Catching Real Estate Problems

Three Reasons Your Home Closing Can Be Delayed- And What You Can Do About It

Posted by on 2:51 pm in Uncategorized | Comments Off on Three Reasons Your Home Closing Can Be Delayed- And What You Can Do About It

After viewing multiple homes, you have found the home that is perfect for you. Once the seller accepts your offer on the home, you still have to close on the property. Unfortunately, home closings can be delayed, causing you to have to wait even longer to move into your new home. It is important to understand why home closings are delayed and what you can do about it. 1. The home appraisal is too low. If the home does not appraise for the amount required by your mortgage company, you may be unable to secure your financing. The first step to take is to make sure the appraisal is valid. Appraisers make mistakes; if your realtor thinks the appraisal sounds inappropriately low, check to make sure that it includes all recent comps (comparable homes that have sold). If it looks like the appraisal is valid, the deal is not lost, as there are still a couple options. The first option is for the seller to lower the price of the home; he or she is going to have a difficult time selling a home for more than its appraisal value. Another alternative is for you to make a larger down payment on the property. This reduces the amount the bank needs to lend so that the mortgage can be approved. 2. The home inspection reveals problems with the home. As a buyer, it is essential that you have the home inspected. Some mortgage financing options, such as the FHA mortgage, even require an inspection.  Once you have an accurate idea about the condition of a home, you can negotiate with the seller to make some of the repairs or give an allowance for you to complete the repairs. If the seller does not want to complete the repairs, consider the overall value and age of the home. Determine whether the repair is a sign of a larger problem with the home or if it is simply routine maintenance. For example, an asphalt roof needs to be replaced every 20 years. It may be worth it to go ahead and pay for the roof yourself if you believe the home is otherwise a terrific value. 3. The documents for the home closing are delayed. A number of reasons, such as financing problems, title issues, or one of the entities involved in the deal falling behind on their work, can delay the closing documents. To prevent documents from being delayed, be honest when applying for the mortgage and promptly provide all requested documentation. If closing is delayed, make sure the party delaying the closing now has what it needs. In cases where the delay interferes with the buyer or seller’s schedule, the buyer or seller may be able to have a power of attorney sign the closing documents. Sellers and buyers should check with the title company and lender to make sure all regulations are followed when using a power of attorney to close the transaction. Though it feels like a delay in closing on your home is the worst experience in the world, you can take solace in knowing that you have the knowledge to handle unexpected delays. Contact a real estate attorney like Byron Huffman, PC for more...

read more

FAQs About The Title Commitment

Posted by on 4:34 am in Uncategorized | Comments Off on FAQs About The Title Commitment

During the process of buying a home, there are many documents that you will need to review with your real estate attorney. Among those documents is the title commitment. If you fail to properly review it, you could be in for surprises later. If you are in the process of purchasing a home, here is what you need to know about the title commitment.  What Is the Title Commitment? The title commitment is the document detailing the title’s company commitment to issuing an insurance policy for your home after closing is completed. All of the terms in your insurance policy should be included in the commitment.  The insurance provided by the title company helps to provide you with protection for your property if there is an issue that arises that causes problems with your title. This insurance is not designed to take the place of any other type of insurance your lender expects you to purchase.  What Are You Looking For? When reviewing your title commitment, it is important that you pay close attention to what is and is not covered. You also need to be aware of exceptions to your coverage. Exceptions can create problems for you later.  For instance, if you receive notice that your neighbor has an ongoing easement that allows him or her to store building materials in your yard, any damage caused by it might not be covered by the insurance policy. As a result, you could be out-of-pocket for the damages. Worse yet, you could foot the legal bills associated with fighting the neighbor’s ability to store items in your yard.  Exceptions can also fail to cover changes that you are required to make according to local codes or by your homeowners association. For instance, if you are required to remove a structure in your yard due to code violations, you would have to pay the bill if there is an exception in place.  What Can You Do? If you review the title commitment and find it to be unacceptable, you and your attorney can take steps to resolve issues that could come up later. Using the previous example, your attorney could negotiate with the current owner of the home to have the structure removed before you take ownership of the home.  Work with a real estate attorney, like Levin & Levin, LLP – Attorneys at Law, to carefully review your title commitment and other documents before closing on your home. He or she can ensure that you are being treated fairly in the process and that you are avoiding future possible...

read more

How To Enlist Your Neighbor’s Help When Selling A Home

Posted by on 11:39 am in Uncategorized | Comments Off on How To Enlist Your Neighbor’s Help When Selling A Home

Putting a house up for sale is never an easy decision. You may have some conflicting emotions about doing so, especially if you have gotten to like your neighbors. However, when it’s time to move on and sell your property, the good news is that your neighbors can be your greatest allies in the process of selling you home. Here are a few of the ways that you can enlist the help of a neighbor.  Write a Letter When you commit to selling your home, you should let the neighbors know. If you are good friends with some of your neighbors, talk to them in person about the decision. Then your next course of action should be to write a letter that’s addressed to all your neighbors. It should be specifically about your decision to move. In this letter, you should thank them and let them know that you will miss the friendships among the neighbors. You should also let them know that they are welcome to spread the word to friends and family members that you will be moving in case they know people who are looking to move into the neighborhood. Think of it this way. Everyone wants to live by people they love. Neighbors are likely to spread the word to people they want to buy the house. This is a marketing method that certainly utilizes more of a soft sell technique. It can nevertheless be extremely helpful, as it can bring potential sellers to look at your house before it’s even on the market. Be Selective with Asking for Favors While you are selling your home, you may end up needing to ask for several favors from neighbors. That’s totally understandable. However, you should try to avoid relying on neighbors for too many things. If there are glaring things on display in a neighbor’s yard, tactfully ask for the items to be removed. You should approach this delicate task in a friendly way and offer a helping hand with its removal. Technically, unless there are neighborhood ordinances against a certain type of thing, the neighbor is likely not obligated to remove anything from the yard. Finally, when you are going to sell your home, be sure to consult both a realtor and a real estate attorney. The realtor will offer insights into the local market and be able to provide you with invaluable services to connect you with potential buyers. Your real estate attorney will be the one who looks out for your best interests and should be relied on for help in making tough decisions along the way. With the help of your neighbor as well as these two real estate professionals, you will set yourself up for certain success in your quest to sell your homeā€¦and get top dollar for...

read more

Buying a Home? Two Reasons Why You Should Consult a Real Estate Lawyer

Posted by on 1:58 pm in Uncategorized | Comments Off on Buying a Home? Two Reasons Why You Should Consult a Real Estate Lawyer

Buying a house is a very exciting time.  You’re likely thinking of how you’ll decorate your new abode with all of the little touches that transform it into a home.  However, in all of the excitement, it’s important to understand that there are a number of legalities that also must be dealt with.  That’s why it’s so important to work with a real estate lawyer during the home buying process.  Real Estate Lawyers Ensure a Clean Title One of the most compelling reasons why you need the assistance of a real estate attorney is because they can help make sure that there aren’t any liens against the title of the home that you are thinking of buying.  This is vital, since you don’t want to be on the hook for unpaid fees that you had nothing to do with. There are a number of reasons why there could be liens against the title of a home.  For example, contractors and other specialists who have completed work on the home may have gone unpaid, leaving them with no other choice but to place a lien against the house.  If you purchase the habitation without knowing that there are outstanding balances, you assume responsibility for them.  A real estate attorney will launch a full investigation on the property to make sure that it is free and clear of liens.  If a lien does turn up, your lawyer can work with the individual behind the lien to come up with arrangements for payment.  You get to walk into your new house with peace of mind, knowing that someone else won’t be able to come in and take what you have worked so hard for. Real Estate Attorneys Appeal Property Tax Assessments Another reason why it is so valuable to have a real estate attorney on your side is because they can help appeal property tax assessments.  If you receive a property tax bill that is exponentially higher than the ones that you received in the past, you need to understand that you have options.  Don’t blindly pay a bill that you have no explanation for; have a real estate lawyer appeal the assessment so that you can possibly receive a lower bill. Getting professional advice from a real estate lawyer is the perfect way for you to protect your investment.  Contact a real estate attorney, such as Steve Butcher Sr., to discuss any of your questions and...

read more