Entries from Searchlight Crusade tagged with 'law'

Is The Good Faith Deposit At Risk?

Many agents seem to answer this question differently depending upon whether their client is the prospective buyer or seller, according to what they think will make the client most comfortable. When their client is making an offer, "No, your...

Shop Loans By The Bottom Line To You, Not By What the Provider Makes

When it comes to mortgage loans, people get distracted by the darnedest things. Let's look at Wal-Mart. You think they got to be the largest retailer in the world by making less money than their competition? I assure you...

Ill-Considered Real Estate Offers and Contracts

There's an old literary tradition that cautions the reader to "Be careful what you ask for. You may get it." Many real estate purchase offers are good illustrations of that principle. The rule followed by good agents is, "Never...

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...

My Sixty Second Public Service Announcement about Buying 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...

Negative Equity and Short Payoff Scams

Saw a sign driving: "Negative Equity? Sell and Get cash!" Notice that it doesn't claim that you can do so legally. I saw another of these signs on the way to the office this morning. When things are going sour,...

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,...

Listing Agents Who Want Both Halves of The Commission

I went out previewing properties a couple days ago. That particular client's situation being what it is, I was concentrating on vacant properties. But over half the vacant properties in that area had restricted showing instructions. "Call agent first," or...

What Happens When You Can't Make Your Real Estate Loan Payment

I've written a lot here about how to manage your mortgage so that you control it instead of it controlling you. Let's consider what happens when that project fails. If you don't pay your mortgage, on time, no big deal...

Joint Loans for Unmarried People

We aren't married. How do we buy a house together? Basically, the same way that married people do. The qualifications are exactly the same, provided that you both will be living in the property. If not all of the...

Steering: The Most Violated Law In Real Estate

I just picked a random ZIP code in my local MLS, and out of the first twenty listings I came to, ten had explicit violations of one or more of the sections of RESPA regarding steering right there in the...

Changes In The Mortgage Market And Transparency Since 2005

The overview is simple: The government has made it take slightly more effort to lie to consumers, while adding layers of delays that add an absolute minimum of a week - an average of three weeks - to the...

Real Estate Liquidation Auctions

Liquidation auctions were a big thing for a while there. They were just advertising one on all the stations around here. The other agents in my office asked if I was going, and I told them, "There will be...

Getting Out of Paying Pre-Payment Penalties

I got a search result for how to get out of mortgage pre-payment penalties, although I've never really dealt with the issue. Prepayment penalties on real estate loans are something some people, often with less than stellar credit, accept, either...

Can You Get A Mortgage On a Condemned House?

The answer is a modified no. The same answer applies to property that is only structurally damaged, but not condemned. That condemnation is a matter of public record. I've seen any number of them while perusing title records. It shows...

Lenders Adding A Prepayment Penalty After Funding

I recently closed a mortgage loan. The loan officer told me there would be no prepayment penalty. When the documents came there was none and the loan funded and closed. Two weeks later I got an e-mail stating some...

Buyer's Agency, Due Diligence, and the Illusion of Comity

Somebody sent me this story via e-mail: Feeling Misled on Home Price, Buyers Sue Agent Marty Ummel feels she paid too much for her house. So do millions of other people who bought at the peak of the housing...

Buying and Selling Properties with Unpermitted Additions

Unpermitted additions are popular in California because of property tax implications. You see, due to Proposition 13 back in 1978, taxable assessments are based upon purchase price plus no more than 2% per year since acquisition (although if you...