All Posts Tagged With: "price"
Speculator Risk Soars With Home Builder Discounts
If the full-page ads in my local paper are to be believed, new home demand has begun to flag. The issue is not how many units will be sold, rather it’s the way they’ll be priced. Recent ads have offered new home discounts ranging from $70,000 to as much as $100,000. In many areas across [...]
17Sep2008 | Peter G. Miller | 0 comments | Continued
10 Questions To Ask Before Buying a B&B
Pick up just about any newspaper or magazine and you can find ads for idyllic stays in the country, bed-and-breakfasts (B&Bs) not far from metro cores where owners live in beautiful surroundings, get paid for sharing and never worry about commuting. Not a bad way to live, and in some cases entirely delightful. But is [...]
16Sep2008 | Peter G. Miller | 0 comments | Continued
Looking Toward A Smaller Future
During the past few months oil prices have topped $140 per barrel, both a record and a sure sign of things to come. What’s coming? Little tiny cars that will change our homes, roads, and national priorities — cars we should have adopted years ago. Consider the streets of Rome, many of which are old, [...]
15Sep2008 | Peter G. Miller | 0 comments | Continued
Why Didn’t Our House Sell For More?
Question: A year ago we needed to quickly sell our home. We had spent many, many weekends creating a beautiful yard with new trees and flower islands. Inside we painted every room and made coordinating window treatments. We also had a double lot. In the end, the house sold in one day — but it [...]
1Sep2008 | Peter G. Miller | 0 comments | Continued
What If The Appraised Value Is Less Than Sale Price?
Lenders will provide financing on the basis of the sale price or the appraised value — whichever is less. This means if the appraised value is less than the sale price, the seller may have to lower the price, the buyer may have to offer more cash, or both parties may need to make some [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
Sale Prices Versus Appraised Values
Question: If the appraised value and the sale price of a home are different, which will lenders use when granting a mortgage? Answer: Whichever is lower. Lenders want as little risk as possible, so they will look at both the sale price and the appraised value and then make a loan based on the lower [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
What’s A Cash-Back Transaction?
It is sometimes claimed that it’s possible to buy a home and receive both the house a substantial amount of cash at closing. For example, a home will be “sold” for $100,000. The deal will be financing with a 95 percent loan-to-value mortgage. However, the seller will provide a $15,000 certificate of deposit to the [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
Can I Buy An Under-Priced Co-op Without Board Concerns?
Question: I have an opportunity to buy a co-op for $150,000 even though similar units in the same building typically sell for $190,000 to $200,000. Is this deal too good to be true? Answer: The arrangement is probably both true and unlikely to conclude with a sale. Co-op sales are unique in that they require [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
Can I discount the sale price to create a down payment?
No. Lenders provide financing on the basis of the sale price or the appraised value, whichever is less. In the case of a “discounted” price, say selling a home worth $350,000 for $340,000, the sale price is $340,000. Lenders do not recognize a discount. A better approach is to pay full market value but to [...]
27Aug2008 | Peter G. Miller | 0 comments | Continued
Title Insurance Price Comparisons — But Only In California
Let us now praise the great state of California for setting an example which should elate consumers: If you want to buy title insurance in California you can now compare prices online. Instantly. Anonymously. Just go to www.clta.titlewizard.com, a site that has been set up by the California Land Title Association. If my mail is [...]
20Aug2008 | Peter G. Miller | 0 comments | Continued
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