A probate sale in real estate occurs when a homeowner has died without a will and the property is being sold in order to liquidate the asset. A probate sale can also involve a homeowner dying that owes significant debts. Any properties that the person owned are sold to pay off their creditors if the …
The difference between real estate taxes vs. property taxes is that real estate taxes are what the city or municipality you live in charges you for your property and based on the fair market value of your home, while property taxes are related to any moveable items you own. Examples of this include furniture, cars, …
Real Estate vs. Property Tax – What’s the Difference? Read More »
Congrats on making the decision to buy your first home! And now that you’re ready, it’s time to look at the first steps to buying a house. To help you through the process, below you’ll find a helpful workflow complete with tips to prepare yourself in order to speed the process along for an easier …
The First Steps to Buying a House and How to Prepare Yourself Read More »
The FHA 90 day flip rule is a policy that requires you as a property buyer to wait at least 90 days from the last approved deed before you can get an FHA loan. The policy is reviewed by an FHA approved appraiser and only applies to FHA loans. So if you are not using …
Mortgage insurance is an insurance policy that covers lenders if you cannot pay back the principal cost of your mortgage. The cost of your mortgage insurance policy will vary depending on the type of mortgage insurance you buy, your credit score, the down deposit, if you want adjustable or fixed interest rate, and if you …
A warranty deed is when a person selling a plot of land, a house, or a property, can guarantee they own the rights and title of the land and that this person is legally allowed to sell the property to you. Warranty deeds are not the same as quitclaims as a quitclaim is when the …
Yes buying a house will impact your credit score negatively at first, but if you make payments on time regularly then buying a house will have a positive impact on your credit score. At first, when you apply for a loan, your lender will issue a hard inquiry which will negatively impact your credit score. …
Real property is defined as the ownership of a property (also known as a parcel), including the land and everything that is attached to the land or property whether it is natural or artificial. Basically anything that is physically nailed down to the property or grows on the property and has roots in the ground …
A mortgage broker is a person that comparison shops home loans for you so that you can save time and find the best deal possible. Mortgage brokers may work independently or on behalf of a larger brokerage. And while your real estate agent will likely have a broker recommendation for you, working with an independent …
What is a Mortgage Broker? And What Do They Do? Read More »
An escrow agent is the person who handles all escrow services when you buy or sell a home, such as distributing money between the buyer and seller and managing all of the necessary paperwork to help you close. Escrow agents help make sure that all financial documents are completed in a timely and accurate manner. …
What is an Escrow Agent? How Are They Part of Real Estate? Read More »
