Buyer's Remorse Not Cause For Cancelling Contract
A buyer is in the escrow period of purchasing a new home. During this time, prices in the neighborhood have dropped and the buyer feels he no longer has made a good deal. Unfortunately, buyer's remorse does not give you a legal right to bow out of the deal.
Research Overpayment Of Closing Costs
A homeowner purchases a vacation home in another state and has realized that some of the closing costs were paid by both the bank and the escrow company. Now the buyer is wondering if she was double billed, if it was an expensive lesson, or if she can get her money returned. Before the buyer accuses…
Calculating Buyer Closing Costs
Buyer closing costs can rack up in a hurry. Here's a detailed look at all of the closing costs you might have to pay when you buy a home.
We updated this article June 2009, take a look at the updated closing costs for buyers.
Mortgage Lender Minimally Raises Mortgage Payment
Why would your monthly mortgage payment increase by a small amount? It's possible that property taxes and homeowners insurance may be the cause of a small increase to your monthly mortgage payment. Talk to your mortgage lender to find out for sure.
New Construction Deposit In Jeopardy
A home buyer has put a deposit down on a home in a new subdivision. After two years, they learn that the developer has not gotten final approval for the development. When a developer or builder has been unable to obtain the required approvals for the subdivision after two years but has started work…
Closing Should Include Tax Bill Discussion
What can you do if you receive property tax bills that were the responsibility of a previous owner? The title company who provided title insurance at the closing should be responsible for the costs. The title company certifies that a title is free and clear of all tax obligations at closing. All…
In real estate jargon, "escrow" is a confusing word. There are three separate and distinct uses for the word "escrow" in real estate and to those unfamiliar with the intricacies of real estate language, they can be fairly difficult to understand.
Releasing Escrow For Home Repairs
A buyer and seller agree to set aside money in escrow for the repairs needed per the home inspection. Now the seller won't release the funds. The buyer and seller should have some agreement of file that indicates what the escrow money was for.
Refinanced Mortgage: Fees Associated When Homeowner Pays Off Mortgage
When you pay off a refinanced mortgage you may be hit with several fees. There are a number of fees the mortgage lender charges when a homeowner pays off the mortgage, such as processing and faxing fees. Learn what the fees associated are with paying off a refinanced mortgage.
Escrow Management And Who Pays Taxes
Escrow accounts hold money to pay property taxes. You can either manage your own escrow account or let your mortgage company do it. But if you manage your own escrow account you will get to earn interest on your escrow money. The best way to manage escrow money depends on each home owner.
When you and the seller are ready to exchange a deed for cash, it's time to head to the closing. If it's your first purchase, you might find the whole closing process to be a bit daunting, but it doesn't have to be
When should a homeowner refinance to take advantage of low interest rates? What is a punch list for a new construction home? WGN's Money Saving Expert Ilyce Glink answers real estate questions from the Mailbag.
Property Taxes May Be Split Between Buyers And Sellers
When you buy a home who pays the property taxes for your first year will depend on when you bought the home and where you bought it. In some cases buyers and sellers split the cost of property taxes. How much of the property taxes buyers and sellers pay may be determined by prorating the amount.
Taking Possession Before Or After Closing
Possession is when you actually take control of the property. It is the last thing that usually happens in the home buying process, unless a special deal is made to allow the sellers to move out after closing, or for the buyers to get access to the property prior to closing. The seller might let you…
Here is a bill of rights for home buyers to let you know what kind of treatment and service you should expect from those who are essentially working for you.
Out Of Control Lenders And Real Estate Tax Escrow
Escrow funds are designed to help the lender make sure the property owner pays all the necessary taxes. It's in the mortgage lender's interest to make sure your taxes and premiums get paid in full and on time. However, sometimes mistakes happen in the escrow process and sometimes lenders take…
