Purchasing a home is often a complicated, stressful process. To help things along, many first-time home buyers try to get “pre-approved” for a mortgage before finding a property. The problem is, there are still problems that can arise even if someone has been pre-approved.
When negotiations are over, it is easy to think the hard part of a real estate transaction is over. However, one important step remains that holds many parts: closing.
Partition actions divide a piece of property between multiple people with ownership interests. The division happens one of two ways: The court decides on a physical division of the property (partition in kind), or the property is sold, and the proceeds divided between the owners (partition by sale).
Sometimes it seems like the process of buying a home never ends. Even when you’ve completed all your mortgage paperwork and the seller has accepted your offer, there are still factors that can cause the deal to fall through.
In a previous post, we discussed how real estate agents show they were the “procuring cause” of a transaction – and thus entitled to their commission. Today, we cover one of the ways an agent can recover their commission: Liquidated damages outlined in their contract.
When someone works on commission, if the other party fails to hold up their end of the deal, there are often large sums of money on the line. Most often, the individuals who find themselves in this type of bind are real estate agents.
With median home prices between $380,000 and $515,000, home sellers in Suffolk and Nassau Counties have seen the benefits of rising home prices over the last few years. But, it seems the market is headed toward a plateau that will eventually lead to a drop in prices.
Owning a home in New York can be a lucrative investment. And because property ownership can be at such a premium, not every person who owns real estate in New York is the sole owner of the property.
Finding the right home isn’t always easy. Sometimes, what a buyer is looking for simply isn’t on the market in the region he or she wants to live. One option some individuals turn to when they encounter this problem is to create the home they want by having a custom-built home constructed.
You have likely heard the names Fannie Mae and Freddie Mac, but have you ever wondered how they apply to you?