Default is when either party to the real estate transaction decides to back out with no cause. It becomes a default after all contingencies have been cleared. If a contract is cancelled due to a contingency not being met, like finance failing, that is not a default. A buyer default is often the result of home buyers remorse. Reasons for a Buyer Default Because a default is related to contract stated deadlines, it does not always mean they default at the close. There are several deadlines in … [Read more...]
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Home Buyers Remorse. [Overcome it Before Closing.]
Home buyers remorse is a serious and often scary emotion to experience. It's no different to buyers remorse when you buy something at a retail store. The consequences for that are fairly simple. Return to the store and ask for a refund. With real estate it's a little more complicated. Resolutions depend on the position you are in at the time you experience your remorse. In addition to the emotional aspect of changing your mind or wishing you had not made the decision to do something, in real … [Read more...]
Read MoreYour Home Inspection Checklist – What You Get and The Cost
What to know about your home inspection when you decide to buy a house. Most inspections take between 2 and 5 hours depending on the size and type of property. The bigger the house the longer it's going to take. Not all buyers can spend all that time attending an inspection, many have no idea why they are attending, whether they need to attend at all. What types of home inspections are there in our area? What does a home inspection consist of and what should you do with your report? We are … [Read more...]
Read MoreIs It Cheaper to Build or Buy a Home?
Everyone loves new construction! But is it cheaper to build or buy a home? The thought of having a brand new home, all clean and sparkling with nothing to worry about except move in, appeals to most peoples emotions. Buying existing homes brings up one set of things to consider. Building one has a different list of considerations. Here we'll explore buying an existing home, and building one. What are the pros and cons of building a house? Buy an Existing Home Buyers in this section of … [Read more...]
Read MoreGet a Mortgage Approval Before Exploring Homes
If you're in the market to buy a home it's tempting to call up a REALTOR® and start viewing homes before doing anything else. It's the excitement of moving forward with your decision, but it can lead to disappointment. You can over spend and not be able to afford the home you love or you can lose out to another buyer because they were more prepared than you. You might also want to make sure you'll be comfortable with the monthly payment. Being house rich is one thing, but not having any … [Read more...]
Read MoreWhat is a Designated Buyer’s Agent.
Every state in the USA has slightly different real estate laws. I am writing for Illinois law and describing what a designated buyer's agent is for buyers and what you should expect in terms of paperwork, written agreements and what the agreements or notices mean to you, a property buyer. The real estate law for Illinois applies to the entire state but the forms used by area may be different, especially Southern Illinois compared to the Chicago metro area in Northern Illinois. ?What is a … [Read more...]
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