Entries from Searchlight Crusade tagged with 'competition'

Writing Real Estate Purchase Offers to Beat Higher Competing Offers

This article was inspired by closing one of many transactions where my clients did not make the high bid (or even close), but did get the fully negotiated purchase contract and the property. By building an airtight case that...

What is Reasonable Loan Officer Compensation?

I get people asking me about how much their mortgage loan providers make, usually with an idea towards negotiating it down but often with the idea of choosing one loan or the other based upon the loan officer's compensation. This...

Debunking "Lenders Are All The Same"

Just like Mohandas Gandhi and Genghis Khan and Attila the Hun were (despite their differences) all human beings, lenders (despite their differences) make money by lending money to people who want it. That's about the limit of the truth in...

Sixty Second Public Service Announcement About Selling Real Estate

Here was an idea I had: Pack a list of the most important things consumers need to know about buying real estate, as packed into the words I can say in sixty seconds without sounding like an over-clocked squirrel. Here...

Real Estate: Giving Someone a Monopoly Does Not Encourage Top Performance

From an e-mail I've been talking to agents lately and I ask them about the things I've learned about from your site. I thought I would say things like "I want to apply for a backup loan" and they would...

The New, Allegedly Improved Good Faith Estimate (Page Three)

This is the conclusion of the series begun in Page One and continued in Page Two Page Three is where the most blatant lies of this whole piece take place, and the first part of page three is where...

The New, Allegedly Improved Good Faith Estimate (Page Two)

Continued from The 2010 Good Faith Estimate (Page One) The next section is on origination charges. Indeed it is titled "Your adjusted origination charges" It starts with "Our origination charges" saying this is the charge for doing the loan....

The New, Allegedly Improved Good Faith Estimate (Page One)

I had a great rant about the limitations of the Good Faith Estimate all planned out in my head when I when I was in the very first stages of planning this website in my head. It was the first...

Mortgage Accelerator Programs: A Good Basic Idea, But the Devil Is In the Details

The recent hot thing in mortgage circles is a mortgage accelerator program. I've heard other things, most notably biweekly payment programs, called mortgage accelerators in the past, so let me take a moment to define exactly what I'm talking about....

Pretending the Service Equation is Simpler Than It Is

Way back when I was just out of high school, I was doing a lot of things with my time. Working, dating, competing on the fencing team, gaming of various sorts. But every once in a while, I dropped...

Online Mortgage Quotes

(This is a reprint from December 2006, with a few updates. It is instructive in the wake of a certain new mortgage quote service, launched with great fanfare. The negative amortization loan is gone, but I'm seeing lots of other...

My Thirty Second Public Service Announcement On Mortgage Loans (UPDATED)

I usually write medium-long articles, I try to write articles you can read in a few minutes, on break or lunch, but sometimes that's just not compatible with giving the readers an understanding of the subject. Part of that is...

Do Not Sign Loan Disclosures That Don't Apply To Your Loan

from an email: First let me say that I really learned a lot from your postings/articles/website; its awesome that a resource like yourself exists. Now to the problem. I recently refinanced and the mortgage broker lied to me about many,...

The Push Towards Bigger Loans: Why It Happened and How Consumers Suffered

One of the consumer attitudes I encounter constantly is the feeling that if you cannot afford the loan, the lender will not loan you the money. This safety zone common sense sort of reliance upon lender policy as a backstop...

Debt Consolidation Refinance - Doing it Wrong vs. Doing it Right

There's a lot that gets written on this subject, mostly by loan officers looking for business. Well, don't think I'm not looking for business, but not with this post. Or if anybody calls me because of this, at least I'll...

CBB: The Art of Setting Buyer's Agency Compensation on a Listing

First off, let me make something very plain. All a CBB (Cooperating Buyer's Broker compensation) can do is give good agent an incentive or disincentive to look at the property. A high one will not, by itself, sell the...

Racial Gap In Home Loans

Racial Gap in Loans Is High in California. I can give a variety of reasons for this. First off, especially in Los Angeles but to a lesser extent throughout the state, there is a huge "Spanish speaking only" community. When...

Debunking "Banks Give Better Deals Than Brokers"

Banker loans are better deals - for the bank. Ken Harney has an article Study Shows Loan Brokers' Better Side But now a new, independent academic study has concluded the opposite: According to a team of researchers headed by Georgetown...

Non-Exclusive Buyer's Agency Contract - A Bet Consumers Can't Lose

There are two sorts of buyer's agency contracts, exclusive and non-exclusive. Note that this has nothing to do with Exclusive Buyer's Agents, who do not accept property for listing. I disagree with their reasoning on the virtues of doing...

Finding Bargain Real Estate: Work With the Buyer's Agent Who Actually Finds The Bargain!

Several times a month I get calls and emails. Sometimes, it's even people stopping in. "I've heard you're good at finding bargains." Well, yes I am. "Please tell me the addresses of some bargains so I can drive by."...