Entries from Searchlight Crusade tagged with 'law'

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...

Why the Current State of New Developer Housing

I've seen many new home developments with vaulted ceilings, mini-vineyards, huge houses on little tiny lots...Why can't some developer built some homes for us regular people? A normal sized home with plenty of closet space and a decent (not...

Fear and Greed, or How Did The Housing Bubble Get So Big?

(This was originally written February 16, 2006, but it's relevant again) One of the occasional questions I get from people has to do with why the housing bubble got so big (or if you're one of those still in denial...

What Do You Mean Back To Basics?

For a period of several months when the market started imploding, I got mass messages from basically every lender I do business with, saying it's time to "get back to basics". My favorite A paper lender became the last to...

Getting Another Mortgage Loan After A Short Sale

Our home isn't worth what we owe. So say you were just an average person selling and buying a house, meaning you put your house up for sale, get a contract to purchase on it then go put in offer...

Quitclaiming Property with a Mortgage

I am currently living with my parents and they wish to deed of gift their house to me but they still have a remaining mortgage on it. Is it possible to do this or do they have to pay off...

Title Insurance, Unpaid Liens After The Sale, and Subrogation

I sold my house in (state) in august 2001 I hired a title attorney whose (local company X) acted as a agent for (national company Y). The facts are that there were errors and omissions which led to negligence...

Straw Buyers and Straw Purchases are Always Fraud

I've gotten several emails to articles recently having to do with straw buyers, and more search hits. Straw buyer fraud is popular because people want a better loan and many don't see anything wrong with it since "we intend to...

Dual Agency: Using the Seller's Agent as Your Buyer's Agent

Is it unwise to use the listing realtor as your purchase realtor? A house I'm interested in purchasing is being sold by the realtor selling my house. Although she's done a decent job selling my house, I fear she...

Buying Without An Agent - My Own Experience

I had the idea for this article some time ago. It took me a long time to decide to share it publicly, because quite frankly, knowing what I know now, I was an idiot. I was still young enough to...

Transferring Ownership of Inherited Property

How do you transfer house ownership after someone dies and leaves you the house in a will? The will must be probated. Once all debts of the estate are paid and the court agrees to a final disposition of...

Condo HOA and Other Common Interest 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...

Can You Keep Your Home Through Bankruptcy?

The answer is "Yes." You don't have to lose your home in bankruptcy. I've done loans for many clients who kept their homes through bankruptcy. But they kept their mortgage payments current, or close enough to current. The condition...

Why Do I Have to Pay For The Appraisal When I Canceled Escrow?

I got an ill-mannered complaint email about how an evil loan officer from another company ordered the appraisal without waiting for the inspection to be done, and it turned out there was a minor problem that the seller likely could...

Lenders and Insurance Proceeds

The question that inspired this was can a mortgage company use the flood insurance claim money towards homeowners mortgage loans? This is equally applicable to every other form of insurance on your home - earthquake, regular homeowner's insurance, and any...

Deficiency Judgments: Recourse Loans vs. Non-Recourse Loans

do mortgage companies usually seek a deficiency judgment on home foreclosures Depends upon whether it is a recourse loan or not. A recourse loan is one where the lender can come after you for any excess amount of money you...

How to Avoid A Repeat of the Housing Market Mess

Scapegoating mortgage brokers or anyone else is not the answer, nor is prohibiting yield spread. 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...

The Lender's Rule of Mortgage Payments

Every so often, someone who thinks they're a wit sends me a copy of The Rules For Relationships According To Women. Unlike those rules, which might have been funny around the time Nefertiti was a debutante, there are very few...

How To Keep Listing Agents From Filtering Out Offers

This is a real, major and pervasive problem in the industry. For a while, it mostly went away as listing agents were desperate for any offer, but it has come back. At least two properties my buyer clients have...