Your debt-to-income ratio (DTI) is the percentage of your gross monthly income (what you earn before taxes) that goes towards paying off debts. Debts can include car payments, credit card bills, child support payments, and student loans. When figuring out how much money you can afford to borrow, your lender will factor in the total […]
“Days on Redfin” measures the total number of days since the property was first listed under this MLS number. This includes time the home may not have been active due to being under contract, or delisted and re-listed.
Getting double the commission for a single real estate transaction is the dream, right? Well, it’s one that’s possible with dual agency: representing both the buyer and seller during a deal. There are several pitfalls to this type of work, however — chief of which is you can’t effectively represent either party during said transaction. Another […]
Not everyone can afford to spend a half-million on a new home. Some buyers have to rely on government entities, like the Department of Housing and Urban Development, to buy homes. Thankfully, this enterprise’s primary objective is to help low-income residents identify and purchase residences that fit their budgets and provide assistance throughout the entire buying […]
Buyers and sellers often misunderstand the real estate definitions for deed and title, thinking the two are interchangeable. This is false. In short, the title is a document that proves you own a property. The deed is the legal documents that facilitate the transfer of deeds from one party to another (seller to the buyer of […]
A due-on-sale clause protects lenders against below-market interest rates. It’s a contract provision requiring the seller of the property to repay the mortgage in full when the property is next sold. It is also called an acceleration clause.
A mortgage is considered delinquent when a scheduled payment is not made. If a payment is more than 30 days late, a lender might begin collection or foreclosure proceedings.
(1) A deed-in-lieu of foreclosure is a document transferring the title of a property from a homeowner to the bank that holds the mortgage. A homeowner might submit a deed-in-lieu of foreclosure if the bank has denied them a loan modification or short sale. However, the bank can deny the request for a deed-in-lieu (and often […]
A state-licensed individual who represents the seller and the buyer in a single transaction.
When a buyer or seller agent or broker drives by a property listing or potential listing.