Entries from Searchlight Crusade tagged with 'prevention'

Don't Allow Yourself To Become A Victim of Bad Real Estate Practice

This woman made herself a victim stayed in a hotel for 7 weeks looking for my "Dream Home." And, when I found it, even though it wasn't in my price range, I knew I would do anything I could to...

Desperation Mining: How a Buyer Hits Paydirt (and How Sellers Can Avoid it)

One of my favorite blogs ran a picture of a listing sign that included the caption "REDUCED But Not Stupid or Desperate". I beg to differ on the former. On the latter, time will tell. Most successful real estate investors...

Procuring Cause and Multiple Agents

Dear Mr. Melson, If you sign two or more non-exclusive buyer's agent agreements in your search for a home to buy, how do you avoid putting yourself at risk for a procuring cause situation from either agent, or even the...

What Does It Mean To Fall Out Of Escrow?

I got this question in an email, and almost blew it off, but then I realized for every person who actually asks, there are probably at least a dozen who are unclear but don't ask, and I apologize that...

Buying Teardown Properties and Condemned Buildings

Dear Mr. Melson: My husband and I are great fans of your Searchlight Crusade essays. Excellent work! In today's mortgage-mess market, will lenders reject loan applications from average buyers (not investors) wanting to purchase acreage with a teardown outside the...

Customer Disservice and Alienation - Why Nobody Else Talks to My Clients For Me

(This article was originally written in July 2008. The genesis was a bad experience with medical office staff, but it applies to every customer service situation there is. If the professionals themselves are too busy to handle your problem personally,...

Buying or Selling Subject to Existing Deeds of Trust

This is something that often happens with highly appreciated properties where the owner can no longer keep up the payments, they get hit with a notice of default, and along comes Joe or Jane seemingly riding to the rescue on...

Top Ten Reasons You Bought The Wrong House

A while ago, I wrote Top Ten Reasons Your Home Isn't Selling. It was well received so I thought I'd take it from the buyer's perspective. Once again, I'll try to inject as much humor as I can. And...

Agents "Buying" Listings: Promising the Undeliverable and Hurting Their Clients

Quite a lot of the time when I view a property, I get requests for feedback. Usually it's an automated email. Other times, it's some office assistant who wants to fax me a form which will "only take a...

Why Do Purchase Escrows Fall Apart? (And Why Is It Happening More Often?)

There have always been real estate transactions that fall apart. The reasons why they fall apart are as varied as the people who enter into the transaction in the first place. Let's get back to the very basics for...

Why Is My Rate Higher Than My Lender Promised?

First off, neither the California Mortgage Loan Disclosure Statement nor the Federal Good Faith Estimate are promises, commitments, or anything more than your loan provider wants them to be. Quite often, they're nothing more than a fictional story told...

Protecting My Buyer Clients Good Faith Deposit

The buyer's deposit is always at risk. This is just a fact of real estate transactions. I could pretend it's not so, but that wouldn't keep the deposit from being at risk - it would just make me a...

Unsustainable Loans You Should Not Use to Purchase a Property

You've probably heard the horror stories, and I've mentioned the possibility more than once. Some unsuspecting person is looking at properties beyond their price range, and it therefore has all kinds of attractive features that properties which are in their...

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...

Consult a Loan Officer Before You Make a Purchase Offer

I don't know how many people have told me the story of the Purchase Offer That Was Accepted But Couldn't Be Done. They come to me because they lost their deposit or are about to and they want some way...

Why Buyers Should Avoid Short Sales

I've been saying this for a long time: Short sales are poison for buyers. I don't know why people encourage buyers to look at short sales, because there is no advantage for buyers that I am aware of. In...

Real Estate: Giving Someone a Monopoly Does Not Encourage Top Performance

From an e-mail I've been talking to agents lately and I ask them about the things I've learned about from your site. I thought I would say things like "I want to apply for a backup loan" and they would...

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...