Realty Insights for Home Buying, Home Selling, and Indy Info

As in any industry, the real estate world has a lot of jargon. That jargon can be exceptionally confusing, especially for first-time homebuyers. Following are a few of the terms you are most likely to come across as a first-time homebuyer, which will hopefully help alleviate the confusion. Adjustable-Rate Mortgage (ARM): A loan characterized by a fluctuating interest rate, usually one tied to a bank or savings and loan association cost-of-funds index. Closing: The occasion when a sale is finalized; the buyer signs the mortgage and closing costs are paid. Closing costs: Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Counteroffer: A new offer made in response to an offer received. It has the effect of rejecting the original offer which cannot be accepted thereafter unless revived by the offeror. Earnest money: Money deposited by a buyer under the terms of a contract, to be forfeited if the buyer defaults bu...

The following is an article by Kendra Todd, winner of The Apprentice, offering advice to first-time homebuyers. Welcome back to a buyer's market. It's been a while since the folks with the mortgage approvals burning a hole in their pockets were in charge of the real estate scene. We've seen prices skyrocket beyond all common sense and the rules for many buyers change. Bidding wars, absurd enticements like personal letters-we've been seeing everything short of blatant bribery (and I'm sure there's been some of that, too) from buyers trying to woo sellers. But things have changed. As the markets around the country have cooled, the buyer is back in command. And if you're a first-time homebuyer, that means you have more leverage than you've had in years to find the home you want at a decent price, if you know what you're doing. Following are some common sense tips for first-timers that will help you steer your ship in these tricky waters. DO: * Sit down ...