 Can rent on a lease be increased during the lease? |
| I have a 2 year lease with 9 months left on the lease. The landlord has sent me a letter stating my rent will be increased. There are no provisions in the lease (I have read it carefully) which give ... |
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 Renting a house from private owner - what if they pass away? |
I apologize for how rude and brash the question is, but there's really no other way to ask.
My boyfriend and I are looking into possibly renting a home from a older man (in his 70'... |
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 What do think they mean by this? |
'has an open plan kitchen/lounge diner, bay window to dining area'
... |
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 I'm going to sell Real State Sales soon... any advice??? |
| I'm terrified about selling, but I know it will be something good for me... I want to meet people and be successful at it... any tips?... My main goal is to be great at it so i can do it full ... |
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 My landlord didn't gave me or let me sign a contract room rental agreement, am i free to move out anytime? |
| I have been having problems with my landlord, He doesn't gave/ let us sign any contract <room rental agreement> and he told us we've got to find another place to stay, so now we ... |
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 Name not on mortgage or deeds uk... pls help? |
| Hi there, Me and my partner bought house 3 years ago and as I wasn'tt 18 yet my namecouldn'tt be placed on mortgage etc.. we bought house together.. I have paid alot more than him, (hes ... |
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 If value of home drops am I still liable on the outstanding mortgage? |
| What if the value of my home drops? Am I still personally liable on the outstanding mortgage? I heard that you could hire a real estate lawyer and actually reduce the outstanding loan to the lower ... |
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 Will this be a good time to buy a house, since the economy is doing poorly? |
| I'm looking to buy a house, I was wondering will this be a good time since the bank wants to get rid of them.I have no credit. What are the down payments I can expect if I was going to buy ... |
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 Why are landlords pains in the a's? |
First of all, I want to comment on alot of what I have read on here from different landlords answering questions...
Rent being a fews days late, no going past your late rent fee... why ... |
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 After closing on a house - Is it mine? |
| Buying a HUD home, Closing to tomorrow...After I sign..Legally I can go ahead and go in, right? or do I need to wait a day?... |
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 Do you think alot of people are in foreclosure because they lost the "fitting-in" game that is America.? |
Seriously, I bet the majority of people who are in foreclosure are in it because they bought their house out of social pressure (explain later) and the need to fit-in.
Social pressure is a ... |
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 I want to move to the South, from Pennsylvania? |
| I've posted a simular question here before and received mixed and vague answers. I live in North Central, Pennsylvania and want to move to an economic hotspot in the South to better my family�... |
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 Question about a home morgage and interest.? |
| HI, I am thinking about getting my first morgage, and I am confused. My broker says for the first few years I will be paying mostly just interest, and over the course of the loan interest will ... |
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 What is a resonable counter offer? |
| We are selling a duplex in Anchorage, AK. It has 5 bedrooms/2 baths, 1900 sq. ft, on a 9,000 sq. foot lot. We are asking $292,000. We got an offer for $272,000. That is too low for us to accept, so ... |
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 Where should we move? |
| My girlfriend and I are looking to move again next year. I need a city with at least an indie film community so that I can continue to work locally. NYC scares my girlfriend and LA is too far for her.... |
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 I had to damage a door because of a faulty lock, now is it mine or the landlord's responsibility to pay? |
| Hey guys, a strange thing happened. My landlord had fit in a new door, but it had problems with a lock, and I got locked in and could not get out. There was no one around to ask for help, and I was ... |
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Red Velvet | How can you buy home owner's insurance without a house? |
We are trying to buy our first home, and now before we even know if we will get financed, they want us to BUY home owner's insurance? How? Why? Wouldn't that be done once we buy the house? Especially if it's escrowed in to our monthly payments? |
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H. A
|
No, what your lender is saying that you need a home
owners policy or binder on the home that you are going to buy. You obviously have already signed a contract, and doing the process of setting up the closing, you have to furnish them at least a binder, that will tell them that you have coverage once the loan is closed and the house is yours. They will collect the amount for one year, plus about two months to establish your escrow account to ensure that when the insurance policy comes up for renewal that there will be enough funds to cover the renewal cost, which generally will go up a little bit. This is why they charge a full year plus a couple of months. Just give your agent the description of the house or a copy of the appraisal and they can do the rest for you. Your broker/lender will then accept a faxed copy, and the original policy can be furnished at the closing. Your mortgage originator or loan officer should have explained all this to you. If you aren't going to have an escrow, then you will just furnish a paid in full for one year home owners policy at the closing, but again the lender/broker will need at least a binder of proof and the cost prior to sending out the closing package to the attorney for final closing of the transaction. |
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LifesAMystery
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They probably just mean that they want you to get a binder. It's just saying that you have homeowners insurance in line.
The reason why, is because years ago (when this wasn't required), people would buy a home and after they closed find out that they couldn't qualify for the insurance, because the claim history remains with the house. So if there were too many claims (theft, fire, etc) on the property, insurance companies would see it as high risk and not touch it.
By getting a binder beforehand, you can know if your potential home will qualify and if it doesn't, you can walk away from the transaction. |
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steve v
 |
Your lender wants to know that you have insurance in place on closing day. It cannot be done after, they need it for a security. Contact a local agent that you know & tell him/her what you are doing, they will be able to help you. It will not cost you anything if finance is not approved, don't worry. I doubt it is part of your payment, that is a different insurance. Good luck :) |
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Marysue
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You have to have something ready to go because you must have insurance from day one if you have any kind of mortgage. No insurance agent will think you’re crazy if you come in to get your policy arranged. |
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Q1
 |
If you are obtaining financing to purchase your home, the lender will require you have proof of home owner insurance before they will grant you a loan. You generally need to pay the first year upfront and show the lender your paid receipt. Your policy does not actually go into effect until you close on the property. If you don't close, then obviously you would get your money back. |
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Weimaraner Mom
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Call up an insurance agent and tell them you need to prove you have home owners insurance prior to closing. They'll ask you questions about the home you plan on buying and will give you an estimate on monthly amount over the phone. Then you will have to sign paper work. The insurance company will then provide the Lender with a copy of the insurance binder at closing. All lenders require proof of insurance BEFORE closing or you will not close.
I purchased a townhome/condo which is covered under the HOA blanket insurance policy. However, I wanted to get Renters insurance to be covered, I purchased the policy before I ever closed on my house, AND my agent came to me to sign the paperwork. |
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REALTOR
 |
Something is wrong here...
"They" want you to buy an insurance on the house you do not have?
Maybe you misunderstood, when you were told that insurance was required as one of the conditions of getting a mortgage. You need to have a policy "lined up," have it ready to be in effect, when the house is yours, but you do not have to actually BUY it now.
And who are "they?" The bank? Did you ask them to explain all this to you? What does your Realtor say about it?
Do you have a Realtor working for you? NO? Well, this is why you should never buy real estate without an agent (and it doesn't even cost you anything to have a Realtor on your side, when you are a buyer.) |
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Spock (rhp)
|
after you've offered on a particular house, you can buy Homeowner's Insurance through the usual agents with the policy to begin on the effective date of the purchase, etc.
The amount of the HO needs to be included in the escrow calculations.
***
In some jurisdictions, it is also possible to "take over" the remaining portion of the existing Homeowner's policy. Of course, you reimburse the seller for the unused portion of this.
Insurance companies allow this (with conditions) because their marketing cost to get the new customer (you) is near zero.
does this help? |
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Emily E
 |
They want you to have an insurance company set up and ready to go when you get your house. You can not sign final papers on a house with out insurance set up ready to take effect. You have to pay the first years insurance up front, year 2 comes out of escrow you paid all year long! |
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