.S. Department of Housing and Urban Development) and transported to building sites in sections. Once it arrives at the site, the multi-part home is put together and building inspectors check local work, such as electricity.

What are the HUD building codes?

About 30 years ago, the market for manufactured homes increased rapidly. Because they were less expensive to make than “on site” homes, building codes were lax, often resulting in poorly structured manufactured houses. In 1994, the U.S. department of Housing and Urban Development (HUD) created a new set of building codes for manufactured homes. They were updated to include higher standards for construction, durability, energy efficiency, transportability, thermal insulation and fire resistance.

Where can I put my manufactured home?

Buying a new home: Because some communities do not allow manufactured housing, you must research local zoning ordinances, deed restrictions and other legal documents before purchasing a prefab home.

Buying a used home: If you are purchasing a manufactured home that has already been lived in, it is likely that the house already adheres to the existing zoning requirements. If you would like to move the home, you will then have to look into zoning ordinances for the new location.

Does my manufactured home come with a warranty?

Yes! Like any consumer product, a manufactured come does come with a warranty. Some are sold with an “implied warranty” meaning that the current homeowner is selling the home “as is” and the expectation is that the home is suitable to live in, not needing improvements or repairs. Some things you should consider when comparing warranties on home include the length of the warranty, the items covered on the warranty and the process for getting a warrantee repair.

Will the price of my manufactured home include everything?

When buying a manufactured home, there could be hidden fees. You could need to pay separately for inspections. And if you are moving the home to a new location, you could also be forced to pay for transportation and installation. It is important to read all legal documents and consult the seller with questions about inspection, warranties and relocation. An advertisement may read that the house is “sold as is” or “in turnkey condition,” leaving you to pay for extras

Chances are, you have heard the phrase “mortgage crisis” more than a handful of times in the past few months.

If you are dipping your toes in the first-time mortgage pool, it is important to assess your own finances before relying on lending companies to guide you.

As this crisis has shown, you have to take responsibility for your own actions, as a homeowner and an investor, so that others will not take advantage of your foray into home ownership.

How it Happened

Like any good, old-fashioned financial crisis, the mortgage lending crunch began with speculation and risk–in this case, lenders issued high-interest loans to high-risk borrowers, or people who would normally be unable to afford to own a home. In the past, high-risk borrowers were far less likely to receive a loan than the financially stable. The high interest rates associated with this high-risk lending motivated some lenders to seek out high-risk borrowers, with the expectation of a high-interest return. While the housing market was strong, lenders saw no reason why they could lose money on what they thought was a foolproof asset. This risk-based pricing is common with major investments, but only gets complicated when the “risk” is not only based on the economy, but on the responsibility of the individual homeowner.

Enter: Middleman

Between 1997 and 2006, American home prices increased by 124%, and many people purchased homes they could not afford. Interest rates rose steadily with real estate prices, and new homeowners could not afford their monthly payments when their once-low interest rates rose astronomically. Once the real estate bubble burst, some homeowners were left with a depreciating investment and an increasing monthly payment. Foreclosures ensued.

Bank lenders then used their mortgage-based equity to attract bigger investors interested in mortgage-backed securities. The risk was passed onto these investors, who, essentially, had invested in an investment of an investment. These investors could fire-sale of homes for well below market value if they ever needed to recoup money lost on failed mortgage payments. While the investors lost money, homeowners lost both the financial and personal investments tied to their home mortgage. Since this risk has been passed onto bigger investors, a chain of careless lending left the homeowner homeless, and the lender with a pile of foreclosed properties.

Cleaning Up the Mess

Counselors are dealing with victims of foreclosure in order to educate them about risky, misleading, and predatory lending. Some banks are reevaluating their current mortgages, switching many adjustable-rate mortgages to a manageable fixed-rate mortgage. While many homeowners bought into a home that they couldn’t afford, there are countless others who are getting a second chance for financial stability. While risk-based lending is common on a market scale, it is much harder to judge who can and cannot pay a mortgage. The error was unmistakably human, and it is the people—not the investment companies—who have paid the price. Oops.

Know How it Works

As a rule of thumb, you can usually afford a home that costs two-and-a-half times your yearly salary. This does not account for maintenance or property tax associated with the home, nor does it factor in any of your own recurring debt.

Taking these factors into account, you need to find out how much banks are willing to lend to you. For this, you should seek prequalification for a loan from a few different lenders. Your best bet is working with Buy Owner’s mortgage partner, Guaranteed Rate, which will work hard to get you the best rate possible.

Prequalification is not an official loan approval, but it will give you a better idea of what the lender will grant you, and what the best interest rate you can get is. The preapproval, then, will tell you exactly how much you can mortgage, based on an assessment of your credit and finances. It is important to remember that the maximum that the lender will offer you is not necessarily the maximum that you can afford. While the lender may calculate that you can afford $3,000 a month, that may not include the cost of your lifestyle, other needs or special debt. The most important factor in finding a mortgage is to take responsibility for what you can afford, and not just the maximum of what a lender will provide.