Real estate blog entries tagged with disclosure by Benjamin Clark - Exclusive BUYER'S AGENT - Certified Negotiation Expert

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Home : Blogs : Benjamin Clark - Exclusive BUYER'S AGENT - Certified Negotiation Expert - SLC, UT : Buying a Home near Salt Lake City, Utah? CLICK HERE! - Exclusive Buyers Agent Blog : Tag "disclosure"

disclosure: Why are so many consumers distrusting of real estate agents? - 05/04/11 06:40 PM

I was reading an Angie's List magazine column this morning and I couldn't help but feel for some of the commenters who were (and perhaps still are) distrusting of real estate agents.
For example, one commenter said:
"One caveat about using a home inspector: Make sure you use someone who is recommended by a friend NOT the real estate agent who is trying to sell you A HOUSE. Our "inspector" missed all kinds of major problems that we were not looking for being from another area and not knowing what to look for..."
Another responded:
"...our story exactly. I will never … (4 comments)

disclosure: Shopping for a Loan - Understanding the New Good Faith Estimate (GFE) Form - 11/12/09 12:46 AM

Due to RESPA Reform, as of January 1, 2010, lenders are required to use a new, uniform, Good Faith Estimate (GFE) form. This new form creates additional disclosure and transparency about the loan product being offered as well as the costs to the borrower. The Good Faith Estimate (GFE) form is 3 pages in length. All lenders will use the same form. This was not true prior to January 1, 2010.
Once a borrower has provided all the information necessary for a lender or broker to complete a Good Faith Estimate (GFE), the loan originator has 3 business days to … (3 comments)

disclosure: Mortgage Shopping Will Soon be a Lot Less Complicated - 11/10/09 07:11 PM

Mortgage shopping will soon be a lot less complicated.
RESPA Reform takes effect on January 1, 2010. While still not perfect, the changes do simplify the ability to compare loan offerings between lenders. The goal was to simplify and improve disclosure requirements for mortgage settlement costs under RESPA. My analysis: Mission Accomplished
Here are some key highlights for borrowers:
The new Good Faith Estimate (GFE) and the New Settlement Statement (HUD1 or HUD1A) now correspond to one another. In the past, there was no direct correllation between line items, making it difficult for a consumer to know whether or not … (3 comments)

disclosure: Dual Agency, Bad for Buyers (And Sellers!) - 03/16/09 10:36 PM

When I first began my career in Real Estate, I observed agents as they asked consumers to agree to dual agency. Sellers are often asked to do so when they list the home. Buyers are often asked to do so when writing an offer.When taking a listing they may have said something like:
Initialing here allows me to bring a Buyer for your home.
When writing a contract with a Buyer, they may have said something like:
Initialing here allows me to help you with the paperwork to buy this home.
No discussion whatsoever about what fiduciary duties a Seller or … (2 comments)

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