real estate contracts: Selling Your Home? Should You be Leery of Accepting an Offer from Buyers Approved for FHA Financing? - 11/29/18 11:06 AM
 
 
Selling Your Home?
Should You be Leery of Accepting an Offer from
Buyers Approved for FHA Financing?
 
It's not unheard of to hear my Borrowers (and their Agents) say that Sellers are expressing a leeriness about accepting offers from FHA  Buyers ... 
 
Typically these Sellers' uneasiness is based on rumors and stories they've heard about the difficulty of passing an FHA Appraisal.  They think they'll be required to make their home "right for FHA Financing".    The prevailing thought is typically that FHA ... or the Lender ... will require that they complete a long list of repairs prior to Closing.  That they as a … (45 comments)

real estate contracts: When's a Real Estate Deal a Real Deal? - 11/09/17 10:33 AM
 
When's a Real Estate Deal a Real Deal?
 
When does a real estate deal become a real deal?  
At what point can a buyer rightly assume that they have entered into a secured transaction to buy?
Is it when the offer is accepted? When a formal Contract is signed? The "Process" of its financing is in motion? Appointments for Inspections or Appraisals are made? Some other "step" in the Process? Recently, a pre-approved buyer I was working with, made an offer to buy a home they had fallen in love with.  After negotiation, they and the Seller(s) signed a formal Contract. 
Within 2 days of the … (8 comments)

real estate contracts: Missing: Common Sense and Logic - 02/14/17 12:47 PM
 
Missing: Common Sense and Logic
 
 Some Home Buying Transactions Just Defy Logic ...   A call I received from a client a short while back literally left me speechless.  As my 6-year-old granddaughter would say, "there was nothin' but crickets" ...  My client had questions regarding their mortgage (already in process).  There was nothing alarming about our exchange ... that is, right up to the point where I mentioned it was the time in their processing to order their Appraisal.  That's when my client said ... "We need to hold off on doing the Appraisal, per my Agent". Uh oh ... Of course I asked, "Why?"  Their reply ... "Well, I've been doing … (56 comments)

real estate contracts: Closing Cost Options That Help Buy or Sell a Home - 07/21/16 09:02 AM
Closing Cost Options That Help Buy or Sell a Home     
     The accumulation of a Down Payment is often a First-Time Homebuyer's  primary focus once the decision to buy has been made.  Monetarily and mentally, the down payment becomes the one central goal they focus on ...  
     So when I raise questions regarding the availability (and source) of funds needed for Mortgage Closing Costs, the question can catch them by surprise.  
     Oftentimes, First-Time Buyers are either completely unaware that funds will be needed for these Costs, they've (incorrectly) assumed that their Down Payment covers them, or that the costs can … (28 comments)

real estate contracts: What Closing Costs to Expect if You're a First-Time Home Buyer - 08/28/15 09:37 AM
What Closing Costs to Expect if You're a First-Time Home Buyer   
     There's a lot of things to learn and know when hoping to become a First-Time Home Buyer.  It can all seem a bit overwhelming ...
     Closing Costs:  Closing Costs are one of the most important things you must know as part of your upcoming transaction and financing.  
     And while everyone's transaction may have costs specific to it (or the locale of the property), there are some costs that are pretty much basic and universal to every transaction.  
     Below is a comprehensive list of those costs charged … (31 comments)

real estate contracts: Why Do Lenders Require a Real Estate Contract? - 12/23/14 07:22 AM
 
Why Do Lenders Require a Real Estate Contract?
     One of the Loan Officers in my office had a Seller's Attorney recently ask him ... 
     "Why does a Lender need a copy of the Real Estate Contract?"
     Admittedly, I was somewhat taken-aback by this basic question, but I believe my LO handled it pretty well.  He responded to the attorney with 2 questions of his own:  
How else would a Lender be able to confirm the actual terms of a real estate sale? What Appraiser would accept an Appraisal Order without receiving a copy of the Contract in a … (46 comments)

real estate contracts: What an Underwriter does NOT want to see when viewing Chicagoland Real Estate Contracts - 06/26/13 08:24 AM
 
What an Underwriter does NOT want to see when viewing
Chicagoland Real Estate Contracts
 
      Recently, I've seen some repetitive scenarios popping-up on my mortgage clients' Sales Contracts, as they pertain to "concessions" and property repairs.  Several of the transactions I've seen have had Home Inspection issues arise.  Each time this has set-off the back-and-forth of timely negotiations.        I think it's important for clients to understand that ... from an Underwriter's viewpoint ... the ONLY allowable Seller-paid concession on a Sales Contract is for Closing Costs and certain pre-paids, such as Interest, Homeowners Insurance, and Escrow … (31 comments)

real estate contracts: Don't Accidentally Start a Fire. Install a Fire Detector Within Your Contracts - 09/12/12 01:54 AM
 
 
Don't Accidentally Start a Fire
 
Install a Fire Detector
Within Your Contracts
 
 
 
 
         From start to finish ... the dates and chronology of a Real Estate Contract have become increasingly important to the outcome of the transaction.  This is certainly true here in my  Will County, IL  housing market, as well as across the nation.
 
      But as of late, I've received some  Real Estate Contracts with some time-frames written into them that have been absolutely impossible to meet.  To offer an analogy, they were a smoldering fire just … (26 comments)

 
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) Rainmaker large

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience

New Lenox, IL

More about me…

NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656

Address: Gene Mundt, Mortgage Originator c/o American Portfolio Mortgage Corp., 318 Alana Drive, New Lenox, IL, 60451

Mobile: (708) 921-6331

Office: (815) 524-2280

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