In a general sort of way, mortgages can be considered commodities having many of the boiler plate provisions the same across the board (the only exceptions, of course are the terms on the mortgage note and provisions contained in portfolio loans that are retained by lenders and not sold in the secondary market). To the…… Continue Reading
At a real estate closing, both the buyer and the seller have costs associated with their respective sides of the transaction. In recent years the trend has been for buyers to ask sellers to contribute funds to help the former cover most or all of their closing costs and/or prepaid expenses – there is even…… Continue Reading
Radon is an important issue here in Minnesota as I mentioned in my blog on the subject:http://johnchrisney.com/?p=742 The cost to install a radon mitigation system ranges between $500 to $2,000 , depending upon the home’s configuration, with a generalized average in my experience of around $1,400 or so. You can view a typical installation by…… Continue Reading
THE FEAR FACTOR… The housing meltdown of a few years ago was accompanied by horror story news headlines about “Unqualified Buyers”, “Risky Mortgage Products”, “Unprincipled Mortgage Bankers and/or Real Estate Agents”, “Disastrous Loan Products”, and the like. There was a certain amount of truth in all of these stories, and legislative steps were subsequently taken…… Continue Reading
YOU DIDN’T TELL US…! WE DIDN’T KNOW…! WHAT ARE YOU GOING TO DO ABOUT…? The seller disclosure document stated that they never had water in the basement, yet after the first modest spring rain you found several puddles around the laundry tub; the seller stated that there were never any sort of infestations, yet…… Continue Reading
Sewer lines made of PVC continuous tubing or connected clay sections each 3-4 feet long carry sewage and waste water away from homes to main sewer lines most often located in the street. To function properly these lines must be pointing downhill their entire length and must be at least relatively clear of tree roots and other…… Continue Reading
At the present time in Minnesota home buyers (principals) who choose to work with me can either be my client(s) or my customer(s). A principal who has signed the adjacent contract is a CLIENT; a party who is not under contract is a CUSTOMER. What difference does it make? Under the law you are owed…… Continue Reading
Some easy answers to the above question can include more shared amenities (pool, tennis courts, workout space, party room, etc.), the inclusion of some utilities and/or insurance. These are understandable conditions that will affect dues from one complex to the next. However, there may be some other considerations at work that are not so obvious.…… Continue Reading
Monthly association dues for Condos and Townhomes pay for a variety of items, including exterior upkeep, landscaping, snow removal, trash hauling, amenities such as indoor and outdoor pools, exercise and party rooms and the like, certain categories of insurance and other items. These monthly dues are viewed as part of your monthly housing payment and…… Continue Reading
So often I hear both experienced and first time home buyers indicate a need to pay off credit card or auto loan or student loan balances before discussing this perceived need with a mortgage banker. If this strategy is carried out without proper counseling, valuable cash required for down payment or other closing expenses may…… Continue Reading