It’s smart, it’s legal, it varies with loan products, but a full seller assist (seller credit, seller concession, etc) may not be possible with certain properties. Before they met me, a client wanted to purchase a foreclosure in Montgomery County, PA. They were approved for a mortgage, they had the down payment, but their real estate agent said the bank would not provide a seller assist greater than 3% of the sale price, and they needed a 6% seller assist to cover their closing costs. The agent stated that that was out of the question and they could not make the numbers work. Well, they lost out on that opportunity and were referred to me by a past client of mine whom they had been complaining to about the scenario. So what can be done to overcome this problem in the future?
Happy New Year! Here we are at the end of another year in Montgomery County. So how did the real estate market fair this year? Check out this end of year wrap-up video for the details. [Read more…]
I am sure you have heard the radio, television, and internet ads stating you can buy a foreclosed home for as little as $199. Not $199 down, just a total of $199 and you own the home. I actually received an email yesterday from a lead source asking to find such homes for them. In the words of Flavor Flav of Public Ememy, Don’t Believe the Hype…
The Short Sale…this has become a household term in today’s real estate market. What is it? This occurs when the owner of a property owes more on the house than it is currently worth on the open market. When this owner needs to move, they request the lien holder to take less than what they owe, in order to facilitate a sale of the property. Currently, 32% of our market consists of short sale listings, however, there are a bunch of agents who are not setting the right expectations to their clients in regards to short sales, for both buyers and sellers. [Read more…]