Whenever you make a large purchase, such as a house or a car, you will likely need to make a down payment. How much down payment do you need? It depends on the purchase and who is giving you the loan. What happens if you change your mind on your purchase? Will you lose your down payment? Learn the ins and outs of down payments here.
Ilyce Glink on WSB Radio – May 7, 2006
Ilyce reports live from the Georgia World Conference Center at The Learning Annex Real Estate Wealth Expo. Ilyce opens the program discussing a recent report in the Wall Street Journal regarding home down payment gifts. These programs assist first time buyers with down payment loans. Often a kick back, or money going from seller to lender, would circumvent FHA rules. The IRS is now limiting home down payment gifts and even calling them "schemes." Ilyce answers questions regarding how to appropriately deal with the inheritance of cash or property and she answers an investment question regarding the use of IRA money to invest in real estate.
Penalties For Backing Out Of Contract
What happens when you can't get financing after making an offer to buy a home? You may have second thoughts and want to back out of the contract. However, the sellers could sue you and keep your earnest money. Make sure you read your contract carefully and find any clauses about financing that could allow you to change your mind.
Ilyce Glink on WSB Radio – November 20, 2005
This week's Ilyce Glink Radio Show focuses on the upcoming holiday shopping season. Ilyce takes calls on numerous personal finance, real estate and consumer issues topics -- from buying a home with less then 20% as a down payment to some holiday shopping tips from callers.
Breach Of Contract Puts Earnest Money At Risk
What are your options when you're selling a home and the buyer puts down earnest money and later delays the closing? Can the seller keep the buyer's earnest money if the buyer has not met his or her contract obligations by delaying closing? Yes, but getting the earnest money requires keeping a good paper trail!
Liquidated Damages And Earnest Money In Real Estate Contracts
Some states allow for what is called a "liquidated damages" clause in real estate contracts. If a contact contains a liquidated damages clause, a seller keeps a deposit -- or earnest money -- as his or her only remedy when a purchase falls through. But if the seller has no damages, the earnest money must be returned to the buyer.
Married Couple Purchasing Home With Unequal Shares
Buying a home together is a big step for any married couple. This married couple has unequal amounts to put toward a down payment and want to make sure a contract states the amount each put into the home. But for a married couple, the home-buying conversation is one they should have had long ago.
Loan Approval Letter Versus Loan Commitment Letter
A loan approval letter will generally state that the borrower is approved for a loan and will fund on the loan upon satisfaction of certain conditions. A loan commitment letter will state that a lender commits to fund on a loan upon the satisfaction of certain conditions. Both of these types of letters are routinely used by lenders and most people involved in real estate closings will accept either type.