In the real estate world, a short sale refers to the sale of a property at a price that is lower than the mortgage value. The process involves the homeowner convincing the mortgage bank to approve the sale so the homeowner can get out of the mortgage. Once the sale is made, the bank either forgives the deficiency (the remaining amount due on the mortgage) or asks the borrower to pay part or all of it. The sale proceeds always go to the bank.
Imagine finding the perfect buyer for your home. The paperwork is being drawn up, you’ve started packing, a property lien search is being done, and the closing date is coming up quickly. Right before closing, you get a call. There’s a lien on your home. The buyer isn’t sure he wants to buy your house now, and you’re left trying to figure out what happened and having to find a new buyer.
Buying or selling a home with a property lien can bring the transaction to a halt. It leaves everyone scrambling to find out what to do next.
By conducting a property title search before you sell your house, you can avoid these unpleasant surprises or create a plan to take care of any liens on your property. Here’s what you need to know about a lien search.
Selling a house should be straightforward and simple. Unfortunately, it rarely isn’t, as you must complete several documents needed to sell a house.
If you’re ready to sell, here’s a checklist of all the necessary paperwork for a faster, smoother transaction.
A duplex is something of a hidden gem in the investment property world. It can produce strong value growth and healthy rental yields, sometimes at half the price of similarly located detached houses. Duplexes are popular among renters too — according to the National Multifamily Housing Council, around 17 percent of renters live in a duplex, triplex, or quadplex. But what exactly is a duplex property, how does it differ from an apartment or townhouse, and is it all too good to be true? Read our short guide to duplexes to understand everything you need to know about this unique property type and whether it is the best option for you.
Accessory dwelling units (ADU) are also commonly known as in-law apartments, granny flats, or in-law suites. You’ll probably come across other names for ADUs such as basement apartments, companion units, guest houses, and pool houses, depending on where you live.
A recent study by NAHB revealed that accessory dwelling units gained a lot of popularity in 2019 compared to the previous year, owing to a growing number of home renovations involving ADU constructions. Moreover, the number of first-time property listings with granny flats has snowballed over the last decade all across the country.
Unfortunately, there is a lot that many homeowners, buyers, sellers, and renters do not know about ADUs. It’s about time you learned all there is to know about accessory dwelling units in Rhode Island — what it means to have one, what it takes to build, and all the legal requirements and processes involved in erecting an ADU structure.
This article takes an in-depth look at ADUs and what you should consider when constructing an additional housing structure on your property. Let’s dive in, starting with the very basics and building up from there.
Purchasing a new home can be overwhelming, especially if it’s your first time. Proper preparation is vital, and this includes asking the right mortgage questions. Given that moving house is consistently ranked as one of the most stressful life events, anything you can do to minimize this stress will make the process run more smoothly.
Given a choice between shopping around for a new home and building a house from scratch, with all things being equal, we’re guessing you’d rather build your house. This is quite understandable since finding a pre-built or existing home that ticks all the boxes in your list of must-haves can be difficult and time-consuming.
In fact, you may find one that looks picture-perfect but is way out of your budget, or a house that looks promising but whose price can balloon far out of proportion when you start computing for remodeling expenses and upgrades.
Owning a home is one of the most exciting milestones in a person’s life. But, it can take much longer than you might expect to buy a house, and this can derail your plans or have you scrambling for somewhere to stay.
Think of all of the paperwork you fill out and the hoops you jump through before you get your keys. You’ll have to search for a home in a good location that meets your budget, and your new home should have almost everything on your wish list. Of course, you need to meet financial criteria too.