I hope you all had a chance to catch my real estate segment on THE VIEW.
It’s amazing to be in LA and working at Extra on Monday then fly cross country be on set Tuesday am at The View in NYC – as Whoopi and Joy are back stage – and Kirstie Alley and Liv Tyler are in the dressing rooms across from me. I go on set to shoot my segment and, then, within a half hour I am whisked back to the airport to be back in LA by 6:00 pm and home for dinner! It is a whirlwind 24 hours.
The best part is that I was able to get some fantastic and important home buying information out to people. Here is what they wrote on The View website:
On this week’s The View, Real Estate expert Michael Corbett , author of Best selling Before You Buy was here to answer YOUR questions about the real estate market. Below are some tips, answers and advice he shared:
Will Home Prices Go Up?
Michael noted that, while nationally the real estate market is still soft, real estate is ultimately a local business – so you should be concerned with the home prices in your own city/community.
Certain states, like Florida and California, Nevada, home prices will remain soft for a while. But according to last week’s Coldwell Banker Home Listing Report in many cities – like New York, LA and Dallas – home prices have stabilized, and in some communities (Jackson, MS and Charlotte, NC for instance) real estate prices are going up.
How Much Money Should You Have Upfront for a Home Purchase?
Michael advises at least 20%. For example, with a $350,000 home, he advises that one should put aside $80,000. This would cover the 20% down payment ($70,000), closing costs ($1,800), points on your loan ($2,900) and other misc. expenditures that pop up.
What is the Difference between a Foreclosure and a Short Sale?
Foreclosure = when a homeowner has to stop making payments on the mortgage, so the bank takes the house back.
Short Sale = when a homeowner trying to sell the house asks the bank to “eat” money because they must sell the house for less than it’s worth. For example, a home you owe $350,000 on but is now worth $300,000 forces the bank to eat $50,000.
How to Buy another Home after Foreclosure
Michael gives some simple yet important tips to help get yourself financially back in shape to purchase another home:
* Never max out a credit card
* Never be late or miss a payment
* Keep a consistent employment record
* Save up for a significant down payment
For more real estate tips get my latest best-selling book: Before You Buy; The Homebuyer’s Handbook for Today’s Market or go to my website; www.MichaelCorbett.com