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Buyer's Representation Agreement An agent typically works with a buyer for several weeks to a few months, sometimes longer. They do a variety of things, including: Introducing the buyer to lenders and helping obtain preapproval letters Finding listings that fit the buyer’s requirements Call listing agents to determine availability Making appointments with sellers to view the home Driving the buyer to houses to tour Researching comparable sales for buyers Often, an agent might ask for a buyer’s representation agreement. What is a buyer’s representation agreement? A buyer’s representation agreement, also known as a buyers broker agreement, is an employment contract....
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House Poor House poor is a situation where a person spends a large portion of their total income on home ownership. This includes mortgages payments, property taxes, utilities, and maintenance. Individuals in this situation find themselves short on cash for other financial obligations, such as car payments. This usually happens because someone purchases more house than they can afford. If you think you might be house poor, ask yourself the following questions. What caused you to be house poor? The main reason that people are house poor is that they buy more house than they can afford. However, this isn’t...
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24-Hour Notice When selling your home, one of the things that you may think about how you will make your home available for showing. In addition to a 24-hour notice, there are a few different notices you can employ for this. Call first, lockbox This is the method preferred by most agents. The buyer’s agent calls the seller to let the seller know the agent and the buyer are coming over. There is no appointment necessary. The key is left in a lockbox, which is used to gain access to the home. Vacant with lockbox If the home is unoccupied,...
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Factors Affecting Home Buying in 2018 Are you looking to purchase a home in 2018? While a lot depends on where you live, new forecasts for 2018 show that this just might be your year to buy. Prices are climbing, but not too fast Over the past few years, home prices have gotten increasingly more expensive. In 2017, there was a 5.5% year-over-year increase. However, in 2018, there is only a 3.2% year-over-year increase. Existing home prices are predicted to rise 2.5% year-over-year. This is also dependent on where you live. Previous popular markets, such as San Francisco, are expected...
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Down Payment A down payment is a type of payment made in cash at the beginning of the purchase of an expensive good or service, such as a home. The payment typically represents a percentage of the full purchase price. Most homebuyers pay 5 to 25% of the total value of the home. A bank or other financial institution will cover the rest of the costs through a mortgage loan. How down payments affect interest A down payment instantly reduces the amount of interest you will pay over the life of the loan. Having a sizeable down payment can save...
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Jumbo Loan Myths A jumbo loan is a home loan that exceeds conforming loan limits. Jumbo loans are often used for larger homes. Not everyone who buys these large homes is wealthy and can afford a cash payment. Many need financing. However, there are many myths that surround jumbo loans that make people assume they are not viable options for them. Here are four myths about jumbo loans that need to be debunked. Single-family luxury homes Many people assume that jumbo loans are limited to single family luxury homes. However, many different types of properties can be purchased using a...
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FHA 203(k) Rehab Loan An FHA 203(k) rehab loan is also known as a renovation loan. It allows homebuyers to finance both the finance the purchase or refinance of a home along with a renovation through one mortgage. Requirements To qualify for this loan, a homeowner must meet certain requirements set by the Department of Housing and Urban Development (HUD). The requirements include: Finding a qualified lender Meeting all lender requirements, including minimum credit score, debt-to-income (DTI) ratios, and proof of income Once the loan is approved, a date is set for the closing. After closing on the property, a...
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Does your house have good bones? When shopping around for a home, you may hear that a home has “good bones”. However, you may not be sure what this means. In general, a house with good bones means that while the outside of the home isn’t the prettiest, underneath it all, the home is in great shape. Here’s how to tell if the home has good bones. The floor plan flows A home with good bones has a floor plan that flows well. This means that it’s easy to get from one area of a home to another and that...
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Contingency Clauses A contingency clause is a condition that must be met in order for a real estate contract to become binding. To become part of the sales contract, both parties (the buyer and the seller) must agree to the terms and sign off on the contract. Some of the most common contingencies included in real estate contracts are: Financing contingency A financing contingency, or a mortgage contingency, gives the buyer time to apply for and obtain financing to purchase the property. This contingency protects the buyer by giving them the ability to back out of the contract. It also...
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Partition Action Two or more people can own a property together. However, it’s possible that co-owners won’t agree with what to do with the property. In these cases, a partition action can be used to divide the property into separate shares. This can be done on a voluntary basis if all owners agree to it. If not, a judge can order the partition. Types of partition actions. There are two main types of legal partitions: partition in kind and partition by sale. Partition in kind is also known as an actual partition. This is the most common type of partition....
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