Quantcast

Tag: Closing

Cash Buyer Discounts For A Fast Home Sale?

Cash Buyer Discounts For A Fast Home Sale?

Question: Many buyers in today’s market are purchasing homes for cash. Sometimes cash buyers say they should get a discount because they can settle faster. Is this true? Answer: It’s likely true in most jurisdictions that cash buyers can settle faster than purchasers who need mortgage financing. However, this is not necessarily a reason for […]

Posted in: News
Real Estate: Why Paperwork Should Be Paper

Real Estate: Why Paperwork Should Be Paper

Millions of settlements will take place this year and a growing number of them will involve the use of electronic documentation, a development which will be cheered by those who hope to speed the closing process and save a few trees while we’re at it. Unfortunately, and I don’t mean to dash anyone’s hopes, the […]

Posted in: News
New Loan Estimate Form Cuts Mortgage Costs

New Loan Estimate Form Cuts Mortgage Costs

A new loan estimate form has been issued by the Consumer Financial Protection Bureau (CFPB). Use of the new document will be mandatory as of August 1, 2015, however it can be expected that many lenders will start using the new form as soon as possible. Under federal rules lenders must provide a good faith […]

Posted in: News
Is Moving Worse Than Divorce, Death Or Dentists?

Is Moving Worse Than Divorce, Death Or Dentists?

A new study from Unpakt.com┬átells us that “one in four Americans would rather forfeit vacation for two years than pack up and move.” Actually, the number is surprising: I would have thought that packing and moving were on the famous Holmes and Rahe stress scale, a list of 43 life events which are so awful […]

Posted in: News
Who Pays Foreclosure Property Taxes?

Who Pays Foreclosure Property Taxes?

When you purchase a foreclosed property, are you responsible for back taxes? The general answer largely depends on when you buy the property. “If the property was foreclosed and possessed by the bank, the bank will have to pay the back taxes to sell the property with clear title,” says RealtyTrac spokesman Daren Blomquist. “However, […]

Posted in: News
Can We Have A Paperless Real Estate Closing?

Can We Have A Paperless Real Estate Closing?

Given the widespread use of electronic devices for just about everything — and given the growing volume of ecommerce — it’s not unreasonable to ask if we can have paperless closings, events sealed with electronic signatures. For the moment and most-likely for a long time to come the answer is no. The problem is not […]

Posted in: Closing
What Makes A Foreclosure Settlement Different?

What Makes A Foreclosure Settlement Different?

When you purchase a foreclosed property from a lender the transfer process is largely the same as if the purchase involved property from a typical seller. Largely the same — but not the same. A closing, settlement or escrow is merely an accounting of who owes what to whom. Among the interests represented at the […]

Posted in: Foreclosures
Is Foreclosure Flipping Legal & Legit?

Is Foreclosure Flipping Legal & Legit?

If by foreclosure flipping we mean quickly buying and re-selling a foreclosed property bought from a lender then there’s no reason why such a transaction cannot be legal and legit. Think about stock. You buy stock in the morning and sell it in the evening. You flipped the stock. Does anyone care? No. Think about […]

Posted in: Foreclosures
Who Pays Foreclosure Closing Costs?

Who Pays Foreclosure Closing Costs?

To figure out who will pay foreclosure closing costs you first have to ask about the foreclosure discount in your area. In basic terms the foreclosure discount is the difference between the value of a home today and the value of a similar, but foreclosed or distressed, property. In many markets there has traditionally been […]

Posted in: Foreclosures
How To Read The HUD-1

How To Read The HUD-1

Since January 1st, 2010, all real estate transactions have been settled using a new HUD-1. The HUD-1 is a standardized form which allows real estate buyers and sellers to clearly understand the costs of their transaction. The original HUD-1 was developed as a by-product of the Real Estate Settlement and Procedures Act of 1974 — […]

Posted in: Closing