needed for the transaction. The owner of the property has an agreement with their lender to put the property on the market for less than the loan amount to prevent foreclosure. Once the sale has been completed, the new buyer has clear title just as in a traditional sale, but the former owner will still owe the balance of the previous loan. A short-sale is desirable as opposed to going into foreclosure for many buyers. Although some negative affects might be on the property owner's credit report, it is much better than the much more drastic negativity of a foreclosure. |
| What is a "Buyer's Agent"? A buyer's agent works exclusively for the buyer. A "listing agent" is the agent that "lists" the property for sale and represents the seller. The" listing agent" represents the seller and the seller's best interests. that the seller's interests (their client) are required as a priority. A "Buyer's Agent" is a Realtor or real estate agent that represents only the buyer. *Please remember, commission is paid by the seller, not the buyer! *Having your own professional Realtor when you buy also helps you negotiate the best price. Your Realtor will negotiate with the other Realtor for you, and also watch out for legal concerns on your behalf, as well as many other transactional details. |
The Advantages of Condo buying: ~ Condo home owner's association fee's include insurance costs for the building itself. This saves quite a bit of money over insurance costs associated with buying a house. Most condo buyers need only buy "contents" insurance, as if you were a renter. ~ Most condo fee's also include water and trash, and some will also include cable and internet. Very rarely will the "H.O.A."/ home owners association fee's include electricity or phone. ~ Condos are easy to maintain, most have all appliances included when buying, and the vast majority are also sold fully furnished. ~ There is a large market in Galveston for vacation rental, and when buying a condo ask about any "rental history" and "income history". Long term ownership of a condo in Galveston will afford the buyer many investment opportunities as well as individual use. ~ In condo ownership, normally maintenance is lower, utilities are lower, taxes are lower and overall cost in buying is lower...yet the advantages of being beach front with views is still readily available. |
| Notes for Cash Buyers: ~ Have proof of funds from your bank ~ Negotiation can be more effective in lowering the price ~ There are no "closing costs" when you pay cash |
| IRS $8,000.00 Tax Credit Info. - You CAN use the 8K towards your down payment and closing costs - The tax credit is in effect for purchase of a primary residence before December 1, 2009 - You qualify as a "first time home buyer" as long as you have not purchased a primary residence within the last 3 years and the home you are purchasing will be your primary residence. website |
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