Mr. Coker is quite correct, having a buyers agent at you disposal is always important.
Besides the fact that you will have someone working for you, you will also be able to have that person
handle the scheduling and contacting of owners/agents for you.
This will undoubtedly make you experience better, especially if you are patient and plan on seeing as many properties as possible.
Best of Luck,
Boston Luxe Real Estate
There are different rules in different states...an attorney would be your best reference in this situation. An Attorney who specializes in Real Estate in your area can give you definite answers.... more
Are you already approved with the lender who currently holds title to the condo at this time? Have you used the mortgage lender who you pre-approved you before. Are you confident they are reputable and can get the job done?
Upfront points usually 'buydown' the interest rate on your fixed or start rate. These are tax deductible on a home purchase.
As Andrews said, Fannie Mae/Freddie Mac both have a mandatory loan level adjustment on condos with a LTV equal to or under 75% of 0.75 point. If you don't pay for it in upfront dollars at closing the additional cost is folded into your rate (0.25 to 0.50 higher interest rate).
If this condo is not a 2-4 family or conversion, I have a great program which allows you to finance 85% (CLTV) of the purchase price by obtaining a first mortgage of 75% and a 2nd mortgage (Home Equity Line) of 10% of the purchase price. By doing this you won't have to pay points on a condo purchase with an LTV over or equal to 75. Your credit must be excellent (FICO score 720 or above, no exceptions).
If you bought the condo at auction, my guess is the condo it will appraise high enough to get a loan, since it is likely your accepted offer is at market value or below.... more
A buyers agent will represent your interests and have fiduciary responsibility to you as a buyers agent. A sellers agent has fiduciary responsibility to the property owner. Thus it may not be in your best interest to have the agent serve in both capacities. In Massachusetts, if an agent is representing both the buyer and the seller it must be disclosed and the agent must keep an arm's length to both parties. If you have built a relationship with the broker it would still be worthwhile to have your own independant resource to protect your interests.... more