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Many people fall out of the home buying market when interest rates start to go up. This is often a mistake. Many of the best mortgages deals become available when lenders are competing for new business and sellers are competing within a smaller buyer pool. You just have to know how to keep the costs down in order to counter the higher interest rates.
One of the best tricks is the buy-down. In a buy-down, a fee is paid at the closing to get a lower interest rate. In a soft market, an anxious seller may be lured into to paying all or part of the buy-down. Another approach is to get the seller to pay some of closing costs, thus lowering the amount of cash a buyer needs to close. Frequently the seller's costs can be used as a write-off by the buyer. Always consult with your tax advisor if you are considering such an arrangement.
If the market is softening due to rising or higher rates, the price itself becomes an area where a buyer may be able to save a lot of money on a house through skillful negotiating. Lower prices mean lower loan amounts, so don't be discouraged by higher rates--use them to your advantage.
What is encroachment, and how might it affect a property owner?
A
Encroachment, refers to the unauthorized intrusion of a building or improvement onto another person's property; it often requires a surveyor's report to support the claim.
Chuck Wartman RE/MAX Properties, Inc. 1740 Chapel Hills Dr. Colorado Springs, CO 80920 Office: 719-231-5525 Fax: 719-598-9308 chuckwartman@NUMBER1EXPERT.com
Hello! My goal is to build trusting relationships with my clients so they understand I am behind them throughout the entire process. I believe that hard work, open communication and dedication are they key ingredients in being successful.
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Real estate agent(s) for Colorado Springs, Falcon and Fountain, Colorado
