- Pocket Listings - Think the MLS is the home buyer's panacea for all house hunting needs? The MLS may not be as comprehensive as you thought simply because many properties for sale never make it on to the MLS. These properties, called "pocket listings" are bought "in-house" or "off-market" to a preferred buyer - usually someone who has a special relationship with a seller or real estate agent. In some large real estate brokerages it is common practice to give their agents and their agents' clients an opportunity to purchase properties before they go live on the market. Sometimes pocket listings will appear on MLS for a short period, just long enough for a potential buyer to find out the home is already in escrow.
-
With REOs, Ca$h is not always King - The market for REOs can be competitive, which is why buyers must make more competitive offers. In some instances deals are won on terms rather then offering at or above asking price.
Co-Signer vs. Co-Borrower - So what's the difference? Not much really. The bank itself does not see a difference between co-borrower or a co-signer. If you're a co-borrower you appear on title. The bank would have a co-signer's information, but only the buyer would appear on title. If a co-borrower wants to be removed from the title (liability of the mortgage) the buyer would have have refinance. A quit-claim deed can be executed for a co-signer to sign off on title.
-
Home Inspections - You can ask specifically for a copy of all disclosures the seller has received from past buyers under contract. When buyers communicate some issues raised from a home inspection the sellers usually would want to see a copy of the supporting documentation to attempt to negotiate those issues. The documentation they receive is called a summary report, which is a quick overview of the inspection. Sellers are required to disclose or repair whatever has been uncovered during that inspection and represented in the summary report.
No comments:
Post a Comment