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Is A Backup Offer For A Home Right For You?
When you lose a bidding war on your dream home, all might not be lost. There is a slight possibility that you could still get the home for a reasonable offer. If your real estate agent has recommended that you submit a backup offer, here is what you need to know. Why Submit a Backup Offer? A backup offer is just as it sounds. It is your offer to the seller to buy the home in case something happens to the buyer who is under contract.
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Not Quite Ready To Buy A Home Yet? You Can Still Start Preparing Now
There can be several months or even several years between the time you decide you'd like to buy a home and the time when you actually have the money on hand for that downpayment, making buying a real possibility. While these months or years can feel like a state of limbo, you should not waste them away in anticipation. There are several things you can do at this time to ensure that when you do have the money to buy a home, you're fully prepared.
About Me
Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.