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What Is an Escalation Clause in Real Estate

An escalation clause in real estate is a section in the contract where a potential homebuyer states that they’re willing to increase their offer if the seller ends up getting a higher bid. This type of clause tends to be more prevalent in a competitive housing market and may be necessary for buyers to have their offer accepted.

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Do I Need a Realtor to Buy a House

(3 days ago) When you’re buying a house, there’s no rule that says you need a Realtor or real estate agent. There are more than 2 million real estate agents in the United States. This figure includes more than 1.5 million Realtors, who are members of the National Association of Realtors (NAR). Using a licensed agent is the norm in the United States.

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The Benefits of Owning a Home Finance of America …

(8 days ago) As a homeowner, you’ll pay property (or real estate) taxes to your town or state government every year. But homeowners who file either Form 1040 or 1040-SR and itemize their deductions can deduct what they pay in property taxes — up to $5,000 ($10,000 if married filing jointly) — from their taxable income.

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What Are Short Sales

(4 days ago) Real estate short sales are most common when home values decline rapidly. For example, someone may have taken out a $250,000 mortgage for a house, but as local home prices fell, the home’s value dropped to $230,000. Now the owners are “underwater,” owing $20,000 more than the home is worth.

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Inheriting a House: How It Works Finance of America Mortgage

(1 days ago) For instance, let’s say the home you inherited from your aunt is now valued at $350,000. If you decide to sell the home, and the value hasn’t gone up, you’re in the clear tax-wise. However, if by the time you sell the home it’s worth $450,000, you may be taxed on the gains, which amount to $100,000. The tax you may need to pay is called

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What Are Non-QM Loans

(5 days ago) Real estate investors or others with a high debt-to-income ratio. Individuals who have a lot of outstanding loans but still have adequate income may need to get a non-QM loan. In many measures, borrowers with non-QM loans are similar to those with QM loans.

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How Rental Property Loans Work Finance of America Mortgage

(4 days ago) The 2% rule states that the monthly rent you charge for the rental unit should be at least 2% of the purchase price. So, if you purchase a $150,000 property, you should be able to rent it for $3,000 under this rule. The 2% rule is a quick way to determine if a rental property will provide adequate cash flow, although with rising real estate

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How Much Should You Put Down on a House

(Just Now) Many homebuyers think they need a 20% minimum down payment for a house — but you can purchase a home with far less. According to the National Association of Realtors (NAR), the average down payment on a house for first-time homebuyers is between 6% and 7%. And among repeat buyers, the typical down payment for a house is currently 17%.

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What Is an Open House

(3 days ago) What is an open house? In a real estate setting an open house is a specified window of time where a seller opens up their home publicly in order for potential buyers to view the property. The goal is to attract as many homebuyers as possible to encourage offers on the home and sell your home faster. It can give homebuyers an opportunity to view

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Buying a Second Home: How to Do It Finance of America Mortgage

(3 days ago) Property eligibility: To qualify for a second home mortgage, the vacation home can only be a one-unit property.; Occupancy: Second home mortgage s require homeowners to live in the property at least part of the year.; Credit score: The minimum credit score for a vacation home mortgage is 620. However, borrowers with seven or more financed properties must have a …

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How Fix-and-Flip Loans Work Finance of America Mortgage

(7 days ago) A fix-and-flip loan is short-term funding that real estate investors use to buy a property that they fix up and resell for a profit. This is known as “house flipping.”. Fix-and-flip loans can include funding for the property and renovation expenses. Fix-and-flip lenders generally charge higher interest rates than conventional lenders, and

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What Is an Escrow Holdback

(8 days ago) An escrow holdback allows a real estate transaction to close even if repairs or renovations are incomplete. At closing, a portion of the seller’s funds is held back and used to establish a repair escrow account to cover the cost of the improvements. Buyers, sellers, and lenders may agree to an escrow holdback to avoid pushing back the closing

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What Is Escrow and How Does It Work

(7 days ago) Escrow generally means having money or other valuables kept safely with a third party until certain conditions are met. When it comes to real estate, escrow comes into play when a potential homebuyer makes an earnest money deposit to back up a purchase offer. The money is deposited into an escrow account to protect both the buyer and seller.

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Buying a House After Bankruptcy Finance of America Mortgage

(4 days ago) In fact, there are many real estate agents and mortgage brokers who can refer you to a bankruptcy attorney to help you determine the best course of action if you’re trying to get a home loan after bankruptcy. Factors that will determine whether you’ll be able to qualify for a loan include your credit profile and choice of lender.

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What Is a Closing Disclosure

(1 days ago) This real estate closing statement is known as a closing disclosure, and it must be presented to a buyer no less than three business days before closing on the home. So what is a closing disclosure? This document spells out exactly what the agreement is between buyer and lender, including the:

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What Is a Non-Arm's Length Transaction

(Just Now) A non-arm’s length transaction occurs when you buy property from a relative, friend, or someone with whom you’re in business. Lenders may impose stiffer requirements for mortgage loans for non-arm’s length real estate transactions because there’s a greater chance of price manipulation due to the existing relationship between the buyer

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How Closing on a House Works Finance of America Mortgage

(1 days ago) The exact people present will depend on your state’s laws regarding the real estate closing process. Here’s a look at who may be at the house closing, in addition to the buyer and potentially the seller. Buyer’s real estate agent. Your real estate agent will be there to represent you and help ensure the house closing proceeds as planned.

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8 Ways to Win Housing Bidding Wars

(5 days ago) Bidding wars occur when a real estate listing receives more than one offer. During bidding wars, buyers compete against each other to have the winning offer. Real estate bidding wars are most likely to occur during a seller’s market — when conditions that favor home sellers, such as low inventory and high demand, are present. But multiple

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Second Home vs. Investment Property Finance of America …

(7 days ago) Mortgage rates for second homes vs. investment properties. In most cases, mortgage rates for second homes are lower than those for investment properties. That’s because lenders tend to view investment properties as riskier than second homes. If a homeowner goes through financial hardship, they are more likely to forgo mortgage payments on

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Why Buying a House Is Stressful Finance of America Mortgage

(Just Now) Hire the right real estate agent. A good agent is worth their weight in gold. They can take much of the pressure off you, the buyer, and may be able to save you money over the course of your negotiations. If you have severe anxiety about buying a house, a trusted buyer’s agent can be an invaluable advocate in your corner.

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How a Mortgage Preapproval Works Finance of America Mortgage

(Just Now) Real estate professionals prefer to work with preapproved buyers, and some sellers will only accept offers from buyers with a preapproval letter. Additionally, preapproved buyers know what size loan they will likely qualify for and can avoid falling in love with a home only to learn it’s outside their price range. Also, buyers who have gone

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How Long It Takes to Close on a House Finance of America …

(9 days ago) Purchase mortgages tend to take longer (an average of 54 days) compared to refinancing (45 days on average). Overall, the average time to close on a mortgage of any type, including refinancing, is 49 days. The reason for this wait is because of what happens during a house closing. From the time you sign a purchase agreement until you sign the

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First-Time Homebuyer Checklist Finance of America Mortgage

(2 days ago) Calculate how much house you can afford. The first step on your homebuying process checklist is to review your financial situation. Look at your income, debt, credit situation, and assets to determine how much house you can afford.. Having a clear idea of what you can afford before you start house-hunting will help prevent you from falling in love with a $750,000 …

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What Is a Home Equity Line of Credit

(5 days ago) A home equity line of credit (HELOC) is a second mortgage that operates similarly to a credit card. It allows you to tap the equity in your home on an as-needed basis. Since this line of credit is secured by your home, it usually comes with a lower interest rate than personal loans and credit cards. Although using a HELOC comes with many

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4 Millennial Homebuying Trends in 2021 Finance of America …

(1 days ago) 4. Millennials prefer the suburbs over big cities to raise their families. The 2021 NAR Home Buyer and Seller Generational Trends report shows over half of millennial homebuyers purchased homes in a suburban area. More specifically, 52% of those aged 22 to 30 and 54% of those aged 31 to 40 bought homes in suburban areas.

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What is a Title Insurance Policy

(5 days ago) A title insurance policy provides financial protection for a homeowner or mortgage lender against losses that result from a defective or bad title, or an ownership claim on the property. For example, fraudulent ownership is one reason that a title could later be found to be defective, a risk that would be covered with a homeowner’s title

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Here’s How the Mortgage Process Works

(9 days ago) ©2022 Finance of America Mortgage LLC is licensed nationwide | | NMLS ID # 1071 (www.nmlsconsumeraccess.org) | 1 West Elm Street, Suite 450, Conshohocken, PA 19428 | (800) 355-5626 | AZ Mortgage Banker License #0910184 | Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act | …

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Difference Between Condo and Townhouse

(1 days ago) The median sales price for a condo sold in February 2022 was $305,400, compared with $363,800 for single-family homes and townhouses, according to data from the National Association of Realtors. Condo prices also may not rise as fast. Median sale prices for condos rose by 10.9% between February 2021 and February 2022, while prices for single

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Receiving Gift Money for Down Payments Finance of America …

(Just Now) The annual exclusion for 2018 and beyond is $15,000 per person who was gifted money, and in 2022, this amount jumps to $16,000. For instance, if a donor gave you $12,000 and your brother $13,000 in 2020, both amounts fall under the annual exclusion amount.

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Home Foreclosure: What It Means

(7 days ago) Home foreclosure is the legal process that allows a lender to take possession of a property if the borrower fails to pay their mortgage. The home foreclosure process includes multiple stages, beginning when the home loan becomes delinquent and ending after the sale of the property. Learn more about how home foreclosure works and what you need

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What Is LTV on a Mortgage

(3 days ago) 200,000 / 500,000 = 0.40.4 x 100 = 40%. In essence, this means that you have 60% equity in your home, while your lender holds the remaining 40%. Most lenders will set LTV maximums when it comes to approving a first mortgage loan, or even refinancing a mortgage. If you have an LTV ratio higher than 80%, you’ll typically have to pay private

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What Is a Loan Contingency

(9 days ago) A mortgage loan contingency enables a buyer to back out of their contract if their mortgage funding falls through. While a loan contingency is intended to allow the buyer to back out of the purchase, it really protects both parties. The seller is protected if the buyer cannot get mortgage funding within a reasonable period of time.

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Harrisonburg, VA

(1 days ago) Consider making an offer. A real estate agent can assist with bringing that offer to the homeowner, or you may take that figure directly to the seller if the house is marketed without an agent’s involvement. Hopefully your bid is accepted. If it is countered, you will have to decide if you can afford the new proposed price.

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How to Research a Neighborhood Finance of America Mortgage

(9 days ago) If you’re looking for a home in an urban area, research public transportation options in the neighborhood. Owning a car and paying for parking in the city is expensive, so easy access to a bus or train is vital. If you’re ready to purchase a home in a great neighborhood, talk to a local Finance of America Mortgage Advisor today to learn

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How an FHA Cash-Out Refinance Works

(5 days ago) The FHA cash-out refi program has a maximum allowed loan-to-value (LTV) ratio of 80% of the appraised value of your home, meaning you must maintain at least 20% equity in the home. The amount you’d pocket from the transaction depends on how much you still owe on your current mortgage. Example: On a $250,000 home, you are required to keep at

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