![]() ![]() If you have high-interest debt - like credit cards or auto loans - you might consider paying it off using a cash-out refinance.Ĭlosing happens when a buyer and seller meet to finalize a home sale: the buyer makes a down payment, and both parties sign documents and pay closing costs. You can pocket the difference that is paid in cash. If you can afford it, paying in cash can give you a strong negotiating position - and possibly even a much faster closing.Ī cash-out refinance is when you take out a mortgage for a greater amount than what you owe on your existing mortgage based upon the increased value of your property. A buyer's agent can help you find properties, make offers, negotiate with sellers and protect your interests to ensure you get a fair deal.Ī cash buyer is an individual or a company that purchases a home for cash assets that they have on hand. It determines your home's estimated market value based mainly on its condition and the recent sale prices of similar homes located nearby.Ī buyer's agent represents the buyer in the home-buying process. But unlike agents, they're also licensed to start their own brokerage firms and employ other real estate agents.Ī broker price opinion (BPO) is a home valuation report provided by a licensed real estate professional. Brokers can still represent buyers and sellers in real estate transactions. This can apply to sellers or buyers who decide to back out of their home sale, or if the seller fails to make a repair stipulated in the sale contract.Ī real estate broker is an agent who holds an upgraded professional license requiring additional experience and education. The bill of sale typically includes the name and address of the buyer and seller, their signatures, the purchase date, a brief description of the property sold, a list of all the personal property the seller is transferring to the buyer in the sale, and the amount paid.Ī breach of contract is a violation of any term or condition included in your real estate contract. The seller typically signs this document at closing. ![]() Buyers who submit a backup offer can still search for other properties while they wait.Ī bill of sale records the transfer of a property from a seller to a buyer. A backup offer puts you first in line for consideration by the seller if the current offer falls through. Home buyers can make a backup offer on a home already under contract with another buyer. The assessed value is calculated by multiplying the home's fair market value by the local assessment rate, which can be any percentage less than 100% and is determined by each municipality. In most states, the assessed value is a set percentage of the property’s fair market value.Ī property assessment is made by a government assessor from the relevant county or municipality to determine the value of a home and, as a result, the annual property taxes owed by the homeowner. Tax assessors make these valuations every year. Either the seller won't make any repairs or changes to the home, or the buyer won't ask for repairs or credits.Īssessed value is the dollar value placed on a home by the local municipality, which then decides how much a homeowner owes in property taxes. Most mortgage lenders require an appraisal to decide on a reasonable amount for your loan.Ī property for sale "as is" means it's being sold in its existing condition, even if its systems aren't in working order. While a fixed-rate mortgage never changes its interest rate, one upside to an ARM is that its initial rate is typically lower than a fixed-rate one.Ī home appraisal is a professional estimate of your home's value, usually based on a physical evaluation and the recent sales price of comparable homes in the same neighborhood. There's usually a cap on how high the interest rate can go. Are you a top realtor? Join Clever’s networkĭo you want to close more loans? Join Clever's partnership programĪn adjustable-rate mortgage (ARM) is a mortgage with an interest rate that goes up or down based on market conditions. ![]()
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