“My uncle is very sick and I’m his only heir. He’s deeding me his home now to make it easier for me to sell it after he’s gone. Of course he’ll stay there as long as he lives. Is there any downside to what we’re planning to do?”
***ANSWER:
STOP! Do nothing until […]
“Gary, I’ve heard the term sweat equity before. What is it?”
***ANSWER:
Sweat equity is the increase in equity (value - loans = equity) you get from improving a home. So if you buy a fixer upper for $350,000 and the value goes to $400,000 after you fix it, you’ve gained $50,000 in sweat equity.
For […]
“Hi Gary. We’re shopping agents to sell our home in P.B. What fee do you charge?”
***ANSWER:
I get that question a lot. And that’s the worst way to find an agent. Here’s why…
What if I told you, “I’ve got a house you can buy for $500,000.” Would you want to buy […]
“How does it work if I’m buying a home but cancel because I find a problem with the home or my bank won’t give me the loan. Is that breaking the contract? And do I lose my deposit?”
***ANSWER:
Most contracts have contingencies letting you cancel and get your deposit back under certain conditions.
The 3 […]
“I’m going to be buying a home soon and I’m a member of the XXXXXXXX (name deleted) Credit Union. Should I go there to get my home loan or to my bank?”
***ANSWER:
Credit unions are funny. Because they’re non-profit, you get some curious results…
Occasionally, credit unions have slightly more favorable rates than other lenders. […]