With the massive recession of 2008 to 2009 in full swing, credit markets have dried up. Because of this, many of us have had to resort to creative forms of financing, one of which is the classic transaction known as a sale-leaseback. Welcome to the lesson you will learn to highly advanced technique of real estate investors of how buy houses “Subject To” the existing financing where you can take ownership of a property via the house being Deeded to you while keeping the existing mortgage in place.
Closing costs – Include points and other fees charged by the lender, which can add up to 3% of the amount you borrow; title insurance, from a few hundred to over a thousand dollars, depending on the purchase price of your home; inspections, about $200 to $500; and other miscellaneous fees.
Throughout the inevitable stress of buying a house that you just can’t avoid, (I’ll go into that more below) knowing we had people working for us, who had our best interests at heart, meant there was at least a couple of aspects of buying a house that we felt confident about from start to finish.
Some common closing costs include: attorney fee, title insurance (in case the title proves faulty), appraisal fee (for the lender’s benefit, not yours – to make sure you’re not overpaying with their money), home inspection, partial property taxes (if you close in the middle of a month), courier fees, mortgage pointsâ€ (a percentage of the loan amount), government recording fee, transfer taxes.
From knowing exactly what to look for when buying a house to what questions to ask your mortgage lender or home inspector, following a comprehensive home buying checklist, like this one below, will guide you through the real estate process and help you come out on top.