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Category Archives: Buying

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Why do I need a survey?

Sandy Gadow

While the plat map attached to your preliminary title report will show the boundaries of the property, it will not show where the house is located on the property or whether there are any encroachments on the property (such as … Continue reading →

Posted in Buying, Loans, Selling, Title Insurance | Leave a reply

Choose Right Settlement Agent for a Quick Closing

Sandy Gadow

In spite of the recent shift in the real estate market, seeing sales slowing down in many areas, savvy Buyers are looking for well-priced properties which may now be available to them.  Not wanting to loose out to a competitive … Continue reading →

Posted in Buying, Closing/Settlement, Selling | 1 Reply

How Much Can I Borrow?

Sandy Gadow

Depending on your annual income, cash reserves, credit worthiness, and the appraised value of the property, you may be able to borrow up to 100% of the value of the home.  A typical home mortgage is 80% of the home’s … Continue reading →

Posted in Appraisal, Buying, Loans | Leave a reply

How Am I Taxed in an Installment Sale?

Sandy Gadow

Installment sales are used to help spread out capital gains on a property for a period of more than one year. This is done by taking several, smaller payments for the sale of property instead of one large sum of … Continue reading →

Posted in Buying, Selling, Taxes | Tagged installment sale | Leave a reply

What happens to the mortgage if I inherit the property?

Sandy Gadow

If you inherit a property in which there is a mortgage, under the federal law called the Garn-St. Germain Act, you are entitled to take over payments on the existing mortgage. This act prevents a lender from enforcing the “due … Continue reading →

Posted in Buying, Loans | Leave a reply

How Do I Get a Copy of My Credit Report?

Sandy Gadow

If you have been denied credit in the past 30 days, you have the right to request a free copy of your credit report. Beginning December 1, 2004 in the Western states, and nationwide in 2005, the three main credit … Continue reading →

Posted in Buying, Credit, Credit Report, Loans | Tagged credit report | Leave a reply

I Am a First time Homebuyer. Is There a Special Loan for Me?

Sandy Gadow

Many lenders participate in the Community Home Buyer’s Program, sponsored by Fannie Mae, which is specifically tailored for the first-time homebuyer. This type of loan provides financing for low-to moderate-income buyers who might not qualify for a loan on traditional … Continue reading →

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What Are the Most Common Contingency Clauses?

Sandy Gadow

Common contingency clauses include: Financing Contingency: allowing Buyers a specified amount of time to obtain a loan commitment and financing which is acceptable to them Inspection Contingencies: depending on your state law, contingency clauses can be written to cover property … Continue reading →

Posted in Buying, Contingencies, Selling | Tagged contingency, financing, inspection, mediation | Leave a reply

I’ll Fix The Roof After Escrow Closes

Sandy Gadow

Often it may occur that the property you are buying, upon inspection, reveals a problem that needs correcting. The problem may be a leaky faucet, sagging floor, termite damage, defective roof, or any other problems from small to substantial. In … Continue reading →

Posted in Buying, Selling | Tagged inspection | Leave a reply

What is a Trust and Should I Create One?

Sandy Gadow

A trust is an arrangement which dictates how your assets are to be managed and distributed. Trusts are typically established to save taxes, avoid probate, control trust assets, and protect Beneficiaries. Trusts can be written so that they can be … Continue reading →

Posted in Buying, Taxes, Tenancy | Tagged trust | Leave a reply

How You Close on a Mortgage Is Your Call

Sandy Gadow

By Sandy Gadow Special to The Washington Post As the record-setting volume of home purchases and mortgage refinancing continues, many borrowers are becoming concerned about how to make settlement go as smoothly as possible. The right choice of a settlement … Continue reading →

Posted in Buying, Closing/Settlement, Loans | Leave a reply

What Are Fannie Mae Guidelines and Will I Qualify?

Sandy Gadow

Your lender or mortgage broker may refer to “Fannie Mae Guidelines” when asking you for documentation supporting your loan application. They may have explained to you that you must qualify for the loan under those guidelines. What are they and … Continue reading →

Posted in Buying, Loans | Leave a reply

Do I Need a New Title Policy When I Refinance My Mortgage?

Sandy Gadow

You will not be required to obtain a new Owner’s Title policy when you refinance your mortgage, but you will be required to obtain a new “Lender’s policy” of title insurance, naming the lender as the insured. The Lender’s Policy … Continue reading →

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

Why Is My FICO Score So Important in Getting a Mortgage?

Sandy Gadow

Most lenders rely on a credit score, called a “FICO score” to determine a Borrower’s credit worthiness when applying for a mortgage. Your FICO score or number may determine what type of interest rate and loan program you are likely … Continue reading →

Posted in Buying, Credit, Loans | Tagged credit, credit report, FICO | Leave a reply

What are the three types of easements?

Sandy Gadow

Many properties have easements, often laid out when the subdivision was created. These easements may be for public utility or power lines, phone lines, water pipes, sewers pipes, gas lines and often cable TV. There are three common types of … Continue reading →

Posted in Buying, Easements | Leave a reply

Finding Hidden Costs on Your Closing Statement

Sandy Gadow

Throughout the closing process, you will have been given various documents, some being mandatory government disclosure documents. These disclosures are meant to keep you fully informed in regard to the costs you will or may incur in your closing. Among … Continue reading →

Posted in Buying, Closing/Settlement, Selling | Leave a reply

How can the Right of Rescission Protect Me?

Sandy Gadow

The Right of Rescission is a protection given to borrowers under the Truth in Lending Act. This right gives borrowers of certain types of loans the opportunity to cancel their loan within 3 business days of signing the loan documents … Continue reading →

Posted in Buying, Loans | Tagged Truth in Lending | Leave a reply

What is the Tax Exclusion Rule for the Sale of a Residence?

Sandy Gadow

The Taxpayer Relief Act of 1997 has replaced the old Rollover Residence Replacement Rule, IRS Code Section 1034, which allowed you to avoid paying tax on your profit from the sale of a principal residence so long as you bought … Continue reading →

Posted in Buying, Selling, Taxes | Tagged exclusion rule | Leave a reply

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