Real Estate Term of the Day: Backup Contract

Real Estate Term of the Day: Backup Contract BACKUP CONTRACT – a contract to buy real estate that becomes effective if a prior contract fails to be consummated (Barron’s Dictionary of Real Estate Terms) In a buyer’s market, we don’t see as many backup contracts placed on homes.  There are, however, times when we will … More Real Estate Term of the Day: Backup Contract

Real Estate Term of the Day: Back-End Ratio & Front-End Ratio

Real Estate Term of the Day: Back-End Ratio & Front-End Ratio (aka Debt to Income Ratios or DTI) BACK-END RATIO – one of several criteria used to qualify homebuyers or owners for mortgage loans.  The back-end ratio takes into account existing long-term debt of the loan applicant (Barron’s Dictionary of Real Estate Terms) Common debts … More Real Estate Term of the Day: Back-End Ratio & Front-End Ratio

Real Estate Term of the Day: Attached Housing

Real Estate Term of the Day: Attached Housing ATTACHED HOUSING (aka: Attached Single Family) – dwelling units that are attached to each other on at least one side, possibly divided from one another by a firewall or other physical partition.  Contrast with detached housing (Barron’s Dictionary of Real Estate Terms) The two most common types … More Real Estate Term of the Day: Attached Housing

The #1 Question I Was Asked Over the Holidays…

The #1 question I got asked over the holidays: “How is the real estate market?” My answer is: Opportunistic If you are a Buyer: You have a great chance to lock in on historic low interest rates. According to Freddie Mac’s Primary Mortgage Market Survey®, the average interest rate on a 30-year fixed mortgage was … More The #1 Question I Was Asked Over the Holidays…