Out of all the purchases you ever make in your life, a home is likely the biggest. Take the time to consider the following in order to ensure you’re making a sound buying decision.
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It can be devastating to be turned down for a mortgage after getting your heart set on buying a new home. While lenders have loosened their lending criteria somewhat since the financial debacle nearly a decade ago, it can still be challenging to get approved for a mortgage if your credit score is low, your debt-to-income ratio is high, or your income is unstable. Ideally, lenders want borrowers to be able to check off all requirements before extending a mortgage.
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The majority of leases are typically for a 12-month time frame. After that 12-month lease expires, tenants can enter a month-to-month tenancy unless a completely brand new contract is negotiated and signed.
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The majority of real estate purchase agreements will include a contingency to have a home inspection before a buyer takes the keys to a home. It’s not uncommon for buyers to gloss over issues with a home that a licensed home inspector might be able to catch. If there is a major issue uncovered, it will certainly be the subject of renegotiation.
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In the majority of cases, real estate closings happen on time as per the scheduled date. However, there are times when such closings may be delayed for any number of reasons.
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Who doesn’t want to score a great deal on a home? Getting a fabulous property for the lowest price possible is one of the primary goals of buyers and their agents.
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Imagine being mortgage-free or having access to tax-free money that can be used to cover any one of life’s major expenses? For eligible American homeowners aged 62 years or older, this can be a reality thanks to Home Equity Conversion Mortgages (HECM’s). Backed by the Federal Housing Administration (FHA), these reverse mortgage programs enable seniors to take out some of the equity in their homes and even choose how they withdraw the money.
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Usually, buyers move into a home they purchased only after escrow closes, but there are times when buyers get possession of the home before closing. While not very common, buyers who ask to move into the home before closing might have a variety of reasons to do so.
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The real estate market in California started off strong this year with higher sales from December. Sales increases in January were likely the result of an increase in interest rates since the Presidential election, prompting buyers to get into the market before rates climb even higher.
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Depending on the circumstances surrounding the sale of your property, you could wind up having to pay capital gains taxes to Uncle Sam come tax time.
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