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Tag: Closing

Credit Scores: Why Do The Numbers Change?

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 — […]

Posted in: Mortgages
New Pro-Borrower Mortgage Rules Set For July 30th

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 […]

Posted in: Closing
Do We Have To Make The Last Mortgage Payment When Refinancing?

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 […]

Posted in: Closing
How Can We Delay Closing?

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 […]

Posted in: Closing
Real Estate Settlements: Public Cheated Out Of $10 Billion — Per Year!
By September 19, 2008 1 Comments Read More →

Real Estate Settlements: Public Cheated Out Of $10 Billion — Per Year!

It was in 2002 when HUD Secretary Mel Martinez told the world that consumers could save as much as $10 billion a year by making the settlement process more competitive. Martinez — now a Republican senator from Florida — offered a simple proposal: Instead of buyers and sellers purchasing settlement services one transaction at a […]

Posted in: Library
How To Cut Real Estate Closing Costs
By September 13, 2008 0 Comments Read More →

How To Cut Real Estate Closing Costs

It may well have been the most unusual stewardship seen by the Department of Housing and Urban Development in recent years. HUD Secretary Mel Martinez has both resigned and left behind an impressive record. What’s remarkable about Martinez — now a U.S. senator from Florida — is that during his time in Washington HUD operated […]

Posted in: Library
Adjustments At Closing

Adjustments At Closing

Question: We’re selling our home and have prepaid our property taxes through June — two months from now. How do we get this money back? Answer: A sale agreement should contain a clause that deals with adjustments. The prepaid property tax, for example, should be a credit to you at closing and a cost to […]

Posted in: Library
What Happens If The Seller Goes Bankrupt Before Closing?

What Happens If The Seller Goes Bankrupt Before Closing?

If you are the buyer or the broker you immediately head to your attorney. The goal of a bankruptcy proceeding will be to satisfy as many creditors as possible, therefore the sale may well be in everyone’s interest. However, the sale will likely require court approval and that could delay closing. As well, one needs […]

Posted in: Library
When Must New Homes Be Completed?

When Must New Homes Be Completed?

While it would seem to make sense that a home could be completed by a given date, the reality is that new home construction includes elements which are beyond the builder’s control. For instance, weather, the availability of building supplies, labor shortages, and other factors can each delay construction. Thus, it makes sense for builders […]

Posted in: Library
What’s A Cash-Back Transaction?

What’s A Cash-Back Transaction?

It is sometimes claimed that it’s possible to buy a home and receive both the house a substantial amount of cash at closing. For example, a home will be “sold” for $100,000. The deal will be financing with a 95 percent loan-to-value mortgage. However, the seller will provide a $15,000 certificate of deposit to the […]

Posted in: Library