When buying a home, it's best not to tell your real estate broker how much you are willing to pay for a home, especially if the agent represents the seller as well. That's because sometimes agents let proprietary information slip out and that can compromise your ability to negotiate the best deal. Many states have agency laws which state that agents working with buyers are buyer's agents and agents working with sellers are seller's agents.
When relocating to a new city, should you buy or rent? It depends on how long you will live in your new city. If you're relocating for only a short time, it's better to rent a home. Buying may make sense if you buy a fixer upper and repair it to increase its value.
While most people save money in an IRA for retirement, you might be tempted to use the money for other financial needs. However, using an IRA for a down payment on a home or to pay for college is prohibited. The same goes for using an IRA to purchase property or to make mortgage payments. Check withdrawal rules first so you don't face harsh penaltie and taxes.
A reader wonders how to get a real estate license. Ilyce writes about state licenses and class requirements.
A future home buyer is curious about government programs to help first time home buyers. Many programs to help first-time home buyers are local, but the Department of Housing and Urban Development (hud.gov) has an excellent website that explains many of its special first-time buyer programs.
A closing date is moved several times and the borrower wonders if they can cancel the loan. Your purchase is governed by the terms of your purchase agreement. You must abide by the terms of that agreement or you risk being sued by the seller or losing your escrow deposit, or both.
