What Every Buyer And Seller Should Know About Fair Housing Laws

Five major Acts of Congress have created protections for home buyers and sellers in the U.S.. These protections are known as Fair Housing Laws. Many states have enacted their own Acts which add additional protections. Locally cities and counties can add additional protections (or protected classes's. Be sure to check what state and local laws in your area cover in addition to Federal Fair Housing Laws. There are exceptions and variables to these laws, inquire at your local governmental office for complete details.

-Federal Protections. Age,color, disability, familial and martial status, national origin, public assistance, race, religion, and sex.

-State and local protections. Sexual preference, ancestry, defining disability as both mental and physical,and military status.

-Blockbusting. When real estate agents suggest that renting to or selling a property to a member of a protected will negatively affect property values.

-Steering. When real estate agents suggest specific neighbors based on the clients age,color, disability, familial and martial status, national origin, public assistance, race, religion, and sex. Homebuyers and renters should consider and look at properties in any area they wish.

-Discrimination. The intentional policy or practice that results in unequal treatment of a person or persons in a protected class.

-Complaints. File Fair Housing Complaints with the Federal or your local office of the Office of Fair Housing and Equal Opportunity, Department of Housing and Urban Development.

Mark Nash is the author of Fundamentals of Marketing for the Real Estate Professional, Starting & Succeeding in Real Estate, Reaching Out: The Financial Power of Niche Marketing, and 1001 Tips for Buying and Selling a Home. Mark is a contributing writer for: Realtor (R) Magazine Online, Broker Agent News, Real Estate Executive Magazine, Principal Broker, and Realty Times. His tried and true real estate tips has been featured on Business Week, CBS The Early Show, CNN, HGTVpro.com, The New York Times, and USA Today. Purchase his books at http://www.1001RealEstateTips.com.

Before Buying A Home

Real estate is an expensive investment. Most people do not buy a home with cash. If you are not a millionaire, you probably take loan from lender. So you should learn to think like them. What are they looking at on your loan package application? They are definitely looking at the source of your funds for your down payment. Your lender will probably ask for the last two or three months on your liquid assets. What are the liquid assets? They include your savings accounts, checking accounts, money market funds, stock statements, mutual funds, money market funds, 401k, and your retirement accounts.

If you want to avoid large deposits and withdrawals, you probably don?t want to move your money between accounts during your loan request. Your lender will probably ask for a lot of your financial documents such as deposit receipts, and cancelled checks. They want to have all the paper that they can have.

Don?t get mad at your lender. They are just trying to do the right thing for you. Buying a home is a big important decision, and it costs a lot of money. They must try to prevent potential fraud, and they must try to ensure the quality. You don?t want to make their jobs harder. You do not want to move money around, even if you are consolidating your funds. You also do not want to switch banks, when you are talking to a loan officer either. If it is possible, you don?t want to change job. It may be very bad to your loan application.

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Buying A Cheap VA Repossessed Home

A VA repossessed home is actually a home that has been foreclosed due to the owner's failure to pay the loan.

Contrary to the other types of foreclosure, VA repossessed homes were previously possessed by members of the military or a veteran in the United States. These homes are actually insured under the provisions of the Department of Veteran Affairs or VA.

With steep prices on newly built homes today, buying a VA repossessed home can actually give you more benefits than you can imagine.

Here is a list of some of its advantages:

1. Cheap at its best definition

Nowadays, people can define cheap as something that is way below the current price in the market. With VA repossessed homes, you get a better definition of the word cheap.

That is because VA repossessed homes are usually sold in the market by as much as 50% below the usual price of houses in the market.

The reason behind this is that Department of Veteran Affairs would like to dispose VA repossessed homes as fast as they could, hence, the lower price.

The main purpose here is to get the money back not to actually earn additional profits from VA repossessed homes.

2. Quick home equity

With VA repossessed homes, you get quicker home equities. This means that you can start reaping equity right away because the values of these types of houses are actually less than the actual price in the market.

Home equity refers to the current value of a particular home where the total debts indexed against it are subtracted.

You can start building your home's equity by repairing some of the much-needed repairs. In this way, you can present your VA repossessed home as something worth reaping profits.

3. More benefits

One of the best things about buying a VA repossessed home is that you can get all the benefits that veterans are enjoying, and to think that you are not even a member of the military or a veteran.

With this, you can even start using a VA repossessed home immediately even if you do not have the money yet because one of the benefits that you can enjoy is the no-money-down advantage.

All of these things are boiled down to the fact that buying VA repossessed homes are not just great bonuses to life's simple pleasures. These homes are definitely worth evaluation especially if you really wanted to have a house of your own but cannot financially buy a new one.

For listings of cheap repossessed homes, please visit http://www.buy-cheap-houses.info/.