buying a home: Why do I need an appraisal? Do I need a survey? Do I need a title search? - 06/09/11 09:23 AM
I just had these three questions posed to me today:

Q: Can a house be sold without an appraisal?
A: A buyer cannot secure a loan without an appraisal. The appraisal assigns a value to the home. This value is what the lender will use to determine how much and if to loan the purchase money to the buyer. The appraisal is ordered by the lender and paid for by the buyer during the loan application process. In the case of a cash buyer, they can still order their own independent appraisal if they wish. After all, an investor or … (1 comments)

buying a home: $8000 First time homebuyer's credit CAN be used towards closing costs!! - 06/24/09 10:02 AM
Hello blogosphere!
I previously reported (in haste I admit) that the $8000 credit could be used as downpayment- however, that went out the window almost as soon as it was announced.
It has been officially announced, however, and this time it stuck, that the credit can be used towards closing costs.
How does it work? Well, its basically a short-term loan with the tax credit used as collateral.
Its brilliant!
A buyer has to buy a property between Jan 1, 20098 and Dec 1, 2009.
That's right, DECEMBER 1ST, not 31st!!
The credit is 10% of the purchase price of the … (0 comments)

buying a home: Buyer-Broker Agreements - 05/27/08 06:32 AM
So you're going to buy a house in Virginia. You'll save money by working with the Seller's agent right? After all, she doesn't have to split her commission with a buyer agent, so she'll be willing to cut her commission, and you'll get the house for less.
Many buyers take this route when purchasing a home, and it can work to your advantage- if the agent is actually willing to do this in this market. But there are some things to keep in mind, in particular, who is working on your behalf?
In order to discuss this, we have to discuss agency … (0 comments)

buying a home: Buying a Short Sale - 05/11/08 07:21 AM
Short sales. Before I entered the real estate industry, selling short meant selling a security that you didn't own and repurchasing it later at a lower price. But the phrase as it is most commonly used now refers to what happens when the lender discounts the payoff it is owed on a home. In other words, the home is sold for less than is owed, and the lender is willing to accept less than the payoff.
According to Metropolitan Regional Information Systems, Inc., only 1 in 8 "short sale" listings that gets a contract actually goes to settlement. Why is this? … (0 comments)