But buying a home is a big decision and you need to make sure you’re ready for the commitment. As prices pushed higher and many markets saw bidding wars, buyers were prompted off of the sidelines to get in the game. Plus, it’s more common than not for a seller to pay their commission anyway.ĭon’t Delay, Buy Today: Frenzy is a word that many have used to describe the national real estate market in 2013. Real estate agents are adept at negotiating on your behalf, working through contingencies, communicating with the seller on your behalf, and working through the tall stack of paperwork that a real estate purchase requires. To Save Money, Forget Working With a Realtor: Unless you have your real estate license, the small amount of money you would save from eliminating a real estate agent is definitely not worth it. There are a variety of loans out there that require considerably less than 20 percent down, and speaking with a lender is the best way to apprise yourself of what’s available and what you qualify for finance-wise.
Lenders are more willing than ever to work with interested buyers, realizing that many were hard-hit during the economic downturn in the way of job loss, foreclosure and so forth.ĭon’t Start House Shopping Until You Have 20 Percent In the Bank: A 20 percent down payment became the magic number during the housing crisis, but it’s not necessarily the amount you need to purchase a new home. Home buyers should take a hard look at their plans for the new home.”ĭinged Credit Will Prevent a Mortgage Approval: Buyers with less-than-perfect credit are usually hesitant to sit down with a mortgage broker and discuss their options because they’re confident the answer will be a resounding: “NO!” Not the case though. Typically, 30-year fixed rate mortgages have higher interest rates than adjustable rate mortgages (ARMs). The average American household stays in their home for about seven years. According to David Reiss, a professor at Brooklyn Law School who specializes in real estate: “The necessity of getting a 30-year fixed rate mortgage is one of the biggest myths about home buying. I would like to thank Gregg Macey, David Reiss, Chris Serkin, and the Brooklyn Law Review for inviting me to be a part of the David G. That’s why so many people are preoccupied with fixed-rate mortgages. Professor of Law and Director, Center for Land, Environment, and Natural Resources, University of California, Irvine School of Law Member Scholar, Center for Progressive Reform. Buyers were enticed into a super low interest rate that would later adjust into something they could never afford. Here, we explain the top five real estate myths!įind a Fixed Mortgage: One of the biggest issues during the economic downturn was willy-nilly lending practices that included adjustable rate mortgages (ARMs). Interested home shoppers tend to buy into five top myths, but if you dig a little deeper, you will quickly realize that there isn’t much truth to these rumors. He was buried in Mount Hebron Cemetery.It’s hard to forget the effect the real estate market crash had on many people during the recession, which is why so many myths and rumors continue to permeate this industry. He was staying in the hotel since his sister, his last surviving relative, died in May 1948. Reiss died from falling or jumping from his room in the Pierrepont Hotel in Brooklyn on March 17, 1949. He also served as its president, and in 1932 he was honored for serving with the Home for eighteen years. He was a director, officer, and counsel of the Jewish Home for Convalescents. Reiss was a member of the New York County Lawyers' Association and the New York County Republican Committee. David Reiss is an Associate Professor of Law at Brooklyn Law School and concentrates his study and practice in real estate issues. In 1923, he was named Assistant United States Attorney. He lost the 1921 re-election to Democrat Henry O.
In 1920, he was elected to the New York State Assembly as a Republican with Democratic support in New York County's 8th District, defeating Socialist Louis Waldman. He was involved in settlement work for ten years. He was admitted to the bar in 1910 and practiced law in his office at 261 Broadway. Reiss began attending the New York Law School in 1905. He resided in his Assembly district in New York City since around 1903. 1887 – March 17, 1949) was an American lawyer and politician from New York.
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