Real Estate Articles for Buyers and Sellers
Real Estate Articles for Buyers and Sellers! Understandably, buyers and sellers have different needs, interests, and responsibilities when buying and selling real estate. However, they also share some and are linked in ways that can blow up deals should either come up short on their end of the bargain. Here's a look at some of them.
- Appraisals – They Are Not for Whom You Think They Are
Real Estate Closing Costs
Mortgage Loan Discount Points
Closing Procedures – Step by Step
Title Insurance
Mortgage Escrow Accounts
Contracts – Get It in Writing
Home Warranties
Online Auctions
Real Estate Appraisals are Not The Same as Home Inspections
Real Estate Appraisals are a necessary step in the home-buying process. Still, buyers, sellers, investors, and even Realtors often confuse them with home inspections. A difference is that an appraisal's goal, unlike home inspections, is to protect mortgage lenders who want to avoid lending on properties not worth their price tags. Therefore, appraisals are required before mortgage lenders will approve loans. >>>
Real Estate Closing Costs
Closing Costs are fees associated with buying and selling real estate, which can be expensive. And they are due at "closing," when and where buyers and sellers meet to conclude real estate transactions. They're typically happy days. That's because sellers get their money, and buyers become new homeowners. Still, some things can derail closings that would otherwise be on track for happy endings. >>> Return to Top
Mortgage Loan Discount Points
Discount points are fees buyers pay their mortgage lenders at "closings" to get the lowest interest rate on their home loans. Each 'discount point' represents one percent of the loan amount and generally lowers the interest rate on the buyer's 30-year loan by 0.125 percent. While it may not sound like a lot of money, the savings over the life of a mortgage can be considerable. >>> Return to Top
Step By Step Closing Procedures
So, exactly what does closing on the sale of a house mean? Well, that's when the buyer and seller meet to finalize the legal details of buying and selling a property. Others in attendance could include affected Realtors, attorneys, and closing agents. While the ideal is to have all involved parties meet together, concluding portions of the transactions via mail is common. >>> Return to Top
Real Estate Title Insurance
When you buy a home, your lawyer or legal representative will conduct a title search (also called a title examination) to determine property ownership. A title search involves collecting and examining, in detail, all public records that affect the title to the property you are purchasing. The search is done to make sure that a clean title, without liens and encumbrances, can and will be conveyed to buyers at closing. >>> Return to Top
Mortgage Escrow Accounts
Escrow is an account that guarantees that there will always be enough money to pay homeowner insurance and property taxes when they're due and on time. This way, homeowners can avoid overdue taxes, insurance, and late payment fees. More significant risks occur when others pay their property taxes for them, which can lead to tax lien and mortgage foreclosures. >>> Return to Top
Contracts - Get It In Writing
When negotiating a contract, you should include every expectation about the agreement, including what goes and what stays. Assume nothing and put everything in writing that's important to you. If you don't you can anticipate some undesireable outcomes that lead to frustration and in worst case scenarios the unraveling of a deal! >>> Return to Top
Home Warranties
An attractive feature of new homes includes new home warranties on appliances and major systems, like heating, air conditioning, and roof. Often overlooked with older homes is an option to offer Home Warranty Plans for used homes. These plans can set buyers at ease when buying older homes while adding value to the property. If you’re not offering one, you’re handicapping yourself! >>> Return to Top
Online Auctions
Online real estate auctions are reshaping how we buy and sell homes, offering convenience, transparency, and a global reach. Explore the future of property transactions, from virtual bidding to unprecedented opportunities. Are you curious about how this could transform your next real estate deal? Read more to unlock the possibilities! >>>
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