You're sitting at the closing table, your lender (if you've wisely chosen a good, local lender) is sitting at the table and the attorney tells you that your loan is likely to be been sold by the time you make your first mortgage payment. What? I know the answer, but I know Matt Hodges with Presidential knows a more detailed and better answer than I do, so I asked him to write the following for you. During the process of obtaining your mortgage, you may be told that the loan will be transferred to another servicer. What does “servicer" … [Read more...] about Hello & Goodbye – Lenders Selling Loans or “What Happens if my Loan is Sold?”
Stupid Real Estate Questions - AKA: What are the questions you think you should know but have never asked?
I remember well the quiet period, from when I bought my first house ... anxiety, questioning, wondering what I was doing that was inevitably going to screw things up. What is the "quiet period," or the time with little communication just before closing on a home purchase? Found the house? - check Contract? - check Inspection? - check Inspection negotiated and satisfied? - check Appraisal and financing sorted? - check Attorney doing their thing with title work? - check Now what? Closing is next on the calendar ... what … [Read more...] about The “Quiet Period” of the Residential Real Estate Transaction
Who are the Players? I have written about the value in assembling the A-Team and I’ve detailed those who touch your loan. I’ve advocated vigorously for using local lenders (here are two). But Who are the players involved in the transaction/real estate experience? Your Agent The person you hire to represent your best interests, whether a Buyer Agent or Seller Agent, this person should be the first person you interview/hire. Your agent (I am one) should always be looking out for you and be in a position to advise you on pricing, … [Read more...] about Who Are the Players in a Real Estate Transaction?
From time to time, I'll see a house that's still active on the market (I showed one on Wednesday in fact) but is under contract with a kick out clause. Right now, there are 6 such instances out of 1764 active listings in the Charlottesville MSA and MLS. What's a Kick out Clause? A kick out clause is a chance for the seller and buyer to have their respective cakes and eat them, too. Or, when a buyer wants to buy a home but hasn't yet sold their current home, and the seller wants to accept the offer but not fully remove the home from the … [Read more...] about What’s a Kickout Clause?
Â Part 1 of 2. What's â€œnormal" in your market may not be (and probably isn't) normal in the Charlottesville real estate market. So what's â€œnormalâ€ in the Charlottesville real estate market? It's a question that's asked of me by buyers coming from other markets (agents, too) and sellers who haven't sold a house before (or for many years). Note: what you see on HGTV is not what is â€œusual and customaryâ€ in the Charlottesville market. (or any market on Planet Earth). â€œUsual and customaryâ€ is always changing. Radon … [Read more...] about What is “Usual and Customary” in Charlottesville? – Part 1
I've always known/believed that homes in Charlottesville (and more real estate markets) close at the end of the month â€¦ But I've never looked at the numbers until now. Because I had to look at each day individually as there's no automatic report, I chose June 2011 as a representative month. Why do homes close at the end of the month?Simply put, a buyer has to bring a little bit less cash to closing if you close at the end of the month. When you close on a home, you're required to prepay any interest that will accrue on your mortgage … [Read more...] about When Do Homes Close in Charlottesville?
Question: What's the difference between a real estate client and a real estate customer? Answer: Quite a bit. I was with a a customer a few weeks ago and and we had an interesting conversation about the differences between a customer and a client. Some basic definitions from the Code of Virginia: … [Read more...] about Difference Between Clients and Customers