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Home Buying

~2300 answered questions
Parent Category: Home & Garden
For most people buying a home is one of the biggest financial and lifestyle decisions they will ever make. This category could possibly help assist you in making an informed decision about that purchase, so before you decide to buy a home, make sure you're ready by checking out some of the answers in this category.

Subcategories

As long as the home has been inspected and you have a termite bond there should not be a problem. The exterminator should take care of any "live" infestation and will inspect the house for structural integrity.
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A survey is a detailed map/plot of the general layout of your home and lot. It contains all of your homes boundaries. It also maps out the home's buried utility lines. It also gives an exact location of your property with a lot/block description and may even contain degrees. A survey is required on …
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A home inspection is limited to readily accessible areas of the building and is limited to visual observations of apparent conditions existing at the time of the inspection only. Latent and concealed defects and deficiencies are also excluded from the inspection; equipment, items, and systems will n…
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Usually there is nothing you can do about it. But, if it is a new house, you might want to go and see the homeowner's association because there will be other homeowners that will have problems similar to yours.   You should bring an action for fraud if they intentionally misrepresented facts …
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You can look for homes for sale on the Internet.Although there are new Montgomery homes for sale of best quality and with the latest features and surrounded by wonderful community
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Call a reputable mortgage loan company to start the process of qualification for yourself and your daughter. Please do consider that, if you are doing this because your daughter does not have the credit rating to do this by herself, that you may end up owning the home or damaging your own credit rat…
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Answer No. Home equity loans are revolving credit lines. In simple terms, that means you could pay on that for three years and not even touch the principal. I wouldn't do it. Maybe rolling it into a consolidation loan if you have enough equity in your home, but not a HELOC. Answer No. You want…
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There is a program that assists anyone in the country with borrowing cash for a down payment. There is a great loan product designed to help people who need extra cash now to pay for the down payment of a vehicle. There are about 150 lenders that bid against each other to provide the loans. These …
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The general theory or principle of homeowners insurance as it pertains to the structure itself is to repair or replace it to its pre-loss condition. It does not cover issues that are caused by deferred maintenance. Coverage for Structural integrity and quality of workmanship issues are generally a…
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Contact the County Assessors office where you live. Property records are public information (to some extent). Some Assessors Offices have the information online, searchable by address or parcel ID number. With others you might have to physically go to the Assessors office and look it up.You can also…
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Yes, you can buy your first home with bad credit by accessing federal and local resources and saving for a larger down payment. The first step in buying a home is, of course, to find an assortment of homes that you're interested in, based on their location, condition, size, etc. Because you have bad…
Popularity: 216
All SS payments, whether to the beneficiary or survivors are exempt from any attachement by creditors. A secured loan, however is entirely different. The lender can foreclose on property if it is defaulted on. The death of the borrower (or one of the borrowers) is irrelevant. There could be insuranc…
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I think after you file, all of your debts should be "frozen" with a filed stay. Then, at the creditor's meeting with the trustee, they would discuss the terms of the discharge and you would be notified of how long you had to vacate. If you have a lawyer, ask them, but if not, you may be able to call…
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The answer to this question can be affected by state law but, as a general rule of thumb, a secured creditor stays secured, even in bankruptcy.Granted, there are LOTS of exceptions to this rule of thumb, but normally if the creditor has a valid, recorded mortgage on the real estate, then the debtor …
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It depends if you paid your mortgage on time while in your home. If you were late then it will be in the history on your credit report. The creditors history makes up 35% of the credit report. Many lenders require at least 3 open lines of credit to qualify for a mortgage, so if paying off your curre…
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The answer depends on your life goals and style. But, in general, a 3 bedroom, 2 bath will be easier to resell. Single? Middle-aged and childless? Retiring and traveling? For a place to live, close to jobs, family, and entertainment venues, a small, well-located condo may be the best answer. The a…
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Try this: "THE FIRST TIME HOMEBUYER BOOK" - written by a professional working agent and really informative! Maybe one or more of these interesting books might help make the whole homebuying ordeal a little less stressful. The 106 Mortgage Secrets All Homebuyers Must Learn - But Lenders Don't Tellb…
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The seller pays the fee and the commission is split 50% between the two. The seller pays for it and the split is not always 50/50. Having an experienced negotiator to get you the best price and terms on the contract is critical. You always want to be represented by a buyers agent because it is free…
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Usually closing cost will include origination fees, discount points, lenders fees, escrow fees, credit report cost, title insurance fees, title search fees, flood certificate, notary fees. Other closing costs include title insurance, courier fees, wire fees, and mortgage and deed taxes as well as re…
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Buying a home can be a daunting experience. Here is some advice from Answers.com contributors on what to ask/do during home showings: You can ask whatever you want, but they don't necessarily have to tell you the truth. Open Houses are a great way to see a house, not a great way to get info on it. …
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The obvious benefit is that you are purchasing a distressed property that has to be sold because of an unfortunate financial situation. This should result in a below market price purchasing opportunity. Financing will differ if you are purchasing the property as an investment or as a primary resi…
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Buying Foreclosed Homes Generally you are correct. However, there are a lot of factors involved in home buying other than just the price. If you are not in a hurry and do not want to live in a particular neighborhood then you can watch and wait for a deal that suits your needs. Be prepared to do yo…
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Buying a home is often better than renting. If there is any type of mold or mildew situation, please get an inspection before you buy. There are companies that remediate mold and an inspection by them would be wise. Ask if the owner has had the service and has a receipt. Some DIY repairs may not be …
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It's best to discuss this with the realtor or a lawyer, but the usual protocol is an agreement at the time you purchase the home and sign the papers. If you have signed nothing to indicate the tenants stay on, then you have to give them sufficient notice to find another rental place to live. Once yo…
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Yes. Lenders usually only look back 12 to 24 months on past delinquent accounts. If you need any further assistance dont hesitate to inquire.
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It works like this: suppose you agree on the price of the house at, say, $200,000. You then ask the seller for a 3% seller concession. What this means is that you add 3% to the price of the house. That's right, you're now going to pay $206,000 for that house -- but the seller is going to give you th…
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If you are buying your own home you are the only person that has the rights to it, except the bank that financed the loan. The most he can take from you (in a divorce situation) would be the equity you have in the house and you have to be able to qualify for the loan from the bank for that to happen…
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Home equity line is a line of revolving credit with an adjustable interest rate whereas a home equity loan is a one time lump-sum loan, often with a fixed interest rate. Home equity loans come in two types: closed end and open end. Both are usually referred to as second mortgages, because they are s…
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Co-Op Equity Lines of Credit Before applying for a home equity loan, check with each lender to find out what their Loan To Value Ratio (LTVR) is, depending upon how much equity you have in your co-op this will have a big impact on what you can qualify for.
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Often this is easiest if you go to the bank or credit union where you have your mortgage. You can check with others, but there may be an application fee as well as costs for the appraisal, depending on the amount of the loan you are seeking.
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Mortgage loans and home equity loans are two different types of loans you can take out on your home. A first mortgage is the original loan that you take out to purchase your home. Second mortgage means cover a part of buying of your home or to cash out some of the equity of your home. It is importan…
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Yes, if you have used any of the credit available to you. For example, if you have used $10,000 of a $20,000 line of credit then you have to add that $10K to the balance of the total owed on the property.
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A Home Equity loan is an additional loan from your first and second mortgage. It does not require a refinance process. However, consider if you want to saddle your home with any more debt, given that you may not have much equity. If you are paying PMI, it may also change that position.
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Yes, you can obtain a home equity loan or line of credit through the Bank of New York. They also offer mortgage loans on cooperatives. Yes, you can obtain a home equity loan or a line of credit on co-ops through the Bank of NY.   It's true that Bank of New York offers home equity loans or l…
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Yes you may, in a refinance your HELOC could be paid off the same way as any other type of debt such as a credit card. The same goes for a second mortgage, as long as you have built enough equity in your property you can refinance and pay off the 2nd mortgage and leave yourself with just one mortgag…
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Just because you can get the loan, you may want to consider paying off the debts in another way so that you do not increase the burden of debt on the home beyond what it is worth. Keep in mind that in a new subdivision, the new homes are going to be worth more than your "used" home, regardless of th…
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No, unfortunately you can not get a home equity to pay off your bankruptcy but there are other alternatives to pull yourself out off that situation and give yourself some financial room to breathe. Check with a certified credit counseling agency to get the best advice. In general if you can, reduce …
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Depending on your credit score you can get a HELOC as quickly as you want, depending on a few factors you can get a heloc with little or no closing costs done within 7 business days.   There is the Sale Price which many lenders will use. There is the appraised value with a few lenders will le…
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Typically, you need a pretty good credit score to get a HELOC (home equity line of credit). And if you are just coming out of a BK then your score is probably not going to be real high. However, if you have a lot of equity in your home there are lenders who may have a look but be prepared for a high…
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No. You are not required to reside at the home that you draw your equity from but you must own it, which means you must be on the title.
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This is a technical question that only a lawyer would be able to help you with. Anything, though, is better than bankruptcy, so if you think you have enough equity in your home, then it would probably be the wisest decision.   It depends on what your priorites are. If you believe that you a…
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There are several key factors to acquiring a mortgage, equity and credit are two of the more significant. In general the better credit you have the more equity you can access. If you need any help with this feel free to call my office (214)607-1445.
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Since your house is now worth more THAN the two loans combined, then yes you can do a cash out refinance or a home equity line of credit depending on your situation. I'd recommend a refinance because you'd probably be better off rate wise in combining the two loans you have now into one loan and you…
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Home equity Loans and Investment properties both come with high Interest Rates. However, if you were to claim bankruptcy with a rental property they would take the rental property and you can keep your home. Homestead law.On the other hand, if you file bankruptcy and have a second lien on your home …
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The bank is a good place to start. Whereas, they have documentation and reports of present income. Individual reports can control and filter the information provided. They also can issue a home equity line or loan of credit.
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Yes. Once a home equity loan, always a home equity loan; but there are certain programs that give breaks in rate to previous home equity acquisitioners.
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I would suggest few things before buying a home for cash: Identify Your NeedsFind A Real Estate AgentGet Pre-approvedGo House-huntingMake Your OfferNegotiatePrepare To CloseClose The Sale If you are paying all cash get Title insurance. A title company will insure that you can get clear title. They …
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In general practice a sale of land is a single transaction supervised by an attorney with the consideration being given over IN EXCHANGE for a deed. As part of the transaction the attorney would have the title examined by a professional to ascertain the status of the title. When the consideration ha…
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Answer In some cases Zero down! There are many programs that will assist you by paying your down payment and closing costs then rolling it into your monthly mortgage. Consult a mortgage expert and make sure their working hard to locate these programs, new ones are popping up every day. Answer You…
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According to a recent news story by NPR, the average size of a new American home is 2,349 square feet. According to the US Census Bureau, the average size of a new US home built in 2006 is 2,469 square feet. If you mean number of people living in the house - 2 to 4 people then the average square…
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The simple calculation is to divide the cost of the home by the number of square feet in the home. Typically, internet sites such as Zillow will do the work for you and list the price/square foot. There may be a big difference between the price per square foot on the asking price and the price on ho…
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Answer Frist mortgage seasoning requirements would be determined by the terms of your loan documents. Some lenders allow loans with no restrictions, others have requirements that would limit your ability to obtain secondary financing or re-financing for a specific amount of time. Home equit…
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If the black mold is inside the walls and you can't see it anywhere else then it is doubtful the former owners knew about it and are not liable, therefore it's going to be money out of your pocket. However, if the mold is where you can see it (but the previous owner hid it with furniture, etc.) you …
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Answer I'm a bit confused, however, if the deceased named beneficiaries pertaining to the property, then there had to have been a will. The will should be/have been probated in accordance with state law, which would determine how all the deceased's property was to be distributed. Even if the sale p…
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No. One co owner of a property can only mortgage their own interest in the property. If they default, the lender can only foreclose on their interest and not on the interest of the other owner who did not consent to the mortgage.
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The ONLY reason a person would request that you not be on the deed and mortgage would be to INSURE that you would have no legal right to the property. If he expects you to help pay the mortgage you would be paying for property you do not own. You and your boyfriend are not buying a house. Your boyf…
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This is actually a question for your attorney but here is a direction.Ask your attorney if the home equity loan was included in your bankruptcy, did you complete all the payments you agreed to in the bankruptcy. I am guessing that if you filed for BK the bank probably did not let you use any unused …
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No, you do not need a lawyer to sell furniture. It is usually separate from the home sale, although executed at the same time. It may be part of the same contract, if the home is purchased "furnished". Create a bill of sale stating the price and description of each item, including the condition (n…
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Answer That is completely relative to the facts surrounding the bankruptcy. In a Chapter 7, the money you might use as a downpayment might belong to the bankruptcy estate until the case has been discharged. If you are in a Chapter 13, you will need permission from the trustee to incur the debt. A…
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First and foremost educate yourself. Use your state's local housing authority for free seminars in the steps of a home purchase and learning about financing is key. You need to have a good sense of your income and the amount of money you can afford for the costs of ownership: mortgage, insurance, ta…
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The price will vary within the State and depends on the location of the house. Check with local people, such as the insurance companies, builder's association, and possibly the building department. The price is not dropping like you might think due to the poor housing market. Labor and materials wil…
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The county court registers the transfers of real property.
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You could go to the county clerk office and do some research there, or another is to call a title company and have them do a title and lien search on the property. As well, it will be important that you understand what kind of lien -- if any -- that exists on the title. There may be revealing deta…
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Answer The underwriting requirements of a mortgage you may be taking to buy the property have restrictions that dictate the percentage and the type of closing costs that the seller can pay and still allow the borrower to qualify for the loan. These vary with all of the many mortgage programs that…
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Generally, no. The lender in a reverse mortgage wants to be able to obtain clear title to the home upon the death of the mortgagor or if the mortgagor defaults on the terms. It does not want to be in second place regarding another lien.
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Hi. There are "No Credit Check Mortgages" but they have a higher interest rate and you have to put 25% down on the price of a house. Yes you can. The key is ....did you include your installment loans (autos/previous mortgages) in with your bankruptcy? If not, they lender will look favorably on that.…
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Prepaids are actually pre-paid interest. If you negotiate in the purchase agreement that the seller is to pay for the buyer's prepaids, they then can get taken care of within escrow. Also note, that because prepaids are just pre-paid interest, at the end of the year, you can claim that amount as in…
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No, This is not appropriate, ( See Below ). In this situation the seller has basically made promises which it would be impossible to keep. It is almost certain the owner did not disclose this encumbrance of an owner financed mortgage note to the company that issued him a loan in the form of a colate…
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Answer Yes, but as part of the settlement the lien will be considered and the buyers agent and especially the mortgage company will demand satisfaction of the lien before the property transfer is completed. If the lien is improper, it may be possible to sue to have the lien removed. In some state…
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Answer The term is actually "quitclaim", not "quick claim". The document must be signed, notarized and recorded and the recorder's office to be valid. It must contain the address of the property and a legal discription. It basically means "what interest I have in the property, I convey to you"…
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A home equity loan is a way of cashing out your investment in your house. Basically you're borrowing against your investment -- your equity-- in your home. Example: Suppose you bought your house ten years ago for $100,000. Today, it's worth $120,000. You have paid off $20,000 in prin…
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No, you can't. When Buying a home you will need two years of empolyment history, and it is not good if you are job hopping, That shows that bank that you are not reliable enough to make that commitment. Even if you have a big downpayment, "How are you to pay the rest?" is what the bank is going to q…
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It depends on how you define a sunroom. A sunroom made with either aluminum, pvc, or wood with 80% glass walls can range between 200 - 600 a square foot. An addition can start at 110 a square foot and go to 400 a square foot. Cost per square feet for a home addition depends on several variables. Th…
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The interest on the second mortgage is deductible but not the home equity loan. If you could deduct the interest on the equity loan also, then you would be double dipping and the IRS doesn't like that. In every situation, one party can and the other party can deduct the interest. Someone has to pay …
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Depends on where you are and whether it is a model or done to your specs. Your local Realtors will know the local averages, under various conditions such as location, lot size, etc.
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The persons who are on title must both sign for a equity line of credit.
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What kind of questions will who ask you??? The realitors, the bank, the seller?I would like to help  Usually about the house's history. the lender will ask you general personal information such as name, previous names, 3 years worth of addresses, credit issues, any loans you may have, current …
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most home equity loans always stay open that way you always have access to money when you need it. most will give you checks to write. this just is an esay way to borrow money. there is usually an annual fee to have an home equity loan available. if you don't want it anymore i would say you have to …
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Answer Usually you can get your deposit back if nothing improper (i.e. failure to perform by you)is done by you. Check your agreement of sale for the terms related to your deposit. Check with a local attorney. As long as you have a "mortgage contingency" clause in your agreement and you notify t…
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Answer Sure can but probably at a higher rate than most people. Please consider that your home will be the collateral for the loan. So if you miss payments or go into default the lending institution will take you home from you.
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Answer just like any other house you just hve to pay the tax lien to who evers holding it against the house Really? I would only have to pay the tax lein, no other hidden fees?
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How fast will you pay it off? 4lifeguild
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Depending upon the state in which the transaction takes place, either party may pay a brokerage fee. Disclosure and agreement of the arrangement is also necessary between all the parties. Most often, the seller pays the actual real estate commission.
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The house must be included at fair market value as of the date of death regardless of the amount actually paid for the house. the only exception to this rule, would be if the executor elects the alternate valuation date, which would be the fair market value at the earlier of 6 months after date of d…
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Yes. In most states such action is required to be handled through a licensed title company or an attorney. Whether required by state law or not, the aforementioned is always the best option for the amending of a title to real propery. Additional information: You can add anyone you want to the deed, …
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The executor of their estate is responsible for this, an executor is usually appointed by the probate court. They have power of attorney to care for all assets, property and investments. Local laws and regulations will determine how the executor makes the sale: public auction or private sale, and c…
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Yep. In Florida, we have done this many times, using my credit to do the deal (cause im the one who cant stop myself from buying) only to have her come to me whining about not having her name on the deed. I would instruct the title company to put it in both names and they do it. Simple as that.
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If you are dealing with land in England or Wales, go to the Land Registry's home page.  If you are dealing with land in the United States you can visit the tax assessor's office and look up the address. The owner's name is included. You may be able to access the records online but at many websi…
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you will need to contact a title company and have a new deed recorded with the county. it usually cost around $250.  The legal and tax implications may depend upon (among other things): whether there is a mortgage or other lien on the property, who else is already on the deed, whether anyone c…
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300,000
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There is a way, and it's called No Deposit Home Loans. True, there has been a recent uproar on the review of the current lending criteria in line with a requirement for increased home loan deposit amounts, but there are still a lot of banks and lenders who are willing to extend a home loan of up to…
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Answer Try the ocwen website. Also try hud.gov and homesales.gov. Hud.gov has VA, Freddie Mac and Fannie Mae listings, all for free. Try the freeforeclosurelist website. While this site may be geared toward Miami foreclosures, it has links to HUD, Fannie Mae, Freddy MAC, and several bank websit…
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It depends what state you live in (i.e. whether it's a community property state or not), as well as how the house is titled.  Unless there is a legally documented separation notice posted (like in a news paper) that states He or She will no longer be financially responsible for or associated w…
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Go to the basement, if it has one...look at the foundation. If it has severe cracks, or even several cracks, especially running from side-to-side, don't bother looking any further. This is not a house you want to purchase. Also, look closely at the interior walls of the home, and any painting and up…
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My friend's dad bought one after 3 years. There is not a specific time limit for being eligible for a mortgage or other credit. Most lenders prefer the consumer to have at least 12 months of responsible credit history.
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It's called a "quick" claim deed. Google the phrase using the correct term...should be lots of info on the internet. A "Quitclaim" (not "quick") deed is a legal instrument used to transfer title to real property. It will likely be necessary for the person to purchase a form at a office supply stor…
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In 1932 your average family size was 4.3 people. The average cost to build a home at that time for the average family size was 6,510 dollars.
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Answer Yes they can if it is done in accordance with the terms of the contract. If it is done in breach of the contract, the seller can actually have legal action taking against them. Answer Not always Unless the buyer agrees, the contract remains enforceable, and a court can order the sale …
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THAT DEPENDS ON YOUR STYLE OF DECORATION AND HOW MUCH MONEY YOU HAVE TO SPEND. SOME PEOPLE GO TOP DOLLAR ON EVERYTHING AND SPEND UPWARDS FROM $20,000 OR MORE. FOR PEOPLE ON LIMITED BUDGETS THEY SHOP SECOND HAND AND CAN FURNISH A WHOLE HOUSE FOR UNDER $2,000. I KNOW A COUPLE WHO DID IT UNDER $650. BU…
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Contact the tax assessors office to find out about any sales.
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