I think the most dramatic stories of 2007 had to do with housing; it makes me wonder how many babies' first words were "mortgage crisis"! Seriously though, the scattered pieces from last year's mortgage meltdown will continue to be picked up in 2008 and it's going to be tricky. Foreclosures will continue for millions of people and the government is trying to deal with the mess, but where does that leave anyone who's in the market for a new home?
The Washington Post developed a list of tips to help home buyers this year. I've broken it down below.
- Like Smokey's mama told him, "You better shop around." For your mortgage, that is.
- Don't just skim through legal documents. You need to read and understand them.
- Proceed with caution if you're trying to buy a home that has undergone foreclosure.
- If you're buying a brand new home, have your builder sign on a firm settlement date.
Will you be shopping for a new home this year?