log in to manage your profile and account
- Create your account
- Receive up-to-date newsletters
- Set up text alerts
Published: Wednesday, November 01, 2017 @ 9:32 AM
— Being a first-time home buyer makes you a newbie, but it doesn't necessarily mean you have to be naive about purchasing a home.
While you might not be the “Property Brothers” your first time out, you can still have some clever tools and tips to reduce those costs.
Work on your credit score way ahead of time.
Reducing your mortgage interest rate by even a fraction of a percent point can save you thousands of dollars over the life of your loan, according to the Consumer Financial Protection Bureau.
One key factor: your credit score. According to Kiplinger, a score of 740 or higher will set you up to obtain the best interest rates. Check your credit report months - or even years - before you're sold on the idea of buying your first home, giving yourself plenty of time to boost your score. "What you don't want is to have to address a bunch of mistakes on your credit report while actively looking for a home and trying to get approved for a mortgage loan," HSH.com vice president Keith Gumbinger told Kiplinger.
To see just how much impact this step could have, enter information on your current and target credit scores into the CFPB's explore interest rates tool.
Crowdsource your down payment.
If you're comfortable accepting money from friends and contacts, House Logic suggests crowdsourcing to accelerate financing your down payment. Sites like Feather the Nest can walk you through the process.
See if Uncle Sam will help.
The U.S. Department of Housing and Urban Development, or HUD, offers a number of home ownership programs for those who meet specific income or location requirements. You may qualify for assistance with down payment and closing costs, for example.
HUD also offers deep discounts for people in professions like law enforcement or firefighters when they buy in "revitalization areas." The Veterans Administration can guarantee part of a home loan, help veterans secure a competitive interest rate or waive down payment and private mortgage insurance requirements.
Find a housing counselor.
A HUD-approved housing counselor can give first-time home buyers entirely independent advice on whether a particular set of mortgage loan terms is a good fit.
Pick a real estate agent based on where you want to live.
A neighborhood expert can often find you the best house at the best price in a way your friend who's a realtor or the agent who lives where you do now can't. "You want people who have worked and have experience directly in the areas you're looking in," Mia Simon, a Redfin agent in Palo Alto, California, told U.S. News and World Report. When you're a first time buyer, never hesitate to use real estate agents, since it costs you nothing. The agent will help structure and present your offer and can troubleshoot any issues that arise.
Choose a home where you could stay five to seven years.
"You're going to spend thousands of dollars to get into the home. To get out of it is going to be equally expensive and may possibly cost more when you do it in less than five years or in a down market," Keith Gumbinger, vice-president of HSH.com, told Kiplinger.
Don't get distracted.
Aspects of properties for sale that may seem important to you aren't always important to your bottom line. U.S. News recommends concentrating on home features that would be expensive or impossible to change, like not enough bedrooms, an undesirable location or a floor plan that makes it hard to get around. Don't get sidetracked by things you could easily and inexpensively change after the sale, like an odd decorating scheme, dirty carpet or cabinet hardware.
Published: Friday, January 19, 2018 @ 2:52 PM
— Too much clutter, too little money, too many gifts you didn't like... an eBay auction is one of the simplest solutions to all three issues.
If your trash might be someone else's treasure, an eBay business is simple to start and accessible to just about anyone. "It has low start-up costs and it can be started out of your home," noted the New Life Auctions blog, written by sellers who have been active since 2000. "You can work at your own pace and on your own time."
Within that flexible framework, though, are certain strategies for making far more money and clearing out a lot more junk as an eBay seller.
»Here are 10 tips from NLA and other experts:
Only sell valuable stuff
Yes, you're trying to profit by selling stuff you don't want, but you want to make sure there are some potential buyers who will disagree with you. Start by perusing eBay's own list of what's selling well.
Understand the fees
While it's easy to enter the world of eBay sellers, sales involve fees and you'd do well to balance them against earnings, according to NLA, which offers an eBay fee calculator that allows you to compare which listing formats and categories have the lowest fees, and how much each listing upgrade will deduct from your bottom line.
Avoid the scams
You might be surprised to learn that plenty of the scams that surround eBay sales affect sellers. "Many of the scams take advantage of sellers not knowing all the rules for safe trading on eBay," NLA said. "It is very important for a seller to completely understand PayPal's seller protection program." One scam involves a buyer using PayPal, waiting for the item to be delivered and then opening a dispute with PayPal if you didn't check "delivery confirmation."
If you don't use PayPal's "signature confirmation" option to sell higher-priced goods on eBay, a scammer might open a dispute with PayPal claiming the item wasn't received. "Unable to show proof of delivery, PayPal takes the funds out of the seller's account and returns it to the scammer," NLA noted. The blog outlines other potential scams and ways to avoid them, including credit card chargeback, fake money order and "you have been chosen to sell our products" scams.
Optimize your title
Your title, not the item description, drives search results. Include critical keywords, using a search of keywords for similar completed listings to guide you. Try to include the same keywords as the listings that sold for the highest price. Avoid words like "look" or "incredible" in your title, advised NLA, since no one uses those words to search. If you have a few words leftover in your title, consider adding a common misspelling of the primary keyword to catch the eye both of bad spellers and bargain hunters who search using commonly misspelled listings.
Emma Drew, who blogs about money on EmmaDrew.info, said you should include terms you would use when searching for something on eBay. (Be sure to check out her "10 weird things that actually sold on eBay" post each month.)
Spell it right
Most people can't find listings with the primary keyword spelled wrong. That means fewer bidders.
Take great photos
A picture may not be worth the proverbial thousand words on eBay, but it's pretty close. eBay itself recommends these tactics in its section on taking great pictures:
List on Thursday nights
It is common knowledge that eBay auctions ending on Sunday evening are the most profitable and popular, noted Drew, and listing for 10 days on a Thursday gives you two Sunday nights.
Allow international buyers
"Every bid counts, even if it comes from the other side of the world," according to NLA. "Odds are they won't win the auction, so why not let them bid?" If an international buyer does win your auction, you are able to charge a separate handling fee to compensate for your time filling out the customs form. You'll also want to make it a policy to insure all international packages.
Don't try to profit from shipping charges
If your shipping rates are unreasonable, most buyers will be on to you in a flash, according to NLA. "People know that they are being ripped off and they will leave your auction and not return. Charge a reasonable handling fee."
Resist the urge to end an auction early
If someone e-mails you with an offer that requires you to end your auction early, don't take it, NLA urged. Even the best early offers are usually just a fraction of what your item is really worth.
Published: Friday, December 29, 2017 @ 9:42 AM
— Buying a home can be a daunting task − whether it is your first or fifth time heading to the closing table.
For most of us, it will be the largest investment of our lives. However, there are factors predicted for the upcoming year that will make purchasing a home even more stressful.
According to Redfin's 2018 projections, inventory will remain low, especially for smaller starter-homes. Additionally, thirty-year mortgage rates are expected to rise between 4.3 and 4.5 percent. Changes to the capital gains tax may also persuade many current homeowners not to sell, putting even more strain on the inventory list. However, there are still deals to be found and your dream home may very well still be out there waiting on you.
When you find it, be sure to avoid these 6 common mistakes that first-time homebuyers often make:
Not getting a professional inspection
The idea of paying for a home inspection for a property that you might not even buy seems like a silly concept to some, but it can save you tens of thousands of dollars in the long run. The median cost of a home inspection is $350-$600 for an average or larger sized house, according to HomeInspector.org. Compared to potential issues with the foundation, electrical system or plumbing, however, it's a small price to pay.
Not putting a pause button on purchases
Buying your first house can be an exciting process and many new buyers get the urge to buy furniture and other home essentials before their closing date. While it's understandable to want to get a head start, it is very important that you not do this. According to Kayla Sweeny, a mortgage loan originator with Southeast Mortgage, a very common mistake is "buying things on credit during the mortgage process. The credit report has to be updated to add the new debt. Debt-to-Income ratios have to be recalculated and the file has to be reviewed again. This could potentially kill a deal."
Not keeping up with correspondence
Sweeny also noted that many first time buyers fail to check their mail, e-mail or messages regularly. "There could be critical loan documentation that a mortgage loan originator or processor has sent the borrower. The entire process is time sensitive. A sense of urgency is a must." This also applies to correspondence from your real estate agent, appraiser and inspector.
Not understanding the hidden costs of buying a home
Everyone knows that you'll likely require a mortgage to purchase a home. Unfortunately, many people fail to factor in the other costs associated with purchase - appraisals, earnest money, inspection costs, taxes, HOA dues, utilities and so on. Rafael Castellanos, president of Expert Title Insurance, told Bankrate.com, "They have an idea of what their mortgage payment is going to be, but they don't realize there's much more to it."
Not working with a buyer's agent
Some first-time buyers believe that they don't need or can't afford a buyer's agent. Nothing could be further from the truth. Home purchasing contracts can be long and confusing, filled with legalese that often baffle the layman. Eddie Hudson, owner of The Smyrna Team at Keller Williams, explains that "this means you have no representation, and working with a buyer's agent is free of charge as the seller is paying the commission."
Not looking into loan assistance programs
Published: Wednesday, December 20, 2017 @ 3:50 PM
Updated: Thursday, December 21, 2017 @ 4:43 PM
BATAVIA, Ill. — Low-cost grocery store chain Aldi and supermarket Kroger have issued voluntary recalls of some of its apples.
According to the Food and Drug Administration, which posts voluntary recalls, Jack Brown Produce, Inc., based in Sparta, Michigan, is recalling Gala, Fuji, Honeycrisp and Golden Delicious apples because of listeria concerns.
“In cooperation with Jack Brown Produce Inc., and out of an abundance of caution, Aldi has voluntarily recalled an assortment of apples that were available for purchase in stores starting on December 13, 2017, due to possible Listeria monocytogenes contamination,” Aldi said in a news release Tuesday.
The recall came after one of Jack Brown Produce’s suppliers, Nyblad Orchards Inc., notified the businesses of the affected products.
The affected products were sold at some Aldi stores in Georgia, Indiana, Kentucky, Ohio, South Carolina and North Carolina.
“To date, no illnesses related to these products have been reported. No other Aldi products are affected by this,” the company said.
Kroger said it recalled lunchbox-size Fuji and Galas sold between Dec. 12 and Tuesday, according to USA Today.
The products affected are sold under the brand name “Apple Ridge” and are as follows:
Products that may be affected can be identified by the following lot numbers printed on the bag label or the bag-closure clip:
Fuji: NOI 163, 165, 167, 169, 174
Honeycrisp: NOI 159, 160, 173 Golden Delicious: NOI 168
Gala: NOI 164, 166 on either the product labels and/or bag-closure clip
Published: Tuesday, December 19, 2017 @ 12:43 PM
— An email scam affecting FedEx, UPS and U.S. Postal Service customers is taking advantage of an increase in package shipments during the holiday season.
KMOV reported that the FBI Internet Crime Complaint Center is warning consumers about a fraudulent email scam.
The emails claim to be from one of the three organizations and say that a package cannot be delivered. The messages contain a link that users are prompted to click in order to get an invoice to pick up the package, but the link is spoofed and goes to a website set up to steal the user’s information, according to FBI officials.
According to the FedEx Customer Protection Center, customers who get fraudulent emails or who come across suspicious websites should forward them to firstname.lastname@example.org. It also recommends immediately contacting your bank if interaction with fraudulent sites or emails have led of financial loss.
More information on how to report fraud to the company can be found on the FedEx website.
USPS customers can report a phishing attempt by not clicking on any links and forwarding the message to the CyberSecurity Operations Center at CyberSafe@usps.gov. The suspicious message should be deleted right after.
Suspicious emails purporting to be from UPS should be deleted, according to the UPS website. Customers should not follow any links or click any attachments.
“If you’ve accidentally selected a link, you should run a virus scan immediately,” the site said.