When there is a shift in the market to a seller’s market, there can be a frenzy to buy homes quickly before someone beats you to the punch. I have had my share of buyers that wanted to see a house only to find out that the house was sold in two hours.
Have you ever heard of the spreadsheet guy? It is today’s modern buyer. He is highly educated, highly motivated, and beyond analytical. This is the guy that goes out to look at homes with his laptop or iPad in hand.
Many times, I would go on a listing appointment to talk with a potential seller and they would tell at the end of the presentation, “Well, I really don’t have to sell!”
When I came out of college, I got a job selling cars and some of my fellow car salesmen were involved in the old “bait and switch” tactics of selling.
A cash-in refinance is when the new mortgage is smaller than the existing mortgage and the homeowner brings cash to the closing table. In contrast, a cash out refinance is where the old mortgage is less than the amount of the new mortgage and the borrower receives cash back.
We usually think of a reverse mortgage as a way to help people over 62 use the equity in their homes to upgrade their quality of life. But what if they want to buy a new home?