Category: Home Buying
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Critical Deadlines on Home Sale Documents
Our reader this week asks about a deadline for receiving an answer to an offer to purchase a home. It is a simple question but leads to the realization that potentially there are many deadlines to follow. This instant is where planning is required up-front to avoid a stressful and frustration filled experience. The expression…
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Does zoning affect affordable housing prices
A brief overview of the issues involved in rising home prices in new developments. Is America pricing the middle class out of home ownership? Zoning is a fractured and complicated issue.
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Treat family like outsiders with real estate deals
Our reader wants to know if he can use a quitclaim deed to buy property from a sibling. He can likely do so, but needs to educate himself about the cons of doing so.
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Are online value estimates harmful?
Home sellers and buyers need to be cautious using online home valuations websites that do not disclose accurate PSF costs. In real estate, cost sets the upper limit of value and understanding why is important.
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Is there a superior method to evaluate homes?
Our reader this week views appraisals as obsolete. While there is some credence to his opinion, the better mousetrap remains elusive particularly, when the experts are expecting to conquer the challenge without even inspecting the property. I, for one, believe a set of knowledgeable eyeballs physically observing the property will be challenging to eliminate. Online…
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Is a renovation mortgage right for you?
Reader Question: We are looking to buy our first home. We have seen a house we like, but it needs renovation. The house has been neglected but has a solid structure. We have a down-payment and good credit. Twenty-percent down at our price point, but not enough cash to make the down payment and do…
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The home seller wants out; the buyer says, “NO!”
The seller now wants to back out of the contract. Can they force us to release them from the contract?
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Who pays the real estate commission?
Reader Question: We are starting to explore buying our first home. We have attended several open houses and spoken to several real estate agents. One of the questions we have asked is who pays the real estate commission. It is a question to which we have received different answers. In discussion with family members and…
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Six options to consider when the house appraised low
The seller canceled escrow when the house appraised low. Am I stuck with the appraisal fees? You are responsible for the appraisal cost. Try to look past this bump in the road. Appraisals disrupting sales are frequent.
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Mom stiffs son-in-law in real estate deal
Families are the main sources of oral real estate transactions. Mom stiffs son-in-law is not uncommon. Brothers, sisters, cousins, grandpa; no one is immune. The advice to “get it in writing” is as or more important in families.
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Eight extra due diligence tips when buying condominium units
Buying a condominium unit is different than buying a single family home. It is a complicated process in comparison.
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Pros and cons of owning a second home
Reader Question: What are the pros and cons of owning a second home? My wife and I have the opportunity to purchase a second home. I’ve spoken with the homeowner, who is a friend of mine. He stated that he would like to get about $200,000 out of the sale. We are thinking of…
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Seven tips to identify a flipped home
Reader Question: We bought our current home a year ago. We realize houses and their systems are always wearing out, but in this house, it feels like the repairs and replacements are inordinate. The latest example is electrical. The electrical panel box was new, but we have had several electrical issues. The home inspector said…
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10 facts to find the best mortgage loan
Reader Question: How can I find the best mortgage loan? Monty’s Answer: I answered this question several years ago, but it bears repeating. Comparing the cost of mortgage loans is a challenge for most mortgage shoppers. Do this before you look for your home. The most helpful lender may also have the best pre-approval letter.…
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Five Tips Avoiding a Bidding War
Reader Question: We tried to buy four homes in 2019. We missed on all of them. We live in one of the cities that always makes the news about multiple offers and a hot market. We were not happy with our agent, but it may just be a case of us looking for someone to…