Buying a House Archives

Credit Report Requested By Home Seller

By Ilyce Glink| 2004-11-05T00:00:00-06:00 November 5th, 2004|

A first-time home buyer is being asked for his credit report when making an offer on a home. Asking for a credit report is intrusive on the part of the seller, so the buyer might have something else going on. The buyer should try to get pre-approved for financing to avoid having sellers ask for his credit report to make sure he is qualified to buy the home.

Preapproved Home Buyer Asked For Credit History

By Ilyce Glink| 2004-11-05T00:00:00-06:00 November 5th, 2004|

A first-time home buyer is preapproved for their mortgage and is still asked for their credit history and score. Home sellers shouldn't ask for a copy of a prospective buyer's credit history, especially if you've been preapproved for a loan. When you get preapproved, rather than prequalified, the lender commits in writing to funding your loan provided that the home appraises out in value.

Seller Refuses To Convey Title

By GlinkAndTamkin| 2004-10-15T00:00:00-05:00 October 15th, 2004|

When you buy a home or, even, a mobile home on contract, you essentially agree to buy it over time.Many installment contracts, if not all, should be handled by attorneys. The attorney can take certain steps to insure that in case you, the buyer, fulfill the contract, the title is held by an intermediary third party ready to convey title to you.

Buying A House With Your Mother-In-Law

By Ilyce Glink| 2004-10-08T00:00:00-05:00 October 8th, 2004|

Buying a house can be a tricky proposition, but this woman has a mother-in-law who wants to go in on a home purchase with them. The mother-in-law has more cash to put toward the home purchase. It's best to engage a real estate attorney up front to work through the issues of this home purchase.

Home Buyer Education Programs: No Free Lunch

By Ilyce Glink| 2004-10-08T00:00:00-05:00 October 8th, 2004|

Home buyer education programs are all the rage these days. Real estate agents and mortgage lenders know that home buyers -- especially first-time buyers - need to know more before they buy a home. So, they're creating customers by educating prospective homebuyers.

Seller Responsible For Item That Breaks After Home Sale Is Final?

By GlinkAndTamkin| 2004-10-08T00:00:00-05:00 October 8th, 2004|

Is the seller responsible for an appliance that breaks after the buyer closes on the house and the sale is final? The seller is only responsible for an item that breaks after the home sale is final if the seller was aware that the item had a problem and did not make the buyer aware. Otherwise, after the home sale is final, the seller should not be responsible - but check with a real estate attorney to be sure.

Property Taxes May Be Lowered With Exemptions

By Ilyce Glink| 2004-10-07T00:00:00-05:00 October 7th, 2004|

Learn about property taxes in the Chicago area. Property owners who donâ€™t claim their homeowner exemptions may find that property taxes rise considerably in the years to come. Property tax exemptions include those for seniors who own homes.

Real Estate Agent Lowers Price

By Ilyce Glink| 2004-09-10T00:00:00-05:00 September 10th, 2004|

A real estate agent may not lower the listing price of your home without your permission. While the agent may think your home is overpriced, the seller has the right to price the home as they please. Nothing should have given the agent the power to price the home without the seller's consent.

Down Payment Cash: Get It From Employer

By Ilyce Glink| 2004-09-10T00:00:00-05:00 September 10th, 2004|

As housing prices have soared nationwide, the number of companies giving cash to their employees to help with a down payment has surged. But a relatively new program in Illinois has helped local companies do even more than assist with down payment cash for their workers. Learn about the income requirements for one program that helps home buyers raise cash for down payments.

New Mortgage Programs For Hopeful Buyers

By Ilyce Glink| 2004-09-09T00:00:00-05:00 September 9th, 2004|

Although the homeownership rate in the US hit an all-time high of 68 percent this year, mortgage lenders are trying to drum up more business. Lenders are developing new programs with the hopes of attracting folks who never thought they could own a home. With the price of homes skyrocketing, mortgage lenders are coming up with some creative new ways of reaching new home buyers.

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