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How Loan Providers Make Money
In an attempt to debunk some of the slanders that are floating around out there, this article is an itemization of how lenders and brokers make money on loans. The first method is obvious: Origination or discount points charged to...
Issues with Family Transfers of Real Estate
We live in (A California city). In a 2 bedroom 1 bath home on approximately a 20,000 Sq. ft. lot. It is easily worth 500K to 600K with a current mortgage of $116,000. The mortgage/Title is in the name...
Asking Price Versus Sales Price
Hard as it may be to believe, I've never done an article comparing asking price to sales price. It's way past time. Asking price is quite simply, a written representation of an offer the seller would be willing to...
"I'm Working With Someone Else, But Could You Just Help Me With..."
I recently got an email from a reader that was coming into a property as I left. I dropped my card and we did the lockbox shuffle thing, then there was an email when I got back to the...
The Good Faith Deposit for Real Estate
A search I just noticed asked the question "Who gets the deposit if escrow falls through?" The theory of the deposit is that here is an amount of cash that the buyer is putting up as evidence of their ability...
The Home Valuation Code of Conduct (Appraisal Standards)
Since May 1, 2009, we've been having problems with appraisals like never before. It's an interesting case study how the attorney general of one state used threats to blackmail a nationwide industry, installed personal controls and opportunities for graft into...
Using the Real Estate and Mortgage Information Found Here
The inspiration for this article came when I checked my referral logs and found an article where somebody was essentially saying "If you want to be depressed, go read this site and then go rent somewhere for the rest of...
How to Effectively Shop for a Buyer's Agent
This is easy. Much easier than effectively shopping for a loan or a listing agent. So easy that a congresscritter can do it. So easy that congressional leadership can do it. The only thing possibly moderately difficult to understand is...
Rental History and Payment Shock in Applying for a Mortgage
First, I just got engaged, and my fiancee and I have been discussing what we want in a house after we get married. It will be the first house for both of us. She spent the last two years...
Demands Listing Agents Make That Aren't in Their Clients Best Interest
One of the things I see all the time is notations made on the listing that demotivate buyers agents, or give them a reason not to show the property. This practice has had a drastic fall off for a while,...
Why Do Purchase Escrows Fall Apart? (And Why Is It Happening More Often?)
There have always been real estate transactions that fall apart. The reasons why they fall apart are as varied as the people who enter into the transaction in the first place. Let's get back to the very basics for...
Protecting My Buyer Clients Good Faith Deposit
The buyer's deposit is always at risk. This is just a fact of real estate transactions. I could pretend it's not so, but that wouldn't keep the deposit from being at risk - it would just make me a...
Buying Out A Partner - With Complications
First of all I love the information on the site. I've done some research into buying a home and have talked to several people who have bought homes and I can never believe the stories I've heard. My response...
Loans On Related Party Transfers of Real Estate - Family, Corporate, or Partners
One of the things that has a lot of issues is any transaction between related people. This is not limited to purely family transactions, but applies also to transfers among partnerships and their partners, corporations and their officers. The market...
Loan Qualification Standards - "Loanbusters"
This is definitely not a "Who you gonna call?" I've done a couple articles on the two ratios, debt to income and loan to value. These are the basic and most important parts of loan qualification. Nonetheless, there exist a...
The Basics of 1031 Exchanges
Section 1031 of the IRS Code has to to with tax treatment on the exchange of one parcel of real estate for another. It's similar to Section 1035 which covers most non real estate exchanges. Car for a car. Boat...
The HUD-1 Form
I have mentioned this form several times in the past as the only form in the entire real estate loan process which is actually required to be accurate. Department of Housing and Urban development form 1, the so-called HUD 1...
Asking Price Versus Sales Price
Hard as it may be to believe, I've never done an article comparing asking price to sales price. It's way past time. Asking price is quite simply, a written representation of an offer the seller would be willing to...
Links and Minifeatures 2009 06 01 Monday
Carnival of Personal Finance Carnival of Real Estate ********** Did Obama Target GOP Donors In Chrysler Dealer Closings? every single dealer he checked out except one were either GOP donors or donated to Obama's rivals in the democratic primary....
Links and Minifeatures 2009 04 27 Monday
Carnival of Personal Finance ********** The Cost of Media Bias Andrew Breitbart has more. ********** The Government Becomes a Loan Shark When I first heard rumblings in the Wall Street Journal and elsewhere that the government would not allow...
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