There is a logic to the way the lenders choose who can borrow for a mortgage. Since 2014, mortgage loans have standard guidelines that require that any mortgage borrower be able to prove that they can repay their loan. Lenders document income, but also debt. How you have been handling debt will affect your mortgage
Who wants to buy a house in the winter? People who want to be in a house before the spring. People who hate the hoopla of the competitive spring market. People who want to save money. Since August, 2021, 4 Buyers Real Estate has been rocking it in the softer, less competitive market. I am
All real estate licensees, not just Realtors®, are obligated to follow Fair Housing laws. That obligation includes not providing information that could be used to enable their clients to discriminate. Children are a protected class – protected against real estate discrimination. Children are protected under the general heading of “familial status” in National Fair Housing
Question: The listing sheet says: “Seller requires Use and Occupancy until January 7, 2022.” What does that mean? A Use and Occupancy Agreement is a contract that allows a seller to stay in the property after closing. Although there are templates online, my advice is to have an attorney write or review any Use and
Single-family home buyers need to purchase homeowner’s insurance shortly before they close. Some have never bought any insurance before. If that is your situation, what do you need to know? What to be ready to pay before closing Short answer: You will pay 15 months of homeowner’s insurance by closing day. For houses, lenders will
I am starting a new series: Bad Ideas in Real Estate These are ideas that I hear, either socially or from prospects or clients, that do not work. They are usually “tricks” that someone picked up online, or heard from someone they know. I start this series with a tactic that crossed my path this
Q: How often do people buy the first house they see? I had someone who did just that this year. It is rare. Generally, I hate it. Why? You would think that I’d love this. Quick work! But, people who buy the first house they see (because it is "magic") are often not as happy
I believe in real estate karma. Many seller’s agents are acting professionally and dealing fairly with the buyers competing for the houses. Many of them have developed systems showing properties. They are sorting the offer information onto spreadsheets so that they can fairly present and discuss them with their seller-clients. Many have templates for telling
How much over asking price should I offer, on average? This seems to be the number-one question. It is a terrible question based on terrible assumptions. Don’t assume that asking prices are based on Fair Market Value. In reality, asking prices are a made-up number intended to get the highest number of offers, so that
There are times during a real estate transaction when you will be required to spend money. Some are deposits, some are fees, and some are refundable. At offer: When you make an offer, you will provide a deposit check for $1000 or $5000, depending on your price range. That check is not cashed unless your