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Q&A for How to Buy a House
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QuestionWhat do you need to discuss with your realtor?Nathan Miller is an entrepreneur, landlord, and real estate investor. In 2009, he founded Rentec Direct, a cloud-based property management company. Today, Rentec Direct works with over 16,000 landlords and property managers across the United States, helping them manage their rentals efficiently.Go into exhaustive detail when describing what you want in a home — number of bathrooms and bedrooms, attached garage, land and anything else that may be important, such as good lighting or yard space for the kids.
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QuestionWhat do I need to do to buy my first home?Nathan Miller is an entrepreneur, landlord, and real estate investor. In 2009, he founded Rentec Direct, a cloud-based property management company. Today, Rentec Direct works with over 16,000 landlords and property managers across the United States, helping them manage their rentals efficiently.Make sure you can afford it. If it’s a two family income, for example, what if one of those two family members lost their income for up to 6 months? Make sure you have enough in savings to pay those payments for 12 months. That may seem too far out, but you want to know that if your income goes away, you can make those house payments.
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QuestionWhere do I start if I want to buy a home?Nathan Miller is an entrepreneur, landlord, and real estate investor. In 2009, he founded Rentec Direct, a cloud-based property management company. Today, Rentec Direct works with over 16,000 landlords and property managers across the United States, helping them manage their rentals efficiently.Think about your plans for the next ten years. If you’re going to buy a house, hopefully you’re thinking that you’re going to live there for 10 years. Make sure it has enough bedrooms if you plan on growing your family. If it’s not going to support or achieve all your goals over the next ten years, it’s better to continue looking to find something better.
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QuestionIf the inspection is completed and there were a few issues that need repair, can I choose to cancel the contract instead of negotiating the repair?Ryan Baril is the Vice President of CAPITALPlus Mortgage, a boutique mortgage origination and underwriting company founded in 2001. Ryan has been educating consumers about the mortgage process and general finance for almost 20 years. He graduated from the University of Central Florida in 2012 with a B.S.B.A. in Marketing.You need to look at your contract and see if there is an inspection clause with a right to cancel. Most contracts allow you to have an inspection performed with a right to cancel for a specific amount of days. You can cancel for any issue that came up during the inspection. Check with your realtor to be sure.
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QuestionCan a seller get out of a deal before closing?Carla Toebe is a licensed Real Estate Broker in Richland, Washington. She has been an active real estate broker since 2005, and founded the real estate agency CT Realty LLC in 2013. She graduated from Washington State University with a BA in Business Administration and Management Information Systems.A seller can typically cancel the contract before closing, but if the buyer has suffered losses as a result, then they could be potentially sued for cancelling on the contract. A seller can also get out of the contract if the buyer defaults. For example if the buyer agrees to deposit the earnest money within one day of mutual acceptance and they fail to deposit the money by then, the seller would have rights to cancel and potentially even keep the earnest money too. This is why it is important to see an attorney to understand your rights in the event of buyer or seller default/cancellation. Every contract has their own obligations and until the contract has been completely reviewed by an attorney and discusses the remedies or penalties involved, it is difficult to state with certainty what is allowed.
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QuestionIs it normal for closing costs to increase significantly before closing? Seller is paying.Ryan Baril is the Vice President of CAPITALPlus Mortgage, a boutique mortgage origination and underwriting company founded in 2001. Ryan has been educating consumers about the mortgage process and general finance for almost 20 years. He graduated from the University of Central Florida in 2012 with a B.S.B.A. in Marketing.No, this is not typical. You should have received a Loan Estimate at the beginning of the process - compare this to your Closing Disclosure that you received at the end to see what fees increased. Then speak with your lender to see why they increased. It's possible that they estimated some third party fees too low, but there should not be a very significant increase.
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QuestionIs it necessary to pay 20% down to purchase a home?Ryan Baril is the Vice President of CAPITALPlus Mortgage, a boutique mortgage origination and underwriting company founded in 2001. Ryan has been educating consumers about the mortgage process and general finance for almost 20 years. He graduated from the University of Central Florida in 2012 with a B.S.B.A. in Marketing.No. There are mortgage products today that go down to 5, 3, or even 0% down. The true question is to find out which you may qualify for. The best way to do that is to contact a local mortgage broker who can help you determine the best option for you.
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