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Sternberg brings his “buyers first” expertise after 30+ years as a real estate investor. Another must read article for any real estate investor.

Here’s the basic definition of a contingency: it’s a condition or event that must be fulfilled before a real estate contract is binding on all parties involved.

There can be many contingencies in contracts. A typical example involves inspection of the property: “This contract is contingent upon a satisfactory inspection of the home being completed by January 16 that reveals no significant defects. If defects are discovered, the Seller will correct them or provide compensation to correct them.”

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Equity loans were developed to help homeowners up the equity on their home in order to make profit, or else take out another loan on the home.

Home value goes up each year, making the home worth more everyday that it exists. Home’s equity then is the total worth of the property, minus theamount the homeowner is paying on the home.  

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Planning to buy a home is one of the greatest decisions you will make. Deciding to purchase one is not that simple and doesn’t take a day or two.

If you desire to purchase a home, there are lots of things to consider. Do not just jump to the market and look for home. This is the common mistake of some people; they go to the market and look for the home they want without making sure that they have an approved mortgage, so they end up stressed, frustrated and embarrassed.

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