Article Summary: No one knows for certain what will happen in the real estate market next year. But multiple factors favor flat or falling home prices in 2023. These include lost buyer purchasing power due to inflation, rising mortgage rates, and the fact that prices are already very high in many areas, having risen especially […]
Article Summary: A workout loan allows mortgage borrowers to avoid foreclosure (or a default) through loan modification. Loan modifications that can turn a delinquent mortgage into a current workout loan include re-aging, extension, deferral, renewal, and rewriting. Workout loans aim to prevent foreclosure and to benefit both defaulted or at-risk borrowers and their lenders. An […]
Article Summary: When you’re getting ready to sell your home, don’t worry about making your windows “energy efficient,” fixing minor electrical issues, or repairing walkway cracks. However, you’ll have to fix any major structural issues, sewer problems, and furnace blockages a home inspector comes across. To truly maximize your home’s value, you may also want […]
Article Summary: You can refinance your HELOC, but you’ll have to have good to excellent credit and a low debt-to-income ratio. To refinance your HELOC, you can use a new home equity loan, line of credit, or mortgage. If these options aren’t available to you, you can also speak to your HELOC lender about a […]
Article Summary: Most credit preapprovals are associated with credit cards and loans, including mortgages. If you receive a preapproval, it will generally have no effect on your credit. Once you proceed to fill out and submit an application, this will have an effect on your credit score. This happens when a creditor pulls a hard […]
Article Summary: To live in co-op housing, one must purchase shares in the cooperative corporation that owns the real property. A proprietary lease governs the relationship and responsibilities shared by the co-op and shareholder. Co-ops aren’t just for hippies. They are a great housing option for young people living in big cities or anyone looking […]
Article Summary: The difference between an earnest money deposit and a down payment is that an earnest money deposit is a guarantee to the seller, while a down payment is a guarantee to the mortgage lender. Earnest money deposits typically range from 1% to 5% of the purchase price, while down payments typically range from […]
Article Summary: Master planned communities balance the residential and commercial. They aim to maximize the value for residents, business owners, and investors. Developers work with teams of real estate agents, contractors, engineers, and city planners to create master-planned communities. Living in an MPC might just be an appealing option for your next home. What if […]
Article Summary: Borrowers who are granted forbearance are temporarily able to stop making payments on their mortgage or have the payment amount cut back. You can sell your home while it is in forbearance, but the debt accumulated during the forbearance period will have to be paid back. When the coronavirus pandemic struck the United […]
Article Summary: The only places in the United States where mid-range houses cost more than in California are Washington, D.C., and Hawaii. Even so, if you have a good and stable income and good credit, you may be able to finance a home purchase in California by preparing yourself financially beforehand and taking full advantage […]
Article Summary “Estate for years” is one of several less-than-freehold estate leasing terms used in real estate. This type of lease classification specifies tenancy with a definite start and end date. This term is also referred to as “estate for term” or “tenancy for years.” Are you a homeowner and interested in leasing your home? […]
Article Summary: A title search will typically take between 10 and 14 business days to complete. However, the exact timing will depend on how old the house is, how quickly the title search company receives the necessary information, and what judgments or liens currently exist against the property. If you’ve ever bought or sold a […]
Article Summary: Typically, a probate sale takes place when a person dies owing more money to creditors than there are assets in their estate. It can also happen if the deceased dies without a will and their assets need to be divided among their next of kin. As a solution, parts of their estate, such […]
Article Summary: Property is one of the most valuable assets one can own in the United States. Transferring property from one owner to another requires a deed. There are several types of deed. Bargain and sale deeds release the previous owner from any liability for existing claims on the property. If you’re thinking of purchasing […]
Article Summary: With a straight loan, the borrower only makes interest payments until the maturity date. No money is put toward the principal balance before then. Once the maturity date arrives, borrowers must either refinance their loan or pay off the entire balance. As you’ve begun your journey toward owning a home, you’ve probably looked […]
Article Summary: You can use the equity you have accumulated in your home to invest in your business. There are multiple ways to do this, including home equity loans, a home equity line of credit, cash-out refinancing, and a shared equity agreement. However, before investing, you should carefully consider your options and weigh the risks […]
Article Summary: While home inspections are not always a requirement for purchasing a home, they are highly recommended. This is because a buyer needs to know all issues a home has before she commits to purchasing it. Before the inspection begins, deep clean your home and fix any faulty appliances. Your real estate agent can […]
Article Summary: Leverage in real estate is when you use borrowed capital to increase the potential return of your investments. Leveraging includes purchasing properties typically outside of your price range or purchasing multiple properties when you would normally only be able to buy one. There are risks involved, so make sure you understand the leveraging […]
Article Summary: On average, duplexes cost between $95 and $220 per square foot to construct. Of course, these costs may vary drastically depending on the location of the property, what materials you use, and how you decide to furnish the space. Duplexes are becoming a popular option for people looking to buy property. These houses […]
Article Summary: Although many times you need to pay some sort of tax when selling a rental property, the IRS offers many structures and exclusions that can help you mitigate tax or avoid tax altogether. Tactics such as a 1031 exchange and depreciation are classic asset structures and allowances that can help you to avoid […]
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