Tuesday, August 25, 2015

The Difference Between Sold and Closed

The Difference Between Sold and Closed

                                         Source: http://www.worldpropertyjournal.com/


I want to share this article I found from world property journal. This is in hope of educating future seller's and buyer's, as well as those who would like to join the real estate industry.
Basically, a property that has been sold is not considered closed until the ownership has been transferred to the new owner's. I did not include everything, though, you can click the link above this and it will take you directly to their site. I hope you guys learn something from it. 


Q & A with Dottie Herman

Question: What is the difference between "sold" and "closed"?

ANSWER: Real Estate is not considered to be "Sold" until the actual transfer of the property has taken place and consideration has been paid. Once that has taken place, the property is "Closed" and belongs to the new owner. 

Question: I am thinking of buying a second home. What are the steps to purchasing a second home? Is it the same as your primary residence? We need to finance the property.

ANSWER: Depending on the type of ownership (single family home, condominium, etc.), it is best to get the financing of your second home purchase underway as you decide on what type of property to buy. Starting your search on-line will help familiarize you with current market conditions, including availabilities and price range. Once you have narrowed down your criteria, it is best to work with a real estate professional who has expertise in the marketplace and can help you to make an informed decision.

Question: There is a house next door to me that is bank-owned. What does that mean? I have a friend interested in purchasing the property. What does she do? 

ANSWER: Bank owned properties are usually properties that have been seized by the bank when there is a default on the mortgage, taxes, or some other event that has resulted in the bank taking over the property. To ascertain with whom to speak, you can check the local county records to see who holds the mortgage and who the contact is for the disposition of the property. A local real estate broker may be helpful; as well as perhaps speaking to a real estate attorney.


Question: How long is the typical buying process? We want to move within our town so my children can go to a different elementary school. They will need to start September 2016 so when should we start looking? I don't see much inventory around right now.

ANSWER: Unfortunately, there is not "typical" time line for the purchase process, particularly in areas where there is little inventory on the market. It's best to start your home search now and if you are delayed in finding a purchase, you may want to look at interim options, such as rentals, so that you can qualify for the schools you desire to send your children. 





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