Seller financing is when the seller assumes the role of the lender and finances or holds financing on the sale of their home. The seller will require the buyer to sign a note and mortgage that details the financing terms the seller is willing to accept including the interest rate and term of the mortgage and financing.
Posted in Selling a home.
Tagged with seller financing.
By admin
– March 21, 2010
When buying or selling a home in Florida the sale or listing may be described as being contingent upon something taking place. There may be one or several contingencies involved with each real estate transaction.
Contingent means that something has to take place before the purchase of the home can close. The most common contingencies are:
- Contingent upon the buyer being approved for financing
- Contingent upon the sale of the buyer’s home
- Contingent upon the seller’s lender approving a short sale
- Contingent upon a satisfactory appraisal
- Contingent upon the buyer’s inspection of the home
- Contingent upon the closing happening on a specific date
- Contingent upon the survey
For more information on real estate contingencies, give me a call. 407-304-0255
Posted in Buying a home, Selling a home.
Tagged with contingent, real estate contingencies.
By admin
– March 21, 2010
Customarily the buyer would pay for the home inspection of a house they have a contract to buy. The contract will be contingent upon the satisfactory home inspection in most cases. The home inspection should include inspecting the major mechanical issues in the home including; the roof, the A/C, the electric and for wood destroying organisms.
Posted in Buying a home, Selling a home.
Tagged with home inspection, who pays for inspection.
By admin
– March 21, 2010
There are a number of reasons why short sales take so long to close. Each real estate short sale transaction is unique. Reasons that real estate short sales take so long to receive bank approval and close include:
- Lenders do not have the staff to handle the volume of requests they are receiving from owners needing a short sale approval.
- The home owner does not provide the lender required documents in a timely manner.
- There are several mortgages on the home requiring additional negotiation and approval of the short sale.
- The real estate agent handling the short sale for the home owner is inexperienced which creates delays.
- The seller does not qualify for a short sale.
- The home owner seeks a loan modification.
For answers to your Florida real estate questions please call 407-304-0255.
Posted in Short Sales.
Tagged with questions about short sales, Short Sales.
By admin
– March 21, 2010
