Source: Realtor.com (Angela Colley)
One of the most common conditions that can slow down a real estate transaction is known as a lien. So what exactly is a lien? In general, it’s a legal notice that’s put on file as a consequence of an unpaid debt. When creditors want you to know they mean business, they may choose to take legal action by placing a lien on your biggest asset, your home.
A lien, or debt, can feel like a huge black spot on your record, but there’s no need to panic. In the real estate world, they’re much more common than most buyers and sellers realize. Read on for your must-know guide to resolving the issue and moving forward with the sale.
What is a lien?
Source: Realtor.com (Holly Amaya)
Let’s get real: Moving is stressful. And when you’re busy finding a new place to live, selling your current home, and then packing up your entire life, selecting the crew who will move your stuff is likely last on your to-do list. That’s ironic, because you’ll be entrusting them with all your life’s possessions.
Even if you manage to hook up with The Most Amazing Moving Company Ever, we can’t promise bad stuff won’t happen. But you can prevent some unnecessary duress if you have the right team in place. The process starts by schooling yourself in what not to do. Read on for the top mistakes people make when hiring a mover.
1. Waiting too long
Source: Realtor.com (Lew Sichelman)
Recent waves of outside-the-box ideas in housing have brought us teeny-weeny homes, converted shipping containers, prefab modern palaces, and co-housing apartments with luxe perks for millennials.
But the latest “it” homes with builders and buyers have actually been around since the 19th century.
Townhouses, those classic rows of attached single-family homes that are a fixture in American cities and suburbs alike, got a second wind in the 1960s. That’s due to folks scooping up these existing, and often inexpensive, older abodes as they moved back into the big cities. And now the lovechild of a condominium and standalone house is back again and hotter than ever with both buyers and builders.
Source: www.investopedia.com (Melissa Parietti)
As interest rates rise, the affordability of a new home purchase decreases while currently held adjustable rate mortgage (ARM) payments increase. Mortgage rates are based on national interest rates, and current rates are very low relative to where they were during prior to 2013. The low rates are due to a federal interest rate of 0.25% that has held in place since 2008. In September 2015, the ARM Index released by the Federal Housing Finance Agency (FHFA) showed an index rate of 3.93%.
Recent increases in home prices signal that there may be a higher demand for homes that wasn’t present before. If mortgage rates increase after all-time lows, indecisive home buyers may be persuaded to sign for mortgages to take advantage of current low rates in light of future higher rates.
Source: www.realtor.com/advice (Daniel Bortz)
Buying a home often requires some serious haggling between buyer and seller to arrive at a price they’re both willing to accept. But even if you reach an agreement, the negotiations may not be over. If you’re a buyer who needs a mortgage, most lenders will require a home appraisal. So that means you’ll need to get one more opinion on how much the property is worth.