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Tips

Buying a Home and the Top Mistakes to Avoid

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Find out what realtor Javier Vidana believes are the top three mistakes to avoid when buying a first home. (Note: Not affiliated with Home Buying In 30 Minutes or publisher i30 Media Corporation). The video takes less than nine minutes to watch.

Disclaimer: This YouTube video is being posted for informational purposes only, using the embed code YouTube provides to members of the public. i30 Media Corporation and its publications are not associated with the creators of this YouTube video or any other person, service, or product mentioned in the YouTube video. i30 Media Corporation cannot be held liable for any direct, indirect, incidental, consequential, or special damages of any kind, or any damages whatsoever, arising out of or in connection with the use of this YouTube video. Copyright, trademarks, and other intellectual property rights belong to the original creator(s) of the video.

What to Ask Your Mortgage Lender

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Real estate consultant Andrew Finney offers his tips for exploring all of your home loan options. (Note: Not affiliated with Home Buying In 30 Minutes or publisher i30 Media Corporation). Find out in about 15 minutes what 9 questions you should put to your lender before buying a home.

Disclaimer: This YouTube video is being posted for informational purposes only, using the embed code YouTube provides to members of the public. i30 Media Corporation and its publications are not associated with the creators of this YouTube video or any other person, service, or product mentioned in the YouTube video. i30 Media Corporation cannot be held liable for any direct, indirect, incidental, consequential, or special damages of any kind, or any damages whatsoever, arising out of or in connection with the use of this YouTube video. Copyright, trademarks, and other intellectual property rights belong to the original creator(s) of the video.

What to Expect from a Home Inspection

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Expert home inspector Dan Sladek offers answers to some of the most common questions about home inspections. (Note: Not affiliated with Home Buying In 30 Minutes or publisher i30 Media Corporation). The video takes less than five minutes to watch.

Disclaimer: This YouTube video is being posted for informational purposes only, using the embed code YouTube provides to members of the public. i30 Media Corporation and its publications are not associated with the creators of this YouTube video or any other person, service, or product mentioned in the YouTube video. i30 Media Corporation cannot be held liable for any direct, indirect, incidental, consequential, or special damages of any kind, or any damages whatsoever, arising out of or in connection with the use of this YouTube video. Copyright, trademarks, and other intellectual property rights belong to the original creator(s) of the video.

Appraisals and Getting the Best Price

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Real estate agent Heather Wright lays out the appraisal process in buying a home, what can go wrong and how it can affect the final price. (Note: Not affiliated with Home Buying In 30 Minutes or publisher i30 Media Corporation).

Disclaimer: This YouTube video is being posted for informational purposes only, using the embed code YouTube provides to members of the public. i30 Media Corporation and its publications are not associated with the creators of this YouTube video or any other person, service, or product mentioned in the YouTube video. i30 Media Corporation cannot be held liable for any direct, indirect, incidental, consequential, or special damages of any kind, or any damages whatsoever, arising out of or in connection with the use of this YouTube video. Copyright, trademarks, and other intellectual property rights belong to the original creator(s) of the video.

What You Should Know Before Buying a House

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Real estate agent and investor Graham Stephen explains the five things you should know before buying your first house. (Note: Not affiliated with Home Buying In 30 Minutes or publisher i30 Media Corporation). The video is 11 minutes and includes tips such don’t write off a house over minor cosmetic issues and why location is everything.

Disclaimer: This YouTube video is being posted for informational purposes only, using the embed code YouTube provides to members of the public. i30 Media Corporation and its publications are not associated with the creators of this YouTube video or any other person, service, or product mentioned in the YouTube video. i30 Media Corporation cannot be held liable for any direct, indirect, incidental, consequential, or special damages of any kind, or any damages whatsoever, arising out of or in connection with the use of this YouTube video. Copyright, trademarks, and other intellectual property rights belong to the original creator(s) of the video.

How to Choose the Right Real Estate Agent

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Realtor Jennifer Lebow guides you through best practices for finding the right real estate agent. (Note: Not affiliated with Home Buying In 30 Minutes or publisher i30 Media Corporation). The video is seven minutes long.

Disclaimer: This YouTube video is being posted for informational purposes only, using the embed code YouTube provides to members of the public. i30 Media Corporation and its publications are not associated with the creators of this YouTube video or any other person, service, or product mentioned in the YouTube video. i30 Media Corporation cannot be held liable for any direct, indirect, incidental, consequential, or special damages of any kind, or any damages whatsoever, arising out of or in connection with the use of this YouTube video. Copyright, trademarks, and other intellectual property rights belong to the original creator(s) of the video.

How to Win a Bidding War

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Caught up in a bidding war over a new home? In just four minutes, discover the dos and don’ts of bidding by brokerage Movoto Real Estate. (Note: Not affiliated with Home Buying In 30 Minutes or publisher i30 Media Corporation). Find out how to boost your chances of winning that bid in just over four minutes. 

Disclaimer: This YouTube video is being posted for informational purposes only, using the embed code YouTube provides to members of the public. i30 Media Corporation and its publications are not associated with the creators of this YouTube video or any other person, service, or product mentioned in the YouTube video. i30 Media Corporation cannot be held liable for any direct, indirect, incidental, consequential, or special damages of any kind, or any damages whatsoever, arising out of or in connection with the use of this YouTube video. Copyright, trademarks, and other intellectual property rights belong to the original creator(s) of the video.

A Guide to Home Buying

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These seasoned home buyers – One Big Happy Family – offer their best tips for buying a house (Note: Not affiliated with Home Buying In 30 Minutes or publisher i30 Media Corporation). The video takes less than 10 minutes to watch.

Disclaimer: This YouTube video is being posted for informational purposes only, using the embed code YouTube provides to members of the public. i30 Media Corporation and its publications are not associated with the creators of this YouTube video or any other person, service, or product mentioned in the YouTube video. i30 Media Corporation cannot be held liable for any direct, indirect, incidental, consequential, or special damages of any kind, or any damages whatsoever, arising out of or in connection with the use of this YouTube video. Copyright, trademarks, and other intellectual property rights belong to the original creator(s) of the video.

Why mortgage rate locks are important

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Interest rates are constantly fluctuating, so when you first meet with a mortgage broker and she tells you she can get you a 6 percent interest rate on a 30-year mortgage, that rate is only good for today. If it takes you 6 months to find a property, rates could have risen or fallen significantly by then. You won’t know the actual rate you’ll be paying until you lock it in, which can be free or cost a few hundred dollars depending on how long you want to lock the rate for.

Typically, buyers will lock in an interest rate shortly after signing the P&S and a closing date has been agreed to. The rate should be locked at least until the closing date, because that’s when you officially take out your mortgage.

However, you don’t have to lock in your rate after signing the P&S. If you think rates will drop between the P&S and the closing, you could wait to see if rates go down. There’s a risk—rates might go up! If they go up significantly and you’re already stretching your finances, it could put your deal in jeopardy. For this reason, I suggest leaving interest rate predictions to professional investors, and lock in the mortgage after the P&S.

Home inspection vs. appraisal: What’s the difference?

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Chapter 6 of Home Buying In 30 Minutes discusses the importance of home inspectors and appraisals when buying a house, condo, or multifamily property. The following post explains the home inspection vs. appraisal differences. Getting an accurate assessment of the condition of a structure before you buy it is an essential, but your lender has its own interests in mind which is where appraisals come into play.

You want an experienced and thorough inspector who will check out the property after the offer is made (and accepted) and before the purchase and sale agreement (P&S) is executed. Many people caution buyers against seeking home inspection referrals from real estate agents, since they want to see the deal close quickly.

On the other hand, your real estate agent is supposed to be working toward your best interests. If you are comfortable that your agent is doing that, then ask for a referral. After all, he or she has likely worked with most of the local inspectors and knows them fairly well.

In the meantime, after your offer has been accepted, your mortgage lender will order an appraisal. Just like the inspection, you have to pay for the appraisal. An appraiser will visit the property, walk through the structure, check out the comparable properties (recent sales of similar properties in the local market), and report back to the bank what they think the fair-market value of the home is.

Lenders require appraisals to protect themselves in case things go badly. For instance, if a buyer falls in love with a property and pays too much money for it, the lender may have to sell at a lower price, and will therefore be unable to recover their loan.

What's the difference between a home inspection and appraisal?

What’s the difference between a home inspection and appraisal? Source: Depositphotos

But what if you really, really want that house? Let’s say you’ve agreed to pay $250,000 for a property, but it is only appraised at $225,000. You can challenge the appraisal if you think the appraiser made a mistake. Perhaps he or she got the number of bedrooms wrong, or compared the house to sales from three years ago. These kinds of mistakes are uncommon, but they happen.

Typically, if the property is appraised for less than the agreed-upon price, there is a clause in your offer that allows the buyer to withdraw from the deal without penalty.

However, if you really want the home and are willing to pay above-market value for it, there is another option. The lender may still be willing to loan the buyer 80 percent of the value of a home worth $225,000, or $180,000. If you are motivated and can scrape the funds together, you can put $70,000 down and still pay the $250,000 offer price with the $180,000 loan — either a standard 30-year mortgage, or a special mortgage product like a 5/1 ARM.