Buying a Home in Today’s Market

Buyer’s Market

There are many homes on the market today in every locality. Some homes are placed on the market by sellers, other homes come to the market by way of foreclosure by the financial institution. All of these homes have one thing in common, they’re competing against many other homes to be sold.

What Should a Seller Do

A seller should look for a bargain. In today’s market, if the perspective purchaser’s first offer does not insult the seller, they are offering too much money. There is no list price for a used home. The value of a home is based on supply and demand. There is an over supply of homes on the market right now. This is why it is a purchaser’s market. Do not be afraid to offer a substantially lower amount than the seller seeks to sell his or her home for. It is your money, be careful!

What To Do First

Obtain a credit report. If your credit is good, great! If your credit is not so hot, contact an attorney or credit counselor and rebuild your credit.

Speak to a real estate broker and/or a mortgage broker about the actual cost involved in the closing on the purchase of a home. Do you have 20% of the home’s value as a down payment? If not, look into whether you can obtain a mortgage with a lower down payment. Speak to other local banks or mortgage brokers.

FHA and VA Mortgages

FHA mortgages are Federal Housing Authority mortgages. VA mortgages are given out by the Veterans Administration to Americans who have served in the armed services of the United States. These are alternatives to obtaining a conventional mortgage from a financial institution. Investigate whether you qualify for these mortgages and whether their interest rates are lower then those of financial institutions giving out conventional mortgages.

Be Careful

Even if you obtain the deal of a lifetime, you may find that in a year or two, due to current market situations, your home is worth less than you paid for it. The purchase of a single family home is the largest investment most families make. It gives you a place to live and a place to raise your children. In most situations, it is a larger, more comfortable space than an apartment that you would rent. However, be advised it is an investment and investments can go both either up or down!

Foreclosure Defense on Long Island

We provide foreclosure defense for our clients. We litigate foreclosure lawsuits. We attend foreclosure court conferences on behalf of our clients. We deal with issues such as defective foreclosure lawsuits, predatory lending, bad faith by financial institutions, and defective mortgages. We’ve been handling real estate related matters for more than thirty years. We assist our clients in mortgage modifications and we deal with mortgage modifications that fail to meet our clients’ needs.

In appropriate situations, we file Chapter 7 or Chapter 13 bankruptcies on behalf of our clients. Both of these bankruptcies have the impact of immediately stopping foreclosure proceedings. We explain the types of bankruptcies that are available to our clients, as well as why they should file bankruptcy. We also maintain a foreclosure blog that deals with real estate, mortgage and foreclosure related issues. Call us for a free consultation.

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We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

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