Bad Appraisal Of Home Value Leads To Loss Of Earnest Money
Mortgage lenders require appraisals before issuing home loans. What happens if the home you want to buy appraises lower than what the seller wants? It depends on the contract. The buyer may lose his earnest money if the home does not appraise out and the seller is unwilling to lower the price. It's…
Down Payment For Buying A Home As A Gift
When you're selling a home and a buyer wants to buy the property as a gift is there anything you need to watch out for? Should the earnest money, which may become a down payment, be handled in a special fashion? It's critical that the transaction be handled with care to ensure estate planning and…
Closing Date Change Could Cause Loss Of Earnest Money
When a seller changes the closing date and the buyer decides to pursue other properties, can the seller keep the buyer's earnest money? Does the seller have a right to the earnest money when the contract has been canceled and the closing will no longer occur? And can the seller lay claim to earnest…
ThinkGlink Radio Show for May 4, 2008
Today on the Ilyce Glink Show, Ilyce ran down some of the ways loan options will be restricted, thanks to a new set of guidelines that has just been published by some of the country's top lenders. She answered questions about whether to go through with a new construction purchase, and talked to a…
Refinancing To A Negatively Amortizing Loan
When you refinance your mortgage loan, as when you get a new mortgage loan, you need to carefully read the loan documents. If you don't you could end up with a negatively amortizing loan, which means that your principal will increase as you make mortgage payments. It's critical to understand the…
Home Repairs Unfinished At Closing
Home repairs that are unfinished at the time of closing can create a world of problems for a home buyer. If you're the home buyer, you can try to use a hold back of funds to cover the cost of repairs. Or you should consult an attorney for advice about your contract and whether you can sue the seller…
Closing costs vary for numerous reasons. However, if your lender is quoting you a fee that seems high, you should shop around and compare closing costs from other lenders.
Seller May Cancel Sale Due to FHA Mortgage Requirement
When you buy a home with an FHA loan you have to follow their rules, including one where you can't close on a home if it was just sold 90 days earlier. If a seller is eager to sell he may not want to wait that long. Can the seller keep the buyer's deposit if the closing gets delayed or canceled?
Custom Home Builder Purchase Contract
Custom home builders all use different contracts which govern the terms of the deal. Your builder might come back to you after closing and claim that more bills came in and you owe him more money. You need to look at your contract and determine if these extra expenses fall under the contract. If it…
Home Buyer Loses Earnest Money When Closing Fails
When financing falls through for a mortgage, the seller wants to keep the buyer's earnest money. The buyer withdrew from the home buying contract but now the seller's attorney says the buyer can't get her earnest money back. Keeping the earnest money will compensate the seller for taking the…
Closing Costs Too High For Many Home Buyers
Mortgage companies have made it difficult, if not impossible, to tell what's a true cost and what's a junk fee. Home buyers are being charged for things that should be included in the profit the lender is making. Lenders have tried to counter the closing cost discussion by introducing mortgages that…
ThinkGlink Radio Show for May 18, 2007
Real Estate Minute with Ilyce Glink Bank of America’s New NO FEE MORTGAGE PLUS Program
Real Estate Law Restricts Who Can Receive Fees From Home Purchase
When you buy a home, it's good to understand whether the professionals involved in your home purchase can receive referral fees. The Real Estate Settlement Procedures Act prevents giving lawyers, real estate brokers and mortgage lenders referral fees. Learn how to stay clear of any illegal activity…
Home Warranty On Existing Home
There are two kinds of home warranties available in the market. One warranty is given to a buyer of a newly construction home and one is given to buyers of existing homes. A home buyer purchased an existing home that was supposed to come with a warranty but found out it didn't and wonders if there…
New AC Does Not Meet Manufacturer's Recommendations
After the inspection of a newly constructed home the buyer has found that the air conditioning does not meet the manufacturer's requirements. Now she is negotiating with the developer and sub-contractor to get some assurances that the unit will work. A real estate lawyer can help determine what was…
Relocating to a new city can be difficult. To save time and money, you might consider moving only once - by renting the home you'd like to buy before the closing. However, a seller may not want to rent the home. But given the current buyer's market, renting before closing could be a possibility. To…
A homeowner has his home on the market and has a property tax bill due next month. The homeowner is obligated to pay his property tax bill on time. During the closing a "proration" of taxes can be negotiated. The seller will pay for the percentage of the year you lived in your house. The buyer will…
One of the biggest complaints consumers have about the loan process is that the good faith estimate (GFE) is so often wrong -- and wrong in a big way. Instead of the closing costing less than anticipated, or even the same, it often costs a lot more than what the lender had estimated on the GFE.
For…
Selling Your Home Requires Proof Of Ownership
When you buy a property it's important to have your name on the title and mortgage, if you have one. If you buy a property with a family member and later decide to sell, but you have no clear documentation showing you're the owner, it could be a problem. Learn the legalities of determining a home's…
Closing Confusion May Cause Problems
A homeowners has transferred the right to buy a property to a second party who in turn transferred it to a third party. There are certain legalities that must take place to insure that the paperwork is just right to make sure that title runs from the bank to the third buyer. The homeowner should try…
Concealing Information Leads To Illegal Lending
A real estate investor wants to know if an unusual deal where he is willing to pay more than the asking price is considered illegal lending activity. The buyer is wondering if paying the seller outside of the stated deal with the mortgage company and not informing the lender is illegal. A buyer and…
Shopping for a new mortgage can be confusing. You should ask what for an itemization of closing costs, because some of them may be negotiable. You may be able to close at the end of the month instead of at the beginning and cut down on your prepaid interest, but this only changes the cash you'll…
Sellers Not Required To Attend Closing
In most cases, sellers do not have to show up to the closing. If you're selling, you may be able to sign your paperwork in advance, and give your attorney a power of attorney to close the deal on your behalf..
Closing Canceled At Last Moment
A young couple was on the way to owning their first condo. On the morning of the closing, the lender calls to say they will not be able to make the loan because the building is a condominium conversion. Ilyce and Sam give the reader advice on how to recover their many expenses and how to avoid this…
Cost Of Condominium Raised At Closing
A new condo buyer learns the hard way about working with a builder when buying her first home. At the time of closing, a new $4,000 marble floor appears to have become part of the deal through a mistake of the builder. The condominium buyer wonders if she was taken advantage of as a first time home…
