I’ll keep saving for the down payment for the next year, and hopefully I’ll catch the market closer to this 25% expected further devaluation.This would be completely different if I were making 60K rather than 40K…. Empower me already!For the I have written about Match Day once or twice before at least, and this year is no different, but for one thing – the credit markets are much, much different this year (h/t VARBuzz) than in any previous year…. There are no set in stone guidelines I can give you that are being used but some general parameters are:- Can still go to 100% financing- Credit scores should be above 700- 2 months reserves after closing- Debt to income around 50% (closely around) Sometimes, exceptions are needed to get beyond the Debt to Income ratios which seem to be the greatest area of concern…. 🙂 – and ultimately a good thing.My advice to Residents (really to any Buyer) – work with a team of people whom you trust, prepare, know your options and move forward after performing adequate due diligence.
Browsing Category Buyers
Seeking a defense of Single-Agent Dual Agency
Will anybody defend the practice of the same Realtor representing both a buyer and seller on the same transaction? Find out at VARBuzz.
Buying new construction without a Realtor? Read this first!
If you’re thinking about buying new construction in the Charlottesville area or anywhere else, please, please, please be aware that onerous, hateful contracts are being used by some of the builders.Contrary to the popular opinion that you can “get out of” any contract, these don’t fit that mold.Delivery Date, If Applicable: PURCHASER understands and accepts that there will be a longer than normal delivery date due to the location of this purchase being in a section currently not developed…. The delivery date quotes should not be construed as a guarantee and SELLER contracts, will supersede any delivery date estimate.That’s almost not so bad, despite the fact that there is really no guidance as to when closing might happen nor any penalties for not delivering a product by a certain time.Purchaser and Seller shall jointly conduct the Pre-Settlement Inspection on a date and at a time specified by Seller, in its sole discretion, in accordance with he provisions of applicable laws…. Except to the extent otherwise provided by law, Purchaser is not entitled to be accompanied at the Pre-Settlement Inspection by any agent, family member or invitee including, without limitation, any home inspector (collectively, “Purchaser’s Agent”) without Seller’s express consent, which consent may be withheld in Seller’s sole discretion….Purchaser acknowledges and agrees that if Purchaser is permitted to be accompanied by a Purchaser’s Agent at the Pre-Settlement Inspection … Purchaser’s Agent shall attend the Pre-Settlement Inspection as an observer only and under no circumstances will Purchaser’s Agent be permitted to perform any independent tests or inspection of the Property or in any way interfere with or actively participate in the performance of the Pre-Settlement Inspection.
Why Should You Use a Realtor instead of a Builder Sales Agent?
Simple. If you hire an exclusive Buyer’s Agent to represent your best interests, you will have representation. If you work with a builder’s sales agent, in my opinion, you are on your own. (Thanks to the person in Las Vegas who came to my site searching for this answer)I mentioned this a few weeks ago as well.
Why take a Buyer’s Agent to new construction?
Jonathan has the answers.And my take from last year on “Default Position.”
“Suing for lack of competence”
Trailblazers for what?Advice for buyers:Ask questions…. For too long, buying a house was an almost trivial matter for some, as was choosing a Realtor…. The Ummels say he encouraged them to get their loan through him. Mr. Little ordered an appraisal of the house but did not respond to the couple’s requests to see it, the suit charges.How I wish this were a case of Dual Agency; that would be too easy.
The Wall Street Journal gets it right on commissions
At first glance, it seems like the seller pays them, since most are paid at closing from the commission costs that the seller pays, just as in the past…. note: and the buyers are the ones getting the loan) The typical real-estate commission ranges between 5% and 6%, split between the buyer and seller agents. Since the median price of an existing home is currently $208,400, that means a buyer is effectively paying between $5,210 and $6,252 for representation in a typical transaction.The buyer’s agents who advertise their services as “free” seem to be attempting to fool someone – themselves, their clients or both.Who can blame them, though? That’s the way it’s always been, so why change?From the NAR Code of Ethics:Standard of Practice 12-2 REALTORS®may represent their services as “free†or without cost even if they expect to receive compensation from a source other than their client provided that the potential for the REALTOR®toobtain a benefit from a third party is clearly disclosed at the same time.