Model homes are often shown to potential buyers for condos and homes that have not yet been completed. Once completed, the condos and homes are generally delivered without the full furnishings and same appliances as the model homes. When viewing the models regardless of the listed prices, ask how much Read more
The Federal Housing Administration (FHA) provides insurances to lenders who offer mortgages to borrowers making low down payments of 3.5% of the sale price. Features of FHA loans: Low down payment with a minimum 3.5% of the sale price Easier to qualify than a conventional loan. Low credit score is Read more
Now that you have selected a home within your purchase price, hopefully you have done some homework on the additional out of pocket expenses that you have to come up with besides securing a mortgage loan. 10% to 20% for down payment. It is generally the preferred range for a 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
A rebate real estate agent will be your main point of contact and available to answer any questions or point you to other real estate professionals. His main goal is to help you complete the home purchase starting from the initial search of a home that matches your criteria and Read more
A prequalification loan letter is not as good as a preapproval loan letter because the information provided by you to the lender is not verified. You basically let them know your income and debts allowing the lender to come up with a quick estimate of how much you can borrow. Read more
Start with Zillow and Trulia to get the final price of recently sold homes 3 to 6 months ago. Narrow the homes sold to a 6 block radius of the area where you want to buy at. If you are looking for a 3 bedroom house, make sure the home Read more
A well staged home adds value to the seller’s asking price. Do you notice that every piece of furniture seems to fit in perfectly, the living space clutter free, soothing background music once you enter, smell of fresh baked cookies for open house visitors, and everything meticulously arranged like a 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.
Your agent, who will be guiding you through the buyer rebate on your home purchase, should also be able to recommend real estate attorneys that they have worked with. Request someone who is responsive with returning calls, responding to emails, and meeting deadlines. In general, the real estate attorney will Read more