Refinance Fees: How Much Is Too Much?
When you're refinancing your mortgage, how much should you be paying in refinance fees? It can be hard to tell what fees you're paying to the lender, what is prepaid interest, and what are the other costs of the loan. Refinance fees, especially for prepaid interest, can add up to the closing costs…
Low Appraisal Caused By Declining Home Values Results In Change To Loan Refinance Terms
If you apply to refinance your loan and get quoted terms, can you force the lender to abide by those terms? What if your property received a low appraisal? What if declining home values caused your home value to drop below what you owe on your current mortgage? And what if you decide not to go…
Losing Earnest Money When An Appraisal Comes In Too Low
If you sign a contract to buy a home and the appraisal comes in too low, what should you do? Are you at risk of losing your earnest money or down payment on the home? How do you prevent getting yourself in a situation where your earnest money is at risk in a volatile real estate market? First, you…
Appraisal Report: How to Know When the Housing Market is Recovering
How can you know when the housing market is recovering? The housing market crisis has to do with supply and demand being out of whack. At the moment (in 2009), there are too many sellers and not enough buyers. Fixing supply and demand is key, but there are many factors that go into supply and…
Can You Pull Out Of Refinancing If Rates Drop?
If interest rates drop after you've started refinancing proceedings, what are you options? If your lender hasn't dropped your rate, you should shop around for a better deal. Then talk with your refinancing lender and let him know you won't sign unless he can offer a better rate. And be sure to have…
Appraisal Value Prevents Mortgage Financing
If you don't receive mortgage financing under the current terms of a contract, what can you do? Should you renegotiate or back out of the contract? The terms of your real estate contract may include provisions that will allow you different options.
Low Appraisal Cancels Financing For Buyer
A low appraisal makes it impossible to get financing to buy a house. If there is a financing contingency in the contract, buyers can back out if they cannot secure financing by a certain date. Without a financing contingency, buyers could be sued to force the sale of the home they agreed to buy.
Property Tax, Homeowners Association Cause Confusion
Real estate taxes and home values are one of the most confusing issues for homeowners. Different properties can be be calculated in different ways, depending on the features of the property and where in the country it is located. In some cases, a community that has a large and profitable retail base…
Mortgage Interest Rates Change For Mortgage Refinance
What penalties do you pay when you cancel a mortgage loan refinance? A home owner asks about canceling a mortgage loan refinance because mortgage interest rates dropped four days after he filled out his refinance application. Ilyce says to walk away from the mortgage loan refinance, he has to be…
Refinance After Mortgage Crisis: Help Finding A Mortgage Lender
It may sound great when you hear you're pre-approved to refinance your mortgage loan. But how can you figure out whether the mortgage lender who wants to refinance your loan is credible, especially after the mortgage crisis? You can call the Better Business Bureau (BBB) and check out what other…
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…
Selling For Lower Than Home Value
A seller asks about selling his home for a lower home value than its appraisal value. He wonders if selling for a lower home value could be illegal. A wrong home value could lead to mortgage fraud or call the appraisal into question.
Include Appraiser In Real Estate Investment Team
Before you start investing in real estate, you should put together an expert team. Should you include an appraiser in your real estate investment team? Often a real estate appraiser's conclusion is the same as reached by real estate agents who create comparative market analyses.
Pinpointing The Price Of Real Estate
Home sellers can't pick appraisers but they can learn how appraisals are calculated and what current market conditions are. It can be tough to appraise a home accurately in a declining real estate market. A good appraiser will dig deep to understand high sales.
Mortgage Company Appraisal Comes In Low
A home seller accepted an offer on her home when the buyer's mortgage company appraised the property at a lower value. The rising level of foreclosures and defaults is forcing mortgage lenders to be more careful about appraisals and making sure homes are really worth what buyers want to pay. It…
A lot owner wants to sell the property, but a potential buyer thinks the price is too high, even after a good appraisal. If the seller is asking for less than the appraisal, he should stand his ground.
Home Buyer Needs Attorney To Protect Real Estate Purchase
Having an attorney is one of the best ways for a home buyer to protect himself when purchasing real estate - especially if he is buying from a real estate agent or mortgage lender. The attorney can protect the home buyer from being cheated when purchasing real estate from someone who has a…
Appraising Home Before Divorce
A home seller thinks the appraised value of her home is too high compared to other homes in her neighborhood. She needs the appraisal to be correct to determine the equity in her home because she is going through a divorce. She should have the home re-appraised by an appraiser who knows the market…
Give Gift Of Land With Quit Claim Deed
Land can be given as a gift through the use of a quit claim deed. No taxes need to be paid if the gift is valued at less than $12,000. You might need an appraisal to prove the value of the land to the IRS.
Real Estate Minute: Online Appraisals
Real Estate Minute with Ilyce Glink Does an online appraisal replace a real one? Original Air Date: July 13, 2006
Fake Appraisal Constitutes Real Estate Fraud
When you sell your home an appraiser will conduct an appraisal to help the lender determine how much of a mortgage loan to grant to the home buyer. It's illegal for a home buyer to get a mortgage in excess of the home's sale price, especially if the mortgage loan is based on an inaccurate appraisal…
Adjust Listing Price When You're Selling A Home
When you're a new real estate agent and you're selling a fixer-upper, you may need to work with your client to adjust the listing price. While your client may want a certain listing price, what ultimately matters is what comparable homes are selling for in the same area. Research listing price…
Selecting The Right Listing Price
When deciding on a listing price for your for-sale home, ask a few agents for a comparative marketing analysis. You can also visit open houses in the area to get an idea of the listing prices in your neighborhood. Seeing what amenities and prices compare to your own home will help you decide on a…
Listing Price Includes Appraisal Results
How much should you sell your home for? Pricing a home is not easy but it pays to look at what the market prices are and other appraisal factors. Remember, you can always pick a listing price, see how it does, and reprice the home later if necessary.
Avoid Foreclosure Through Home Sale
How can you help out a relative who can't make mortgage payments? The relative could quit claim the property to you or sell it to you. Learn what to consider (including taxes) in deciding how to protect the property from foreclosure.
