Q : The bank sent a commitment letter, however afterwords realized the appraisal is less than the sales price. Can they back out. A : I am sure that the ‘commitment letter’ stated that it was subject to an appraisal – now, based on that & the fact that the house did not appraise for VALUE (based on what YOU wanted – not market value) , make even you a ‘bit’ cautious ?? So, … [Read more...] about Commitment Letter From Bank
There has been a great amount written on millennials and their impact on the housing market. However, the headlines often contradict each other. Some claim this generation is becoming the largest share of first-time home buyers, while others claim millennials don’t want to own a home, blaming them for the dip in homeownership rate. While it is true that millennials have … [Read more...] about New Study Reveals One Surprising Reason for the Inventory Shortage
Q : I currently own a townhouse and am wondering if there is such thing as people that will buy your house (that costs less) if you buy theirs. A : The only way I am aware of is called a ‘1031 exchange’ . You might want to check with your Title company (or agent) for someone to contact. … [Read more...] about Currently Own A Townhouse
According to a new survey from Move.com, the wave of first-time homebuyers hitting the market this summer has resulted in an interesting statistic. Nearly 60% of buyers searching for a home this spring are willing to consider buying a fixer-upper, with 95% believing that the projects needed will increase their new home’s value! Realtor.com’s Chief Economist, Danielle Hale, … [Read more...] about With Inventory Low: Will Your Dream Home Need Some TLC?
Q: I have a property for sale (as-is) with an uninhabitable house. The interested buyer wants to do a Lease 2 Purchase agreement. Do I as the seller have to have Insurance on the property, or can this be avoided in the contract? A: If you still own the property, you will need to have insurance. At least liability insurance to cover the rest of your assets in the event … [Read more...] about Property For Sale As Is