Homeowner Information
Understanding Foreclosures
It is an unfortunate commentary, but when economic activity declines and housing activity decreases, more real property enters the foreclosure process. High interest rates and creative financing arrangements are also…
Common Ways of Holding Title
How Should I Take Ownership of the Property I am Buying? Real property can be incredibly valuable and the question of how parties can take ownership of their property is…
Mechanic’s Liens
The Mechanics’ Lien law provides special protection to contractors, subcontractors, laborers and suppliers who furnish labor or materials to repair, remodel or build your home. If any of these people…
Condominium and PUD Ownership
Builders, in an effort to combat the dual problem of an increasing population and a declining availability of prime land, are increasingly turning to common interest developments (CIDs) as a…
Living Trusts
Estate planners often recommend Living Trusts as a viable option when contemplating the manner in which to hold title to real property. When a property is held in a Living…
Underground Heating Oil Tanks
Underground heating oil tanks can pose many potential problems to both home buyers and sellers. They have been the source of many environmental problems such as contamination of surrounding soil…
Lead Poisoning
Lead poisoning is a serious problem that can lead to adverse health problems. In children, high levels of lead can cause damage to the brain and nervous system, behavioral and…
Mortgage Information
Your Savings and Down Payment
Your First Step Toward Buying a Home When preparing to buy a home, the first thing many homebuyers do is look at the real estate ads in newspapers, magazines and…
Items You Need When Applying For a Loan
Have These Items Ready When You Apply For a Loan It used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to…
Types of Mortgage Lenders
Mortgage Bankers. Mortgage Bankers are lenders that are large enough to originate loans and create pools of loans, which are then sold directly to Fannie Mae, Freddie Mac, Ginnie Mae,…
WHAT’S A FICO®?
What is a FICO® Score? FICO® stands for Fair Isaac & Company and is the name for the most well known credit scoring system, used by Experian. The credit bureau’s…
The Advantages of Different Types of Mortgage Lenders
What kind of lender is best? If you ask a loan officer, “What kind of lender is best?” the answer will be whatever kind of company he works for and…
Which ARM is the Best Alternative?
How would you like a mortgage loan where you did not have to make the whole payment if you did not want to? Or would you like a loan with…
The No-Cost Thirty Year Fixed Rate Mortgage
There really is no such thing as a no-cost mortgage loan. There are always costs, such as appraisal fees, escrow fees, title insurance fees, document fees, processing fees, flood certification…
Land Contract
An alternative to a non-conforming loan is the use of a land contract, which is allowed in some states. A land contract is an agreement between a buyer and a…
The Biweekly Mortgage – Who Needs It?
Have you received an advertisement offering to save you thousands of dollars on your thirty-year mortgage and cut years off your payments? With email spam becoming more pervasive as everyone…
Where Does the Money Come From for Mortgage Loans?
In the olden days, when someone wanted a home loan they walked downtown to the neighborhood bank or savings & loan. If the bank had extra funds lying around and…
Tips for Buyers
Thinking About Buying a Foreclosure?
With the housing bubble burst and the subprime mortgage crisis, millions of homeowners found themselves unable to make their mortgage payments. Many found themselves owing more on the house than…
Getting a Legitimate Lender and Getting Pre-Approved
It used to be that buyers could go house shopping and when they have found their dream home, then they go to get pre-approved. However, in today’s market, that has…
Importance of Inspection
As a buyer, you are entitled to know exactly what you are getting. Don’t take anything for granted, not even what you see or what the seller or listing agent…
Build a Plan of Action and Get Ready
Buying a home will probably rank as one of the biggest personal investments one can make. Being organized and in control will contribute significantly to getting the best home deal…
Why You Should Not Make Any Major Credit Purchases
Don’t go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject…
Use a Buyer’s Agent
It’s important that you choose an experienced agent who is there for you. Your agent should be actively finding you potential homes, keeping you informed of the entire process, negotiating…
Finding the Right Seller
The best seller is one who is highly motivated. A highly motivated seller is more likely to sell at a price that is less than his or her house is…
Avoiding Financial Stress
By asking the right questions, and knowing exactly what your needs are, you can find the right loan for you. There are certain approaches that you can take while mortgage…
Hot, Normal, and Cold Markets
Hot Market This is an extremely competitive market and is advantageous to the seller. Sometimes, homes will sell as soon as they are listed or even before homes are listed…
Is Buying a Home Still a Smart Plan
With the burst of the housing bubble, credit crisis, and millions of foreclosures across the country, you may wonder if buying a home is such a good idea after all…
Tips for Sellers
Getting the Highest Price in the Shortest Time
In order to get the highest price in the shortest time, you need to know how to market your home. The better you market your home, the more offers you…
What is a Short Sale Anyway?
An increase in foreclosure rates will inevitably bring with it an increase in short sales. But what is a short sale? A short sale happens when you sell your house…
Setting the Price
The price is the first thing buyers notice about your property. If you set your price too high, then the chance of alienating buyers is higher. You want your house…
Considering Offers
When reading an offer, keep in mind that you are out to get the best price AND the best terms for you. If you focus solely on the price, you…
Know Why You are Selling
If you know exactly why you are selling then it is easier for you to follow the right plan of action for getting what you want. If you are a…
Making a Good First Impression
If you want buyers to be interested in your home, you need to show it in its best light. A good first impression can influence a buyer both emotionally and…
Finding the Right Agent
Not all agents work the same way. The most important attribute of an agent is that he/she is well connected to the real estate industry. He/she should know the market…
Insist on a Home Inspection
A professional home inspection protects both you and the buyer. It allows both you and the buyer the opportunity to learn about the property’s defects. A home inspection usually covers…
For Sale By Owner – A Good Idea?
FSBO (pronounced fizz-bo), or For Sale By Owner, is a way of selling your home without the use of a professional real estate agent or broker. The idea behind FSBO…
Title and Escrow
Why Do You Need Title Insurance?
Title Insurance. It’s a term we hear and see frequently – we see reference to it in the Sunday real estate section, in advertisements and in conversations with real estate…
The Functions of an Escrow
Buying or selling a home (or other piece of real property) usually involves the transfer of large sums of money. It is imperative that the transfer of these funds and…
Required Reporting to the I.R.S.
Sellers of real property will have certain information regarding the sale reported to the Internal Revenue Service. This required reporting is a consequence of the Tax Reform Act of 1986;…
Understanding Preliminary Reports
After months of searching, you’ve finally found it — your perfect dream home. But is it perfect? Will you be purchasing more than just a beautiful home? Will you also…
Statements of Information
What’s in a name? When a title company seeks to uncover matters affecting title to real property, the answer is, “Quite a bit.” Statements of Information provide title companies with…
Creative Financing
Creative financing: You’ve heard of it, and, as a seller, the idea sounds pretty attractive. But, do you know everything you need to know about carrying back a second; essentially,…
Understanding Title Insurance
What is title insurance? Newspapers refer to it in the weekly real estate sections and you hear about it in conversations with real estate brokers. If you’ve purchased a home…
Title Insurance – Where Does Your Dollar Go?
Title Insurance: As a homebuyer, the term is probably familiar – but is it understood? What is your dollar actually paying for when you purchase a title policy? Title Insurers,…
Title Insurance Requirements for Insuring Trusts
In today’s world of busy probate courts and exorbitant death taxes, the living trust has become a common manner of holding title to real property. The following may help you…
Title Insurance When Refinancing Your Loan
Lower interest rates have motivated you to refinance your home loan. The lower rate may save you a tremendous amount of money over the life of the loan, but you…