All Posts Tagged With: "disclosure"
It’s Time To Raise Loan Disclosure Standards
It’s usually argued that full and fair disclosure is one of the best forms of consumer protection, but when it comes to mortgage loans there’s often much that borrowers don’t know — especially with today’s newer loan formats. Now a study by the Government Accountability Office says new standards of consumer education should be required [...]
22Sep2008 | Peter G. Miller | 0 comments | Continued
Can I Sell “As Is” A House I Inherited?
Question: I’ve been offered a reasonable price on a house I inherited. I want to sell it in “as is” condition. What things should I look out for to protect myself during escrow and after closing? Answer: The matter of “as is” sales has evolved during the past decade or so. The best advice used [...]
21Sep2008 | Peter G. Miller | 0 comments | Continued
Is It Time To Dump Home Seller Disclosures?
It’s time to buy and at the magic moment there is an exchange of paperwork. “Yes,” say the buyers, “we want this house.” “Fine,” say the owners, “here’s our seller disclosure form written by our state government which requires that we tell you all we know about the property.” Should not the purchasers feel a [...]
13Sep2008 | Peter G. Miller | 0 comments | Continued
What’s An “As Is” Sale?
An “as is” property is sold without a warranty as to condition, repairs, or structure. With an “as is” sale, the buyer is on notice that the seller makes no promises regarding the property’s physical status. With an “as is” sale, it is extremely difficult to make a claim against a seller if something is [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
Must Brokers Disclose Their Licensure Status?
All states license the practice of real estate brokerage. A common provision of such laws is that real estate licensees must disclose their licensure status when they buy or sell a property for themselves, their company, for a spouse, a partner or for an immediate member of the family such as a parent or child. [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
Do I need A Home Inspection If I Have A Seller’s Disclosure Form?
Most states have a mandated seller disclosure form. This form provides an opportunity for the seller to answer standardized questions regarding the property’s condition. Just ask the broker or the owner for a copy. But, a seller disclosure form is not a substitute for an independent examination by a professional home inspector. A seller may [...]
29Aug2008 | Peter G. Miller | 0 comments | Continued
Mortgage Marketing: There Ought To Be A Law….
You probably get a lot of mail with exciting offers of low mortgage rates and instant cash. I know I do. For instance, one correspondent says I “may be entitled to a mandatory refund of up to $5,100.00″ from the FHA mortgage insurance premium. The wording here is curious. If this is a “mandatory” refund [...]
26Aug2008 | Peter G. Miller | 0 comments | Continued
Toxic Loans: The Coming Storm
(Presented before the Association of Real Estate License Law Officials (ARELLO), April 7, 2006, at Jacksonville, FL.) It’s been a very good century for real estate, at least so far. According to the National Association of Realtors, the typical home that sold for $139,000 in 2000 was worth $208,700 in 2005. Not only have home [...]
25Aug2008 | Peter G. Miller | 0 comments | Continued
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