Recently I wrote a contract for a client on a home located in Huntsville, Alabama. This buyer was an investor, looking to purchase a rental property. He had no emotional ties to the property we found. His focus was strictly on the bottom dollar, cash flow potential. In the written offer, we asked the seller to contribute $5,700 toward closing and prepaids. That is different than asking the seller to contribute only toward closing, which in this case amounted to about $3,500. What are closing costs and prepaids?
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Contracts at July 31st, 2008.
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As a Realtor in the Huntsville area, I work with many people looking to improve their lifestyle by purchasing a home. Maybe their family has expanded and they are looking for more space. Maybe they just desire a nicer and more expensive home. Whatever the reason, it is very easy to get caught up in the desire for “newer and better”. I’ve worked with individuals who’ve wanted to stretch their income so far, that they were willing to risk foreclosure and possible bankruptcy. In today’s world, where material things so often become a reflection of individual success, it is easy to lose sight of what really counts.
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Random Tips at July 31st, 2008.
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