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Published byNickolas Francis Modified over 9 years ago
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Lisa Piela Branch Owner/Manager/Loan Officer
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F.T.H.B. “First Time Home Buyer” How to be a Savvy Buyer in a Volatile Market
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What is the Value of the Home? What is the Condition of the Home? How Much Are You going to Investing? What is the Re-Sale ability of the Home? Always Get Pre-Qualified First to Know Your Buying Power and Ability!!!
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What Does It All Mean? REO/Short Sale - Bank Negotiates with Current Seller and New Buyer (3 Parties) Foreclosure - Seller No Longer Occupies the Home and No Longer has any Interest/Ownership. HUD – Banks can not sell the home and Request the MIP (default insurance) to settle for % of balance owing and they are then responsible to sell the home.
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Costs Associated with Buying a Home Down Payment (Cash investment into the transaction) Closing Costs and Escrows (Fees to get the Loan as well as Taxes and Insurances) Pre-Paids (Earnest Money, Appraisal, Inspection and Warranty)
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Lender FeesAppraisal FeeTitle Fees Pre – Paids (Taxes, Insurances and Interest)
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You Could Even Get Back What Your Pre-Paid Deposits! REFUN D!
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