House hunting isn’t just about roving the streets and stopping at For Sale signs anymore; instead, prospective buyers will spend hours trawling the Internet to find their future home. Here, some insight into the world of virtual open houses.
Co-ops are common in cities such as New York and Boston, and so are the horror stories about buying into them. The payoff? Prices average 10 to 15 percent less than condominiums and are often in storied buildings in central urban locations.
Foreclosure is the legal process by which an owner’s right to a property is terminated. This is usually caused by an owner defaulting so heavily on a loan or tax debt that the bank or government steps in to sell the owner’s property to reclaim monies owed.