All Posts Tagged With: "sale"
Should I Buy A House In “As Is” Condition?
Question: We’re considering the purchase of a home on an “as is– basis. We understand that we should get a home inspection and other checks before we buy. However, isn’t the seller also supposed to tell us about any problems? Answer: Both “as is– and seller disclosure rules vary by state. In the general case [...]
2Sep2008 | Peter G. Miller | 0 comments | Continued
What Are The Three Basic Forms of Foreclosure Notices?
In general terms there are three forms of foreclosure notices: A Notice of Default — a public notice that loan payments have been missed. A Lis Penden — notice of a suit against a property owner. A Notice of Sale — essentially an announcement giving the time and date of a planned foreclosure sale. If [...]
1Sep2008 | 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
How Quickly Must I Apply For A Mortgage?
Many sale agreements require buyers to apply for a mortgage within a specific time period, say seven to ten calendar days after the contract is signed. This is a negotiable item, however, and can be any period agreeable to both parties. This is an important matter because if an application is not made, then a [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
What’s An “As Is” Sale?
An “as is” property is sold without a warranty as to condition, repairs, or structure. With an “as is” sale, the buyer is on notice that the seller makes no promises regarding the property’s physical status. With an “as is” sale, it is extremely difficult to make a claim against a seller if something is [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
Should We Pay Someone To Buy Our Home In A Down Market?
Answer: No. Your problems will just get worse. In areas of the country where prices have declined, homeowners are sometimes offered the “opportunity” to “sell” their homes to an individual or company for a price equal to the mortgage balance. Sellers are expected to pay the buyer perhaps one percent of the mortgage amount. The [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
What’s The Profit On My Home Sale?
The profit from the sale of your home is more han just subtracting what you paid from the price you got when you sold. You need to consider: Have you rolled over any profits from a prior residence under the old tax rules? (See a tax pro for specifics.) What was the purchase price? In [...]
30Aug2008 | 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
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