One of the things I’m seeing more of in MLS listings and developer advertising, among other places, is the phrase “$X in closing cost credit (or “$X in free builder upgrades”) given for using preferred lender” Sounds like a bargain, right? Just use their lender and you get this multi-thousand dollar credit. After all, “All …
Continue reading “Inducements to Use A Particular Lender for a Purchase”
What is the reasonable amount of notice to give when changing contract terms in California That was a search I got. Unfortunately for this person, a real estate contract is not something like Lando Calrissian’s bargain with the Empire, where Darth Vader was free to alter it at will. The real estate contract is negotiated …
I enjoyed finding your blog today. It was enlightening, particularly in the area of real estate appraisals. Mortgage fraud is something I’ve been reading about lately. Since the FBI says 80% of it involves collusion and usually with the appraiser, it made me wonder why underwriters don’t just ask for second appraisals when a loan …
I just got a google search where the question asked was “What if the mortgage is recorded in the wrong county?” I’ve never actually seen this (and San Diego County, once upon a time, included what is now Riverside, Imperial and San Bernardino counties), but if it’s the mortgage on your loan, no big deal. …
This is a question that gets asked a lot. Escrow is nothing more or less than a neutral third party that stands in the middle of a real estate transaction and makes certain all of the i’s are dotted and t’s are crossed. They make certain that all of the terms of the contract have …
There are all sorts of reasons why escrow falls through, but they fall into three main categories. They can best be described as failures of qualification, failures of the property itself, and failures of execution. Before I get into the main subject matter of the article, I need to define a contingency period. This is …
Continue reading “The Escrow Process and Reasons for Falling Out”
I realized that I hadn’t covered timeshares, and decided it was time. I suppose I should define what a timeshare is, just in case. A timeshare is a property where you buy the rights to use it for a certain amount of time every year. The most typical time share is a two week period. …
I keep getting search result hits for the string “fsbo horror.” It’s an amalgamation because I haven’t done any postings on this specific subject. Both buyers and sellers have problems relating to For Sale By Owner issues. For sellers, the largest issue seems to be properly disclosing all relevant items to satisfy the liability issue. …
Continue reading “FSBO Horror and Failure to Disclose Property Defects”
Just got a search on “state of california fsbo questions to work directly with loan officers without a agent” This isn’t a problem. Whereas it is the same license, it is two entirely separate job functions. The fact that you are or are not working with an agent has absolutely nothing to do with whether …
Continue reading “For Sale By Owner – Working Directly With a Loan Officer”
One of the most important things for the buyer in any transaction is confidence that the seller has disclosed all known problems. One of the things most people don’t realize, or act like they don’t realize, is that it’s at least as important to the seller. The California Association of Realtors (CAR) has a program …
Continue reading “Disclosure Issues and Failure to Disclose”
