Entries from Searchlight Crusade tagged with 'buyers'

Loan Pre-Approval Means Nothing

The only Pre-Approval I trust is one that I wrote myself. I got this search engine hit: pre-approved loan underwriter changes terms illegal I have gone over these issues in discussing the pre-qualification. Loan officers are salespersons. There is intense...

You've Got a Great Offer, But Can The Buyer Consummate It? (Cash to Close and Appraised Value)

As a seller, a purchase offer is not money in your pocket. As a matter of fact, accepting the wrong purchase offer can cost you tens of thousands of dollars if the buyers can't consummate. I recently dealt with...

Mortgage Fraud Is Still Happening - What To Do About It

You would think these nitwits would learn. You would think they'd all be out of the business. Sadly, that is not the case. It started innocently enough. It always starts innocently. This was an email I got (specifics redacted). Hi...

Misplaced Improvements in Real Estate

Every so often I'll say something about misplaced improvements. You may be wondering what a misplaced improvement is. Simply put, it's something that stands out above the surrounding properties so far that they pull it down. Like having a mansion...

Buyer's Basic Guide to The Foreclosure Process and REOs

I've written articles on when you can't make your mortgage payment and how to react if you see foreclosure coming in time to do something about it, and even on Short Payoffs, but all of those are owner (seller) oriented....

When The Buyer And Seller Can't Agree On A Price For Real Estate

"overpriced house offer rejected what next" (Before I get started, I want to make it clear that I am using the same definition of worth found in this article. The property is worth what the seller can actually get a...

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...

How Much Down Payment Do I Need and How Do I Get It?

With housing prices having crashed in most of the higher cost areas of the country, many people who were formerly priced completely out of the market have become interested once again in purchasing property. The drawback is that because...

Why Do I Want A Buyer's Agent?

Got this search: "should I get a buyer's agent if I've already found a house" The answer is almost certainly yes, but I am going to examine both the pros and cons. Full disclosure: This is most of what I...

With The Tightening of Loan Standards, Will You Qualify For The Loan To Buy Real Estate?

With a lot of people running around like Chicken Little screaming about the sky falling, a lot of folks who would like to buy property due to the much-lowered prices are wondering if there is any way they can...

Beware Agendas in Your Financial Reading

Figures don't lie, but liars sure to figure - and filter, and slant, and just about anything else you can think of. Someone sent me a link to this article in the Wall Street Journal of all places. It...

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...

Advertising a Sold Property As Available on MLS

This really ticks me off. I just got done going around about this with a clueless Realtor. According to them, it's not available. It's simply pending contract signatures. But it's showing as "Active" in MLS. This is not a minor...

Altering the Terms of A Real Estate Purchase Contract

A search hit that I got: What is the reasonable amount of notice to give when changing contract terms in California Unfortunately for this person, a real estate contract is not something like Lando Calrissian's bargain with the Empire in...

"Buy and Bail" or Buying One Home Before Foreclosure on Another

This has been a noticeable phenomenon for quite a while in San Diego. I've been loath to talk about it because I didn't want to be giving fraudsters ideas. Most lenders have now put into place safeguards against this measure....

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...

The Escrow Process and Reasons for Falling Out

There are all sorts of reasons why escrow falls through, but they fall into three main categories. They can best be described as failures of qualification, failures of the property itself, and failures of execution. Before I get into the...

Listings from Non-MLS Websites

About once a week, I get an email from a client or prospect asking about a property they found on a site not sourced from MLS. These properties are pretty universally non-existent, at least as far as being for...

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...

The 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...