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Forewarned Is Forearmed
Buying a house is a major milestone for most people. After the weeks, months, or even years of preparation, a buyer wants to cross the finish line with confidence. Buyers and sellers alike need to know what glitches come up most, and how to avert these issues.
Let’s look at six very common (and possibly avoidable) types of eleventh-hour home purchase fumbles.
Continue reading “Six Common Reasons House Sales Fall Through”
Weighing the Environmental and Financial Factors
You might be wondering if a newly built home is right for you, or if it’s better to get a lived-in home. Once upon a time, that question was a simple matter of personal preference. But for today’s buyers, compelling questions arise about affordability in a very hot market, as well as the environmental impact of housing.
So, let’s take a look at a few considerations on each side. The question is complicated, and there is no set-in-stone answer. But we can certainly offer a springboard for you to do further research in the areas that you’d like to live in.
Continue reading “What’s Best to Buy—Existing Home? New Construction?”
So, you’re changing from a co-owner to the sole owner of your house. And now it’s time for your spouse or co–borrower to come off your joint mortgage. Probably from your house deed, too.
If the title is already in your name only, that second step isn’t necessary. But assuming the usual situation — your names are both on the loan and on the title — you’re both responsible for the mortgage unless and until the extra person’s name comes off the mortgage and thedeed.
With that in mind, there are a few ways to take someone else’s (or your own) name off a mortgage. The best method will always depend on the co-owner’s circumstances. But as basic information, here are three of the most common ways you could make the transition from co-borrower to the sole mortgage payer and homeowner.
Continue reading “Taking a Co-Borrower Off a Mortgage: Three Ways”
He likes it better the old way, so he grows a little garden in the backyard by the fence;
He’s consuming what he’s growing nowadays in self-defense;
He gets out there in the twilight zone sometimes…
– David M. Bellamy
Living off the grid means different things to different people. At its most basic, it means disconnecting from a conventional electricity account. It may or may not mean disconnecting from public gas, water, and sewer systems. For some, off-grid living is about self-reliance and a compact environmental footprint. For others, it’s about cutting ties with bureaucracies.
No matter how you envision off-grid living, it takes thorough preparation to do it well. Here is a basic checklist of what you’ll be exploring at the start.
Continue reading “Living Off the Grid: What It Means Now”
Consumer Protection for Mortgage Borrowers
The mortgage crisis of 2008-09 unfolded when lenders offering too many high-risk loans. The problem was referred to as predatory lending.
Lawmakers reacted to the crisis with lending rules that kept lenders from approving loan applicants too freely. Here, we look at how this plays out in the ordinary mortgage loan.
Continue reading “What Is Dodd-Frank and How Does It Regulate Home Loans?”
In real estate lingo, an all-cash offer means the buyer isn’t borrowing money to finance a house purchase. The buyer is using money straight from a bank, credit union, or investment account to cover the price of the home. These funds could be saved up and ready, or they be freed up through a sale of other real estate.
If you have the money, buying with cash might seem simple and effective. Here are some important arguments for and against a cash purchase, so you can decide which one resonates with you.
Continue reading “You’re Prepared to Make an All-Cash Offer on a House. Should You?”
4 Tips to Win at Home Buying This Spring
Early 2022 will be a great season for home purchases. Sellers are blessed with the perfect blend of brisk demand and a low interest rate environment. And we can see opportunity here for buyers too.
Granted, the bidding wars are still happening, especially for condos and accessibly priced houses. Analysts generally project high housing demand to last through the rest of the decade. But in 2022, there should be fewer bidders to compete with than last year!
No matter how active your market may be, adopting a confident outlook is key. But is confidence really warranted now? Let’s see.
Continue reading “Waiting for a Market Cooldown? Read This First.”Know Before You Buy
Buying a condo is a great way to shift from renting to homeownership. Condos are popular, low-maintenance investments. But when community associations fail to function as they should, they set the stage for conflicts.
If you’re at odds with your homeowners’ association (HOA), you can sue. Once a court gets involved, the HOA can be compelled to follow state law — or the rules established by the association, which is a creature of state law.
Courts can decide who has the prevailing right: the unit owner, or the association. In rare cases, a court will strike down an HOA rule as unconstitutional or otherwise contrary to law.
Read on to learn about why people might sue, why they might not, and how most people who live in condos feel about their HOAs. Keep in mind that this overview is not legal advice, and not intended as a substitute for case-specific legal guidance. Everyone’s situation comes with its own set of facts. Outcomes depend on the interplay between the facts, the relevant HOA documents, and state law.
Continue reading “Can I Sue the Homeowners’ Association?”
Today’s real estate industry professionals are strained. They face massive workloads. Much of the work involves copying information, reviewing documents, billing clients, and performing other repetitive tasks. How can real estate companies attract, motivate, or retain great employees if the work isn’t stimulating?
Today’s software technology may help firms hire and keep talented people, by automating routine tasks. While it frees employees to do what they do best, it also help companies comply with laws, and avoid falling prey to fraud.
It’s called Robotic Process Automation, or RPA.
Continue reading “Are Software Robots the Future of Real Estate?”
The median down payment on a house now tops $27K, the National Association of REALTORS® has announced. The bar has been raised. In late 2020, it stood at $20K.
In fact, six-figure down payments aren’t unusual, if you’re looking in and around popular coastal cities. Outside the San José tech hub, the median down payment on a home or condo is an absolute monster at $336,700. In the Bay Area, it’s $253,000. In the L.A. and Long Beach markets it’s a comparably modest $166,500. Down payments in greater Ventura, Santa Rosa and San Diego are all above $100K. Other key areas where 100K+ is the norm are Boulder, Colorado; Stamford and Norwalk, Connecticut; Greater Seattle; and Boston.
Continue reading “5 Ways to Clear the Down Payment Hurdle”