{"id":10103,"date":"2009-10-19T17:31:00","date_gmt":"2009-10-20T00:31:00","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=10103"},"modified":"2009-10-16T08:31:46","modified_gmt":"2009-10-16T15:31:46","slug":"7-things-every-home-buyer-should-know-part-1","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10103\/7-things-every-home-buyer-should-know-part-1\/","title":{"rendered":"7 Things Every Home Buyer Should Know &#8211; Part 1"},"content":{"rendered":"<p>Here&#8217;s what I wrote about item #1 on the list last time:<i><\/p>\n<p><strong>6 months ago is ancient history.<\/strong> What your neighbor sold his house for 6 months ago doesn&#8217;t matter.&nbsp;&nbsp; What the seller was asking for the house 6 months ago doesn&#8217;t matter.&nbsp;&nbsp; What matters is what the market will support today.<\/i><\/p>\n<p>So, how are things the same and how are they different?&nbsp;&nbsp; A couple of things that need to be discussed:<\/p>\n<p>How are things the same?<\/p>\n<ul>\n<li>What happened 6 months ago is still ancient history.&nbsp;&nbsp; Since I wrote the first piece, Fannie, Freddie and FHA have tightened up their appraisal guidelines and they will no longer allow an appraiser to use a sale that is more than 90 days old <b>unless they have no other comparables and can write a 5 page essay of why they need to use that one.<\/b><\/li>\n<li>I can&#8217;t tell you how many times over the last 12 months, I&#8217;ve heard people say, &#8220;3 years ago, the seller bought the house for $100,000 more than what I&#8217;m paying the bank for it.&nbsp;&nbsp; I&#8217;m getting an awesome deal!&#8221;&nbsp;&nbsp;&nbsp; My first response is, &#8220;Maybe.&#8221;&nbsp;&nbsp; Maybe you are getting a deal.&nbsp;&nbsp; But maybe the seller bought it at the peak of a bubble in the market and paid way too much and now things are just adjusting down to the market.&nbsp;&nbsp;&nbsp; Maybe it&#8217;s not down to what the market will really absorb for the house and if you tried to sell it next year, you&#8217;d end up selling it for less than you paid for it.<\/li>\n<li>&#8220;They just dropped the price by $50,000!&#8221;&nbsp;&nbsp; This is a great deal!&nbsp;&nbsp;&nbsp; Maybe, but then again, I can put my house on the market for $650,000 and then offer to give you $100,000 off the asking price.&nbsp;&nbsp; Is that a good deal for my house?&nbsp; (Hint &#8211; my house is still WAY overpriced at $550,000 &#8211; but I&#8217;ll sell it to you for that.)<\/li>\n<\/ul>\n<p>So what is different?&nbsp;&nbsp; A couple of things are a bit different from last year:<\/p>\n<ul>\n<li>The First Time Home Buyer Tax Credit\/Buyer Frenzy &#8211; If you are any where near the radio\/newspaper\/any mortgage lender or Realtor, you&#8217;re <a href=\"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10103\/7-things-every-home-buyer-should-know-part-1\/#more-10103\" class=\"more-link\">Read more<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Here&#8217;s what I wrote about item #1 on the list last time: 6 months ago is ancient history. What your neighbor sold his house for 6 months ago doesn&#8217;t matter.&nbsp;&nbsp; What the seller was asking for the house 6 months ago doesn&#8217;t matter.&nbsp;&nbsp; What matters is what the market will support today. So, how are [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[29],"tags":[407,406],"class_list":{"0":"post-10103","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-group-therapy","7":"tag-ancient-history","8":"tag-house-prices","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3466,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3466\/the-top-7-things-every-home-buyer-should-know\/","url_meta":{"origin":10103,"position":0},"title":"The Top 7 Things Every Home Buyer Should Know&#8230;..","author":"Tom Vanderwell","date":"July 23, 2008","format":false,"excerpt":"Okay, yesterday, I dealt with the theoretical and philosphical in our discussion of moral hazard.\u00a0\u00a0 Almost more of a topic for a college class than a blog about the mortgage world, don\u2019t you think? Well, today we\u2019re going to get more into the every day nitty gritty with the Top\u2026","rel":"","context":"In &quot;General&quot;","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"https:\/\/straighttalkaboutmortgages.files.wordpress.com\/2008\/07\/30-year-fixed-historical-rate-trend.jpg?w=350&h=200&crop=1","width":350,"height":200},"classes":[]},{"id":10159,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10159\/7-things-every-home-buyer-should-know-part-2-dont-worry\/","url_meta":{"origin":10103,"position":1},"title":"7 Things Every Home Buyer Should Know &ndash; Part 2 &ndash; Don&rsquo;t Worry","author":"Tom Vanderwell","date":"October 26, 2009","format":false,"excerpt":"Time to take a look at the second installment in the 7 things series.\u00a0\u00a0 If you recall, last time, we looked at the fact that, in a rapidly changing market like we are, 6 months ago is ancient history.\u00a0\u00a0\u00a0 What someone paid 6 months ago\u2026\u2026 Well, just read about that\u2026","rel":"","context":"In &quot;Group Therapy&quot;","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16358,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16358\/bidding-farewell-to-brave-odysseus\/","url_meta":{"origin":10103,"position":2},"title":"Bidding farewell to brave Odysseus&#8230;","author":"Greg Swann","date":"June 5, 2013","format":false,"excerpt":"It's a dread we've learned to live with. I wrote about this day in fiction a couple of months ago so I would have the choice not to write about the facts today. I can make death beautiful -- big deal. Nothing can make death tolerable, nothing but time. But:\u2026","rel":"","context":"In &quot;Egoism in Action&quot;","block_context":{"text":"Egoism in Action","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/egoism-in-action\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2232,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2232\/the-mother-of-invention-gregs-idx\/","url_meta":{"origin":10103,"position":3},"title":"The mother of invention: Greg&#8217;s IDX","author":"Greg Swann","date":"November 16, 2007","format":false,"excerpt":"Our IDX bill came due today. A boatload of money for the next twelve months, even though the system is going to break itself in eight months, when the new sheriff comes to town. So: I said kill it. The leads we get from it have stunk, and the free\u2026","rel":"","context":"In &quot;Marketing&quot;","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6640,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/6640\/bloodhoundblog-radio-about-success-with-jason-blackburn\/","url_meta":{"origin":10103,"position":4},"title":"BloodhoundBlog Radio:  About Success With Jason Blackburn","author":"Brian Brady","date":"January 17, 2009","format":false,"excerpt":"Jason Blackburn of Laser Focus For Life was our guest on BloodhoundBlog Radio last week.\u00a0 I \"met\" Jason on Facebook two months ago, when preparing for the \"Power Of Twelve\" seminar.\u00a0 Jason wrote a referral script for my seminar and asked nothing in return.\u00a0 That connection led to a number\u2026","rel":"","context":"In &quot;Flourishing&quot;","block_context":{"text":"Flourishing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/flourishing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2699,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2699\/the-800000-crier\/","url_meta":{"origin":10103,"position":5},"title":"The $800,000 Crier","author":"Geno Petro","date":"March 3, 2008","format":false,"excerpt":"I posted a piece early on in my blogging experience entitled The $800,000 House. Six months later, after discovering I could actually have a little fun with this medium and that people were actually\u00a0visiting my site on an occasional\u00a0basis, I wrote a second\u00a0post called The $4,000 House. I even\u00a0embedded\u00a0the same\u00a0funny\u2026","rel":"","context":"In &quot;Real Estate&quot;","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=10103"}],"version-history":[{"count":1,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10103\/revisions"}],"predecessor-version":[{"id":10104,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10103\/revisions\/10104"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=10103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=10103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=10103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}