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Home Buying

Learn about the home buying process with common questions about preparing to buy a home, home search, working with an agent appraisals, inspections, etc.
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Preparing to Buy a Home
Is it better to buy your next home first or sell your existing before you buy?
How do I best estimate moving costs?
What is a good way to estimate the cost of house insurance?
What is the formula to figure out how much house a buyer can afford? 2 times the yearly income or 3 times the yearly income?
How much house can I afford?
What are the advantages or disadvantages to homeownership?
What is the difference between being prequalified and preapproved for a loan?
If I have a payed off house under my name and its been a few years since I payed it off, could I ever be considered a first time buyer again?
What is the proper mortgage for my income?
Is this the best time to purchase a house?
Home Search
If I find a home that is not for sale, how do I find out if their interested in selling?
I am looking to buy a new house and I would like to know what qualities make for a good home resale value?
Where can I find houses in foreclosure in my area without paying for this information?
My neighbor is going to sell his house, how do I get an option to buy first?
What does MLS mean?
Working with a Real Estate Agent
How much commission does a real estate agent make on each home sold?
What should I do if I have a bad real estate agent or realtor and I want to make a complaint?
Does a buyer pay a real estate agent commission?
What should I look for when selecting a real estate agent?
What is the difference between a listing agent and a buyers agent?
What is dual agency?
What are some questions to ask a Realtor when buying a home?
Appraisals / Market Value
If a home is appraised well above the purchase price can this equity be used towards the loan down payment?
Who pays for the home appraisal, the buyer or the seller?
How would you go about finding out how much a specific house sold for?
Where is it written that the lender has to pick the appraiser as opposed to the borrower picking/hiring an appraiser?
Home Inspections / Warranties
What is the time limit, after purchasing a home, the buyer has to repair any NON-mentioned problems in a home? Example: Noted on city water/sewer, Reality - septic sytem.
What if I was presented with a home inspection report and I later find out that the inspection report is not enitirely true?
Make an Offer
If a counter offer is made on a contract signed by the buyer and the buyer refused to sign the counter offer, what is the status of the original offer?
Am I entitled to know why my offer on a particular house was refused by the seller? I'm going through 2 realtors (the "seller's" representative and my "buyer" representative) and I feel as though my offer wasn't even presented since it was actually more than the seller wanted and someone else's offer was accepted.
I submitted a bid for a house in New Jersey that is owned by a bank in Illinois. Do they have a required amount of time to respond?
When submitting a bid on a home, how long does the seller have before answering the bid?
Negotiating the Deal
I am considering selling my home and looking for a larger one. I dont have a down payment for the new home. Is there a way that a contract would be contingent for the down payment from selling my first home to use for the down payment on the 2nd? And what happens if it takes a while to sell my original home?
How is an earnest money determined on an offer to buy property since you still need to come up with a down payment?
Can I cancel a residential purchase agreement if buyers do not remove the contingencies in a certain time frame?
Is the listed price of real estate negotiable?
Closing and Escrow
What is the purpose real estate closing attorney?
What should I do to be prepared for my real estate closing?
What is included in closing costs?
Does the seller have to be present at the final walk through? Should they be?
If there is no mortgage, then what costs are involved at closing?
Can closing costs be added to the loan?
Should there be any additional third party fees (lender, agent, attorney, etc.) outside of the good faith estimate?
In buying a new home, how are estimated closing cost determined? How are estimated prepaid items/reserves determined?
What is an escrow account?
Condos and Townhomes
My husband and I own an apartment and are considering turning it into a condominium. Can you give us any advice as to how to go about doing so?
Second Homes / Vacation Homes
If I currently have a mortgage with Wachovia and want to renew do I have to be living in the house that I am remortgaging?
What is the criteria for proof that you used a second home as primary residence?
What would a down payment % be on a second home?
How do you calculate the captial gain on a second home? Is it the amount you received at closing, or some other formula?
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