After reading so many articles over the past 9 months or so about loan defaults and the turmoil of the lending industry – and the economic turmoil it still threatens – I finally realized that one reason I felt a little out-of-the-loop was that these articles were describing “boom” times that never happened to me or my colleagues. Yes we noticed [...]
Archive for the ‘Choosing Your Team’ Category
Criminals v. Loan Professionals
Posted in Choosing Your Team on June 26, 2008 | Leave a Comment »
Builder Diclosures About Representation
Posted in Choosing Your Team, Contracting to Buy, New Construction on March 5, 2008 | Leave a Comment »
Jim Duncan writes in to say, “I wrote about this more broadly last month.
Did the builders disclose that they weren’t representing the buyer? Did they disclose dual agency?”
His blog includes good comments about the issue of disclosure to the customer. Can we say often enough that it is very important for the consumer to get educated on [...]
The Builder’s Contract Serves Whom?
Posted in Choosing Your Team, Contracting to Buy, New Construction, tagged contracts on March 3, 2008 | Leave a Comment »
For new construction, each builder will have their own standard contract form, which they will provide to you to use in making your purchase offer. You should read through it carefully, with advice from your Realtor and even a real estate attorney, before you sign.
Contracts are Negotiated Agreements. A lot of people think that all contracts contain the same [...]
Thinking New? Bring Your Crew!
Posted in Choosing Your Team, Contracting to Buy, New Construction, tagged agency, representation on March 3, 2008 | Leave a Comment »
The lure of a brand-new home is powerful, but buying from the builder carries special considerations that you should know about.
The recent news of the bankruptcy of fabled New York builder Levitt and Sons highlights one area of buyer risk when contracting with a homebuilder: What happens to the deposit money if the builder defaults?
How deposit funds [...]
Rates: Shopping and Locking Principles
Posted in Choosing Your Team, Getting Ready, Mortgages on November 19, 2007 | Leave a Comment »
As a broker, I evaluate lenders based on their pricing, service level, products, procedures, and policies. You’ll notice that price is just one item on a list of considerations. Now why would that be, and why does the same principal apply to you, the retail consumer?
Getting a price (meaning rate and points) without everything else [...]
Questions to Ask a Mortgage Originator
Posted in Choosing Your Team, Mortgages on November 16, 2007 | Leave a Comment »
When you’ve gotten references and make your call to a potential lender, you are looking for someone whom you can be absolutely open with about your financial situation and your needs — someone who will be also a reliable addition to your real estate team.
In order to know how they can help you, the loan [...]
Tax Assessment v. Market Value
Posted in Choosing Your Team, Contracting to Buy, Property and Value, tagged appraisal, assessment on October 31, 2007 | 2 Comments »
It seems that it is common practice for both buyers and sellers to look to a property’s tax assessment as an indicator of its market value. I was recently asked, “What is the relationship between a property’s market value and it’s assessed value?”
I asked John Hallstead, a local independent real estate appraiser, if he would give [...]
Negotiating for a House: Price v. Costs
Posted in Choosing Your Team, Contracting to Buy, Getting Ready, tagged closing costs, concessions, points on October 29, 2007 | Leave a Comment »
If you are negotiating to buy a home, you might benefit by asking the seller to pay your closing costs.
You’ll get an estimate of closing costs from your mortgage originator as you do your preliminary work. The terms of your purchase contract, including seller concessions, are considerations to talk over with your Realtor and mortgage lender before you [...]
Other Professionals
Posted in Choosing Your Team, Mortgages on October 16, 2007 | 1 Comment »
While your mortgage originator and your Realtor will be your primary guides and helpers, they will typically help you recruit the other people who will play a role on your team. When a house, or your needs, indicate further investigation of the property, you may want your purchase contract to be subject to special inspections. These [...]
Paying the Players on Your Team
Posted in Choosing Your Team, Mortgages on October 11, 2007 | Leave a Comment »
Your team includes a lot of people who get paid only when your transaction closes. If you yourself work for a salary, you may not be entirely comfortable with this. It is important to remember that it is your job to choose who works for you, and for them to explain their services and terms. As self-employed or [...]
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