November 2018

Found 4 blog entries for November 2018.

Once a common practice at closings, buyers today rarely obtain a survey of the property they are purchasing.   Before, if a buyer needed a loan to purchase property, their lender required that a new survey is obtained in order to proceed with the closing.  However, some time ago, title insurance companies created a lenders title insurance policy that protected the lender against any claims that may result from any boundary line dispute or other matter that would be disclosed by a current survey. Since their collateral was already protected by this insurance policy, lenders no longer required buyers to obtain a survey. 

Thereafter, title insurance companies created a new owners title insurance policy that offered “some” protection to the buyer for

1,507 Views, 1 Comment

 

The Worst Appraisal In 34 Years

There are things that the appraiser needs to do to have a good appraisal.  These all require more attention to the appraisal so that the appraisal is one that meets the appraisal standards.  There are numerous things that the appraiser needs to consider when appraising a property.  This is the worst appraisal that we have ever received.  I will define some of the items that the appraiser defaulted on.

Problem #1

This ranch was built with brick in 1971 with 2071 square feet.  The appraiser used 2 stories and neglected the ranches that were also built with brick.  A requirement of appraising a home is that they have to be similar in structure.  To be similar they have to have 10% greater or less in square

478 Views, 0 Comments

Sellers and buyers will both benefit from having a better understanding of where a home fits into the overall pricing structure of a community. As a buyer by following these simple guidelines you can increase the likelihood that the offer you make will represent a good value to you, and if a seller you won't be inclined to turn down an offer that you should accept.

First- Have your agent provide you a list of all of the homes like the one you are considering, that is either under contract, or that have sold within the last 3-4 months. 

Second- Upon review, you will begin to notice that they can be arranged into three categories.  Let’s call these categories A, B, and C. Now separate each of the properties into one of the three categories. 

 

2,130 Views, 0 Comments

 

 

Fidelity offers borrowers an affordable option that could help you qualify for a home loan. Whether you want to purchase or refinance, we are able to help lower your initial monthly mortgage payment with a temporary mortgage rate buydown.

The principle behind the 2/1 buydown loan using the standard 15 and 30-year terms, is to decrease your mortgage payment ratio, and overall debt ratio. This loan option is beneficial for those who might not otherwise have the necessary ratios for qualifying. 

The temporary buydown option allows you to prepay some of the interest on a 30-year fixed-rate mortgage in exchange for a discounted interest rate for the first one-to-three years of your mortgage. The rate will gradually increase to the agreed-upon

214 Views, 0 Comments