Buyers of Federal Housing Administration-approved homes should be aware that the FHA home inspector performs an inspection of the property of behalf of the bank, not the buyer. In any purchase, a buyer should conduct his or her own inspection with a chosen inspector. This inspection is crucial for the buyer to making a rational decision about the purchase and avoid later regret.
What are the advantages of putting rental property into a solely-owned corporation? Can incorporation somehow help pay down a mortgage faster? Owning a property in a corporation may protect you from certain liabilities.
A homeowner owns investment property that her parents live in without a formal lease agreement, and is ready to buy another home. The lender will look at the investment property as her sole responsibility without proof that her parents make payments that help her pay the mortgage. A lease agreement that show how much the parents are paying each month to live in the investment property would help show income to the lender and give her more to spend on her second home.
When you're buying a home and working with a real estate agent you shouldn't share your personal finance information. In addition, if you're working with a real estate agent who represents the sellers, and you talk about how much you'd be willing to pay for the property the agent may be obligated to share that information with the sellers. It's enough to give your real estate agent a price range.
