All Posts Tagged With: "Closing"
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, [...]
8Nov2011 | Peter G. Miller | 0 comments | Continued
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 [...]
14May2010 | Peter G. Miller | 0 comments | Continued
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 [...]
15Feb2010 | Peter G. Miller | 0 comments | Continued
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 [...]
14Feb2010 | Peter G. Miller | 0 comments | Continued
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 [...]
12Feb2010 | Peter G. Miller | 0 comments | Continued
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 — [...]
8Nov2009 | Peter G. Miller | 0 comments | Continued
Credit Scores: Why Do The Numbers Change?
Question: My credit score was 670 a month ago, now it’s 650. What happened? Answer: Credit scores can be seen as pictures which show your credit standing at one point in time. At any other point in time the picture may be different. Actually, it would be amazing if credit scores did not change — [...]
1Sep2009 | Peter G. Miller | 0 comments | Continued
New Pro-Borrower Mortgage Rules Set For July 30th
It will be a new deal for real estate borrowers as of July 30th. That’s the day when new standards developed under the Housing and Economic Recovery ACT (HERA) go into effect. Okay, so what’s the big deal? In basic terms, the rule says that if you apply for a loan on July 30th or [...]
13Jul2009 | Peter G. Miller | 2 comments | Continued
Do We Have To Make The Last Mortgage Payment When Refinancing?
The closing agent will check with your current lender prior to settlement to get a pay-off for the existing loan. If you have a payment due on the first of the month some will tell you it should be paid. Others in the lender community argue that it’s okay to bring the last payment to [...]
27Feb2009 | Peter G. Miller | 0 comments | Continued
How Can We Delay Closing?
Question: We\’ve sold our home and are soon going to closing. However, because we have been unable to find a suitable replacement property we want to delay settlement while the buyers want to close on schedule. How can we delay closing? Answer: Imagine if closing is delayed by a month. Imagine also that the purchasers [...]
6Nov2008 | Peter G. Miller | 0 comments | Continued
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