Recently in General Real Estate Category
This week is one where I didn't write much that was new, because I was too busy with clients. But the updated articles include some critical ones
Newly Written Articles
Consumer Focused Carnival of Real Estate is this month's carnival of real estate information targeted solely at educating consumers.
Updated Articles
Levels of Mortgage Documentation, or, Why You Should Demand to Do More Paperwork You knew there was a reason why stated income was bad, right?
Loan Pre-Approval Means Nothing You don't think the person writing that approval is actually risking anything, do you?
Cash Flow Versus Balance Sheet Accounting in Real Estate There's more to consider than payment. Much more.
Hourly Pay Instead of Commission For Agents This is one of those ideas that sounds good, but when you examine the nuts and bolts, not so much.
Pre-Payment Penalties If Your Loan Is Sold To Another Lender Selling the right to receive payments alters nothing about the loan contract.
Homesteading and Declaration of Homestead talks about what a declaration of homestead is.
I've been working a lot of hours and allowed some of the more usual articles to fall behind.
Newly Written Articles
VA Loans Have Become The Magic Bullet talking about how, with everything else getting tightened and over-tightened, VA loans have become the best thing on the block.
How Much Down Payment Do I Need and How Do I Get It? Talks about how to get a down payment so you can buy real estate while it's cheap.
Mortgage Fraud Is Still Happening - What To Do About It No matter what is happening, or how many people are being arrested for mortgage fraud, it seems there is always a scam of the month.
You've Got a Great Offer, But Can The Buyer Consummate It? (Cash to Close) talks about investigating whether your prospective buyer really has the cash to close the loan that's going to enable them to actually buy your property.
Stop Short Sale Bait and Switch talks about the increasingly common practice of advertising listings - particularly but not exclusively short sale listings - below any price that might have any possibility of being accepted, in order for agents to meet buyers.
Updated Articles
California Mortgage Loan Disclosure Statement
Adding Someone to An Existing Mortgage
Unpaid Property Taxes That Should Have Been Paid Through Escrow
When The Buyer And Seller Can't Agree On A Price For Real Estate
Understanding Loans: When There Is A Problem, It's Good If They Tell You Right Away Don't penalize the people who are actually honest.
Buyer's Basic Guide to The Foreclosure Process and REOs
Read The Full Note Before Signing
Pay a Prepayment Penalty Now or Wait to Refinance Until It Expires?
New Good Faith Estimate and HUD 1 Form Approved
Misplaced Improvements in Real Estate
Buying Real Estate Without A Source of Income Or When You Are Changing Careers
Some Risks of Lender Owned Properties (REO)
Getting Rich Quick in Real Estate
Real Estate Sellers Giving A Buyer Cash Back is Defrauding the Lender
Zero Interest Credit Cards versus Home Equity Line Of Credit
Newly Written Articles
When Loan Modification Will Not Help, or Is Not Appropriate
Why You Should Not Walk Away From Upside-Down Real Estate
What Sort of Loan Can I Get? (October 2008)
Will I Qualify for the Loan to Buy Real Estate During The Market Meltdown?
Consumer Focused Carnival of Real Estate
Updated Articles
Picking an Agent: Production Metrics versus Consumer Metrics
What Types of Mortgages Are Available?
Games Lenders Play (Part IV) - Lying About Loan Type
Qualifying For A Mortgage When One Spouse Has A Low Credit Score
Why Do I Want A Buyer's Agent?
Questions You Should Ask Prospective Loan Providers
Today's special treat is the October Consumer Focused Carnival of Real Estate.
I do apologize that I haven't had more up the last few days. There have been sudden demands upon my time (clients and family, both welcome!)
Newly Written Articles
APR vs APY: What The Difference Between Note Rate and APR Tells You: APR, by itself, is useless. But the difference between APR and the note rate tells you about how high their fees are - or at least what they're willing to admit
Offers Where The Buyer Knows About A Problem With Your Property Think about it: They know, and they want it anyway. If they didn't know, what would happen when they found out?
Mortgage Loan Modification talks about one of the best tools to mitigate the fact that many people are upside down on adjustable mortgages.
How Loan Modification Benefits The Real Estate Markets tells about the good loan modification does for the market as a whole, even those who did their research, and didn't stretch to buy too much property.
Updated Articles
Builder's Incentives To Use Their Lender
Newly Written Articles
Second Trust Deeds: Home Equity Loans and Home Equity Lines of Credit
Consumer Focused Carnival of Real Estate
Advertising a Sold Property As Available on MLS
Updated Articles
Refinancing Does Not Cause Your Property Taxes To Go Up
How To Effectively Shop for A Real Estate Mortgage Loan
How Can A Temporary Buydown Help Realtors and Agents?
How to Build Credit So You Qualify for a Home Loan
I'm going to need a few days off from new consumer articles for mental health reasons. I should have a new neighborhoods post this week.
Newly Written Articles
Earnest Money: Copy of a Check or Proof Of Funds? talks about which I'd rather have, and why.
The Return of Portfolio Lending discusses the plusses and minuses of lenders that underwrite to their own standards, rather than with an eye towards selling the mortgages on Wall Street.
"Buy and Bail" or Buying One Home Before Foreclosure on Another examines the effects that the practice is having upon perfectly legitimate investors with no intention of allowing foreclosure.
A Highly Leveraged Way to Ameliorate the Financial Crisis gives a suggestion that would save the federal government lots of money, if followed. Of course, if the banks and mortgage insurers hadn't panicked by over-contracting lending standards, there wouldn't be nearly so much of a crisis.
Updated Articles
Seller Carrybacks covers the seller lending the buyer part of the money they need.
Using the Real Estate and Mortgage Information Found Here is an article about intelligent planning and knowing the situation, rather than ignorantly hoping to get lucky.
Should You Pay Off Your Mortgage Faster? evaluates both the financial numbers and the psychology involved.
Altering the Terms of A Real Estate Purchase Contract. It has to be done by negotiation and agreement, not unilaterally.
Almost forgot my weekly round up of consumer articles I've written
Newly Written Articles
Negotiation Requires More Than Dueling Ultimatums, talking about the exchange of ultimatums faxes that often passes for negotiation today.
Personal Loans For A Real Estate Down Payment talks about one possibility for getting a down payment quickly, and the downsides.
There Are No Schools That Teach What A Good Agent Needs to Know refutes the canard that since real estate doesn't require college, let alone an advanced degree, obviously there's no value provided.
Updated Articles
Owner Occupied Loans Only Require A Year of Occupancy Once you have met that threshold, there is no need to refinance just because you move out.
Listing Agreements: Exclusive Right to Sell Versus Exclusive Agency talks about the differences in the various listing agreements.
How Much Can Lenders Low-Ball Their Quotes? gives some concrete examples of legal low-balling techniques.
"You've Got Something I'm Interested In, But I Don't Want to Pay You" Trying to cut out the person who demonstrates they know what they're doing is foolish, but people will try.
Sorry this is late.
Newly Written Articles
All Buyer Assistance Programs Require Full Documentation of Income, an article that talks about one important fact of life for all first time buyer programs, or indeed, any government loan assistance whatsoever - the fact that you must document enough income, and enough history of income. Stated Income is not an option if you want taxpayer assistance.
What Do Loan Qualification Standards Accomplish? discusses why have loan qualification standards at all, and what the benefit is.
The State of the Loan Market and How Much You Can Borrow September 2008 (Part I) and The State of the Loan Market and How Much You Can Borrow September 2008 (Part II). In the first part I discuss what the issues and limits are with real estate loans right now, and in the second part, I discuss what programs there are available to help.
Updated Articles
FSBO Horror and Failure to Disclose Property Defects
Newly Written Articles
Consumer Focused Carnival of Real Estate
Rent to Own and Lease With Option to Buy, talking about a common alternative that allows sellers to market to people who would not otherwise be able to qualify, and buyers to qualify when they would not otherwise. But there are pitfalls.
What If You Cannot Refinance Later?, dealing head-on with an assumption implicit in quite a lot of real estate advice and thinking.
Negotiation Basics: On What to Offer and Whether to Offer talks about some of the criteria for what is a good offer and what is not, as well as deciding whether to make an offer at all.
Updated Articles
Mortgage Closing Costs: What is Real and What is Junk?
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