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1

Builders can't force you to use a specific preferred lender. This is due to the "required use" clause in the 2008 updates to RESPA. However, they can include terms in their contract that effectively steer you towards preferred lender(s). For instance, it's somewhat common for a builder to require you to at least be prequalified by their preferred lender. ...


2

It's been a bit since I've researched this. My understanding is that they can legally require you to be qualified by their approved lender(s), but that they cannot legally require you to use their lenders. dwizum noted a good point about the timing and lender change provisions in your contract; the timing of your change could be problematic based on your ...


1

As @Four_lo said, you need to evaluate all the costs associated with the buy and all the costs associated with renting. From there you need to figure out what kinda rent you can charge for the property after you move out. From that you need to subtract management costs, since you likely won't fly to the US anytime your renter has a problem or something ...


1

Not factoring in changes in value to the market take: the cost of borrowing + property tax + 100-300(home repair and possibly first time buyers insurance). Compare that to the cost of rent. Renting also has small additional costs. Buying small is a better financial choice because you'll pay less in interest.


4

I think in most situations, the seller of the home will be unconcerned about the source of the money and how much is a loan, as the money will pass through a bank anyway. You are incorrect in this assumption. The quality of the buyer is very important to the seller. You, as a 50% down buyer, look far more attractive as a buyer that is putting 10% or less ...


3

I utilized a home warranty. For a few hundred dollars, I as the seller, provided a warranty that would cover any issues within the first year. This conveys, "It was working for me when I sold it to you." But at the same time gives the buyer a safety net. In my case, the heating unit was working, but inefficient due to rusting out (it was old). The buyer ...


48

A "seller concession" is a good solution for a buyer with no cash who wants things done on the house. You keep the sale price the same, and give them cash back at closing, which they use for the repairs. This solves the buyer's problem of having no cash and needing a way to fund the repairs, and it reduces risk for you, the seller, since you're not paying ...


22

I am motivated to sell, should I agree to replace AC? There's no simple answer, home sale negotiation has a lot of variables. Here are some things I consider when deciding what I will/won't do to sell a house after receiving inspection objections: Time on market - If I blow up a deal, how long will I likely be waiting for another offer and how much will ...


6

From the FHA documentation you link to, there are specific types of discrimination that are not allowed Who Is Protected? The Fair Housing Act prohibits discrimination in housing because of: Race Color National Origin Religion Sex Familial Status Disability You are perfectly free to negotiate harder with someone you ...


6

There’s no standard for early redemption penalties. Some mortgages have them and some don’t — read the small print of any mortgage you are thinking about applying for. But in general, avoid fixed-rate mortgages and go for floating rates, which are much less likely to have redemption penalties.


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