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William Onye's Blog

Home Buying, New Home Resource and Home Ownership

By William Onye | Agent in Missouri City, TX
  • HOME BUYING VS LEASING OR RENTING

    Posted Under: Home Buying in Richmond, Rent vs Buy in Richmond, Credit Score in Richmond  |  December 24, 2011 9:35 AM  |  1,218 views  |  1 comment


  • Always Use A Realtor When Buying or Selling

    Posted Under: Market Conditions in Rosenberg, Home Buying in Rosenberg, Home Selling in Rosenberg  |  December 24, 2011 9:24 AM  |  1,138 views  |  1 comment



  • FIRST TIME HOME BUYERS ASSISTANCE

    Posted Under: Home Buying in Richmond, Home Selling in Richmond, Financing in Richmond  |  November 18, 2011 5:20 AM  |  1,302 views  |  No comments






  • SELLERS DISCLOSURES

    Posted Under: General Area in Richmond, Home Buying in Richmond, Foreclosure in Richmond  |  November 18, 2011 5:08 AM  |  1,233 views  |  No comments



  • ADVICE TO HOME BUYERS

    Posted Under: Market Conditions in Missouri City, Home Buying in Missouri City, Rent vs Buy in Missouri City  |  October 13, 2011 7:18 AM  |  1,288 views  |  1 comment

    1. Arrange for your mortgage financing up front before you even start to look for a home. The lender will focus on your ideal price range, your maximum loan, and whether there are any credit issues you should correct before buying. The lender will also prepare a qualification letter, which you must provide the seller when you make an offer.

     

    2. Review a blank contract form before you write your contract offer. This will familiarize you with contract details and may prompt questions. Ask your agent to explain the process of negotiating and counteroffers.

     

    3. Use buyer representation. It is important to have an agent who owes his total loyalty to you. Discuss your representation options with your agent. If you are purchasing one of your agent’s company listings, make sure you understand what your agent can and cannot do for you.

     

    4. Review the seller’s disclosure before you make an offer. Your contract offer should reflect the condition of the property. The seller could disclose a repair or condition that would affect what you would be willing to pay. You should know this before you decide on an offering price.

     

    5. Ask for a residential service contract when you write the offer. This will cover you for some items that malfunction during the first year of ownership. Cash used for down payment, closing costs, and other home necessities can deplete your cash reserves. A residential service contract will reduce the risk of a future drain if a warranted item needs repair that first year.

     

    6. Get the property inspected by a licensed professional inspector. This will let you know the true condition of what you are buying. Follow the inspector’s advice if he recommends that you have another expert inspect a troublesome item. Ask your inspector to explain how to work or maintain appliances or systems in the home with which you are unfamiliar.

     

    7. Ask your agent to prepare a market analysis of the property before you make the offer. You should know what similar properties are selling for so that you don’t overbuy. Also, if the seller remains firm on his price, you will be able to tell if the value is really there.

  • New HAFA (Home Affordable Foreclosure Alternative) Program

    Posted Under: Home Buying in Missouri City, Financing in Missouri City, Rent vs Buy in Missouri City  |  June 12, 2011 7:07 AM  |  910 views  |  No comments

    The Treasury Department amended its Home Affordable Foreclosure Alternatives Program (HAFA) to provide servicers the discretion to approve sales to non-profit organizations with the stated purpose that the property will be rented or resold to the borrower, as long as the other requirements of HAFA are met. On May 25, 2011, the Alternative Request for Short Sale (Non-Profit Purchaser) form was released removing certain "arm's length transaction" requirements for such sales. The change will increase the number of eligible borrowers and offer more individuals the opportunity to stay in their homes. For more information on updates to the HAFA program.

  • We Value the Government’s Role in Housing

    Posted Under: General Area in Missouri City, Home Buying in Missouri City, Financing in Missouri City  |  June 5, 2011 7:10 AM  |  747 views  |  No comments

    Why should the federal government even have a role in housing?
    The ideal marketplace is one in which individual home buyers and multifamily developers transact business with private lenders. History reminds us, however, that the federal government plays an important role in regulating lenders and ensuring the smooth flow of capital. In tough economic times, private financing may simply choose to exit the market; the government provides gap financing when the private market does not or cannot participate. Without the active participation of the GSEs, and programs like the FHA, VA, and Rural Housing Services loan programs, there would be no money to fund home purchases and our ongoing housing recovery would not be possible. When private markets are healthy and we return to a more typical lending environment, the role of these entities should reduce. The government also protects borrowers against predatory lending practices that borrowers might otherwise not recognize. One of the lessons of the mortgage market meltdown is that banking regulators weren’t doing enough to rein in bad lending practices.

    How do Fannie Mae and Freddie Mac fit into that?
    Fannie Mae and Freddie Mac (together known as government-sponsored enterprises, or GSEs) have traditionally played two important roles. One, by purchasing mortgage loans and securitizing the loans for sale to investors, they have enabled lenders to have ready capital to make more loans for home purchases, small-business lending, and other purposes. Second, by setting underwriting standards for the loans they purchase, Fannie Mae and Freddie Mac have helped ensure the quality of the collateral for investors and created a level playing field for consumers.

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