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Buy Now to Get the Tax Credit!

Mar19
2010
Leave a Comment Written by Shanna

Home buyers, there’s still time to lock in a home purchase before the federal tax credit’s April 30 deadline. True, you won’t have several more months to look around, but you will have a pretty big incentive sweetening the deal if you don’t wait.

Here’s how to find and buy the home of your dreams fast.

1. GET PREQUALIFIED FOR A MORTGAGE.
No sense visiting homes if you can’t afford them. Getting prequalified for a mortgage lets you know exactly what you can or can’t afford to spend. Then you’re ready to search. Plus, this will make sellers more comfortable with accepting an offer from you, and it will make the process faster once your offer is accepted.

2. SEARCH ONLINE.
Hands down, the fastest way to find your next home is by researching listings online. Rather than spending days at a time touring different properties, you can point and click your way through hundreds of homes in one evening. Go to BuyOwner.com now to search for for-sale-by-owner residences in your price range!

3. NARROW DOWN RESULTS & GO VISIT.
After you’ve done your online research, looking at what’s available and comparing prices, narrow down the list of possibilities. Call Buy Owner sellers directly (eliminate the middle man by buying FSBO!) and schedule showings. When you visit, know what questions to ask, and know what you’re prepared to offer.

4. MAKE AN OFFER.
Because you’ve already been preapproved for a loan and because you’ve researched other for-sale properties, you are well-prepared to make an offer on a home. For more information on this step, see Buy Owner Blog article, “Making an Offer.”

And voila! Assuming the paperwork all goes through on time, you’re set to qualify for the tax credit, move into your new home and begin enjoying life in it!

Posted in Buying Tips, Tips and Ideas - Tagged buying for sale by owner, federal tax credit, fsbo home buying, tax credit
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Buy a Raffle Ticket, Win a House

Dec10
2009
Leave a Comment Written by Carrie

raffle

Aside from advertising, sellers often propose bonus incentives to make their homes even more appealing to prospective buyers. These incentives could be anything from a carpet allowance to a year’s worth of paid lawn maintenance to an offer to cover all closing costs. But imagine a scenario where your dream home, which is valued between $300,000 and $500,000, is being offered for only $100—sounds too good to be true, doesn’t it? It is.

A new trend in today’s real estate market is the house raffle. Raffles boast proven results, but only when enough raffle tickets are sold to cover the total sale price listed on a given site. For example, if the home is valued at $300,000, the homeowner would prefer to sell at least 3,000 tickets to cover the total cost of the house.

Last year, CBS News reported that a couple in Maryland sold over 6,000 raffle tickets for their four-bedroom farmhouse. This massive property sat on four acres and was valued at $390,000 when it was first listed. After two years of unsuccessfully trying to sell the home, Karen Crawford and Dennis Kelly decided to be creative and sell raffle tickets at $100 a piece, even reaching potential buyers in other countries.

And while the winner of the home did indeed only pay $100 for his ticket, he had to pay $150,000 in taxes, which, in this case, was still only half of what the house was worth, but a lot more than $100.

Posted in Market News - Tagged auction off house, buyer incentive, CBS News, property tax, raffle tickets, selling
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Lower Costs of Home Insurance

Jun16
2009
Leave a Comment Written by Shanna

Home Insurance

Whether you just bought a new home, are about to or have been living in your current residence for quite a while, it’s always a good idea to evaluate your spending and look for ways to cut costs. One smart place to start is home insurance.

It’s no secret that home owners need to purchase home insurance. To protect your assets, your property and your investment, home insurance is a necessity too important to overlook. What you may not know, however, is that this is an investment where a little investigation goes a long way.

Want to cut your home insurance costs? Here’s how:

  1. Compare prices. Sticking with the provider you’ve used for years is fine, as long as it’s the best value. Get quotes from several companies to see which will offer the most competitive price.
  2. Change coverage. Did you know that increasing your deductible can change your monthly premium? Since you probably wouldn’t file a claim for something small, raising your deductible makes sense—it gives you the opportunity to get coverage where you’ll need it.
  3. Seek discounts. Some discounts are standard: special pricing if you install a security system, lowered costs if you avoid high-risk features like swimming pools and trampolines. Some discounts, though, are available to those who ask: if you’ve been with your provider for a long time without a claim, ask if you can get a discount for that. Similarly, if you’re a new customer, see if there’s a discount for that!
  4. Lump policies together. A lot of insurance companies offer discounts for customers who purchase multiple packages. For example, having both car and home insurance through the same provider can mean savings on both policies!

Keep these simple tips in mind, and you’ll be on your way to lower monthly costs!

Posted in Buying Tips, Tips and Ideas - Tagged buying a home, cost cutting, home insurance, home ownership, real estate
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Green Moving

Dec03
2008
1 Comment Written by Becky

According to the U.S. Census Bureau, the average American moves 11.7 times in his or her lifetime. That’s a lot of moving. Just think of the environmental impact we could make if all moves were done in a green-conscious way. If you are planning a move in the near future, here are some ways to cut back on methods that are harmful to the environment.

Here a few tips you can follow for an eco-friendly move:

• Try contacting companies that rent sturdy boxes made of totally recycled materials. The minimal fee, usually a dollar a week per box, is usually less expensive than buying cardboard boxes made from virgin materials. The company often drops them off, then picks them up at the other end of the move.
• Ask local grocery stores or liquor stores if they have any unused boxes they could donate.
• Consider investing in rubber tubs that can be reused once you are settled into your new home.
• Store things in containers you already have, like suitcases and plastic bins, before you resort to packing things in boxes.
• Consider using Tyga boxes, which are made of plastic that can be reused up to 500 times.
• If you do invest in cardboard boxes, try donating them to someone else after your move (the Craigslist free section is an easy way to do this!).
• Packing supplies such as foam peanuts and petroleum-based plastic bubble wrap can create a lot of extra trash. Try using old blankets and towels as padding in your boxes, or ask friends and neighbors if they have any unused packing materials lying around. Once you are finished moving, try and donate your used packing supplies.
• Newspaper, which is recyclable, is perfect for cushioning breakables and, if you purchase unprinted newspaper, you don’t have to worry about the ink transferring to your hands or your possessions.
• Look for moving companies that use biodiesel rigs, as opposed to trucks that use tons of gas.
• Make as few trips as possible to use the least amount of fuel.
• Don’t throw away unnecessary items that you don’t want to take with you to the new house. Host a garage sale for extra income or donate the items to charity.
• Try to plan your food purchases in the weeks ahead of your move so that you don’t end up with a lot of perishables. If you do have some extra items in the refrigerator, consider giving them to a neighbor or a friend. If you have lots of canned goods and other non-perishables, donate the items to a local food shelter.

Posted in Green Living, Tips and Ideas - Tagged eco-friendly tips, Green Living, home selling, moving
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Buying a Manufactured Home

Nov11
2008
Leave a Comment Written by Carrie

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

Posted in Buying Tips, Tips and Ideas - Tagged buying a house, manufactured homes, manufactured housing, property info, real estate
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Newlywed Home-Buying 101

Aug05
2008
3 Comments Written by Alicia

newly married With wedding season coming to an end, many newly wedded couples are finding themselves with the question of where to live next. Whether they are coming from two separate homes or from a shared apartment, most couples want to make a significant improvement to correspond with the important change they just made in their lives. If you find yourself in this category, here are some tips in helping you find your very first home as a married couple.

DECIDING WHERE TO LIVE

First of all, you must decide, preferably before the wedding bells sound, what kind of home you want to move into. An apartment costs significantly less than a home, but you will be paying rent forever with no benefits. If you rent a house from landlords, you still have the luxury of living in a house without the hassle of dealing with problems that occur within the house. But again, you never have the chance to call it your own. (Link to buying first home) Depending on your annual income as a couple, your future plans and your monthly expenses, this is a decision you will need to reach together. Take your time. It’s a big one.

THINKING ABOUT BUYING A HOME

If you do decide to buy a home, there are steps that you may not be aware of. The obvious first step is to decide what area you would like to live in. Do you want to surround yourself with other young couples? Do you want children around incase you decide to start a family? If you don’t look into this major detail, you may accidentally find yourself living in a retirement community.

Also, check out the town. If you have to wake up early for work, chances are you don’t want to live by a loud airport or train track. If you commute to work, see how conveniently located the interstates are. If entertainment is what you seek, check your proximity to shopping malls, grocery stores, restaurants, golf courses, nature parks or whatever interests you most. If you plan on owning a pet someday, look to see if there are sidewalk paths. When starting a life together, you want to notice more than how impressive the house looks.

PREPARING TO BUY A HOME

Once you find the area you want to live in, start looking at the homes around there to see price ranges. Once you know what you’re dealing with, you can sit down together and talk finances. Hopefully you have already discussed the exact bills that you each pay per month, so you have an idea of the level of income you have coming in together. Take into account your phone bills, insurance costs, car payments, etc. Take a trip to the grocery store together to figure out what you both like to eat, so you can estimate how much these trips will cost. Though you’ve been dealing with groceries and bills for what seems like forever, it all might change when considering another person in your plans. Once you come up with a budget you’re willing to spend, look for houses close to that budget. If you need a loan to help you out, make sure you get preapproved for one.

FINDING A HOME TO BUY

Start looking around together by going through advertisements on BuyOwner.com. Take tours of homes. Look online. You’ll start realizing what’s most important for you two to have. Are tornadoes common in your area? You probably want to make sure your home provides a basement. Do you already have a lot to store? Look for a house with an attic. Have you grown up your whole life with a pool and cannot possibly imagine life without one? Okay, well now you know. It’s important to consider the little things too. Do you own a lot of high-tech electronics? Check to see how many electrical plugs are available. Try to think of what’s most important to you two. If you disagree, compromise. You may not find everything you dreamt of just yet.

BUYING A HOME

Once you find the affordable home that satisfies you, have it inspected. Don’t save the money to not have this done. You’ll be sorry down the road when you find something terribly, unexpectedly wrong. If the house still turns out okay, decide how much to put down on the house. Again, go over finances for the next several months so you don’t suddenly find your bank account empty. Then, pay a down payment. The house is yours!

After that, the to-do list is not quite completed. Decide what homeowners insurance to obtain. Consider casualties, such as fires, flooding and wind damage; liability, which protects you against lawsuits from people injure themselves on your property; and personal property, which includes the protection for the items inside your home. Decide exactly what you want, and make sure that is what you obtain.

MOVING TO YOUR NEW HOME

Make plans with a moving company. Know exactly when to have them show up, how much space you’ll need for your stuff and what time they can arrive at your new home. If they need to pick up from two separate homes, make sure they know that. Good communication with the moving company is vital. They have full responsibility of everything you own.

Arrange for when to turn on the utilities in your new home. Make address changes. Start packing. Don’t pack everything you’ve ever owned. Figure out what you each own and whose you’ll take with you. If you can’t decide whether you should bring something, try to imagine exactly where you’d put it in the house. Don’t think about what you need to buy yet. You’ll just end up flustered and more confused. Saying goodbye to sentimental objects will be hard, but unpacking at your new home will later be a breeze.

Congratulations! You did it! Now that the hardest part is over, work on sharing your space with the person you love.

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Posted in Tips and Ideas - Tagged buy owner, buying a fsbo home, buying a home, buying a home together, buying by owner, buying for sale by owner, buying your first home, home ownership, newly married real estate, newlywed real estate, newlyweds, real estate 101, your first place
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Who’s Buying Houses?

Jul13
2008
1 Comment Written by Shanna

New home

Even in today’s tougher market, people are still starting out, moving, transferring and upgrading, selling and buying homes as they do. In fact, there are all kinds of different, still-common reasons that prompt browsers to become buyers, whether a first-timer or someone who has to sell and buy.

Whether you’re one of these buyers, a seller or just someone looking for some perspective on the real estate market, consider these circumstances that make people buy.

    1. FIRST-TIME PURCHASE: It’s the American dream to own your own home, and many renters nationwide work toward that eventual goal. When it comes time to buy, these future homeowners start their hunt, looking for their first places.
    2. NEED MORE SPACE: There’s a reason they call your first place your “starter home.” You start out with it, and, as your household and its possessions grow, you move. It’s probably the most common situation that makes people relocate. Lack of space prompts homeowners to start looking for something bigger, better equipped to meet personal needs.
    3. WANT A NICER PLACE: Americans are known for wanting the biggest and best of things, and this is especially true of houses. Sometimes moving can mean getting a fancier kitchen or a larger closet, without the hassle of renovating.
    4. RELOCATION/JOB TRANSFER: With today’s work force changing jobs several times throughout their careers, relocations are a part of life. Whether moving within the area, to be closer to work, or transitioning to a new state where a job is located, homeowners find themselves packing up and starting over.
    5. LOCATION/NEIGHBORHOOD: Sometimes, moving can mean being closer to friends/family or nearer local conveniences. Alternatively, moving can give you a location further out from busy cities and out in the country. Similarly, as time goes on, neighborhoods change. For people who aren’t thrilled with the changes, moving may be the way to find an area they do like.
    6. FINANCIAL ISSUES: Sometimes, a buyer may wish to relocate to downsize current mortgage payments. A growing problem nationwide, variable-rate mortgages and high interest rates have forced some homeowners to change living situations.
    7. COMBINING LIVES: Shared living arrangements often go hand-in-hand with serious relationships and marriages. This can often mean one or both parties will choose to leave their current home(s) and find one together.
    8. DIVORCE: Divorce is a reality today, and with it come the complications of home selling. Often, a couple will sell the home to arrange for the division of the proceeds.
    9. DOWNSIZING: It can become increasingly difficult to maintain a large home, and different seasons of life prompt homeowners to downsize to condos, townhomes and smaller places.
    10. RETIREMENT: As older age approaches, people want to retire to new locations or more easy-to-maintain residences. With so many adult communities popping up across the nation, the options abound!

What about you? Are you looking for your next place? Head over to Buyowner.com to see what’s available!

And if you’re also selling a home, consider using Buy Owner, the leading FSBO company in the nation, to help you market your home best!

Posted in General Information, Market News, Tips and Ideas - Tagged buying a home, buying buy owner, home ownership
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Welcome to the BuyOwner.com Blog, your source for regularly updated market information!

Founded in 1984, BuyOwner.com® is the leading provider of real estate marketing services. We pioneered the "For Sale by Owner" (FSBO) market, which today represents over 20 percent of all residential real estate transactions.

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