Craig Ackerman discusses the several areas of cash catagories in Real Estat...
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Craig Ackerman discusses the several areas of cash catagories in Real Estate
Over the years when we work with the buyers of a property, one of the things we constantly come into contact is an under estimation of cash needed to buy that property. So, I want to talk about cash categories when you are buying a home.
Think of the home as a luxury liner called “Home Ownership”. The down payment we think of as the admission ticket, most people are familiar with that, 5, 10, 20 percent down.
Secondly, you can’t forget your closing expenses which we call the concourse journey, or the walk along the gangway. Sometimes, the waves can be treacherous and it requires some extra grippage to prevent slips.
Finally, the reserve requirements – you need fuel to sail that baby out of the harbor and clear the pathway for ships that coming in and out.
So, we’re going to talk about these categories and break them down so they are really demystified in the home purchasing process.