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Flip house

Flip with Caution!

Flip with Caution!  Avoid a Nightmare! What is a flip?  A flipped house is usually a house that has been foreclosed on or short sold by a bank and remodeled by an investment buyer. While these houses can be a great purchase, buyers should carefully examine and do their "due diligence" when purchasing a "flipped" home. People who flip homes are not exempt from making disclosures about the house. Disclosure rules vary by state, but there are steps to take to avoid trouble later. Items to ask about include condition of home prior to flip, were permits obtained for work done, and was the work done by a licensed contractor. You should also ask if the contractor can provide the receipts for the work done so you can review them. Investigate which defects were corrected and which ones were not corrected. Ask the seller if they know any material facts about the property that you, the buyer, should be aware of. Do not be afraid to purchase a flipped home. Just make sure that you … [Read More...]

10 Ways to Prepare for Home Ownership

10 Ways to Prepare for Home Ownership 1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income. 2. Develop your home wish list. Then, prioritize the features on your list. 3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety. 4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price. 5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, … [Read More...]