Jim Rossi

This can very from State to State but typically an agent is sponsored by a Broker(Managing Broker) which gives them the ability to perform real estate services on behalf of the Brokerage they have an Independent Contractors Agreement with. In some States Broker and agent mean the same thing and they work under a Managing Broker.

When you see contingent associated with a property online it typically means a contract was entered into by the seller to sell the property to a buyer who now has first option to purchase the property, but the word contingent can mean a lot of things, it can be contingent on the buyer having to sell or close on a property before they can buy, contingent on financing, contingent on a home inspection or any other terms that were negotiated in the contract.

Absolutely, FHA offers an owner occupied mortgages for properties up to four units. Guidelines for condition apply as with any FHA financed purchase but not that there is also a guideline that 75% of rents based on local market rents must cover the payment whether or not they are used for qualifying. The appraiser will enter local market rents as part of their appraisal.

In a normal real estate market with stable interest rates, lenders will typically give a 60 day pre-approval because usually none of their information used to generate the pre-approval can be more then 60 days old but with fluctuating interest rates, its best to get it updated prior to entertaining the idea of going out shopping for a house. A good lender will get you an updated pre-qual within 48 hours unless they determine that there are some outstanding circumstances that need to be clarified first.

It all depends on your circumstances, the myth that you need 20% down is just to avoid Private Mortgage Insurance which is required on loans with less down. There are as low as 3% down conventional, 3.5% down FHA, zero down VA mortgages available along with State & local first time buyer programs to assist with down payments and closing cost depending where you are buying at. Most of these programs are based on income, check with a local lender familiar with the area.

An easement is usually established when a subdivision is created for the purpose of utilities to run from one parcel to another. Yes you do own the land the easement runs through but utility companies would have the right to access it if need be. No permanent structures should be built in an easement but you can put up a fence as long as you are aware that for some reason they need to take down a section to get a truck in there, they can.

Pending, Contingent signifies an offer has been accepted on property putting that buyer first in line to consummate the terms of the accepted offer. Multiple Listing Services very in different area, some require the property without written direction from the seller to continue to be shown but that will ultimately be determined by the seller. Some sellers may be interested in attracting back-up offers and willing to do so.

Title insurance is typically required by a lender. It is an insurance policy issued to cover buyer, seller and the lender against any liens or encumbrances that might be associated with the property. The title company researches everything about the property going back to its conception to make sure clear title is being passed to the buyer, that all taxes, assessments, mortgages and any other debts the property was used as collateral for were paid. Absolutely get!

Business is business and as much as it is in both parties interest to have a cordial, friendly working relationship. Your personal life is your personal life, share whatever you feel comfortable sharing that is relevant to selling the property but be factual with anything about the property. If the experience goes well and you become long life friends, great! If you think you need to share for example, I need to get this hose sold to avoid a circumstance and that is important to you, then share it.

Contact a CPA or financial adviser to discuss your situation with them in detail. Capital gains may not even apply.

The best gift you can give an agent is to tell them that they did a good job and let them know that you would highly refer them to others if it applies.

States very for the time required for a Brokerage or an attorney to retain documents but both can go out of business so I would recommend you keep them until you no longer own the property just in case.

On a limited budget you might be able to get away with painting the cabinets, new counter top, sink & faucet. Light fixture and flooring can be an inexpensive do it yourself in a small space.