Sep 28, 2009 6:21 pm US/Eastern
Research Necessary Before Buying First Home
MIAMI (CBS4) ―
We've heard it time and time again – it's a buyer's market, but what's the first thing you should do if you're looking to purchase your first home?
"You need is to make sure that you have a good lawyer. There are a lot of scams out there and what you really need to be careful," says real estate attorney, Roy Oppenheim.
There are also a lot of things in place to help first time home buyers, like the tax credit; but what are the restrictions?
"You must be a first time homebuyer, first time homebuyer means that you haven't bought a home in three years," says mortgage broker, Eddy Fernandez. "Also it's up to $8,000 or 10 percent of the sales price. If you purchase a $60,000 home, you're going to get six thousand; if you purchase a $200,000 home, you're going to get 10 percent - 8,000 dollars."
But you have to hurry; the tax credit ends November 31st, and if you're not a first time homebuyer, the experts say it's still a good time to buy.
"In the long term, if you're going to be in the home for five to ten or more years, it's certainly probably a good investment. Buying a home is one of the greatest things you can do in your life. It puts a smile on your face and you don't want one of the greatest things to turn into one of the nightmares of your life," said Oppenheim.
For free financial advice on how to purchase your first home and take advantage of the tax credit, give the
Neighbors 4 Neighbors/CBS4 Your Money phone bank a call at
305-597-4404 from 5pm to 6:30pm on Monday, September 28th.
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