People are understandably hazy on the difference between pre-qualification and pre-approval. Pre-qualification is a non-rigorous process whereby somebody says that based upon the information as presented to them, it appears you’ll qualify for the loan. Pre-approval should be more rigorous. For A paper, it should mean that you’ve fed the final loan information, including qualifying …
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Over at my other site, I’ve got a feature called “Hot Bargain Properties” Being as the market is swinging more strongly to the buyers every day, it’s what you might call a “target rich environment”. On the other hand, there are still folks in denial, and just plain “What were you thinking” moments. Since a …
<blockquote>what happens when house doesn’t appraise?<BR /></blockquote> I presume this question meant “for the necessary value according to the lender’s guidelines”. Lenders base their evaluation of a property upon the standard accountant’s “Lower of Cost or Market.” This is intentionally a conservative system, because the lender is betting (usually) hundreds of thousands of dollars upon …
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Not too long ago on a property I was selling I called an agent up on the day a transaction was supposed to close. He asked me the question, “Well who says it has to close today?” “The contract that both of our clients agreed to,” I told him, “I’ll be bringing over a notice …
Most days I get loan wholesalers coming into my office. I’m always happy to talk with them, providing they want to talk about what I want to talk about. They usually want to talk about this gimmick and that gimmick and the other gimmick. They feed me lines about service and fast turn around and …
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July first marks one of the turning points in the year for California real estate, as property taxes are collected for a period running from July 1 through June 30. They are paid in two installments, the first due due November 1 (past due December 10) that covers the first six months, from July 1 …
I got a search for how one spouse could sign while the other was out of town, and act on their behalf. Since both spouses usually need to sign real estate papers, this is a real concern. Actually, almost anybody you designate can sign for your real estate transaction, whether or you’re available. The usual …
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A little over one year ago, the Supreme Court handed down the decision in Kelo, which held that the city of New London could condemn land to sell it to private developers in order to increase the tax base. At the time, it generated huge amounts of outrage – the formation of Life Liberty Property, …
Well, sometimes. Okay, most of the time. But not always. Foreclosures: Bargain hunters beware! Myth no. 1: A big spike in foreclosures is right around the corner… …That’s because in most of the country, anyone who has owned a home for even a year or two is likely sitting on enough equity to sell or …
“buyers agent refuses to make offer” was a search hit I got recently. This is yet another reason not to sign exclusive buyer’s agent agreements. My guess is that the CBB is lower than the agent would like. The CBB is the “cooperating brokers” payment – that share of the selling agent’s commission that will …
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