The Department of Housing and Urban Development (HUD) has reported more and more incidents of abusive practices by businesses involved in selling or financing homes. Inattentive homeowners can find themselves in a recently purchased home that is not worth the amount of their mortgage loan or that contains property defects that were not properly disclosed. Either of these problems can ultimately lead to foreclosure. To understand more about these practices and learn how to protect yourself from predatory lending, contact an experienced residential real estate attorney.
Jeffrey A. Klein, of the Law Office of Jeffrey A. Klein in Daytona Beach, is a Florida foreclosure defense attorney who represents clients by aggressively fighting to save their homes and negotiating with lenders on their behalf. For more details about foreclosure and how it works, please visit the foreclosure process page.
Below is some general information to educate you about how the law applies in home ownership cases. For answers about your specific situation, please contact the Law Office of Jeffery A. Klein to schedule a free initial consultation.
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The Law Office of Jeffrey A. Klein helps people facing foreclosure by aggressively defending the lawsuit and negotiating with the lender on the client's behalf. When you hire Jeffrey A. Klein to represent you, he will seek to re-work your mortgage or negotiate a short sale or deed in lieu of foreclosure.
Are you facing foreclosure or behind on your mortgage payments? If so, contact the Law Office of Jeffrey A. Klein immediately by calling the firm in Daytona Beach at 386-492-9952 or toll free at 866-819-6032. Or, contact the office online, and a knowledgeable lawyer will respond to you shortly.
Buying a Home
Before making an offer on a house, a homebuyer should take his or her entire situation into account. The buyer must consider whether he or she is ready to buy a home, how much he or she can afford, and what terms to offer, among many other things. Negotiating and reviewing the documents for a home purchase can be daunting. An attorney with experience in residential real estate transactions, like the skilled professionals at The Law Office of Jeffrey A. Klein in Daytona Beach, Florida, can advise a buyer about his or her rights and negotiate the terms of the contracts involved in purchasing real estate.
Preparing an Offer
In determining an initial offer, a buyer should consider many factors, including the advertised price of the house, the amount affordable as a down payment and for monthly payments, the current real estate market conditions, and the seller's needs and desire to sell, among other concerns. The buyer must also consider which contingencies, such as the sale of a current home, should be included. An experienced residential real estate attorney at The Law Office of Jeffrey A. Klein can offer essential advice in determining which contingencies are appropriate.
Amount of Money Needed
The amount of money a buyer needs to purchase a house depends on a number of factors, in addition to the cost of the house and the type of mortgage. In general, a buyer must also pay the earnest money (the deposit a buyer makes when submitting the offer), the down payment (the percentage of the cost that the buyer must pay at closing), the closing costs (points and other costs associated with processing the paperwork), and other expenses such as insurance and tax payments. The larger the down payment, the lower the mortgage payments will be. Some types of loans require a down payment of 10-20% of the purchase price, but some FHA loans require less than three percent down. Closing costs, which average three to four percent of the home price, cover lender fees and other expenses. The lender must give the borrower an estimate of the closing costs. When a buyer makes an offer, the broker will put the earnest money into an escrow account. If the offer is accepted, the earnest money will be applied to the down payment or closing costs. If the offer is not accepted, the earnest money will be returned to the buyer. If the buyer backs out of the deal for reasons not provided in the contract, the buyer may lose the earnest money.
Condominiums
A condominium is a real property unit where the owner owns the apartment unit and is part of a tenancy in common with other tenants in the common areas. Common areas are managed, repaired, and maintained by the homeowners' association. Most states have adopted statutes to cover special issues involving development, construction, management, and taxation of condominium projects.
Mortgages
Many entities offer home loans. Lenders and terms change frequently, and a borrower should compare the loans and fees for several lenders. A loan broker may help a borrower locate an appropriate loan, normally collecting a fee from the lender. A borrower should also look into whether he or she qualifies for government insured mortgages, including VA and FHA loans, which have no or low down payment plans. If appropriate, "first-time buyer" programs can offer favorable terms to low- and moderate-income buyers. A buyer may also be able to locate private money, possibly even from the property seller, or withdraw up to $10,000, penalty free, from an individual retirement account for a down payment to purchase a principal residence. A mortgage can be either fixed rate (the principal and interest payment is constant month to month), or adjustable (the interest rate, and therefore the payment amount, changes depending on the economy and prevailing interest rates). Initial interest rates of adjustable rate mortgages are typically offered at a discounted interest rate that is lower than the rate for fixed rate mortgages.
Conclusion
Buying a home can be complex, and negotiating favorable terms can make a significant difference in a buyer's long-term financial well being. If you are considering purchasing a home, contact an experienced residential real estate attorney at The Law Office of Jeffrey A. Klein in Daytona Beach, Florida to ensure that your rights are protected and that you obtain the best terms possible under your circumstances.
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