You will need to pay off your existing mortgage in full at closing. As for your next home purchase, if you were to go with a FHA loan, you would only need to put down 3.5% plus any additional closing costs.
(847) 829-0130... more
I think they question you're asking here is "will offering a cash bonus (or incentive) to the buyer's agent help sell a property?"
Personally, as an agent, I don't show properties that offer a cash bonus, any more or any less than any other properties. I believe in offering incentives to the people who count... the buyers. The best incentive you can offer them is a reduction in the purchase price. Or you can offer closing cost assistance.... more
As I am somewhat unclear of your specific question, if the HOA has a policy withing their ByLaws and Condo Declaration that no renters are allowed, but in fact allowed 5 other owners to rent but did not allow you to rent your condo, this is a problem. On the other hand, if the HOA had such a policy and the owner rented without permission, only for the HOA to find out about it, it is within the law for the HOA to fine and basically do what they will until the tenant is removed.
Maybe you might restate your question, but if the rules and regulations state one thing, and they allow some to do and other not, this is a matter for an attorney and not real estate agent.
My experience has unfortunately seen the side of owners renting when they didnt have permission, and subsequent had to pay major fines for the entire year the tenant was in occupancy.
Would be happy to answer if you can provide more details.... more
First, you must have an attorney draw up any papers for you and actually counsel you as to the precise steps needed. As a REALTOR, we cannot give legal advice, but the process is fairly simple, and would be happy to refer 2 or 3 different attorneys to you to assist. Basically a new deed has to be prepared, and again, you are most safe utilizing an attorney for this. I cant imagine the cost being that significant. The documents must also be recorded, and you want to make certain your transfer is indeed legal, and correct in the eyes of the law.... more