The Lawhead Team would like to share a recent article from CBS News for home buying in 2013 by Jill Schlesinger.

(MoneyWatch) Although housing prices started to rebound last year and are expected to continue rising in 2013, it’s still a buyer’s market. Prices remain 30 percent below their peak before the housing crash and mortgage rates hovering at all-time lows. If you are ready to jump in to the real estate market, here are 13 home-hunting tips for 2013.

1. Run the numbers. Put together a financial plan to determine whether you can really afford to buy. After all, just because it’s a good time to purchase a home doesn’t mean it’s a good time for YOU to buy. It’s important to understand how much home you can afford and whether home ownership might preclude you from addressing other important financial issues in your life.

2. Save 20 percent for a down payment. I’m not a huge fan of putting down less than that amount (although the Federal Housing Administration allows it). Keep your down payment fund in cash or cash equivalent accounts, so that market movements don’t thwart your plans.

3. Use this great “rent vs. buy” calculator from the New York Times. Renting might still be the better deal in your area.

4. Be an informed buyer. You’re not going to buy a house simply because there’s a pretty photo posted online, but you can conduct a lot of price research. That said, there’s nothing better than talking to people in the neighborhood for “on the ground” intelligence.

5. Obtain a copy of your credit report. If you haven’t done so in a while, go to AnnualCreditReport.com and request your free copy. It’s important that you correct any errors on the report before you start the mortgage process.

6. Get pre-approved for a mortgage. Pre-approval is a good gut check on your price range for a home. Gone are the days that banks will fork over cash to anyone with a heartbeat. The best way to start is to ask friends for referrals from mortgage brokers and to shop around with banks and credit unions. Make sure to compare apples to apples and to ask the broker about your total costs to you at closing. You should also know that once you actually find a home, the mortgage process is on the same pain level as a root canal, only it requires more patience and there’s no Novocain. You’ll need to dig up tons of paperwork and fair warning — there will be multiple requests for even more documents as you move toward closing. Eventually, you will need “commitment letter,” which details the terms of your loan approval.

7. Find an agent. As much as everyone complains about realtors, I still think that it’s tough to go through the home buying process alone. In some markets, buyers’ brokers are available, but the most important qualities in brokers are honesty, experience, good connections with other agents, and good referrals from buyers like you. Remember that most agents represent the seller, not the buyer.

8. Hire a real estate attorney. This is a major transaction in your life, so don’t try to save money when it comes to legal fees. Even if your mortgage company provides a lawyer, hire your own to help draft all documents and to ensure that your interests are being represented at every step of the process.

9. Get an appraisal. An appraisal will determine the market value of the property and ultimately will be used by your lender to determine the amount of your loan. You have a legal right to get a copy of this and will want a copy for your records.

10. Schedule a home inspection. Think you’ve found your dream home? Maybe, but unless you have an engineer walk through the premises with you, you might be buying a new roof in a couple of years. Don’t get freaked out if a problem arises during the inspection; it can often be addressed with a simple adjustment in price. It’s imperative to protect yourself, so don’t blow off this important step.

11. Start with a fair offer. The offer should be based on similar houses sold in the neighborhood in the past six months. Your agent will help you with the process, but the offer should include the price you’re willing to pay for the house, your financing terms and contingencies such as specifying what will happen if any problems come up during the inspection.

12. Purchase homeowners insurance. If you are a life-long renter, this can be an eye-opener in terms of cost. Make sure that you understand the difference between insuring the structure and insuring the contents. And if you are buying property that is close to water, make sure that you have an agent who can help you enroll in the national flood insurance program.

13. Review your HUD statement BEFORE closing. The government document provides basic details about the involved parties and a lot of numbers. Mistakes do occur, which is why it is vital that you review the statement and confirm that everything is correct.

 This article on purchasing a home in 2013 is from CBS News: http://www.cbsnews.com/8301-505145_162-57564301/13-home-buying-tips-for-2013/

There will always be a scenario or two which you will face when looking in to the home buying process.

It is important when you find a home you want and put an offer in on, to be knowledgeable about the way your offer looks so you are able to reach an agreement with the seller.

If you are putting in offers but keep losing it to other buyers when starting the home buying process, read on…

The most irritating side of home buying are the emotional highs and lows:

You are told it is a historic buyers market and that interest rates are so low you need to buy fast.  But then, you find the perfect home, you make an offer, but you’re told by your real estate agent that somebody else beat you to the deal.

If the buyer will not negotiate, fortunately, after reading this, you will know how to buy a house and you won’t have to deal with the emotional roller coaster that ensues when you go about it the wrong way.

First of all, every seller will negotiate. The seller in these home buying scenarios is not the problem.

How To Buy A House – Choose The Right Real Estate Agent

The problem is that poorly guided home buyers treat every prospective home the same way. They have a market opinion, but each home is situated uniquely in the market. Would you use the same negotiation style for a home priced to sell immediately as you would with a home that is grossly overpriced? I don’t think so, but many buyers do.

So solve this first problem by making sure you contact The Lawhead Team.

How To Buy A House – Work The Process

Too often, new home buyers want to run out and start looking at houses. In fact, many buyers end up finding their real estate agent when they do this.

And this is horrible. When you put the cart before the horse, nothing good is going to happen.

There are things that should be done before you put yourself into a position to create an emotional attachment to a new home. For example, you should choose your real estate agent, not just get the one that “comes with the house.”

Also, you should get your financing in order (or your cash), so that you understand the parameters of how to buy a house in the value range you desire.

And you better gain a solid understanding of current market conditions. Supply and demand in the area(s) you want to be, as well as what your posture is going to need to be. This might be a buyer’s market overall, but it’s a seller’s market in some small niches. Knowing the market will allow you to better understand the competition for the home that you will find.

There are other important parts of the process that you should discuss with your chosen real estate agent, and all of this can be done before selecting properties to view. While this might not sound as fun as just going to look at houses, it will save you thousands, if not tens of thousands of dollars, and it truly is how to buy a house!

How To Buy A House – Choose The Right Properties

Your home buying property search, when done using the right tools, will lead you to the “best deals on the market.”

That means it is highly likely that other buyers will find the same homes (everybody wants a good deal, right?). So you have to be the best offer the seller receives!

If you hire the best real estate agent, you work the process, and you choose the right properties, then the rest of how to buy a house is easy.

Any home you’ve extracted from the thousands available will be attractively priced (because you’ve eliminated more than 90% of the market with the process).

When you factor in liquidity in the housing market, then you will know how many other buyers are likely interested in the home that you favor. If it will be more than just yourself, you will need to make a bold offer. Often times, wise home sellers have priced their homes lower than what the final sales price will be, so don’t hesitate to make an offer above asking price if your (highly skilled and hand selected) real estate agent advises you that is what is needed to be above the competition.

Remember, homes priced below the market attract multiple buyers, so the seller’s asking price is far less important in how to buy a house than your understanding of the value of the home. And that is why your real estate agent selection is so critical when starting the home buying process.

And if somehow your search has found a home that is grossly over-priced, you need to understand that this is a homeowner who really does not have a home to sell. When you make your offer (at what you think it is worth), this seller will not budge. Avoid these sellers at all costs, as nothing good can happen by looking at an overpriced home.

Contact The Lawhead Team to start your home buying process today.