It's All Worth It!: New Federal Law For Tenants in Foreclosed Properties

Thursday, August 6, 2009

New Federal Law For Tenants in Foreclosed Properties

There are a lot of people who are renting homes that are in the process of being foreclosed. Therefore, I am posting some helpful information for tenants who are occupying foreclosed properties. A new federal law protects the rights of tenants in this situation. Please click on the link below for detailed and helpful information on the new law. It is in pdf format and can be easily read and saved.

Tenants in Foreclosed Properties Will Benefit from New Federal Law

http://www.tenantstogether.org/downloads/S.896RenterProtections.pdf

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Real Estate Tips

Costs of the Home Buying Process
When buying a home, the price of the home should not exceed more than 2.5% of your annual gross income. Costs of the home buying process are typically around 7% of the purchase price of the home. Those costs usually include the following minimum items:
Down Payment – usually a minimum of 3 to 5% of the purchase price
Closing Costs are usually around 3% of the purchase price of the home, which include but are not limited to the following fees: appraisal fee, credit check fee, title insurance fee, escrow fee, document preparations fees, government fees, loan origination fees, discount fees, application or underwriting fees, flood zone fees, prorated insurance and property taxes, administrative fees and in some states an attorney fee
Professional Home Inspection Fee (varies depending on size of the home)
Homeowner Association Fee (varies)
Repairs or Upgrade Fees (varies by needed repairs or appliances and any desirable upgrades)
Moving Van Rental Fees and Boxes (varies)

It's All Worth It!

Thursday, August 6, 2009

New Federal Law For Tenants in Foreclosed Properties

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