The New York City real estate market is hitting a slump -- and that may make it harder for sellers to offload property that they no longer want or can afford to keep.
How can you make your home ownership dreams a reality if you don't have enough money for a down payment or don't have a great credit rating? Owner-assisted financing is one option.
Old liens on a property are kind of like bad pennies -- nobody seems to know how to get rid of them, and they have an annoying habit of turning up when you least expect them.
Despite the proliferation of online aids for homebuyers, realtors still largely retain control of the market -- and their 6% average commission is usually split between the seller's realtor and the buyer's realtor.
Real estate sales in Manhattan have been in a serious slump -- for quite a while. Sales fell for the sixth quarter in a row, making that the worst record in the area's history for the last 30 years.
A lot of people end up losing their homes to foreclosure. Sometimes, a job loss or a sudden disability makes it impossible for someone to keep up with the mortgage. Sometimes, a marriage falls apart before there's enough equity in a home to sell it successfully, and neither spouse can afford to handle the mortgage payments alone. Sometimes, the price of real estate in an area just falls through, and borrowers feel compelled to walk away from mortgages that have put them underwater.
What's the best thing to do when you're behind on your mortgage payments and facing foreclosure?
The deed to a piece of property is a fairly simple piece of paper -- but it's very important. It's what's actually used to convey ownership of a piece of property from one person to another.
With any real estate transaction, the goal is for everything to go smoothly. It's encouraged that both sides work with agents and attorneys, so they know that their contracts are legally binding.
Real estate transactions are extremely common in New York City. There are literally millions of people living in the city and surrounding areas, and they all need places to live and work.