In my 35 years as a mortgage originator and exclusive buyer’s representative, many prospective homebuyers have told me that they are delaying their purchase because of lack of money and/or their credit history. In some cases, delaying the purchase is necessary and prudent. However, in many cases the delay is unnecessary, resulting in a higher payment, a less desirable home, or being priced-out of … Continue reading...
BUYERS HAVE THREE OPTIONS TO COVER THEIR CLOSING COSTS
Buyers and Sellers customarily pay certain closing costs in a real estate transaction. The buyer’s costs can be paid by the buyer at closing, the buyer’s lender, and/or the lender. Buyers should discuss the various options for covering their closing costs early in the process with their lender and agent; so your preferred closing cost strategy is determined before you make an offer on a home. In … Continue reading...
BUYERS AGENTS DUE MORE
SEVEN THINGS TO EXPECT FROM A BUYER’S AGENT Most prospective home-buyers think is the most important benefit of working with a buyer’s agent is their ability to find available homes. This is a major part of what a competent agent does; however, there are a number of equally important services they provide. These include explaining the contract and documents, determining a home’s value, negotiating … Continue reading...
WHAT DETERMINES THE VALUE OF REAL ESTATE?
The short answer is that buyers determine the value of real estate. Any commodity is only worth what someone is willing to pay for it. Sellers of real estate establish an asking price, which may be considerably more than what an informed buyer should be willing to pay; there are some typical errors that sellers make in projecting what their property is worth. Buyers who choose to be represented by … Continue reading...
MORTGAGE LENDING – A WHOLE NEW BALLGAME
The mortgage market meltdown in 2008 has dramatically affected the way loans are underwritten and the documentation required by lenders. The Dodd-Frank bill was enacted in 2009 as a knee-jerk response to address some of the practices that contributed to the collapse of the mortgage security market, demise of a number of prominent financial and insurance institutions, and the rash of foreclosures … Continue reading...
