Buyers often say and do things when dealing with sellers that can cost them the deal or cause the sellers to dig in their heels and cut off negotiations. You can use the following dos and don’ts as you look at homes and talk to sellers. Don’t badmouth a home as you walk through it. [...]
Archive for October, 2011
Unfortunately, their old home needed some work to make it saleable, and Robert and Andrea were unwilling to put time or money into it because they were focused on their new home. But when their new home was finished and ready to close, their other home hadn’t sold—or even had an offer.
If you own a home and sign a purchase or construction agreement on another one before you have sold your current home, things can get sticky. Some homeowners hope they’ll be lucky and sell their house before the deadline.
In the end, they were unable to cover both the down payment and the remaining lease payments, and as a result they lost both the house and their deposit. In a similar lease situation, rather than have the deal fall through, the sellers offered to pay the buyer’s three months of remaining rent.
Many home buyers looking for their first home, and owners moving up to newer homes as well, cause themselves unnecessary stress and financial loss because they haven’t been organized about the process.
Mistake #1: Attempting to Get the Best Deal by Waiting for Home Prices or Interest Rates to Bottom Out Part (2)
That means a payment of $1,648.76 on $275,000 at 6 percent jumps $89.43 at 6.5 percent. To compensate for the increased interest you’ll be paying, you would have to get the sellers to reduce their price another $10,000, which is unlikely. When you factor in the loss from not having the tax breaks of home [...]
Mistake #1: Attempting to Get the Best Deal by Waiting for Home Prices or Interest Rates to Bottom Out
Buyers frequently ask Realtors when the best time is to buy a home. Most experienced agents and mortgage lenders agree that you should buy a home: When you’re tired of renting and want to own a home of your own.