What is Earnest Money and when can a seller Keep it
Quick Answer EMD stands for Earnest Money Deposit, which is a deposit made to a seller that represents a buyer’s good faith to buy a home. According to the National Association of Realtors, the median amount of an EMD is 1% of the purchase price. In real estate transactions, an Earnest Money Deposit refers to […]
Should I Waive a Home Inspection to buy a house
Quick Answer No waiving the inspection contingency could open yourself of to tens of thousands of dollars in repairs. Waiving an inspection contingency means that the buyer is agreeing to purchase the property without having a professional inspector come in and check the condition of the home. The only reason people would waive the inspection […]
What is Buy Box in Real Estate & how to use it
Quick Answer Refers to the criteria or parameters that real estate investors or buyers use to purchase potential properties. It is set of guidelines that define the characteristics of properties that a buyer is interested in. The buy box can include many factors depending on the investor’s strategy, price range, and personal preferences. You use […]
8 First time home buyer Mistakes not to make
Quick Answer You didn’t get pre-approved for a mortgage: Chose not to get a home inspection: Not setting a budget can lead to buyers making an offer on a home that is out of their price range. No emergency fund set aside can lead to financial strain if a major repair is needed. A home […]
What to consider when making a lowball offer on a house
Quick Answer Sellers may be more likely to accept a lowball offer if they are in a hurry to sell the house or if they are motivated to move quickly. About 80% of sellers will negotiate on the price of their home. Buying a house can be extremely stressfl, especially when you have to make […]
I’m a Real Estate Broker this is how you find Market Value for a Home
Quick Answer Work with an agent who knows the neighborhood and has access to recent sales. Run a CMA Get an Appraisal Online home value estimators can provide an estimate of the fair market value of a home, but they are not as reliable as an appraisal or a real estate agent’s opinion. Real estate […]
Can a Seller Back Out of a Real Estate Contract
Quick Answer: Yes a buyer can try and force the seller to sell, but it is a costly process and involves hiring an attorney. A buyer may be better off finding a seller who wants to sell. Refusing to sign closing documents can potentially result in legal consequences for the seller. Yes, a seller can […]
Exploring the Legalities of Dual Agency in Colorado
Quick Answer Dual agency is illegal in Colorado, even if the real estate broker discloses the relationship to the buyer and the seller in writing; it is against the law. Commission rule 6.7 states a broker and it’s agent may not enter into this relationship. But there are some situations where one broker and team […]
No Money? Here’s How to Buy a Foreclosed Home
Quick Facts Out of those who manage to secure a zero-down deal on a foreclosed property, roughly 25% finance renovations using low-interest loans or grants available through various housing initiatives Approximately 1 in every 10 foreclosed homes is sold with a down payment of less than 5%. (Source: RealtyTrac) To buy a foreclosed home with […]
Can You Really Sell Your House for $1
Quick Facts: Yes you can, and the most common reason for selling a house for $1 is to transfer the property to a family member. In some states, a homeowner may be able to sell a house for $1 to avoid paying transfer taxes. It can be used as a way to transfer a property […]