With the Existing Home Sales report for December 2007 due out Thursday, now is a good time to answer this reader question, “What’s the definition of a months supply for existing home sales?” The report, released every month by the National Association of Realtors, gives a top line number of the seasonally adjusted annual [...]
A reader asked “How are points determined in a mortgage?” There are actually two questions here and a bit of explanation of the basics of “points” will help answer both. Points, or more specifically discount points, are prepaid interest on a mortgage loan. They are sometimes called a “buydown” of the [...]
A reader wanted to know “What is ‘Option Pending’ on a home sale?” Presumably this is something he saw on a for sale sign or in an MLS listing. If there’s an option pending on a home he’s actually contracted to purchase then it’s time to slow down.
For your purposes as a buyer, [...]
