All Posts Tagged With: "first"
Uncle Sam’s $8,000 For First Time Home Buyers
The government is hoping if you don’t now own a home that you’ll make the logical choice and buy one this year. If you do, there’s an $8,000 credit from Uncle Sam available to help you out. Last year the government announced that if you were a first time buyer and bought a home that [...]
21Feb2009 | Peter G. Miller | 0 comments | Continued
Option Versus First Refusal: What’s The Difference?
It’s been a good time to be a real estate owner in my community. During the past few months several would-be purchasers have approached with offers to buy property we own, even though the properties in question were not listed for sale. It’s flattering to have someone court you, check in hand, seeking your interest [...]
17Sep2008 | Peter G. Miller | 0 comments | Continued
What Is A Right Of “First Refusal?”
A right of first refusal typically allows a buyer to purchase a home by matching another bid. For instance, if Green has a right of first refusal to purchase the Smith house, and Smith receives an offer of $100,000, then Green will be able to buy the property for $100,000. A right of first refusal [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
How Do I Qualifying For First-Time Buyer Programs?
There are a number of programs directed toward first-time purchasers. In general, there are three standards. First, you must not have owned real estate within the past three years. (In effect, you can be a “first time” buyer more than once.) This standard can pose some difficulties in divorce situations where spouses once owned property [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
What Is A “First” Mortgage?
A first trust or mortgage represents what is generally the first claim on a property if it is foreclosed. It must be paid in full before other claims can be considered (except tax liens). A second trust or mortgage can only be repaid after the entire amount of the first debt has been paid off. [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
What happens to second trusts and mortgages in a foreclosure?
When a property is foreclosed, it is sold to the highest bidder. Usually the lender with a first mortgage or first trust bids enough on the property so that any buyer must at least pay off the first loan. As to the holder of the second trust or the second mortgage, that individual cannot collect [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
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