Reports

In the Southern U.S. it is not unusual to pass by many mobile home parks on the way to an everyday destination. They were - and still are - considered a vital part of many communities across the country and may offer a viable alternative to traditional housing for households seeking an affordable home of their own.. For some, a manufactured home can fulfill their dream of homeownership. Fortunately, the industry has gone through many changes in the last 25 years to assure quality and safety in the construction of manufactured houses…

Couples today are breaking away from the typical crystal, China and silver gift registries when it comes to asking for wedding gifts. Since a new marriage can often mean time for a new house, many couples are throwing tradition to the wind and asking for extremely practical gifts -- like money toward a down payment or tools to keep their new house humming. Money has always been a popular wedding gift, and now some couples are making it clear it would be the gift of choice. They're going to their brokers to set up special joint accounts that are targeted toward a down payment…

Escrow has closed, the title is in your name, and the hassle of moving is finally over. While you may feel like the home buying process is behind you, it's not. Now the onslaught of mailers, solicitations, and tempting offers geared toward new homeowners, who are typically trying to rebuild their finances. How has your mailbox become a receptacle for these solicitations? Your home purchase is a matter of public record. There are many things you can do - and not do, for that matter - to get back on solid financial ground. There are the obvious things: stay on top of your mortgage payments; try to avoid any major purchases, like a new vehicle; and make sure you have adequate homeowners insurance. In their book, Home Buying for Dummies (Hungry Minds, Inc., 1999), Eric Tyson and Ray Brown outline everything a first-time homebuyer would ever want and need to know about buying a home, including how to get your house in financial order…

What is PMI? Although the borrower pays the monthly (or annual) premium, this insurance is solely for the benefit of the lender. It is designed to protect the lender should they have to foreclose on your property, and the price that the property is sold at a foreclosure sale does not equal the outstanding balance on your mortgage loan. Unfortunately, although many lawyers believe that the monthly PMI premium can legally be deducted as "mortgage interest", the Internal Revenue Service takes a strong position that such payments are not deductible…

I am currently in escrow on a house. We had the inspection done yesterday. There are a few major concerns of which we were unaware. The largest is a faulty shower pan, which has been leaking for several years and has caused substantial damage to the sub-flooring. What is the best way to handle this? Allow the seller to choose the method and company to repair this? Or should I have a professional estimate the costs, then ask for cash from the seller so as to allow myself control over the work? I would like to know the best way to negotiate an allowance (or discount off sales price) for these items. I don't expect the house to be restored to perfect condition for me, but I've heard of parties negotiating on such items…

While the thought of paying a mortgage is more enticing than paying rent, it's important to understand all the costs involved in buying and owning a home as you determine whether you can afford to join the ranks of homeowners. Potential buyers sometimes forget to factor in the down payment, homeowners insurance and the possibility of depreciation, as well as the costs associated with closing the transaction, moving, purchasing major appliances, and home, landscape and pool maintenance, not to mention furnishings and design accessories once you move in…

Since Sept. 11, more and more Americans have pushed safety and security high on their list of requirements for the community where they might buy a home. Some are reconsidering the allure of big city urban living, especially when a greater use of technology can permit them to live virtually anywhere and telecommute to the city for work. Based on largely anecdotal evidence obtained from real estate agent interviews Forbes.com recently produced "The Best Houses in the Safest Places," a survey for luxury homes off the beaten path. The magazine found 16 cities in 11 states it deemed as "conceivably" safer than big cities…

"Facts, m'am. Just the facts" was the constant refrain of Sergeant Joe Friday of the television series "Dragnet" in the 1950s. More than fifty years later in the real estate industry, a very special type of sergeant, the buyer's agent, performs an equally valuable service -- dispensing and interpreting facts for his buyer/client. The buyer' agent's mission? To provide the client with a high-level of interpretation, even if it means walking away from the bulk of compensation should a sale not be consummated?…

Private Mortgage Insurance (PMI). PMI is a monthly fee that the borrower pays if the first trust loan exceeds 80 percent of the purchase price. Since a lower down payment results in a statistically higher risk to the lender, PMI insures a portion of the loan to reduce the risk to the lender. Thanks to creative lenders, however, a borrower can still put as little as no money down and avoid PMI by taking out two loans. Ask your loan officer about loan packages with no PMI, sometimes called "piggy-back" financing…

Home buying with no money down is a wonderful concept, something that can make ownership available to huge numbers of people who otherwise are unable to buy. And yet there has not been a rush to buy homes with nothing down, in part because such financing has sometimes been promoted as a get-rich-quick device. But now we have a well-known lender entering the no-money-down market, something which should greatly help both the concept and its image…