Advice

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Apartment or starter home?

Response

Starter home.  If you can invest the least amount of money in your first home, you will most likely be able to receive money back when you sell in 3 to 5 years depending on what market you are in.Check with a mortgage lender on FHA mortgages that are 3.5% down or USDA loans that do require money down depending on income.

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what advantage or disadvantage for buyer when buying short sales home

Answer

The biggest advantage of purchasing a short sale home is timing.  If a buyer is interested in a home that is worth less than what is owed on the mortgage.  A buyer might have the opportunity to negotiate with the bank before the home enters into a foreclosure which can be a long process.  We have seen homes take up to a year to foreclose.The disadvantage is the time it takes to receive answers from the bank.

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what does it mean when the home is listed as "pending" status?

Answer

Good Day!The meaning of a pending status in a transaction simply means the home has a contract accepted by both the buyer and seller.  In the contract there are contingencies that need to be addressed, i.e. mortgage and inspections.  There are usually 15 days to have the inspection done and approx. 30 days to receive final approval on the mortgage loan.  Once these contingencies are met, the home will than be considered under contract.

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