Buying A House: Additional Funds Due at Closing

On November 14, 2010 By

On the first page of the purchase contract there is a section that defines your purchase price, your “down payment” and your earnest deposit, and/or anything else you wish to stipulate.

Section 1c to be exact, provides for all of these.  You first define your purchase price, or the full amount you’re willing to pay [...]

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It’s Not the Bank Who Pays the Short Sale Fees

On September 17, 2010 By

I’ve probably written about this before, but every time I overhear another agent advising their client that the lender pays the commissions on the transaction, I think, no, that’s not exactly true.

The lien holder on your property is a third party to the real estate transaction.  They aren’t involved in the actual real-estate part [...]

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The Right Time to Buy a Home May Not Be In A Down Market

On August 25, 2010 By

It’s all dependent upon the interpretation of the term, “The Right Time to Buy.”

For a pushy sales person, the right time for you to buy a home may be RIGHT NOW!  TODAY!  Don’t WAIT…can’t you smell the steak on this grill?  But the truth of the matter is, the right time for you to [...]

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What The Heck is Escrow Anyway?

On August 18, 2010 By

According to the Online Etymology Dictionary:

Escrow:  1590s, from Anglo-Fr. escrowe, from O.Fr. escroue “scrap, roll of parchment,” from a Gmc. source akin to O.H.G. scrot “scrap, shred” (see scroll (n.)). Originally “a deed delivered to a third person until a future condition is satisfied;” sense of “deposit [...]

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The Debate Continues: One User’s Opinion on Renting vs. Buying

On September 23, 2009 By

As with anything, there are pros and cons that change with every complicated variable involved.  The concept of buying being better than renting is relative to the context of each side of the equation at any given time.  No two situations are the same, but generally speaking, assuming certain conditions are already met, owning a [...]

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A Few Things That Can Screw Up A Short Sale

On August 23, 2009 By

Aside from the normal list of problems that a home can encounter through the Escrow process, there are a few things that happen that are specific to Short Sales that can kill the deal.  I’ve outlined 5 that I have come across and a little bit about each experience.

Failure to Provide Documentation

[...]

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What is Escrow?

On July 24, 2009 By

Escrow, according to the Online Etymology Dictionary, is a “deed delivered to a third person until a future condition is satisfied.”

Let’s do a backyard bargain example of escrow.  Bob is selling a lawn mower for $400.00, and Joe wants to buy it, but Joe and Bob don’t know each other very well.  They both, [...]

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What is a Loan Status Report?

On July 23, 2009 By

NOTE, as of February 2011, the Loan Status Report is no longer part of the Arizona Residential Purchase Contract.  There is a Pre-Qualification form that is used instead.

 

In Arizona, our Residential Real Estate Purchase Contract includes a section for financing that requires a document called the Loan Status Report be included with the [...]

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