Real Estate Agent Grants Home Buyer Access Too Soon
What can you do if you're selling a home and the buyer moves in before closing, on the advice of the real estate agent? At a minimum, you can file a complaint against the real estate agent with the licensing board and the managing broker of the real estate firm. You should also look at the home sale…
First Time Home Buyer Considers Home Purchase
How old is too old to be a first time home buyer? You can be 53 or 70 and still buy your first home - you just need to be aware of your changing responsibilities. When you own your own home you no longer have a landlord to call for help with maintenance. Regardless of your age, you should thoroughly…
Cancel House Contract Before Closing
If you decide to buy a house and change your mind just before closing can you get out of your home purchase contract? It depends on the contract and the reason that you want to cancel your home purchase. You may or may not be able to get your earnest money or down payment money back when you cancel…
Using Spouse's Good Credit To Buy Home After Foreclosure
If you lose a home to foreclosure, but only one spouse's name was on the mortgage loan that went bad, can you try to buy another home or property using the credit of the other spouse? While there's currently no law preventing you from using the other spouse's good credit, it's hard to know how…
Difference Between Pre-Qualification And Pre-Approval
Getting pre-qualified for a loan means the lender has taken your basic personal financial information to determine an amount you're qualified to borrow for a mortgage. Getting pre-approved means applying for a loan with the lender's commitment. Having a pre-approval will ensure you have financing in…
How To Buy The House You're Renting
If you're interested in purchasing the home you're renting, the first step is to determine if the landlord is willing to sell it to you, and for how much. It's a good idea to spend some time with a real estate agent to come up with a fair purchase price for the rented home. It's also still smart to…
First Time Home Buyers Benefit In This Housing Market
Now may be one of the best times to be a first time home buyer. First time home buyers can benefit from the $8,000 tax credit toward buying a home but should watch out that they don't buy more home than they need. First time home buyers should research properties in a neighborhood where they can see…
Cancel Buyer-Agency Agreement With Real Estate Agent
How can you end a buyer-agency agreement with a real estate agent after you've agreed to hire that real estate agent to help you find a home? Canceling a buyer-agency agreement with a real estate agent may involve paying a fee to the real estate agent. To cancel a buyer-agency agreement with a real…
Buying A Home? Figure Out Needs And Wants First
Before you start buying a home, you should figure out what you want in that home. What are your must-haves and deal-breakers when buying a home? Creating a home buying wish list can also be a test for your relationship, if you're buying a home with a partner. Learn how to put together an effective…
Seller Disclosure: Buyer's New Home Has Broken Furnace
What is required under seller disclosure? A few months after buying a home, the new homeowners realize they need a new furnace. but seller disclosure didn't indicate that there was anything wrong with the furnace. Ilyce asks if the homeowners had a home inspection prior to closing, and takes them…
Buy Home Or Receive As Gift: Tax Implications
What is the best way to give your home to another family member without incurring a large tax? Ilyce warns against transferring a house into another family's name because of gift tax implications. Instead the family member could buy the home from you, while you become the lender, loaning 100% of the…
Buying a condo might bring more cash flow to these retirees, but renting might be even cheaper. Because retirement might not bring in much income, taking on a mortgage on a condo could be risky.
Where can you find information about a lease purchase option when selling a home? What's a good term for a lease option? How does a lease option work? Here are the answers to questions about lease options as a way to sell your home.
No Permit For Deck In Purchased Home
A home buyer recently purchased a home and was told the home's fence and deck do not have a permit. The buyer doesn't know which previous owner built the deck and is wondering if it should have been disclosed that they did not have permits. The owner might only have to pay a building permit fee to…
Buying Real Estate, Primary Residence With Another Family
Q: I wonder if you can suggest any resources for my situation. My wife and I currently live in a co-op, where we have made good friends over the last 2 years.
We are exploring the idea of buying a 2-family house together, since the single family market is so overpriced right now. What are the…
Home Buying Tax Credit - Who's Eligible?
Are you eligible for the 2009 government home buying tax credit? To qualify for the home buying tax credit you have to either be a first-time home buyer or have not owned a home within the past three years. If you are not a first time home buyer or have owned a home within the past three years you…
First Time Home Buyer: Roll Closing Costs Into Mortgage?
A first time home buyer wants to know whether he can roll the closing costs into his mortgage by increasing the purchase price. Ilyce explains the pitfalls the first time home buyer may face by rolling the closing costs into the mortgage. The first time home buyer could be accused of pulling a scam…
Good Faith Estimate: Mortgage Lender Gives After Loan Is Applied For
A home buyer wonders about the limits of a good faith mortgage estimate and when a mortgage lender will offer one. A mortgage lender usually provides a good faith estimate after the home buyer has applied for a mortgage loan. Ilyce points out several good online resources to help the buyer select…
Home Buyers Need Real Estate Agent To Work With Developer
A prospective home buyer looks at several new home developments without an agent and then wonders if they will have trouble using an agent when they buy property from the developer. Ilyce agrees the potential home buyer may have a difficult time with the developer since they did not have a real…
Real Estate Agents: Offering Comparative Marketing Analysis Good Business
Most real estate agents offer comparative marketing analysis to potential clients for free. It's good business for real estate agents to offer a free comparative marketing analysis, because if a person is selling their home, they will be in the market to buy a home as well. By offering a free…
Buyers And Sellers Agents Who's Responsible For The Home Owners Property
Who is responsible for making sure a homeowners' property is safe- the buyer's agent or the seller's agent? The reader believes the buyer's agent should be responsible for the homeowners' property by locking the door after showing a house. Ilyce says the seller's agent is responsible for the…
Buying A For Sale By Owner Home
When you're buying a home you want to get the best deal you can. Will buying a for sale by owner property save you money? What should you look for when buying a for sale by owner property? When you're buying a property that the owner is selling himself, you should make sure the property is priced…
Builder Leaves Home Buyer With Needed Repairs
A home buyer purchased a home through a builder only to find that the home had many problems after closing and to have the builder and agent avoiding her requests to repair the problems. When buying a home from a builder, it's crucial to fully research the builder, ask for references, see other…
Back Taxes Owed On For-Sale Property
A buyer of a vacant lot learned that the sellers owe three years of back taxes on the property. If the back taxes are not paid before, or at, the closing, the buyer will become responsible for them. A real estate attorney can help this buyer ensure he is protected from having to pay the back taxes…
Real Estate: Hire Attorney Before Dividing Property Money Between Siblings
What's the best way to sell land and divide the money between several siblings? Ilyce suggests hiring a good real estate attorney to help sell the property and divide the money.
