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  • Two Flaws with the new Good Faith Estimate (6)
    • Jeff: I won’t use the current GFE too….I use Calyx Point….I’ll just create a customized doc that with do the same thing as the bottom section...
    • Rhonda Porter: Jeff, I forgot to thank you for pointing out the payment is under “summary of your loan” however, as you mention, it does not break out...
    • Rhonda Porter: Jeff, I’m hoping we can redisclose if needed. I tend to “over estimate” on my preliminary GFE’s and I explain to clients that...
    • Jeff: The monthly payment is listed under the “Summary of Your Loan” on page one….the fourth block. It is shown as principal, interest and mortgage...
  • HUD Passes RESPA Reform, New GFE Coming in 2010 (45)
    • JM: The 10% increase only comes into play if you “identify” the service provider. HUD wants to give the consumer control of the process, which is fine. The...
  • Predatory Upfront Loan Modification Fees (207)
    • Tanya: I have been a LO for several years. I didn’t put borrowers in homes they couldn’t afford. I didn’t charge prepayment penalities for my profit....
  • Nana needs a booster seat by tomorrow night (13)
    • tj: And to be sure there is no misunderstanding in such an important matter, the tip applies when you attach a seat that has it’s own harness using the...
    • tj: That should be “I’m sure mom already knows”, i.e your daughter.
    • tj: It’s really good to see among all this economic turbulence that exposes greedy crocks and thiefs allover the place that people like Joan is also around. Very...
  • Did the recent market shift affect Hitler too? (22)
    • Reba Haas: Jillayne, sorry for the delay, I’ve been traveling today to visit family. Short sale purchases are going well and I’m part of an investment...

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Does every buyer or seller need an agent? Does every distressed homeowner need an attorney?

In the comment thread to a recent post, Ardell wrote:
You can’t just tell people they should or should not have an attorney the same way that you can’t tell them they should or should not have a real estate agent LOL! Either can be a waste of money if you have the wrong [...]

When your financing evaporates, do you lose your earnest money?

This is not legal advice. For legal advice, consult an attorney, not a blog.
In this challenging market, many buyers are discovering that their loan program is no longer available. This is a particular problem with new construction, whether condo or house. The buyer signed a purchase and sale agreement (PSA) several months [...]

Has the Distressed Conveyances law curtailed foreclosure rescue scams?

In this Sunday’s Seattle Times there was an article on “foreclosure rescue scams.” I found the timing interesting given the recent enactment of the Distressed Conveyances law effective in June of this year. This law was specifically enacted to curtail these practices and even provides a rather large “stick” to use in convincing people [...]

Buying without an Agent — the Epilogue

This is not legal advice. For legal advice, contact an attorney.
Over the last year, I’ve posted several times on using an attorney – rather than a real estate agent — to purchase a home. As discussed in those posts, one of the biggest challenges in doing so is getting access to the properties that [...]

When to sue for an undisclosed defect

This post is not legal advice. For legal advice, consult an attorney, not a blog.
You just bought a house! Congratulations! You just discovered that foundation is cracked, although the seller said the foundation was fine… My condolences…
The next logical question: can you get some recovery from the seller [...]

Form 17 — an addendum to the contract?

As always, this is not legal advice. If you want legal advice, consult an attorney, not a blog.
Is the Form 17 part of the purchase and sale agreement (PSA)? Should it be listed in the “Addendum” paragraph of the PSA? In a word: NO! (At least if you’re the seller — if [...]

Not showing a less-than-3% SOC commission? That’s unethical and illegal

This is not legal advice. For legal advice, consult an attorney directly, not a blog.
It’s common knowledge (based on those comments, at least) that some buyer’s agents will not show properties with an SOC of less than 3%. Is that a problem? In a word, Yes.
First, the ethics: The term “ethics” in this context refers [...]

The Commission-Based Fee Structure: it’s Bad for Buyers

This post is not legal advice. For legal advice, consult an attorney in person, not a blog.
[Sorry, no links or cites here, but I think the following historical perspective is undisputed:] Originally, real estate agents (and brokers, referred to collectively in this post as “agents”) represented only the seller. The “listing” agent [...]

Buying without an Agent: How to get that 3%

This post is not legal advice. For legal advice, consult an attorney in person and do not rely on a blog.
Earlier this week, I authored a post giving some historical context and practical tips for buying a house without using an agent. The Big Question, of course, is this: Will that save me [...]

Using an agent to buy a house? That is soooo 20th century…

This post is not legal advice. For legal advice, consult an attorney directly (i.e. not via a blog).
This is Part I of a multi-part post.
Part I: Visiting the Property
Several months ago, I authored a post about buying a house without utilizing the services of an agent. It generated quite the conversation (concluding with [...]