The loss of employment can be one of the most stressful events in a person’s life. Purchasing a home, while it is a very exciting time, can also be an extremely stressful event. If one loses his or her job, however, while in contract to purchase a home it can certainly be devastating. A purchaser spends many years to save up enough of a downpayment to purchase a home and, in the end, could potentially forfeit his or her life savings upon the loss of his or her job after a mortgage commitment has been issued by a lender. Recent court decisions highlight the various issues and consequences that could exist when a purchaser loses his or her job, particularly after the lender has issued a mortgage commitment and the mortgage contingency under the contract of sale has been met.
Buying your first house can be intimidating, but there is a lot of information to help you sort out the process and make good decisions. On that note, here are 10 secrets first-time home buyers should know that you may not have heard of yet.
One of the most important issues in deciding if a cooperative or condominium apartment is a wise investment is the financial status of the building itself. The key document that potential buyers should review is the annual financial statement. This review, commonly known as due diligence, should b…
Read entire article here: A Buyer’s Guide to Reading Financial Statements – Consider a Building’s Fiscal Health
Radon is a naturally occurring radioactive gas that can cause lung cancer. You can’t see or smell radon. Testing is the only way to know your level of exposure. Radon can have a big impact on indoor air quality.
Read more here: Radon | US EPA website
Cooperative buildings, better known as co-ops, are abundant in New York’s five boroughs but are far less common in other cities. In a co-op building, buyers purchase a share of the entire property and co-own it with fellow residents. With a condo, the buyer purchases the real property.
In the old days, invariably I would get a call from a broker claiming to have a “simple” deal that would be easy to get done. Whether it was an all cash transaction between neighbors, a purchaser with superior banking connections or a sponsor deal in a completed building, at least in theory, getting to the finish line would be somewhat seamless. There are still a few transactions that fall into that category, but for the most part, each transaction is now a roller coaster ride, with enough twists and turns to require Dramamine.
read the rest of the article with various other scenarios at Serenity Now: Coping with the Delayed Closing | Ron Gitter.
JESSICA BACAL, a lawyer in Katonah, N.Y., represented a buyer last week who was closing on a $1 million-plus house with a $765,000 mortgage in Westchester County. In reality, though, the cost of the home was more like $1 million-plus-plus-plus, because at the closing, many more costs were added — taxes and fees that together are known as closing costs.
For this house, the buyer’s closing costs, including some prepaid interest and taxes, totaled almost $40,000. In fact, experts said, the total fees paid by both the buyer and seller can amount to as much as 7 percent of the sale price.
read the rest of the article at: It’s Another Closing, Another Cost – New York Times.
Ahh, the closing. You’ve found your dream home, put together your board package, passed a board interview, and now your conscience is steady. Right? Once you get to the closing, everything should be fine and dandy, but of course, there are always obstacles. Before the closing, your agent should accompany you on the “final walk-through” even though they technically don’t have to so they can make sure everything seems to be in order, and that there are so gaping holes in the apartment, either literally or figuratively.
read the rest of the article here: A Guide to What Actually Happens at a Real Estate Closing – Curbed University – Curbed NY.