Sometimes coming up with the down payment or getting a loan is not easy. If you have a lot of credibility with your friends and family, then you can work something out with them. For example, it is possible to buy a house with a relative who can help you Read more…
Co-ops target home buyers who intend to live in their co-op purchase as a primary residence. Buying a co-op requires a board package of 2-3 years of tax returns, references, and a board interview because co-op boards look for potential like-minded shareholders who buy into the co-op community. These become Read more…
Buying a condo is very similar to buying a house without the responsibilities of maintaining the exteriors of the house and sidewalks. In addition, you are joining a community with share common areas and amenities. A condo offers more flexibility than a house in that a condo can range from Read more…
An annual percentage rate (APR) is the total cost of taking out the loan. By law, lenders are required to publish the APR. It is similar to the unit price (per pound/ per quart/ per 100 sheets) vs the retail price that allows borrowers to compare apples to apples. Sometimes Read more…
A buyer rebate can help you save thousands of dollars in a single transaction. Buyer pays $300,000 for home. Purchase price includes 6% commission as written in the listing agreement. 3% to buyers broker is $9,000 3% to listing broker is $9,000 Buyer’s broker pays 2% rebate to buyer – Read more…
A home seller always had the opportunity to negotiate the commission percentages in the listing agreement. Home buyer rebate advocates argued that buyers should have the right to negotiate commissions as the sellers are able to do. This results in the form of a buyer rebate from the buyer broker.
Before you start home shopping with an agent, it is recommended to get a preapproval letter from a bank or lender. The preapproval letter indicates that the bank is willing to lend you a certain amount (usually an amount greater than you are likely to spend). This will involve paying Read more…
How long has the house been on the market? The question allows the seller to provide more than the listing info available, or may lead to reasons why they are selling. If the home as been on the market for a while, the price changes can be found on the Read more…
One of the many joys of owning a home is not having someone lording over you and your family, telling you what you can do and cannot do in the rental unit. Your home becomes your castle. Everything in the house is for you to do as you wish and Read more…
Lenders depend on credit scores to determine the overall risk of the person receiving the loan. First, your credit history is reviewed to see if you have been making good on payments owed to perhaps an auto loan or a student loan. The history of repaying your loans without lateness Read more…