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A short sale isn’t as straightforward as a traditional real estate transaction. You might need to work with an experienced real estate agent to find properties, and potentially with an attorney ...
Working on your credit is the most important step after a short sale so that you can get your score back up to the minimum needed to qualify for another mortgage. This effort should include ...
FHA mortgage insurance premium (MIP) can be removed in two cases: first, if the initial loan-to-value ratio was less than or equal to 90%, second, if the FHA loan is refinanced. [31] In the first case, FHA MIP is automatically removed after 11 years on mortgages where the borrower made an initial down payment of equal to or greater than 10% of ...
This year it's with no small sense of embarrassment that I had to unload a commercial property as a "short sale." I hasten to underscore that I'm by no means a big-time real estate investor ...
A real estate transaction is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties, e.g., in the case of conveyance, one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred ...
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
This is an important one: Whether they represent the buyer or seller in a transaction, real estate agents earn a commission on the deal, usually a percentage of the home’s sale price. Each agent ...
Another sale contingency – Purchase or sale of the real estate is contingent on a successful sale or purchase of another piece of real estate. The successful sale of another house may be needed to finance the purchase of a new one. Appraisal contingency – Purchase of the real estate is contingent upon the contract price being at or below a ...