HOME INSPECTIONS ARE A MUST! DEMAND ONE!

As a buyer you have the right to know what you are buying...especially in today's foreclosure market where homes are being purchased in AS IS condition with no guarantees or warranties.  A professional home inspection is something you MUST do regardless whether or not it is a new or pre-owned home.  This inspection is an opportunity to have an expert look closely at the home you are considering purchasing.  It is best to have all the inspectors findings in a written report and not rely on an oral opinion as they are easily misinterpreted.

Make sure your inspector is Stated licensed and a member of ASHI (American Society of Home Inspection).  Accompany the inspector to the inspection if possible and ask questions.  If you can't be present ask a family member or close friend to represent you.

Most real estate contracts provide for an inspection to be done within a certain time period.  This inspection clause is considered a contingency to your purchasing the home.  If you don't approve the inspection, you don't have to buy.  Many times the seller will make the necessary repairs found in the Inspection
Report but sometimes they won't (as in FHA and Bank Owned Foreclosures).  If you do not approve the inspection report and wish to cancel the contract, ALWAYS put your cancellation in writing within the time period specified in the purchase contract.

TO TWITTER OR NOT TO TWITTER....THAT IS THE QUESTION

If you don't know what it means to "Twitter" you may be behind the times.  Social media tools like "twitter" are as popular and user friendly as yesterday's PDA's.  Other social media trends include Google Reader, Twitter , Activerain and Facebook which are the new wave in connecting with others.  These new avenues seem to bring networking circles closer together and allow more frequent communication. While we may not know whether these new methods of mass media are a blessing or a curse, it is probably a good idea to at least get familiar with them.  If you don't, you may just be missing the boat that's leaving port.

Facebook seems to be used in more of a business or professional setting.  It provides pictures of people and periodic updates as to what these people are doing.  Twitter requires communications to be in bytes of approximately 140 characters or less. Ironically one of the most valuable aspects of Twitter is developing the skill of communicating a mouth full in a few choice words.

One of the best things about these new methods of communications is that by and large they are free.  As postage becomes more expensive and takes more time, it makes sense to use the Internet as a creative chatter box.

DON'T MAKE MAJOR CREDIT PURCHASES DURING LOAN QUALIFICATION

Home buyers---don't go on a spending spree using credit if you are qualifying to purchase a home. Your loan pre-approval is subject to a final evaluation of your credit report just a fewdays prior to closing. Every $100 you pay per month on a credit payment could cost you about $10,000 in home eligibility ie. $300 car payment could mean that you qualify for $30,000 less in a mortgage. Even if you have sizable savings, don't make any large purchases until after closing. The last thing you want to happen is to have your loan declined and lose your new home.