Top Adding - Real Estate

Since launching the Home Buying Institute website back in 2005, I've received quite a few home-buying questions by email. As you might imagine, many of these questions came from first-time home buyers who are new to the process of buying a home.

I

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

thought it would be beneficial to home buyers everywhere if I selected five of the most common home-buying questions I receive, and explored them in an article such as this. I've also listed the corresponding areas of HomeBuyingInstitute.com that co

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

er these topics in more detail.

So here we go with five common questions when buying a home:

1. How do I find out my price range?
Determining a price range should be one of your first steps when buying a home. When you know how much yo

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

u can comfortably afford each month, you'll save time during the house hunting process by only visiting properties within your price range.

To determine your price range, sit down and compare your monthly income to your monthly expenses (savings, c

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

edit card payments, car payment, quality of life, etc.). How much is left? Your monthly mortgage should be less than this amount. Now you can use an online mortgage calculator to break each sale price down to a monthly amount, and determine if that

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

mount is inside or outside your comfort zone.

Section of Home Buying Institute: "Self Assessment"

2. Do I need a real estate agent?
Here's the short answer ... yes! If you are buying a first home, you should have a real estate

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

agent. Buying a home is one of the biggest financial transactions you will ever make, so it's always wise to have professional help.

Your agent will help you find homes that match your price range and desired features. He or she will also help you

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

validate the asking process (next item), write up the purchase offer, help you negotiate with the seller, and guide you through the rest of the home buying process.

Section of Home Buying Institute: "Finding an Agent"

3. How do I resea

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ch the asking price?
The first thing to realize here is that it's called an "asking price" for a reason. The price set by the seller is never set in stone. It's what they are asking for, and you are free to make a counter-offer is you see f

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

it. Your real estate agent will help you validate the asking price by looking at comparable, recent sales in the area. This will tell you if the asking price is reasonable or over-priced, based on current marketing conditions.

Section of Home B

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ying Institute: "Process Overview" and "What to Avoid"

4. Which type of mortgage loan should I choose?
This question always presents a catch-22 for me. On one hand, I enjoy helping people by answering their home buying questions. O

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

the other hand, I don't dare make a decision like this on behalf of a stranger. It's too important a decision for me to make for somebody else.

With that disclaimer out of the way, here's how you can choose the best type of mortgage loan for your

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

situation. First, do some research on the basic types of home loans -- fixed rate, adjustable rate (ARM), balloon loan, etc. When researching the different mortgage types, pay attention to paragraphs that begin with: "This type of mortgage might be

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

est for you if..." Generally, this type of statement is followed by a series of pros and cons that will explain the type of home buyer who might choose that option.

As a rule of thumb, if you're going to be in the home for quite a while (five years

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

or more), it's probably a good idea to choose a fixed-rate mortgage. On the other hand, if you think you'll only be in the home for two or three years, you might want to choose an adjustable-rate mortgage to save money during your short time of owne

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

rship.

Section of Home Buying Institute: "Types of Mortgages"

5. What happens at the real estate closing?
Basically, the real estate closing (also known as a "settlement") is when property ownership transfers from seller to bu

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

er. All remaining fees will be paid as well, and these are known as closing costs. The seller gets their portion of the payment (minus what they still owe on the mortgage), and the deed is transferred to reflect the new owner.

As a home buyer, the

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

est you can do is save more money than you think you'll need at closing, just to be safe. You should also make sure you receive a HUD-1 statement (or "settlement statement") at least one day prior to the closing date. This document gives you an item

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ized list of the costs you'll be expected to pay at closing. The Real Estate Settlement Procedures Act (RESPA) requires that the closing / escrow agent provide this document at least one day before the elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

ing_article7.php">real estate closing.

Section of Home Buying Institute: "Closing / Settlement"

* You may republish this article online if you retain the author's byline and the active hyperlinks below. Copyright 2007, Brandon Cornett

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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