Michael Petruccelli asks; What is a fee simple estate?

Michael Petruccelli says;  An unconditional, unlimited estate of inheritance that represents the greatest estate and most extensive interest in land that can be enjoyed. It is of perpetual duration. When the real estate is in a condominium project, the unit owner is the exclusive owner only of the air space within his or her portion of the building (the unit) and is an owner in common with respect to the land and other common portions of the property.

Michael Petruccelli asks; What is FHA mortgage?

Michael Petruccelli says;  A mortgage that is insured by the Federal Housing Administration (FHA). Along with VA loans, an FHA loan will often be referred to as a government loan.

Michael Petruccelli asks; What is the Federal Housing Administration (FHA)?

Michael Petruccelli says;  An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing.

Michael Petruccelli asks; What is flood insurance?

Michael Petruccelli says;  Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas.

Michael Petruccelli asks; What is a fixture?

Michael Petruccelli says;  Personal property that becomes real property when attached in a permanent manner to real estate.

Michael Petruccelli asks; What are is a fixed rate mortgage?

Michael Petruccelli says; A mortgage in which the interest rate does not change during the entire term of the loan.

Michael Petruccelli asks; What are some tips for first time home buyers?(15)

Michael Petruccelli says; Don't forget you are not in this alone. That is why you hired an Real Estate Agent. He/She will guide you through the process. That is your best tool in your arsenal.

Michael Petruccelli asks; What are some tips for first time home buyers?(14)

Michael Petruccelli says; Sellers are generally not required to make repairs if problems are discovered during a home inspection. A home inspection is for the buyer's edification. However, sometimes when a buyer gives a Request for Repair to the seller, rather than blow the deal, the seller will often agree to make a repair.

Michael Petruccelli asks; What are some tips for first time home buyers?(13)

Michael Petruccelli says;  In some states, a home inspection is conducted before buyers make a purchase offer. In other states, a home inspection is a contract contingency. A contract contingency means a buyer has the right to cancel the contract. You might not want to be locked in to buying a home that has a faulty foundation, for example.

Michael Petruccelli asks; What are some tips for first time home buyers?(12)

Michael Petruccelli says;  You may need to pay over list price in a seller's market, especially if many buyers are vying for the same inventory. Your agent can give you a reasonable price range and help to manage your expectations. An good buyer's agent knows there is always more to an offer than its price, but price is paramount.

Michael Petruccelli asks; What are some tips for first time home buyers?(11)

Michael Petruccelli says;  An agent can provide comparable sales and examine the pending sales. Comparable sales are similar type homes in the same condition and location that have sold within the past 3 months. Pending sales will become the comparable sales by the time your home closes.

Michael Petruccelli asks; What are some tips for first time home buyers?(10)

Michael Petruccelli says;  Negotiate the Offer - Buyers sometimes make the mistake of comparing the sales price of a home to other homes they have seen. It's a mistake to compare sales prices among homes for sale. That's because sellers can ask any price they want. It doesn't mean the home will sell at that price.