10 WAYS TO LOSE YOUR HOME

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10 WAYS TO LOSE YOUR HOME PART 1
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Few home buyers stop to think that they could
lose their home. But mistakes happen. The reasons
sellers decide to sell are based on the mistakes
they made when they purchased.  Doing your
research and being well prepared can help you not
make costly and life altering mistakes that will
take years to recoup from.
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Attending Seminars Start by calling that
toll-free phone number to make a reservation.
Then sit through a three-hour sales pitch for
books, tapes, CDs and specially discounted
services hawked by seminar gurus who most likely
never bought or sold a piece of real estate in
their lives but are getting rich off the backs of
suckers. Er, I mean honest, information seeking
consumers. Armed with trade secrets, then venture
forth into the world of real estate, making sure
you regularly point out how the pros do it to
your real estate agent, who, undoubtedly, will be
forever grateful to receive such sage advice.
Make dozens of lowball offers that get rejected
until you find a seller who will carry all the
financing at 18 interest with a 3-year balloon
payment.
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Choosing Bad Agents Start by believing the
premise that all real estate agents are the same
because they all hold a real estate license. Do
not interview your agent because you dont want
to offend by asking hard questions or trying to
figure out the agents answers. Hire the cheapest
and most eager agent you can find, regardless of
experience, because that agent will work harder
for you. In fact, ask your newly licensed
brother-in-law to represent you. Refuse to sign a
buyers broker agreement.
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Having No Savings or Spending It Put every cent
you can scrape together into a down payment for
your new home. Beg or borrow money from relatives
to pay your closing costs, which will barely let
you squeak by an underwriters scrutiny, but at
least you have equity walking into the deal. If
youre short on funds, tell yourself that youll
make it up out of next weeks paycheck and make a
cash withdrawal on a major credit card. Plan on
charging all repairs and future maintenance to
that credit card as well. Make every effort to
clean out all sources of available cash, dumping
every dime into the purchase of your new home. In
fact, why not cash in your retirement accounts,
too, because retirement is a long ways off.
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Refusing Professional Advice Realize that
regardless of what your agent or mortgage broker
tells you, professional sales people are only
interested in closing the deal. They want your
money into their pocket as fast as they can get
it and nobody cares about what happens to you,
except you. Which makes you an authority. What
you do not know, you can ask Uncle Joe to
explain, since he owns a home and you do not.
Dont bother looking up information on the
Internet, reading real estate books or asking for
a second opinion as all of that is a waste of
time. Whatever you do, do not, under any
circumstances, ask a lawyer or an accountant for
advice. If you receive professional advice,
disregard it and do what you think is best.
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Choosing the Wrong Financing The lower your
monthly payment, the more money you will have
leftover every month to spend on other things.
Besides, appreciation is the only way to build
equity in a home you do not need to pay down the
principal balance of your loan. Make sure you
shop for the lowest interest rate you can find,
even if it means the rate will adjust later on.
Dont pay any attention to a Good Faith Estimate
its just jargon. If you dont understand the
terms of your loan, shrug it off. You know there
is no reason to be concerned with silly terms
such as indexes, margins, caps or negative
amortization. Because you have a low interest
rate, a low monthly payment, and you feel
confident that whatever happens later, you can
handle.
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For more information visit us
www.biowashing.com
Call 215-339-1769   610-325-8695
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