How To Say “I Do… Want a New Home” – Bridal Registry for Homes

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Who knew that there would be anything like a bridal registry that has a new house on it? Well, believe it or not, there is. In fact, it does not boil down to only newly married couples who can enjoy monetary gifts by friends, family and other associates – rather it can go as far as anyone graduating, expanding their family or going through another major life transition that entails buying a home for the first time ever. The most obvious application would be, of course, through a bridal registry so that is what we will talk about most in this article.

FORGET THE MARTINI MIXER, GO FOR A MORTGAGE PAYMENT

Yes, we all have those obscure wedding gifts that end up in the deep recesses of shelves that see more dust than a human hand – but it doesn’t have to be that way. If a couple registers with a bank, setting up an account specifically for the purpose of allowing their loved ones to sock away some cash toward their down payment, they can end up with one very seriously perfect wedding gift altogether. After all, what good is a Lennox crystal bowl display set if you don’t have the space to display it in?

NOT EVERYONE CAN GIVE THIS GIFT THAT LITERALLY KEEPS ON GIVING

Here’s the thing though – not everyone can contribute to this fund. Unless the person gifting cash toward the aspiring homeowners’ down payment is a family member, close friend, an employer or even a labor union – it can’t be legitimately done. There is a complete rundown on this here on the official HUD (Housing and Urban Development) website. The government has clearly indicated that anyone who has an interest in the sale of the property is not eligible to make a contribution toward another’s down payment. This includes people and/or groups such as builders, real estate agents, investors or sellers.

HOW TO GET STARTED SO YOU CAN START PLANNING YOUR NEW LIFE

Setting up a gift registry to accommodate cash gifts toward your new home is fairly simple. First, contact your lender to let them know of your intentions. This will not only keep them in the loop of your plans from the start but it will also allow them to communicate any specific requirements or let you know of any details their lending policy dictates for such a provision. Next, set up a savings account at your bank and assign a name to it so it is easy for your loved ones to identify the account and so that it remains transparent for mortgage officials to see. This benefit is available to anyone who chooses to finance through an FHA mortgage loan and is not limited to just newly married or about-to-be married couples. Individuals who may be in the market for a first-time new home for other reasons ranging from getting a new job in a new city to transitioning from graduate school can take advantage of this benefit. In fact, any first-time homebuyer obtaining FHA financing is eligible.

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A few decades ago, before the age of gift registries, no one would have dreamed of asking (albeit subtly) for others to help pay for their new home. But now, even etiquette gurus like Anna Post (great-great-great-granddaughter of Emily Post) have deemed the practice not only acceptable but also practical. So, go ahead and invite a LOT of people to that wedding of yours and move in to a gorgeous new home to start of your long and happy life!

Get Into a Bigger, Better, Nicer House Now – Before You Regret Not Taking the Opportunity

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Trust me.  This is THE time to buy a house.  If you don’t believe me, read what I have to say about why it is the best time to make a move – literally.  There are obvious reasons that we all know about that are mentioned on a daily basis in news reports, talked about by industry analysts and are a part of the daily buzz among consumers.  But there are not-so-obvious reasons too.  Read on to find out exactly why now is the best time that we’ve seen in a long time to get into a bigger home, a better home or a new one if you have never owned until now.

Low, Low, Lowwwww Interest Rates and Housing Prices

This goes without saying.  EVERYONE has heard of the colossally low rates we’re seeing in the mortgage industry right now.  This goes for all types of mortgages too.  The best opportunity is to capitalize on a rate that will lock down the low rates and reduce your monthly payment significantly.

When you factor in low interest rates with the low housing prices we’re seeing in the market these days, then the savings REALLY kick in.

Down Market = Great Time to Move Up Into Something Better

While everyone is waiting for the market to improve, interest rates will continue to rise.  When the rates do end up climbing again, it will directly translate to higher monthly payments.  Seizing the opportunity that lies in obtaining financing for a low-priced home is just about the best financial decision you can make for the long-term.

The single most important thing you can do these days is to heed these mortgage rates.  As we see with the stock market volatility and US debt-ceiling situation, everyone holds their breath and expects rates to begin to skyrocket soon after.  But having an interest rate that is low can actually buy you more house today so eventual rising rates is something to be concerned about because those rates will definitely rise.  And at that point, are you going to be able to afford the house that you really want?

Here’s How Buying Up Works – Clearing Misconceptions

In a down market with a $200,000 house, by selling it now you will take a ten percent discount which means you’re leaving $20,000 on the table for your new home. But here is the part that most unsure people toying around with the idea of moving up tend to forget:  you are moving into a larger home and it will probably be worth more.  If the home you are moving into is a $300,000 home and that home also took a ten percent discount, which would have been $30,000, then that means you have a $10,000 gain.  AND you get to live in a better home.

ALSO, CONSIDER THIS:  On that $300,000 home, assuming a fixed interest rate of 4.5% over the course of 30 years, if the payment is $1,520.06, when you increase the rate by just a half percent, the payment jumps up to $1,610.46.  Conversely, if you increase the price of the home, the payment goes from $1,520.06 to $1,596.06.  What this means is that a half percent change in interest is the same thing as a 5% chance in price.  The same concept applies to different variables.  A one percent change in interest rate is about the same thing as a ten percent change in price.
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It’s very simple.  If you can, if you want or even if you are just thinking about it – now is the single best time that many of us will ever witness in our lifetimes to buy a house at unprecedented low prices and historically low interest rates.  Just think about how you might feel if you miss the boat on this one.

Knowing What To Do When You Get An Offer On Your Home – Surprising Insight

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Just because it is a buyers’ market out there right now does not mean that sellers have to walk away selling for pennies on the dollar, right? Well, no. But it does means that sellers have to be savvy and aware without making costly mistakes that could end up in regret. So what are you supposed to do when you get that lowball offer? Laugh in their face? Nope. Here is some insight as to what you ought to be doing when someone shows some interest in your property.

Reject or Don’t Reject That CRAZY Low Offer?

You have to give it to them. Buyers these days sure know who’s court the ball is in. But that doesn’t mean you as a seller have to quit the game. Let’s face it. As long as the market leans heavily toward buyers as it does these days, you are going to see some very low, and very crazy offers. So what do you do when you get an offer on your home that is as much as 25% lower than your asking price? No, you don’t laugh at them and send them off. Rejecting their offer will only close a door that you might not want to slam shut.

Here’s what you do: you counter offer. What’s the worse that can happen? You could end up at the same spot you were on the day you received the offer and knew that it was too low to accept. OR, you could just end up with a buyer who was playing the field and trying to test the waters to see how low you’d be willing to go. Believe it or not, a lot of times buyers are interested in your house and would pay more if you just asked them. Here’s the real kicker: you will never know until you open that dialogue. So even if you get an offer that is bordering an insult – try them. It could very well end up in a successful sale.

Tale of a Missed Opportunity

Here’s an example of a recent transaction that was salvaged with a bit of intuition, and a little patience:

One of the homes listed recently was shown some interest by a buyer who made an offer that was twelve percent lower than the list price. Negotiations happened; but nothing solid came to the table and the buyers walked away. It wasn’t even a week later when the seller got their second offer; only this time it was almost 25% less than the asking price. After negotiations that went on for a month, the seller was able to settle on a figure that came within 3% of the asking price. Now THAT’s the power of bargaining!

There are two lessons here: First, before rejecting an offer too quickly it might be a good idea to negotiate. And second, no matter how low an offer might be – it definitely pays to negotiate with open dialogue to see where all parties are willing to meet.

Don’t Worry, Be Very Happy You GOT an Offer

One thing to remember is that since there is far more inventory than there are buyers in most markets these days, a lot of times offers don’t even come in for some sellers. So if you do get an offer on your property, be sure to entertain it, no matter how low or insulting it may seem. You never know whether another buyer will be interested in your property or whether this one really wants your property and would be willing to come up to a fair amount.

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Until the market changes or shifts toward sellers, buyers are going to try to get as much as they can get in their transactions. Your biggest defense is to counter offer anything that is not acceptable and give them a chance to mull over your offer. You’d be surprised at how many deals are being made on both sides of the fence.