A bankruptcy causes an automatic stop, a stay, in any active foreclosure case. The purpose it to give the Borrower time to reorganize its debts and keep the Property, restructure the terms of the note, abandon the Property, or give it more time to try and sell the...
If you are planning to buy a residential condominium, there is a heightened need for greater due diligence than if you were buying a single family home. Please: (a) review the last six (6) months of Board minutes to make sure there are no special or increased monthly...
A client came in today, unfortunately she already signed a contract for sale with a sketchy company. Closing would be within ninety (90) days, but it could be sooner with only four (4) days' notice to the Seller; only a $100.00 deposit, and a low purchase price. If...
One of our local subdivision builders sometimes markets its to be built homes by a lottery system. Maybe you will have the “privilege” of buying this model home, on this lot. Please do not fall for this sales ploy. Look around, you likely can find the same model home nearby, and not pay the inflated lottery price, or have the…
Even though the typical real estate contract states that the Property is being sold in "as is" condition, the buyer will perform an inspection during the due diligence period. Inevitably, items will come up and both sides will go back about needed repairs or credits,...
Borrowers typically negotiate lender loan fees such as points paid to the lender. However, borrowers often overlook other fees and costs, such as lender's estimated attorney fees. Depending on the lender and law firm selected by the lender, these fees can vary...
A client recently came to the office and discussed purchasing a warehouse. He wants to eliminate the mini-storage use of a portion of the building and find one primary commercial tenant to occupy that space. The client believes this would yield a higher return. Why...
I used to own a number of single and multi-family properties, most all of which I sold over time. I do not have the ability to fix the properties, I do not want calls from the tenants, and professional management only reduces the profit potential. I much prefer...
Should you consider using the lender or mortgage broker referred to you by your real estate agent? I would consider the recommendation, but I would not stop there. Sometimes, the real estate agent or company has an affiliated business arrangement with the lender or mortgage broker being recommended. Maybe this company offers the best rate, but maybe not; you need…
If the Buyer does not close, and the Seller if unwilling to refund the Deposit, what does the escrow agent holding the Deposit do with the money? The answer is to file an interpleader action and place the money with the clerk of court in the county where the Property...