Entries from Dan Melson's Website tagged with 'disclosure'
New Consumer Article: The 2010 Good Faith Estimate (Page One)
It's been a while, but the most recent Transaction From Hell (seller's tenants didn't want to move out - or even let inspectors in) is finally over and I've had a little bit of chance to recover. Today's new consumer...
Bundling Agent Services: What Services Do You Want and Need?
There is no such thing as a free lunch, but lots of people will pretend there is. It seems to me that many people consider compensation earned by real estate agents as paying some kind of toll. They think of...
Yield Spread is a Beneficial Tool That Can Be Misused
If you read the papers and the congressional record on the current housing crisis, you might think yield spread is the central culprit for the entire meltdown. You would be wrong. Yield spread is a beneficial tool, offered voluntarily by...
The Doctrine of Delaying The Moment Of Truth
One of the worst things about the loan process, and indeed, found throughout the whole real estate industry, is the idea that if you can just delay telling the client about something they won't like, it's more likely they'll continue...
Condo Assessments
I bought a condo in DELETED, CA. Zero down. For 7 months I paid every bill on time - mortgages, HOA and taxes until... The Homeowner's Association told us that we MUST pay a $20.500 special assessment. My realtor...
How to Avoid A Repeat of the Housing Market Mess
HR 3915 is not the answer. We've been here before (in the early 1990s), congress did something remarkably similar except a little bit more sane. It didn't work then. Why would we expect it to work this time? Among many...
The Last Time I'm Going to Write About Blame for the Housing Market Mess
Who is responsible for the sub-prime mortgage failures? There's a lot of blame to go around. Regulators for failing to police existing Federal Reserve regulations on the lenders. This includes both Clinton and Bush era regulators. Bond rating agencies for...
After You Sign Documents, Can You Cancel?
what if i sign all the paper work for a house at a title agency, can i back off the house? Depends upon the laws in your state. The Federal three day right of rescission only applies to refinancing your...
"Fixes" for the Mortgage Meltdown - You Can't Keep A Bad Idea Down
Scapegoating, anyone?Brian Brady notes Barney Frank's misplaced quest for one. 1- Prohibition of "yield spread premium" as compensation to originators. 2- Mandatory licensing of mortgage originators by a Federal registry or state regulator. This Bill does direct the Office...
The Tollbooth Model of Real Estate Agency
Over the last couple of decades, there's been a rising movement, mostly on the part of those who want a piece of real estate agents business, to sell agents as a toll booth. Tollbooths sit there, guarding the entry to...
Seller's Failure to Disclose a Pending Assessment
I am about to close on a condo unit. At the last minute, we received the resale document from the management company. All units are being assessed a one time charge of $3000 due in full Nov. 1 for roof...
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