Real estate blog entries tagged with purchase agreement

Blog entries tagged with "purchase agreement":

purchase agreement: 'Short Sale' .... the 'Sub-Prime' of 2008 - 08/13/08 06:54 PM

Short Sale is fast replacing 'Sub-prime' as the word of the year for 2008

so, what exactly is a short sale in Real Estate?
a very simple explanation, ...
Selling short , or a 'short sale' means offering (and a lender accepting) lesser amount than money owed to the bank.
The … (2 comments)

purchase agreement: SHORT SALE ... the new 'Sub-prime' - 08/02/08 04:15 PM

Short Sale may be replacing 'Sub-prime' as the word of the year for 2008

so, what exactly is a short sale in Real Estate?
Selling short , or a 'short sale' means offering (and a lender accepting) lesser amount than money owed to the bank.
The good:
salvage credit (potentially) … (0 comments)

purchase agreement: Nebraska Purchase Agreement - Condition of Property - 07/26/08 06:04 PM

The Omaha Area Board of Realtors' standard purchase agreement includes covers several topics that most people are not familiar with. Last month we reviewed Insurance (Nebraska Purchase Agreement - Insurance). Today let's look at paragraph 22 - Condition of Property.
The paragraph 22 says "Seller agrees to maintain the heading, air … (0 comments)

purchase agreement: Nebraska Purchase Agreement - Insurance - 07/26/08 05:56 PM

The standard purchase agreement used by the Omaha Area Board of Realtors includes many paragraphs. Last month we reviewed Conveyance (Nebraska Purchase Agreement - Conveyance). Today let's look at paragraph 17 - Insurance.
The paragraph 17 states "Any risk of loss to the Property shall be borne by the Seller until … (0 comments)

purchase agreement: Nebraska Purchase Agreement - Conveyance - 07/06/08 04:16 PM

The standard purchase agreement used by the Omaha Area Board of Realtors includes many paragraphs. Each of which is important to understand. Let's take a look at paragraph 4 - Conveyance.
The paragraph states "The Seller has good, valid and marketable title, in fee simple, Seller agrees to convey title to … (0 comments)

purchase agreement: Taxes and Special Assessments - Negotiate It - 06/27/08 11:31 AM

Taxes are prorated at closing almost 100% of the time, unless otherwise agreed to. At closing a buyer takes possession, therefore taxes that are paid ahead of time (December 1 and July 1) are prorated and added on to the buyer's closing costs in order to be credited back to the … (1 comments)

purchase agreement: 2008 Purchase Agreements - How to make financing easier. - 06/16/08 10:43 AM

As a mortgage professional, I have noticed that not much attention has been placed on the format of the new purchase agreements 2008 (sales contracts). Some of the changes that effect financing that should be included on the Good Faith Estimate for the buyers are:
1. The buyer now has to pay … (0 comments)

purchase agreement: Real Estate Term: Earnest Money - 05/05/08 05:49 PM

When a buyer and seller reach agreement on a home sale, the buyer typically puts a small amount of money into a trust account. This up-front deposit is more commonly known as "earnest money". A sales contract's earnest money requirement will vary from contract to contract. It can be as … (0 comments)

purchase agreement: It's A Buyer's Market in Silicon Valley: Why Won't The Seller Take Your Offer? - 03/22/08 01:17 PM

Home buyers are surprised when they make an offer and it is rejected or countered high. After all, this is a buyer's market in Silicon Valley, isn't it? Shouldn't the sellers be thankful that there's an offer at all? Shouldn't they just take any offer they get?That's how a lot of … (0 comments)

purchase agreement: You've Found Your Home, Now What? - 03/21/08 05:49 PM

Congratulations, you have found the home you want. Now what?
Your next step is to write a purchase agreement.
Writing a Purchase Agreement
When you select your new home, your REALTOR® will communicate with the selling party by means of a written offer. When the offer is accepted by both you, as the buyer, … (0 comments)

purchase agreement: Are You Commiting Fraud With Seller-Paid Concessions Pt 2 - 03/06/08 12:22 PM

If you are adding seller paid concessions on top of the purchase price in an amendment do not be surprised if the loan doesn't close!! This "common" practice has been a borderline fraud issue for a while. CWBC, has now made it official that they will no longer fund loans where … (47 comments)

purchase agreement: You got the House!!! Oh Sorry You Didn't!!! - 03/06/08 11:55 AM

I have encountered a situation recently that really has me concerned and would appreciate your input on this. I made a bid on a short sale property in Manteca and a week later received a counteroffer from the agent stating that the hot tub wasn't staying and that the property was a short … (17 comments)

purchase agreement: Bill of Sale - 02/21/08 08:36 PM

A Bill of Sale can be used to sell personal property, which is any property other than real estate and the improvements upon it. Generally personal property is just included in the purchase agreement for the real estate being purchased. The most common case for the use of a bill of … (0 comments)

purchase agreement: Personal Property - 02/21/08 08:17 PM

Personal property can become a major issue in the sale of real estate. In the eyes of the law there are two types of property. Chattel, which is just a fancy word for any property other than real estate, and Real Property, which of course means real estate and the permanent … (0 comments)

purchase agreement: Termite Inspection - 02/20/08 07:19 PM

In case you didn't know, in Nebraska we have termites and with termites come Termite Damage. Termites feed on wood and cause more property damage than any other natural cause. Because of this, lenders will require a termite inspection on the purchase of a home in Omaha.
The standard Omaha Area Board … (0 comments)

purchase agreement: How Earnest Deposits are handled in Omaha - 02/19/08 08:38 PM

An earnest deposit is an amount of money that a buyer puts into escrow as good faith to show that they will complete the purchase of a property. The amount of money is an indication of how serious they are and of their confidence in their ability to close the sale. … (0 comments)

purchase agreement: Four Critical Steps to avoid a Real Estate Contract Dispute - 01/21/08 08:16 AM

Rich Rodriguez has problems. The University of Michigan football coach, formerly at West Virginia, is having some issues with a contract. The way I understand it, his contract with West Virginia called for a $4 million dollar payment to the university if he left for another job. He says he doesn’t … (0 comments)

purchase agreement: Going A Different Way Around The Barn - 08/29/07 09:06 PM

I had stopped in to visit an elderly couple ,who owned a 200 acre farm. In the conversation the possibility of them selling their farm came up ,where as the wife became very emotional and so I dropped the subject for another time. Upon leaving I mentioned possibly stopping in again … (6 comments)

purchase agreement: Originators -- YOUR Global Positioning System - 08/06/07 10:30 PM

Many cars today come equipped with a GPS - Global Positioning System.
If your car is not you can purchase one for under $100. Today's GPS's are quite accurate. Garmin, one of the big names, claims their receivers are accurate to within 15 … (8 comments)

purchase agreement: Ask Your Agent for Sample Documents - 07/27/07 08:34 PM

It's no secret, the market is not moving at the breakneck pace it has been for the past several years. The days of writing offers on the hood of my car are (for now) a fond memory.
Can you imagine a first time buyer, or any buyer for that matter, having the … (3 comments)

purchase agreement: Responsibility of an Escrow Officer per the contract...Part 2 - 07/23/07 03:56 PM

So to continue on from Responsibility of an Escrow Officer per the contract...Part 1, please read below:
Page 5:
The Escrow Holder is not required to be concerned with items 15 through 17, however, depending on the escrow officer, we will mention the final walk through inspection under the Memoranda of the Escrow … (1 comments)

purchase agreement: Responsibility of an Escrow Officer per the contract...Part 1 - 07/20/07 07:28 PM

Who has read the California Residential Purchase Agreement and Joint Escrow Instructions? Did you know that the responsiblity of the Escrow Holder is in the Agreement?
No. 28 on page 7 of the Residential Purchase Agreement lists all of the items of the Agreement that pertains to the Escrow Holder and … (1 comments)

purchase agreement: Introductory letter with a purchase agreement - 07/04/07 09:09 AM

Some years ago, I began writing a letter to the sellers that accompanies purchase agreement. The letter is written from the buyers and introduces them to the seller. Depending on the situation, the letter will talk about what it is that the buyers like about the house, how they appreciate the way … (12 comments)

purchase agreement: Offer to Purchase Contracts 101 Tips 9-12 of 12 - 10/21/06 07:53 PM

With home selling and buying being one of the most important decisions one makes in their life, it is a good idea to know what items to look out for in an offer to purchase contract. Realtors® should be experts on checking the following items but buyers and sellers are the actual … (0 comments)

purchase agreement: Offer to Purchase Contracts 101 Tips 5-8 of 12 - 10/21/06 07:51 PM

purchase agreement: Offer to Purchase Contracts 101 Tips 1-4 of 12 - 10/21/06 07:49 PM

purchase agreement: Seller Concessions - 08/28/06 10:09 PM

I commented on another blog post about seller concessions, but I thought I'd expand on it here for a wider audience. Twice recently I've had deals hit speed bumps because seller concession limits weren't understood by the agents and the purchase agreement called for a greater contribution that the loan guidelines … (1 comments)