New How-To Home Buying Videos were just release at the National Association of Realtors

New How-To Home Buying Videos were just release at the National Association of Realtors

Three new how-to home buying videos were just released at the National Association of Realtors Convention in New Orleans. HUD produced the three consumer education videos in coordination with NAR. The videos help educate the consumer on shopping for a home they can afford, a mortgage they can sustain, and what to expect when its time to close escrow.

“Educating consumers about the home buying process is at the heart of what Realtors® do,” said 2010 National Association of Realtors® President Vicki Cox Golder at the video release announcement. “Informed home buyers create the conditions necessary for responsible, sustainable home ownership, and we’re very happy to be a part of this project.” Here’s a summary of the three videos:

Shopping for your Home – The home buying process begins with finding a place you’ll want to call home. This video instructs viewers on assessing how much of a home they can afford, how to work with a real estate agent and what happens once they find the home they want to buy.

Shopping for your Loan – Once you’ve found the right home, the next step is to shop for a loan. This video helps consumers use the good faith estimate (GFE), a form that spells out the terms of a loan offer, to shop for the best loan for them. Consumers learn how to use the GFE to determine how long an interest rate is available for a particular loan and how to identify key loan terms and costs of a particular loan offer.

Closing the Deal – This video walks consumers through the actual closing process including how to make sure the loan they were offered closely matches what they receive. Of particular interest, HUD will walk the viewer through the HUD-1 Settlement Statement and demonstrate ways for the consumer to compare their actual costs with those on their Good Faith Estimate.

The videos are accessible from both HUD and NAR’s websites. Additionally, HUD has a youtube site that is easy to use, www.youtube.com/HUDchannel. They are free, informative, and could make a difference to you in your home buying process. Check them out. All it takes is one good bit of information that helps you in your home buying undertaking to make the time worth your while.

Our Advice: First time home Buyers will find these videos informative and helpful. During the release announcement, a HUD spokesman said, “These videos go a long way in identifying key aspects of the home buying process that a consumer should be aware of. Our goal is help make the process more transparent through educating consumers who in turn can make informed choices about their home purchase. We partnered with NAR because a real estate agent is often the primary point of contact for homebuyers and we believe real estate agents are in a great position to provide these videos to their clients as they move through key areas in the home buying process.”

Between the videos and your good agent you’ll have a more informed and therefore a more confident, pleasing experience. So pop some popcorn to watch the videos with, and get ready to buy a house! Prices and rates are great! These are the good ole days – don’t miss out.

When it comes to choosing professionals to assist you with your real estate needs… Experience is Priceless! Lisa Wetzel & Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472. carsonvalleyland@hotmail.com, www.carsonvalleyland.com

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Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley , Carson City and the tri-county area of Douglas County , Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: Carson Valley Listing Book or visit our website at www.CarsonValleyLand.net or www.CarsonValleyLand.com

We Can’t Reduce Our Price Any More … What Can We Do?

Whether you can’t, or won’t, reduce your price, we understand that it is frustrating to sit in this market without action. The best way to generate action is to reduce your price to be the best priced property on the market for what you are offering. Having said that, here are a few options available to you other than a price reduction.

For some Sellers a lease/option can help you achieve your goal. A lease option is in actuality a lease agreement, and an option to purchase agreement, that are tied together by language in the agreements. A lease/option provides you with cash flow from the option consideration and monthly lease payments while you wait to see if the option will be exercised. Since the price paid at the time the option is exercised is agreed to at the time the option agreement is signed, it is usually a higher than market price. This is because of the extended term of the option period, typically 12-24 months, and the anticipated increase in market value at the end of the term.

Lease/options can be a risk for both parties since nobody really knows what prices will do, but it gives the Seller cash and cash flow, and buys time for the market to change. The Buyer can get in to the home knowing that they have the opportunity to buy it in the future. This works well if they, too, are waiting to sell, repair credit, or any number of reasons that are holding them back from a normal purchase in today’s wonderful Buyer’s market. The fact that Sellers today are considering lease/options is another sign that it is, indeed, a Buyer’s market.

If you know where you want to go after you sell, look in that market for somebody that is looking to move to our community. A simple ad in their local paper might produce a Buyer that can’t sell their home. So what do the two of you do? Trade your homes! You might advertise your willingness to do so in your local Carson Valley advertising. We’ve found that people looking to move to the Carson Valley look here in preparation for their move. A needle in the haystack? Yes, but with the right intention you just might beat the odds.

Our Advice: There are a number of other options, each with its own inherent risk factors, and one should be careful when considering such an option. These include selling with a Contract of Sale, All Inclusive Trust Deed, or simply renting your home until the market recovers sufficiently to allow you to accomplish your next real estate objectives. Auctions have a certain intriguing appeal, but have not proven very successful from our observation unless it is involves a distressed property, or a very unique and expensive property. Be flexible and maintain a bigger perspective when weighing your options.

Remember, it is only money. Don’t let yourself get so affected by this market that you lose your health or family … money can be replaced. Experience is Priceless! Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, www.carsonvalleyland.com , 775-781-5472.

Easily search the entire Northern Nevada MLS or email Lisa and Jim with questions or for additional information.