Real Estate Buyer Blog  Buyers ... Stay Informed on the Local Market
Ask Questions..Get Answers
|
|
First step to buying a home |
What is the first step to buying a Ocean Springs, Mississippi home?
Finding out what you can afford is one of the fist steps, which can be done by pre-qualifying for a home loan. This step will help you narrow your search for both a neighborhood and particular houses in the Ocean Springs, Mississippi area.
A pre-qualification is a simple calculation that considers several factors, but primarily your income. There are no guarantees with a prequalificaiton, but it will be expected of you when you make an offer on a home.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
What contingencies should be put in an offer?
Most offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction.
A buyer could forfeit his or her deposit under certain circumstances, such as backing out of the deal for a reason not stipulated in the contract.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
list price, sales price, or appraised value |
What is the difference between list price, sales price and appraised value?
The list price is a seller's advertised price, a figure that usually is only a rough estimate of what the seller wants to get. Sellers can price high, low or close to what they hope to get. To judge whether the list price is a fair one, be sure to consult comparable sales prices in the area.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
return on new vs previously owned homes |
What is the return on new versus previously owned homes in Ocean Springs, Mississippi ?
Buying into a Ocean Springs, Mississippi area new-home community may seem riskier than purchasing a house in an established neighborhood, but any increase in home value depends upon the same factors: quality of the neighborhood, growth in the local housing market and the state of the overall economy.
One survey by the National Association of Realtors shows that resale homes do have an edge over new homes. The trade group's figures show the median price of resale homes increased 4.3 percent between 1999 and 2000, compared to 2.8 percent for new homes in the same period.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
What standards do appraisers use to estimate Ocean Springs, Mississippi values?
Appraisers use several factors when estimating a Ocean Springs, Mississippi home's value, including the home's size and square footage, the condition of the home and neighborhood, comparable local sales, any pertinent historical information, sales performance and indices that forecast future value. For detailed information on appraisal standards, contact the Appraisal Institute at 875 N. Michigan Ave., Suite 2400, Chicago, IL 60611-1980; (312) 335-4458.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
How is a Ocean Springs, Mississippi home's value determined?
You have several options to determine the value of a Ocean Springs, Mississippi home.
First way is to contact RoKa Property now at for a Free Comparitive market analysis.
For buying purposes you'll need an appraisal. It's is a professional estimate of a property's market value, based on recent sales of comparable properties, location, square footage and construction quality. This service varies in cost depending on the price of the home. On average, an appraisal costs about $300 - $600 for a $250,000 house.
|
|
Last Updated ( Wednesday, 13 August 2008 )
|
|
Read more...
|
|
|
bankruptcies and foreclosures |
How long do bankruptcies and foreclosures stay on a credit report?
Bankruptcies and foreclosures can remain on a credit report for seven to 10 years.
Some lenders will consider an borrower earlier if they have reestablished good credit. The circumstances surrounding the bankruptcy can also influence a lender's decision. For example, if you went through a bankruptcy because your employer had financial difficulties, a lender may be more sympathetic.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
standard debt-to-income ratio |
What is the standard debt-to-income ratio?
A standard ratio used by lenders limits the mortgage payment to 28 percent of the borrower's gross income and the mortgage payment, combined with all other debts, to 36 percent of the total.
The fact that some loan applicants are accustomed to spending 40 percent of their monthly income on rent -- and still promptly make the payment each time -- has prompted some lenders to broaden their acceptable mortgage payment amount when considered as a percentage of the applicant's income.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
What kind of Ocean Springs, Mississippi can I afford?
Knowing what you can afford is the first rule of home buying, and that depends on how much income and how much debt you have. In general, lenders don't want borrowers to spend more than 28 percent of their gross income per month on a mortgage payment or more than 36 percent on debts.
It pays to check with several lenders before you start searching for a home. Most will be happy to roughly calculate what you can afford and prequalify you for a loan.
The price you can afford to pay for a Ocean Springs, Mississippi home will depend on six factors:
1. gross income
2. the amount of cash you have available for the down payment, closing costs and cash reserves required by the lender
3. your outstanding debts
4. your credit history
5. the type of mortgage you select
6. current interest rates
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
When is the best time to buy a Ocean Springs, Mississippi area property?
Here are some frequently cited reasons for buying a house:
* You need a tax break. The mortgage interest deduction can make home ownership very appealing.
* You are not counting on price appreciation in the short term.
* You can afford the monthly payments.
* You plan to stay in the house long enough for the appreciation to cover your transaction costs. The costs of buying and selling a home include real estate commissions, lender fees and closing costs that can amount to more than 10 percent of the sales price.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
How do you determine the value of a troubled property in the Ocean Springs, Mississippi market?
Buyers considering a foreclosure property should obtain as much information as possible, including the range of bids expected.
It also is important to examine the property. If you are unable to get into a foreclosure property, check with surrounding neighbors about the Ocean Springs, Mississippi property's condition.
|
|
Last Updated ( Wednesday, 13 August 2008 )
|
|
Read more...
|
|
|
are low offers a good idea |
Is a low offer on a Ocean Springs, Mississippi area property a good idea?
While your low offer in a normal market
might be rejected immediately, in a Ocean Springs, Mississippi area buyer's market a motivated seller will
either accept or make a counteroffer.
Full-price offers or above are more
likely to be accepted by the seller. But there are other considerations
involved:
* Is the offer contingent upon anything, such as the sale of
the buyer's current house? If so, a low offer, even at full price, may not be as
attractive as an offer without that condition.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
Get all the information you need on Ocean Springs, Mississippi Area Schools, Neighborhoods & more here.
|
|
|
|
| GreatSchools.net is your objective source of school information on elementary, middle and high schools. A nonprofit organization, GreatSchools.net provides information about public, private and charter schools in all 50 states and detailed school profiles for California, Arizona, Texas, Florida, Colorado, New York, Washington, Pennsylvania and New Jersey. |
|
|
|
| Public School Review lets you find free, detailed profiles of public schools and their surrounding communities. The site evaluates schools relative to each other and to state-wide averages for several key criteria like teacher:student ratios. The site can be particularly helpful for families who are moving and need to evaluate several potential schools, or for all parents who are exploring different pre-college educational options for their child. |
|
|
|
| Sperlings BestPlaces is the ultimate resource for relocating or finding out information on specific areas in the US. In additional to in depth school statistics they also offer city profiles, neighborhood profiles, cost of living, climate profiles, crime rates and much, much more. |
|
|
|
| SchoolMatch by Public Priority Systems, Inc. is a research and database service company that collects, audits, integrates, processes and manages information about public and private elementary and secondary schools. |
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
We'll assist you in searching for your next Ocean Springs, Mississippi home.
New listings come on the market daily. Let us know what your looking for and we'll email you the newest listings before most Realtors in the Ocean Springs, Mississippi even know about them!
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
Should I use an agent for a new home? |
|
Do I need an agent to buy a new home in Ocean Springs, Mississippi ?
Yes, however buyers should be aware of the differences inherent in working with sales agents who are employed by the developer, rather than traditional real estate agents.
Ocean Springs, Mississippi
area Builders commonly require that an outside agent be present, and sign in, the first time a prospective purchaser visits a site before payment of commission even is discussed. At times when buyers use an advertisement to find the development themselves first, builders can refuse to pay any commission regardless of how helpful an agent may become later in the process. It is advisable to call the development first and inquire about their policy on compensating real estate agents if you are using one.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
What about a buyer's agent? |
|
Providing valuable resources for our Ocean Springs, Mississippi Real Estate Buyers and Sellers is our top priority.
In many states, it's now common for an agent to represent the buyers exclusively in the transaction and be paid a commission by the sellers. More and more buyers are going a step further, hiring and paying for their own agent, referred to as buyers brokers.
|
|
Last Updated ( Tuesday, 29 July 2008 )
|
|
Read more...
|
|
|
What is Fannie Mae's low-down program? |
Providing valuable resources for our Ocean Springs, Mississippi Real Estate Buyers and Sellers is our top priority.
Fannie Mae is expanding the availability of low-down-payment loans in an effort to help more people nationwide qualify for a mortgage.
Two new programs will help potential buyers overcome two of the most common obstacles to home ownership, low savings and a modest income.
|
|
Last Updated ( Tuesday, 29 July 2008 )
|
|
Read more...
|
|
| | << Start < Prev 1 2 3 Next > End >>
| | Results 55 - 78 of 78 |
|
