Whether you’re thinking about buying and financing a condo or maybe you’ve got your eye on a home located in an area governed by a Homeowners Association, or HOA, beyond considerations such as price, location and other buying factors you need to know what you’re getting into. When buying real estate in what is referred … Continue reading Why You Should Read the HOA Docs Before Making an Offer
You remember that nice couple just a few years ago that wanted to buy home but their lender declined them? Did they tell you the lender said they just didn’t yet make enough money to qualify for the type of home they wanted and decided to wait until they earned more? Sure you do, everyone … Continue reading The Golden Oldies: Interest Rates
Everyone likes to know what the future will bring. There’s a certain comfort in predictability. Sure, an adventure of any sort can get be exciting but certain things shouldn’t be left to chance. For example, if you want to take a trip somewhere that you’ve never been, don’t you want a map/plan? At least directions … Continue reading The Clear Path
Some loan officers, rookie ones, will take any and all loan applications they can, package them up and ship it off to their underwriter to essentially see if there’s any possible chance the loan can be approved. This really happens. When a potential borrower applies for a mortgage loan, a loan officer can smile, take … Continue reading Now and Later
You’ve been in this situation before or know someone who has, right? A seller accepts an offer and just a few days away from closing the attorney calls and says he doesn’t yet have the closing papers. After a couple of phone calls you find out that the deal fell through; the buyer didn’t qualify … Continue reading Sometimes You Just Wanna Know
There’s nothing wrong with changing your mind. It happens all the time. Even if someone spent a considerable amount of time evaluating a situation and coming to a conclusion, sometimes things change during the course of events and the original plan must be scrapped. That can happen with a mortgage application as well; but when … Continue reading Changing Midstream
As a listing agent, you know what to expect when an offer is presented. You review the offer with your clients, perhaps counter or accept it as written, and set a closing date. You notice your buyers have a letter from their mortgage company stating their application has been received, reviewed and pre-approved. But sometimes … Continue reading Talk to My Lender
Developers creating a brand new condominium project from the ground up or existing structures extensively remodeled have their financing in hand. Their bank decided to finance the developer’s newest, latest project and soon a brand new set of sparkling condominium homes for sale somewhere near Lincoln Park will reach for the sky. At least that’s … Continue reading New Condo? Different Rules
Sometimes people have problems finding enough money for a down payment and closing costs. Even though many strive to put 20 percent down to get the best rate and to avoid private mortgage insurance, sometimes they fall short; right when their perfect dream home happens to be listed. But buyers don’t always have to wait … Continue reading Seller Financing?
You know you’ve seen one. A preapproval letter given to you by the buyer’s agent proving, or attempting to prove, that the buyer is qualified and has applied for a mortgage to buy your client’s Trump Tower condo. But you’re a little suspicious. Or should you be? What can you look for in a preapproval … Continue reading What’s That Letter Say?