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home buyers information center

July, 1999 Newsletter


The Home Buyer's Information Center Newsletter
<http://www.ourfamilyplace.com/homebuyer>

+++++++++++ July 16, 1999 +++++++++++++++++++

CONTENTS:
Introduction
Mortgage Rate Update
New on the Site: Choosing a Housing Type
This Month's Tip: Making an Offer

++++++++++++++++++++++++++++++++++++++++++++
The first 2 weeks of July have been hot and humid
in much of North America, and the housing market
has remained hot and active in many areas. We are
still receiving reports of housing inventory
shortages (more buyers for certain price range
properties than houses available) in a number
of locations.
Traditionally, though, there is often an increase
in availability in late summer, so now may be
a good time to begin your preparation work.

+++++++++++++++++++++++++++++++++++++++++++++

Mortgage Rate Update
In the U.S., mortgage rates showed a slight decrease
from the previous 2 weeks, averaging in the 7.4%
range for a 30 year mortgage with 1 point. In Canada,
3 year closed term rates are in the 7.3% range.

What is the prognosis for future rates? Much of the
recent economic news has been favorable for
mortgage rates, but of course that can change
rapidly. Our advice would be to concentrate on
the "home finding" process and when you have found
a good choice, use the mortgage comparision tools
that are available.
Additional mortgage information can be found at:
<http://www.ourfamilyplace.com/homebuyer/mortgage.html>

++++++++++++++++++++++++++++++++++++++++++++++

New on the Site: Housing Types
One of the first choices (after the initial decision
to buy a home and the choice of the general area)
will be the type of house that will best fit your
personal situation--Single Family, Townhouse or
Condominium. Your needs and wants (and of course,
your budget) will be the biggest determining
factors in the type of house that will be best for
you, but there are other factors that should be
considered. We have devoted a new section to just
that discussion which lists many of the advantages
and disadvantages of each type of housing.
<http://www.ourfamilyplace.com/homebuyer/types.html>

++++++++++++++++++SPONSOR++++++++++++++++++++
Sponsor:

LendingTree Mortgages
LendingTree Mortgage In this volatile financial and interest rate
environment getting as many loan comparisons as
possible is crucial. At LendingTree you can submit
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get up to 4 bona-fide offers from lenders competing for your business.
Get more information here.
++++++++++++++++++++++++++++++++++++++++++++++

This Month's Tip: Making an Offer
One of the most common questions that we receive
from our visitors goes something like this:
"I want to make an offer on a house to see what
the buyer will take. What is the best way to do
this?" The first thing to understand that the
offer process, when it concerns Real Estate, is
a good bit different than other types of
purchases. For example, if you enter an auto
dealership and say "Would you take $15,500 for
this vehicle?" and the salesperson responds with
"Yes!" you are under no legal obligation to
proceed with the purchase. You may be a bit
embarrassed if you walk out of the dealership,
but you will not be forced to live up to your
offer.
In Real Estate, however, an offer can quickly
become a legally binding contract. If you "make
an offer" (which must be in writing to have
effect) and it is accepted by the seller (and
you are notified of it's acceptance), you are,
in most cases, legally bound to proceed with
the purchase. The offer, when it is accepted,
becomes an enforcable contract, both from the
seller's perspective as well as the buyer's.
It is for this reason that it is never
advisable to "go fishing" with offers to see
what the seller may possibly accept. Unless
you have done your preparation and homework
and are fully aware of values, you may find
yourself with an enforcable contract on a
home that is not exactly what you are
interested in.
For more information on offers (and how they
can become contracts) see the sections at
<http://www.ourfamilyplace.com/homebuyer/offer.html>
and
<http://www.ourfamilyplace.com/homebuyer/contract.html>


++++++++++++++++++++++++++++++++++++++++++++++

As always, if you have suggestions for improving the
site, or topics you would like to see addressed in
this newsletter (or, if you have used the Home Buyer's
Information Center to successfully purchase a home),
drop us a quick line to:
homebuyer@ourfamilyplace.com

Thanks and have a great month!
The Team at the Home Buyer's Information Center

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