GET IT IN WRITING!
That's it. The rest are details. Of course, as we all know, the devil is in the details. And those devils can come back to make life miserable for sellers unless they are prevented from coming back in the first place.
In most jurisdictions oral agreements are not part of the contract when it comes to real estate. Now is the time to eliminate the possibility of future hard feelings between the parties.
You want to sell your house and the prospective buyer wants to buy it. The purpose of the contact is to ensure that each of you gets what she expects to get. In other words, this is the place to spell out with as much precision as possible the terms of the offer and in turn, the acceptance. A poorly worded offer or contract may simply be buying a lawsuit instead of a house. This is the worst result. You already know how emotionally charged selling your house is. Well, buying is also fertile ground for hard feelings.
Real estate professionals know that a good deal involves more than just the price. Take a look at a typical real estate sales contract for your area.
continued at
Real Estate Contract ABC's
Wednesday, October 31, 2007
Tuesday, October 30, 2007
No Doc Home Equity Loans
What exactly is a no doc equity loan? It is simply a home equity loan, secured by the equity in your home, that you apply for without submitting proof of your income.
This has been the promised land for many homeowners who are self employed or do not have a verifiable income. What exactly is a no doc home equity loan? It is simply a home equity loan, secured by the equity in your home, that you apply for without submitting proof of your income.
(The difference between what you owe on your home and what it is worth is your equity.) Home equity loan lenders will loan you up to 100% of that equity and sometimes up to 125% based on your income, credit score and overall ability to pay the interest and repay the loan.
No doc equity loan lenders also take into consideration what you are going to use the money for. If you are going to use the no doc home equity loan to finance a room addition or other improvements to your home that will increase its value, no doc home equity loan lenders are more willing to approve your loan than if you simply want to transfer debt from credit cards or create more debt.
continued at: No Doc Home Equity Loans
This has been the promised land for many homeowners who are self employed or do not have a verifiable income. What exactly is a no doc home equity loan? It is simply a home equity loan, secured by the equity in your home, that you apply for without submitting proof of your income.
(The difference between what you owe on your home and what it is worth is your equity.) Home equity loan lenders will loan you up to 100% of that equity and sometimes up to 125% based on your income, credit score and overall ability to pay the interest and repay the loan.
No doc equity loan lenders also take into consideration what you are going to use the money for. If you are going to use the no doc home equity loan to finance a room addition or other improvements to your home that will increase its value, no doc home equity loan lenders are more willing to approve your loan than if you simply want to transfer debt from credit cards or create more debt.
continued at: No Doc Home Equity Loans
Bridging Loans
Bridging loans or gap loans are loans used to bridge the gap between two transactions. Duh! Pretty simple, eh? Unfortunately not.
First of all, sellers would not be in a position to need bridging loans if everything they were planning had gone as they had wished.
Second, bridging loans cost money, in the form of additional interest over and above that of a longer term loan and the balloon note of repayment sitting out there at the end of the loan.
Caution dictates that a seller should wait until his/her current home sells before buying another house. However, whether due to relocation, change in family or job-related circumstances, or simply a slowing market for home sales, people sometimes find themselves with two houses. These are typical situations where sellers will need bridging loans. Bridging loans enable a seller to borrow money either unsecured, but with a pending contract for sale or against the equity in her current home until it sells.
Bridging loans usually include a balloon note that has to be repaid at the end of loan period. This can be disastrous if the home used for equity does not sell or does not sell for as much as necessary.
continued at: Bridging Loans
First of all, sellers would not be in a position to need bridging loans if everything they were planning had gone as they had wished.
Second, bridging loans cost money, in the form of additional interest over and above that of a longer term loan and the balloon note of repayment sitting out there at the end of the loan.
Caution dictates that a seller should wait until his/her current home sells before buying another house. However, whether due to relocation, change in family or job-related circumstances, or simply a slowing market for home sales, people sometimes find themselves with two houses. These are typical situations where sellers will need bridging loans. Bridging loans enable a seller to borrow money either unsecured, but with a pending contract for sale or against the equity in her current home until it sells.
Bridging loans usually include a balloon note that has to be repaid at the end of loan period. This can be disastrous if the home used for equity does not sell or does not sell for as much as necessary.
continued at: Bridging Loans
To Avoid Foreclosure
Foreclosure can be stopped or avoided. The are certain basic strategies that can be followed including becoming a for sale by owner. Foreclosure procedures and significant dates vary from state to state.
A number of years ago there was a popular book entitled, "When Bad Things Happen to Good People". Today, that could describe the nightmare of foreclosure that is facing many families. The first step to avoid foreclosure is to deal with the facts honestly and openly. DO NOT BE AN OSTRICH! Call or contact your lender as soon as you are aware that you will fall behind in your payments. Lenders want your money, not your home. In many cases your lender will work to help you avoid foreclosure. With foreclosures increasing every day, the last thing most lenders want is another house to dispose of. In the long run, most legitimate lenders realize that helping you to avoid foreclosure will be to their own benefit. (Lenders are not charitable institutions, however. They might view the totality of circumstances, including your long term prospects, the amount of the loan versus the equity, your payment history, etc, in a way that might accelerate the foreclosure process.)
In any case, it is important to notify your lender ASAP if you want it to help you avoid foreclosure.
To Avoid Foreclosure: Important Dates
The most important date to remember when it comes to being able to avoid foreclosure is the 16th day after the mortgage payment is due. Even though the payment statement states you have until the 16th to avoid late fees, what it really means is that you have until the 16th to avoid the onset of the foreclosure process. This is how it works: This article is continued at: To Avoid Foreclosure.
A number of years ago there was a popular book entitled, "When Bad Things Happen to Good People". Today, that could describe the nightmare of foreclosure that is facing many families. The first step to avoid foreclosure is to deal with the facts honestly and openly. DO NOT BE AN OSTRICH! Call or contact your lender as soon as you are aware that you will fall behind in your payments. Lenders want your money, not your home. In many cases your lender will work to help you avoid foreclosure. With foreclosures increasing every day, the last thing most lenders want is another house to dispose of. In the long run, most legitimate lenders realize that helping you to avoid foreclosure will be to their own benefit. (Lenders are not charitable institutions, however. They might view the totality of circumstances, including your long term prospects, the amount of the loan versus the equity, your payment history, etc, in a way that might accelerate the foreclosure process.)
In any case, it is important to notify your lender ASAP if you want it to help you avoid foreclosure.
To Avoid Foreclosure: Important Dates
The most important date to remember when it comes to being able to avoid foreclosure is the 16th day after the mortgage payment is due. Even though the payment statement states you have until the 16th to avoid late fees, what it really means is that you have until the 16th to avoid the onset of the foreclosure process. This is how it works: This article is continued at: To Avoid Foreclosure.
Subscribe to:
Posts (Atom)