Entries from Searchlight Crusade tagged with 'prevention'

Loan Documents - Contracts of Adhesion

Got a search for "mortgage closing documents do not sign changes." Unfortunately for this person, the documents you get at closing are what legal folks call a contract of adhesion. This means you can either accept it, sign, and adhere...

Finding a Good Buyer's Agent (And Eliminating Bad Ones)

I hear people complain that they've never had a good buyer's agent, that they can't find one, or that they one they had hosed them (Sometimes, they're wrong about that, by the way). I also regularly get email from people...

Transaction Coordinator: For The Agent's Benefit, Not The Consumers

The last few years, real estate agents and brokerages have begun charging a transaction coordination fee in addition to whatever their share of the sales commission was. The purpose of this is to pay a transaction coordinator, so your...

Don't Roll Mortgage Refinance Costs Into Your Balance If You Wouldn't Pay Them Cash

One thing that is very common in the mortgage industry is masking loan costs by rolling them into your loan balance. People are less sensitive to being asked to roll this money into their loan balance than they are about...

Let Me Tell You About The Loan You Could Have Had

Not interested? Most people aren't when it's talking about how they got taken advantage of in the past. First off, it's in the past so it is over and done with, and there's no use dwelling on it, right? Second,...

The Qualification Letter I Use for My Buyers and Require For My Listings

I have never had someone tell me they wanted more information than this letter provides. I also require the prospective loan officer to fill if out for prospective purchasers of my occasional listings. DELETED (Mortgage Corporation) Address DELETED City...

Cash to Close - A Basic Primer

Cash to close has always been an underwriting standard, but more people are running into it as a reason why they cannot buy that property, why their buyers cannot perform, and why they can't get that refinance approved. With...

Homesteading and Declaration of Homestead

This has nothing to do with the Homestead Act of 1862 that encouraged settling the western United States. A Declaration of Homestead basically protects your equity. In many cases, you may not even have to file a declaration to receive...

If You Need A Loan To Buy A Home, You Need A 60 Day Escrow

Minimum Time was, a few short years ago, when I could reliably do a purchase money loan in two and a half weeks. That has now changed. There are three separate delays of one to two weeks that have been...

Buyers Should Never Pay to Repair A Property They Don't Own

I got a phone call from some out of state relatives looking to buy their first home. They want to buy a lender-owned property, but the only loan they have the down payment for is FHA. FHA has a few...

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...

Wells and Community Water Systems

We read Searchlight Crusade every day and consider your essays a priceless education in avoiding the major pitfalls in the home-buying process. On behalf of all of us consumers, thank you so much for your hard work! Please comment on...

"You've Got Something I'm Interested In, But I Don't Want to Pay You"

One of the things I have to deal with on a continuing basis is people calling me because they like something they saw on one of my websites, but they have no intention of doing business with me. Most common...

There Are No Schools That Teach What A Good Agent Needs to Know

I find it fascinating the number of people who will claim that because no college degree is required to become a real estate agent, that agents can't possibly be worth any significant amount of money. The reason no college...

Negotiation Requires More Than Dueling Ultimatums

Not too long ago, I started negotiating for a property. I did extensive research online, and and I and my clients visited several competing properties. We made an offer that was a little under 90% of the asking price, and...

What Does Escrow Do?

This is a question that gets asked a lot. Escrow is nothing more or less than a neutral third party that stands in the middle of a real estate transaction and makes certain all of the i's are dotted and...

Rent to Own and Lease With Option to Buy

This has always been a portion of the market, but right now, more and more people are emphasizing it, or at least the ones who are able. Actual Rent to Own is rare these days, a sign that the...

Professional Referrals in Real Estate and Loans

People ask for referrals all the time, and many folks will stumble all over themselves to provide referrals. Some of the people referred really are excellent providers. Others are not so good, but the person providing the referral has an...

What If You Cannot Refinance Later?

People always assume they'll be able to refinance later. Even most of my articles have it as an implicit assumption. But what if you can't refinance later? There are situations where it happens. Many situations, as millions of people...

Mortgage Rate, Points, and Closing Costs

Everybody knows that you want the lowest rate, and everybody knows that you don't want to pay any money you don't have to, in order to get it. However, not everybody makes the connection that it is always a tradeoff...