Alternative Ways to Buy a Home
A lender can pre-qualify you for a loan to buy a home in other
ways besides those offered by a real estate agent. Some of these
alternatives are listed below. Click the links to learn more about
each.
If you are not familiar with these practices, it is best to hire
a professional to guide you. Transactions such as a sale by owner
might cost you more in the end, if you do not understand what you
are signing. However, if you understand the more complex procedures
involved in these alternative ways of purchasing real estate property,
you can save money.
Buying an Affordable Home from a Builder
Builders often buy the land and then build and sell homes directly
to buyers. More new homes are affordable because they are built
to a standard called "The Building America Standard."
Internet Field Trip
Where can you buy one of these homes? Take a trip to locate builders
and projects in your area. You'll learn more about this standard
of building. Read all the steps below and begin.
Directions
- Click the link Building
America Program. This will take you to
the Building America Web site.
- Briefly read the information about this program.
- Click the See Current Projects link. A page will appear with an interactive map to locate builders
and projects in your area.
- Click the close box to return to the course.
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An Expert's View
Now you'll have a chance to hear a mortgage lending expert, Mr.
Glenn Wertheim, President of Charter Bank and Mortgage Company in Albuquerque,
New Mexico. Mr. Wertheim explains why homes built to this standard
are not only affordable but may help in times of crisis as well.
Click each question link below to begin the audio. While listening,
consider each question.
Looking for Defects
No matter what type of home you want, knowing where to look for
signs of trouble, can help you avoid problems later. Some home defects
can indicate serious hazards or may require costly repairs. Below
are just a few signs to watch when searching for a home.
- Cracks — Pay attention to defects such as cracks in the walls,
around the doors or the closets and broken window glass.
- Leaks — Are there signs of leaking in the ceiling, burning
wood or humidity in the basement? Do faucets have running water?
Be sure to turn on the water. Sometimes owners close the main
water valve.
- Lead Paint — If the home was built before 1978, and the original paint was not
removed, chances are that the paint contains lead. This substance can harm your family.
Request a lead paint
test to be sure. Inexpensive test kits are available at paint stores. For more information, visit the
EPA Web site on lead at http://www.epa.gov/lead.
Now you've learned the roles of various professionals involved
in the home buying process. You also learned about pre-qualifying
and searching for homes. Next you'll discover the importance of
knowing your legal rights while buying a home.
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