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Category Archives: Buying

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How to Compete Against an “All-Cash” Buyer

Sandy Gadow

Let’s assume that you are in the category of buyers who need to find a property now and who must also get a mortgage to finance the deal. What can you do to improve your chances that will set you … Continue reading →

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COVID-19 Safeguards for your Real Estate Purchase Agreement

Sandy Gadow

Real estate agents, state realtor associations, and local governments have taken swift action to protect Buyers and Sellers during the COVID-19 crisis. They have drafted special Addenda (or “Riders”) that can be added to new or existing Purchase Contracts. The … Continue reading →

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State-by-State COVID-19 Addendum

Sandy Gadow

Most real estate associations have prepared COVID-19 addenda similar to those found in the California addendum, though the wording and scope may vary among them. Click your state below to find the pertinent information. Alabama Kansas New Mexico Utah Arizona … Continue reading →

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What are real estate agents doing to protect their clients when writing a Purchase Agreement?

Sandy Gadow

The National Association of Realtors (NAR) is providing helpful information and guidance on their website www.nar.realtor. They point out that Purchase Agreements may already have existing safeguards that cover some types of delays, but that an additional addendum for coronavirus-related … Continue reading →

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Rejected for a Mortgage? A Community Bank May Be a Viable Option

Sandy Gadow

If you’ve been turned down for a mortgage by a mainstream bank — as many people have with the much-stricter rules now governing credit scores, income requirements and loan-to-debt ratios — a community bank may be a good option for you.

The new Qualified Mortgage (QM) guidelines, which the federal government imposed on lenders in January, tightened already stringent rules introduced by the Dodd-Frank law and Consumer Financial Protection Bureau.

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What Should The Purchase Agreement Include?

Sandy Gadow

The Purchase Agreement (or Residential Purchase or Sales Agreement and Deposit Receipt) is the overriding document that will dictate the terms of your purchase or sale.  It is a legal, contractual document, and the provisions are binding.  Whether you have … Continue reading →

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6 Tips to Ensure a Smooth House Closing

Sandy Gadow

Real estate closings can be fraught with complications and setbacks, but they can go smoothly and quickly — if planned for carefully. You may think that an “all cash” deal would go through closing faster than a sale that involves … Continue reading →

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What To Do When the Seller is a Realtor Who Gives You False Information About the House You Bought

Sandy Gadow

I purchased a home that was advertised in the multiple-listing service to have off-street parking, and a photograph in a flyer showed a driveway alongside the house. The seller who is a Realtor and developer flipped the house. My agent … Continue reading →

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Know Before You Owe Disclosure Forms

Sandy Gadow

(Most states require sellers to fill out a disclosure form or disclose material facts about the property. To find your state’s law, speak to your real estate agent or state regulatory agency. You can find the disclosure requirements in your … Continue reading →

Posted in Buying, Closing Costs, Disclosures, Loans | Leave a reply

What Is the IRS Form 4506 Which I Might Be Asked to Sign at Closing?

Sandy Gadow

What is the IRS Form 4506 which I might be asked to sign at closing? Form 4506 is a form which gives a lender the right to receive a borrower’s tax returns in order to verify the borrower’s income. Most … Continue reading →

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What Happens When Your Rental Is Being Converted Into a Condo?

Sandy Gadow

Do you live in an apartment building that is going to be converted to a condominium? If so, are you at risk of being evicted? Or is this your unanticipated chance to finally become a homeowner? Many cities where land is scarce and housing is hard to find have developers who are clamoring to find established rental buildings that are suitable for conversion.

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Posted in Buying, Condominiums & Coops | Leave a reply

Will I Have to File a State Income Tax Return?

Sandy Gadow

There are currently seven states which do not require you to file a state income tax return. States with no individual income tax Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. The two states in Blue, Tennessee and New … Continue reading →

Posted in Buying, Selling, Taxes | Tagged income tax | Leave a reply

I Heard That My Builder Will Be Handling My Escrow. How Can I Protect Myself?

Sandy Gadow

It may be common for you to hear that the builder of the new home you will be buying will be handling the escrow for you. The builder may also be helping you with the mortgage to finance your new … Continue reading →

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Closing Checklists

Sandy Gadow

Buyer’s Home Closing Checklist Have you made a final walk-thru inspection of the property? Is the condition of the house or property as it should be? Are there any personal property items left behind by the Seller. Is everything in … Continue reading →

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State by State Closing Guide

Sandy Gadow

Here is a summary of closing practices for each of the United States. This is a general reference guide. Local practices within your city or county may differ.

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How to Avoid Becoming Enemies When You Buy a House With Friends

Sandy Gadow

By Sandy Gadow Special to The Washington Post The trend of buying a house with friends or a live-in partner has become increasingly popular. Family members (and even neighbors) often join together to purchase residential or vacation properties for their … Continue reading →

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About to Close on Your Home? Make Sure You Pick the Right Title Option

Sandy Gadow

By Sandy Gadow Special to The Washington Post One of the most important decisions that needs to be made at closing is how you choose to hold title. It determines how you will be insured, but it can also have … Continue reading →

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Know About Easements When You Buy a House

Sandy Gadow

By Sandy Gadow Special to The Washington Post You may think of an easement as just a right of way — that is given over your property — to a utility company for overhead power lines, phone cables or underground … Continue reading →

Posted in Buying, Easements, Title Insurance | Leave a reply

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