(This was originally published March 18th, 2006. I’ve added a couple updates, but otherwise it’s as published. It’s still very relevant, and if there’s anyone that wants to tell me I didn’t nail it, please speak up) Somebody wrote a comment about going upside-down on their mortgage: What happens if the property value falls and …
Continue reading “Losing Property Value with Highly Leveraged Properties”
One of the consumer attitudes I encounter constantly is the feeling that if you cannot afford the loan, the lender will not loan you the money. This safety zone common sense sort of reliance upon lender policy as a backstop is not only false, but one of the best ways to get in trouble with …
Continue reading “Changes in Lender Attitudes: The Push Towards Bigger Loans”
You see it all the time at open houses and elsewhere. People who desperately need buyer’s agents, but think of Buyer’s Agents in the same way they think of automobile sales folk, and that’s the complete opposite of the way it is. They don’t want to deal with an agent, because an agent will use …
I refinanced my house and an existing lien was not discovered Now the important question: Is it a valid lien, or has it really been paid, and just not released of record? If it has been paid, you don’t owe money simply because the lien on your property was not properly paid off. If you …
There is no such thing, of course. The perfect time to buy would mean that you have all kinds of leverage, and can make sellers give you pretty much the deal you want, but prices are nonetheless rising rapidly so that you will have a large amount of equity the first time you need or …
Section 1031 of the IRS Code has to to with tax treatment on the exchange of one parcel of real estate for another. It’s similar to Section 1035 which covers most non real estate exchanges. Car for a car. Boat for a boat. Business for a business. But section 1031 allows indirect exchanges so long …
Yes, I’ve always kind of liked Paul Simon. But this post was inspired by something I ran across from a title company. And just to make certain you realize what I’m saying, it’s fifty ways to lose your money if you don’t have title insurance. You don’t want problems from prior ownerships to interfere with …
Continue reading “Title Insurance, or Preventing Fifty Ways to Lose Your Money”
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 “call for appointment to see.” When the property is vacant, there just aren’t any common …
Continue reading “Listing Agents Who Want Both Halves of The Commission”
I am seeking to sell my properties to my tenants. I want to create a mortgage and then sell the mortgages. Properties are undervalued in this area as they have been historically fixer-uppers. Ours are in very good condition due to major renovations. This would interfere with a regular mortgage, but temporarily holding one might …
Continue reading “Sellers Lending to Buyers and Selling the Note”
In all of my conversations on mortgages with prospects, there is one subject that comes up over and over and over again, and that is the subject of payment. “But that loan over there only has a payment of $1450! The payment you are quoting is $2700! The other guy has a better loan!” Then …
Continue reading “Never Choose A Loan (or a House) Based Upon Payment”
