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How To Succeed With
Counter-Offers
You're a serious buyer. You've made an offer, the seller said "no," so now you make a counter-offer.
All at once it happens -- the seller accepts an offer from someone else.
Your first question: How is this possible?
Your second question: What could have been done differently to produce a better result?
To answer these questions, let's review the bargaining process. The seller is under no obligation to accept a counter-offer. An "offer" is an "offer"
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-- it's not a "contract." Owners are free to look at -- and accept -- other offers. Why? Because a "counter-offer" is really a new offer. Even though the buyer and
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Multi-Layered Loans Offer
PMI Alternative
If you want to buy a home, have little down and want to avoid private mortgage insurance, you might want to look at the multi-layered financing options which have become increasingly available.
With these programs, there's a first loan equal to 80 percent of the purchase price, and a second loan for 10 or 15 percent of the remaining costs. The remaining money, 10 percent or 5 percent, is the buyer's down payment.
Described as "80/10/10" and "80/15/5" financing, buying with multiple loans allows purchasers to avoid the up-front costs and monthly expenses associated with private mortgage insurance (PMI).
Statistics show that buyers who purchase with less than 20 percent down have a higher risk of default than those who purchase with a downpayment of 20 percent or more. If you buy with less than 20 percent down, lenders will generally require that you purchase with PMI when
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Vacation Checklist: What To Do When Your Home's Alone
You're finally taking the household on a well-deserved vacation. You've arranged to board the dog, and Aunt Martha will babysit the bird.
There's one more precaution to take---safeguarding your home. Fortunately, many of the steps required (absent installing an alarm system) only require elbow grease and a bit of forethought before you hit the road.
Here's a suggested checklist to follow:
1. Stop mail and newspaper delivery. Nothing screams "no one is home" louder than a stack of newspapers on the front porch. If there's a likelihood that packages could arrive while you're away, notify delivery services like UPS, Fed Ex, to hold them so that your front door won't be marked with delivery slips. And, under no circumstance, post "take all deliveries to our next-door neighbor" on your door!
2. If shrubs, trees or bushes block the view of any windows or doors, trim them back. Homes that are set back a distance from the street and/or have heavy, concealing foliage are more likely to be a burglar's welcome target.
3. Don't let your answering machine tell the world you're gone. A generic message like "we can't come to the phone right now" sends fewer adverse signals than "we're not home" or "we're
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An Owners Guide To
Condo Insurance
While condominium associations have their own special insurance coverages, equally important is the kind of insurance carried by the owners. Condominium Unit Owners Insurance is available to condo owners who reside in an association that purchases blanket coverage on the structures. There are several key forms of coverages:
Building Property: This covers the unit features that are an owner's responsibility to maintain and insure including finishes (wallpaper, flooring), fixtures (lighting, cabinets), unit alterations and additions.
Personal Property: Covers items like clothing and furniture. Make sure to buy replacement cost insurance, not just coverage on a depreciated basis.
Inflation: This automatically increases the amount of coverage by an inflation index.
Loss of Use: This coverage pays certain expenses if a condo is damaged and uninhabitable.
Daily News and Advice
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