Category: Loan Approval
Pre-Approval – Lenders are encouraging buyers to get pre-approved for a mortgage so they’ll know in advance how much house they can afford. Pre-Approval is different from Pre-Qualified. With Pre-Approval you have already gathered your loan documentation and given to the lender, and the lender has already approved you for the loan pending your selection [...]
I think everyone may be missing the point of my last post. I’m not arguing loan contingency. Long before you get to loan contingency removal you should have the loan pre-approval contingency removed. Many, Many Realtors believe this to be one in the same when it’s not. Loan Pre-Approval is a full review of the clients’ ability [...]
Mathew Ryan recently wrote Backup offer for more than original contract. In a nutshell he and his client accepted an offer with a 20 day finance contingency, and then received a backup offer for $11,000 higher. My 1st question is why one would accept a 20 day finance contingency in today’s day and age of almost [...]
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Average Home Prices Slip in Coachella Valley
I’ve been reading a lot of information lately about our current market conditions from other REALTORS® who are claiming an increase is sales price and number of homes sold. I would scratch my head and ask where they were getting their numbers. Turns out their numbers are coming from national statistics. Real estate sales are [...]
Mortgage Debt Tax Relief Program Ending Soon
The Mortgage Debt Relief Act of 2007 the IRS would not come after you for your taxable amount if you had an upside-down unpaid principle as a result of loan modification, short sale or foreclosure depending on your tax bracket, let’s say you were $100,000 short on your mortgage you could be responsible for as [...]
Is your REALTOR® connected? No, I don’t mean in the MobWives fashion, if that’s what you thought, you’re watching too much reality TV. As an active Palm Springs REALTOR® I believe it’s important to take advantage of the technology available to today’s real estate professional. Everything that required an agent to go back to the [...]
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