escrow: Beware of Hidden Fees
- 07/14/08 10:59 AM
I know its been a while since I last blogged. I have been swamped with bank owned properties (REOs) and bringing sales to fruition. Over the last few weeks I have found that there are certain fees that buyers may not be aware of when purchasing REO properties compared to short and fair market sales. The first is an overinflated escrow fee. The escrow fee for a home that is $200,000 is generally around 250-300 dollars, but if it is an REO than the fee increases to $850.00 minimum just for being with an REO. The next is region specific. If … (3 comments)
escrow: Consumers: Are you considering a short sale?
- 03/12/08 09:16 AM
Many people are in the situation where their home is actually worth quite a bit less than what they purchased it for. When they bought the home, they were told that refinancing it would be no problem and that they did not have to worry about the bubble bursting in that particular market. This type of thinking is what is causing the foreclosure crisis throughout the Central Valley of California and other parts of the nation. Now that the President has passed a law eliminating the taxation of short sales as income, a short sale is a very viable option if … (4 comments)
escrow: Your offer is not accepted until the bank accepts the short sale
- 03/07/08 03:50 AM
This is just a word of advice to consumers out there regarding short sales. Many people are encountering the following situation. You make an offer and the agent issues a counter-offer, which generally means that your offer has been accepted and that the escrow process has started. However, don't be quick to make that assumption when dealing with short sales. In the short sale process the bank is the one that decides whether or not to accept the offer. If another offer comes in prior to the bank accepting yours, then the bank can and will accept whichever offer is larger. … (1 comments)
escrow: Steps for Obtaining a Home
- 03/05/08 02:22 AM
There are many people out there that see houses for sale and want to buy a home, but do not totally understand the process to obtain one. They call the Realtor whose home is for sale, but have no idea where to really begin. The first thing a person needs to do is to obtain pre-approval. This not only speeds up the process for the acquisition of the property, but also lets a person understand the amount of home that they can purchase. There is no sense for a person to look at a home for $500,000 when they can only obtain … (4 comments)
I know its been a while since I last blogged. I have been swamped with bank owned properties (REOs) and bringing sales to fruition. Over the last few weeks I have found that there are certain fees that buyers may not be aware of when purchasing REO properties compared to short and fair market sales. 
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