Home Buying Series

Found 2 blog entries about Home Buying Series .

If you are in the market for a condominium, one of the important questions to ask BEFORE you decide to write an offer is the current investor ratio in the community. Sometimes referred to as "Non-Owner Occupied", investor-owned condominiums are typically rented out to tenants and thereby considered non owner-occupied.  In most cases, Fannie Mae guidelines require at least 50% of condominium units be owner-occupied in order to provide traditional financing.  Exceptions can be made but the approval process can be a lengthy process and potentially delay your settlement. 

The best advice for a potential condominium purchaser is to inquire about the investor ratio from the listing agent or management company before preparing your offer. In situations where

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In our current competitive real estate market, buyers are often looking for strategies to strengthen their offer in the hopes that the sellers accept their proposed terms. Most often, escalation clauses and limited contingencies are recommended in preparing your offer. However, there is another tool you can consider - - Post Settlement Occupancy Agreement (commonly referred to as a "Rent Back") 

Here's how it works... the property goes to settlement as scheduled but the sellers remain in the property for a specified amount of time and at a mutually agreed upon daily rate.  The sellers provide a security deposit with the settlement company that is returned to them at the end of the rent back period and upon a clear walk-through. 

If the buyer has

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