“The More Things Change” Department Once upon a time, when I started selling real estate in 2002, the worksheet that Buyers and Sellers signed at closing was simply known as . . . “the settlement statement” (or just the closing worksheet, to avoid any jargon). Then it became the “HUD-1” (HUD stands for “Housing and...Read More
What Can Ruffle a Veteran Realtor Just Before Closing Thankfully, the list of things that can rattle a seasoned agent (OK, me) just before closing is mercifully short. Assuming the Buyer can perform financially, and any final walk-thru inspection issues have been addressed . . . there’s not much left. Don’t Panic . . . Yet...Read More
What’s in a Word? “Imˈ- pound”: seize and take legal custody of something — especially a vehicle, goods, or documents — because of an infringement of a law or regulation. –Dictionary definition Once upon a time, the fees that lenders collected in advance from home buyers for such things as property taxes and home insurance...Read More
The Opposite of Buying Down Rates Wait a second! Isn’t borrowers’ goal to pay the lowest interest rate they can on their mortgage? Yes, but — especially for first-time home Buyers — there’s the added consideration of closing costs. On a $200,000 home, a typical amount would be 3%, or $6,000. Conserving Cash A popular...Read More
Financing New Construction There are a multitude of ways for Buyers to finance the construction of a new home, including going through the builder (especially true of the bigger ones). However, the two main choices from bank lenders are: 1) what’s called a “construction-to-perm(anent) loan”; and 2) an initial mortgage to purchase the lot, followed...Read More
But, $320k – $25k ≠$295k I can’t prove it, but at least when it comes to residential real estate deals, an offer for $300k less $5k in seller-paid points can seem more attractive to Sellers (if not their agents) than a $295k offer with no points subtracted. The explanation has to do with Seller psychology....Read More
