By Elliot Zaks, Principal, Madison Commercial Real Estate Services
Do-it-yourself projects may be a worthy endeavor for a handy homeowner refinishing a deck or a green thumbed gardener installing a herbaceous border. However, in the complex world of real estate transactions, DIY measures may backfire. Buyers seeking to cut costs with DIY methods can miss out on some vital resources.
The residential home market is experiencing a shift in attitudes. Rising interest rates and stiff credit requirements are causing a slow down in residential mortgage lending, as buyers struggle to get home loans. Rather than submit to the strict rules of the banks and creditors, many home buyers are turning to all cash deals. While cash buyers have the advantage of evading lender’s regulations, they should be careful not to forego essential industry safeguards. Continue reading
Tags: all-cash deal, do-it-yourselfer, Inc., individual investor, lender’s title insurance policy, owner-occupant buyer, Owner’s title insurance policy, real estate attorney, real estate transaction, Realty Trac, second-home buyer, title insurance
If any of the participants in a real estate transaction don’t do their job, it will likely delay the closing or, even worse, cause it to adjourn while the parties are assembled at the closing table. When that happens, it invariably causes anxiety, grief, anger and hardship to some or all of the principals…. When the closing is delayed or adjourned, clients don’t care who is responsible. They get mad, especially with their own attorney whom they’ve paid to prevent this from happening! Continue reading
Tags: city tax, closing, escrow, HUD-1 settlement statement, judgment, lender’s counsel, lien, mansion tax, mortgage tax, purchaser’s attorney, real estate transaction, satisfaction of judgment, seller’s attorney, state tax, Title Agent, title report
It was definitely not anything resembling a normal year. Although business had been slow for a while already by the end of 2009, some title agents may have thought 2010 would be a good time to redouble their efforts to grab those few deals still left out there. Think again. Continue reading