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What does a home buyer need to watch for when buying house that is seller financed?
Kadewzee
1. Get a home inspection.
2. Watch for unreasonable balloon payment terms.
3. Get a reasonable fixed finance rate.
4. Do title search to make sure you are paying the "real" owner for the property.
5. Have an attorney review the sales contract.
Note: these are minimum "Must-Dos"
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∙ 16y ago
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Who pays the agent when buying a house?
It is the seller that pays the commission to the agent from the buyers funds.
Does the buyer usually pay for the home inspection?
Yes. Usually. There are pre-listing inspections in which the seller of the house wishes to provide an honest disclosure of the condition of the house at the time of inspection. These are paid for by the seller and are available to serious potential buyers. But most of the time the buyer will hire and pay for the inspection, which I highly recommend.
What describes an assumable mortgage?
It can be transferred from a seller to a buyer.
What is buying a house consumption or investment?
investment if it is new, consumption if you pay rent or are a second-hand buyer
How can one sell their house and avoid paying realtor fees?
A homeowner can sell their house on their own without a realtor to avoid paying realtor fees. The seller would be a private seller. Another way is to negotiate with the buyer to pay for realtor fees.
What is the meaning of bilateral when it concerns with buying a house?
Bilateral Sale is a direct or straightforward contract of sale. It is unalterable so it binds the seller and the buyer.
Should the seller of a house tell a buyer of existing damage to the house?
Most places have laws that require the seller to disclose all known problems and damage to the buyer! If the buyer finds an issue that was not disclosed and has evidence that you would have known about it, you will be in trouble!
Before the closing of a house can the builder deny the buyer to the house if he is willing to pay back the entire cost?
Only if Buyer and Seller (Builder) agree.
How much time do you have to move out after selling your house?
That's decided by the buyer and seller.
What happens if you decide not to pay earnest money when buying a home and signed contract?
Odds are the seller won't put any effort in keeping another buyer from getting the house from under you.
How much is a house sold for?
Whatever the buyer is willing to pay and the seller willing to accept
Does Illinois have a buyer's remorse law related to buying a house?
yes
Is it worth having a seller remove the above-ground pool if the buyer doesn't want to have it?
No have the buyer do it. The seller isn't responsible-house is sold as is! ;)plus what if the buyer changes their mind then he sellers property goes down in value! It may be worth it for the buyer to remove the pool versus having the seller remove it because the seller may increase the sales price of the house if they remove the pool. To increase the sales price, this would add more onto the buyer's loan for the house. More money!!!! If the pool is in good condition, the seller could include the pool in the sale. Otherwise, it needs to be removed from the property before putting the house for sale. Offer it online free to the person who comes and picks it up. Craigslist and Freecycle are good sites.
If you are buying a house on contract can the seller make you pay 'mortgage Insurance' on top of the mortgage payment?
Yes, It is typical and customary of all mortgages, does not matter who is doing teh financing. It sounds like the buyer is assuming the seller's mortage. Assuming the buyer has agreed to assume the seller's mortage, if the contract is silent about the mortgage insurance, then it depends if the mortgage insurance is considered part and parcel of the mortgage, or if it is a separate commercial instrument, and thus severable from the mortage.
Marginal cost when buying a house?
marginal cost influences the buyer of the house. If the marginal benefit surpasses or even equal with the marginal cost, the buyer normally decides to buy the house.
What is 'concession' in real estate?
Seller concessions are buyer costs that the seller is willing to pay on behalf of the buyer like closing costs, points, house payments, etc. Also these could be extras they are willing to throw in for free like building the buyer a fence or providing window treatments.
Who pays the agent when buying a house?
It is the seller that pays the commission to the agent from the buyers funds.
