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buying real estate: Home Inspection Explanation - 01/19/10 10:03 AM
One of the first things done after getting a property "Under Contract" is to have a Home Inspection. I occasionally get a buyer who does not want a Home Inspection. To me, it is the best money ever spent. If you REALLY do not want a home inspection, I will make you sign a document that says that although I encouraged you, you chose to not get an inspection and that you will not hold me or my Broker liable for any problems at the property. We feel that they're that important.
A good Home Inspector will show you how the … (3 comments)
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buying real estate: Take the Trauma out of Buying a House - 01/05/10 12:35 PM
January 5, 2010
Buying a house, moving. It's traumatic. I remember telling a young couple that it was normal to be nervous, to lose some sleep. Still, it's one of the best investments most of us ever make. Consider the following when buying a house:
If you're not comfortable with your Realtor, find one that you are comfortable with. It's important to find someone you respect, you understand, and that you're confident they respect and understand you and your needs. Be sure their communication style fits with yours. Educate yourself on the process. Even if you've bought properties in the past, … (2 comments)
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buying real estate: The Home Inspection Process - 10/27/09 10:52 AM
October 27, 2009
Home Inspection Process
Not only will you want to have a home inspection done for your own sake, and peace of mind, but most lenders will require that you have a home inspection before they will proceed with the loan. The lending institution has just as much interest in the home as you do, so that is why they require a home inspection.
Getting a home inspection requires hiring a company to send out a home inspector to go through the home you are going to purchase. With you present, the home inspector goes through the home, … (2 comments)
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buying real estate: Real Estate Term: VA Loan - 10/01/09 01:20 PM
October 1, 2009
Real Estate Term: VA LoanDefinition: A loan made to qualified veterans to purchase real property where in the event of default the Department of Veteran's Affairs guarantees the lender repayment.
The VA loan was designed to offer long-term financing to American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment. Eligible areas are designated by the VA as housing … (2 comments)
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buying real estate: Real Estate Term: Tax Lien - 09/04/09 01:21 PM
September 4, 2009
Real Estate Term: Tax LienDefinition: A claim against property which may be sold by the taxing authority arising out of nonpayment of taxes.
Discussion:
Tax liens in connection with property taxes
Unlike personal debts, tax liens on real estate "run with the land"; that is, a property owner becomes responsible for payment even if the tax obligation was incurred by a prior owner. Depending on the law of the state or jurisdiction, the owner of the property may also be personally liable for payment of the taxes.
Payment of a tax lien may occur through various … (4 comments)
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buying real estate: Price Reduction in Silver City, NM!! - 08/29/09 01:41 PM
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buying real estate: Real Estate Term: Prepayment Clause - 08/20/09 12:10 PM
August 20, 2009
Real Estate Term: Prepayment ClauseDefinition: A clause in a loan contract that gives a borrower the right to make loan payments that are greater than the amount due or in advance of the due date.
Discussion:
From: www.michaelbluejay.com:
Prepaying your mortgage
On our page about mortgage interest, we saw that a 15-year loan saves you a bundle of interest vs. a 30-year loan. But maybe you're stuck with a 30-year loan because that's all the bank will give you, or because you already bought a house with a 30-year loan. In that case, you can still … (1 comments)
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buying real estate: Real Estate Term: Multiple Listing Service - 08/11/09 10:35 AM
August 11, 2009
Real Estate Term: Multiple Listing ServiceDefinition: (MLS) An association of real estate licensees that provides for a pooling of listings and the sharing of commissions on a specified basis.
Discussion: The MLS is the computer program that the Realtors use to show listed properties. When your Realtor meets you at a house to show you a property, they will probably give you an MLS Sheet which has house information on it.
The Realtor can search the MLS System to find houses that fit your needs. There is a ton of reports and analysis that can be retrieved … (2 comments)
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buying real estate: Real Estate Term: Life Estate - 08/04/09 02:48 PM
August 4, 2009
Real Estate Term: Life EstateDefinition: A possessory freehold estate or interest in real property being held for the duration of the life of a named person who could be the person holding estate of the life of another.
Discussion: Would you like that in English? You own a home and give a "Life Estate" to the person living in it. The tenant is obligated to take care of the property, pay taxes, etc. while the Owner is the only one who can sell it.
Here's an example of when you would use this situation: Your mother, who … (2 comments)
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buying real estate: Real Estate Term: Easement - 07/02/09 02:42 PM
July 2, 2009
Real Estate Term: EasementDefinition: A right, privilege or interest limited to a specific use or control purpose which one party has in the land of another party and which run with the land and are not a personal right of an individual.
Discussion: When a property has an easement, it means that the described entity has the right to use that part of the property for a given purpose. Example: a "Utility Easement" along the south line of a property means that the Utility Company has the right to go onto that part of the property and maintain … (0 comments)
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buying real estate: Real Estate term: Deed Restrictions - 06/30/09 12:53 PM
June 30, 2009
Real Estate Term: Deed RestrictionsDefinition: The limitations in the deed to a property that dictate specific ways that a property must or must not be used.
Discussion: Deed restrictions are similar to covenants in that they are rules of what can and cannot be done on the property. They run with the land no matter who owns the property. Typical restrictions may include "no manufactured homes" or "land may not be divided into less than 5 acres parcels."
The Seller's Realtor should have a copy of the restrictions available for a potential Buyer. Occasionally a deed restriction is … (0 comments)
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buying real estate: Definition of Title Commitment - 04/28/09 12:19 PM
April 28, 2009
The Title Commitment comes a few weeks after the property is under contract. The Realtor will order this. The importance of the Title Insurance is that it insures the property buyer against any title-search errors or mistakes and against loss due to disputes over property ownership. Title Insurance can additionally offer protection to the lender under similar circumstances. The Title Commitment shows all the criteria for the property to close. Typical items include 1) the existing mortgage must be paid off, 2) a Deed must be recorded at the court house. Less common items are a Mechanic's Lien … (0 comments)
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buying real estate: 1031 Tax-Deferred Exchange Information - 04/21/09 10:22 AM
April 21, 2009
A Tax-Deferred Exchange is a way of deferring capital gains tax. If you are selling one real estate investment and buying another of the same kind, you can perform a 1031 Tax-Deferred Exchange and defer paying capital gains tax.
There are certain time requirements so using a Realtor who is detailed oriented is important.
The two major rules to follow are:
•1. The total purchase price of the replacement "like kind" property must be equal to, or greater than the total net sales price of the relinquished, real estate, property.
•2. All the equity received from the sale, of the … (0 comments)
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buying real estate: An Offer VS a Contract - 03/19/09 10:53 AM
March 19, 2009
The words ‘offer' and ‘contract' are often interchanged or misused.
An ‘offer' is a demonstration by the buyer showing intent to purchase. An ‘offer' is made using a ‘Purchase Agreement'.
A ‘contract' is a legally enforceable document where both parties have signed and agree to abide by the points in the contract. Once both parties have signed the ‘Purchase Agreement', it becomes a ‘contract'.
When you make an ‘offer', the Seller can do 3 things:
•1. Accept it
•2. Decline it outright
•3. Counteroffer
If there is a counteroffer, it means that they agree to everything in the … (2 comments)
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Linda Ferrara
Silver City,
NM
More about me…
Coldwell Banker Enchantment Realty
Address: 501 Silver Heights Blvd., Silver City, NM, 88061
Office Phone: (800) 456-3132 x 12
Cell Phone: (575) 519-9249
Email Me
Everything you wanted to know about Silver City, NM including area events, popular activities, relocation information, home buying ideas and much more!
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