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mortgage: 3 "Quickies" for Realtors! - You asked for education, here it is! - 06/08/09 11:16 PM
I have had 3 things come up lately that ARE LITTLE THINGS...that have turned into BIG things...so I am sharing with everyone as a learning experience! These are pitfall items that can cause you grief at the end of a transaction! Let's deal with them up front shall we??
1. Chattel- On the OTP
It is defined as follows:
Personal as opposed to real property; any tangible movable property (furniture or domestic animals or a car etc) or,
An item of tangible movable or immovable property except real estate and things (as buildings) connected with real property
In other … (56 comments)
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mortgage: USDA loans can be used to buy "fixer uppers"...Here are the best tips I know! - 05/22/09 12:50 PM
Hello everyone! Everyone on AR,and in the Realestate Market...I am sure KNOWS that USDA loans (where applicable) are arguably the BEST PRODUCT OUT THERE!!! However, did you know that you can purchase a home that needs some LOVE and FINANCE the improvements? All with NO MORTGAGE INSURANCE AND AT 100% of the purchase price or value?
Now, let's be realistic...your listing, or the house you want to buy...cannot look like this!
HOWEVER, A USDA "subject to" appraisal can be done on a home that needs a little less love!!!
Now, what is a "Subject to" appraisal you ask?
It is an … (23 comments)
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mortgage: Garage Sales! A great place to get a deal on a loan too! - 04/28/09 08:23 PM
Today, I couldnt help myself! In my hometown, we are having an area wide garage sale! Arghhhh...traffic everywhere, and people looking for bargains..and not watching the road...blah blah blah!~ I ride my Mountain Bike to work everyday, as I only live 1 mile from the office...sooo...it was especially disturbing to me that a used couch and it's price were more important than my health...but, that is another blog for another day!
Well, every day on my way to work, I go by the SAME 3 houses that are listed for sale and notice that they all have the SAME 3 things … (6 comments)
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mortgage: Trust & Cooperation! The key to the Realtor/Lender Working Relationship in Wisconsin - 12/09/08 01:49 PM
Over the course of my 20+ years in the mortgage industry, I thought that I had heard it all, seen it all, done it all, and could forecast it all! It is very clear to me now that NONE of these things are true! However, I do clearly understand that there is, and always has been, a serious "cloud of doubt" hanging over the heads of lenders, as well as a "cloud of dis-loyalty" hanging over the heads of realtors. This blog posting is quite frank, so please don't take offense! We have to work as a team in order to survive, … (0 comments)
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