Entries for the ‘Bank Owned’ Category

Do You Want to Purchase Property Like a Pro?

Click on this link… How to Purchase Property Like a Pro.

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What is a Notary Fee?

A notary may charge for affixing her name and seal to various documents authenticating the parties’ execution of these documents.

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What is a Survey Fee?

The Title insurance company or Lender may require a survey of the property if you are obtaining a mortgage loan.  The survey is to verify the boundaries of the property and that your lot has not been encroached upon by any structures.   Costs for a survey typically range from $250-$350. Usually the Borrower pays for [...]

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What is the Commission Paid at Settlement?

The commission paid at settlement (closing) is the total commission to be paid.  It may be charged to the Buyer, the Seller, or both

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What is a Deposit?

A deposit is defined as a sum of money, or its equivalent, delivered to a real estate licensee as earnest money, payment, or partial payment in connection with a real estate transaction.  An earnest money deposit may be in the form of cash, currency, or any medium of exchange or securities that can be converted [...]

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What is an Escrow Account?

An Escrow Account is an account for the deposit of money a disinterested third party holds in trust for others. For a mortgage loan, an escrow account is one that is established to hold seperate funds for the purpse of paying bills such as homeowner’s insurance and property taxes.

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What is Homepath Financing?

A HomePath mortgage allows a borrower to purchase a Fannie-Mae owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance.   Seller contributions to closing costs are allowed. A HomePath Renovation mortgage allows a borrower to purchase a property that requires light to moderate renovation.  The one loan amount [...]

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What is the Property Tax Disclosure?

Prospective buyers of residential property must be presented a disclosure summary concerning ad valorem taxes before or at the time of execution of the contract for sale.   The property tax disclosure summary is to caution prospective buyers that they can not rely on the amount of the seller’s property taxes as an indication of the [...]

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What is Flood Insurance?

When purchasing a house it is important to understand a property’s flood risk and your options to financially protect it.   Homeowners insurance does not cover floods.  Only a flood insurance policy will cover flood damage.  FEMA’s National Flood Insurance Program enables homeowners, business owners and renters, in participating communities, to purchase federally backed flood insurance.    [...]

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What is Lien Priority?

If there are two or more liens on a property, the priority of liens determines the order in which the liens will be satisfied if the property must be sold.  The priority of most liens is the date and time that the lien was recorded in the public records.  Real estate (property) tax liens and [...]

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