Buyer Waives Termite Inspection, But Still Delays Settlement Over Termite Treatment?

July 24th, 2014

I have seen a last minute termite inspection issue cropping up lately that should be discussed. Many times I will see that the sales contract will not call for a termite inspection. In this market of limited inventory, one way the buyers are competing is by waiving contingencies, and one of those competitive ideas is to waive the termite inspection contingency. Sometimes when waiving this contingency Read the rest of this entry »

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Waiting to Buy, Is It a Good Idea?

June 26th, 2014

brian-martucci-waiting-vs-saving-for-home-blogI have had numerous clients mention recently that they may wait to buy because they want to save for a larger down payment to have a 20% down payment and avoid mortgage insurance. While it is laudable to want to have a nice chunk of down payment, waiting may not pay off.  Some think mortgage insurance is a waste of money, and that they should avoid it at all costs. Again, this is commendable, but maybe not worth waiting for. I’ll show some numbers to explain further. Read the rest of this entry »

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Three Credit Reports to Get a Mortgage?

November 27th, 2013

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A lender pulls three credit reports to issue a mortgage? Yes, potentially. One when you get pre-qualified, another at loan application, if loan application and settlement happens 120 days or more after pre-qualification, then the third check is just before settlement! Yes, now Fannie Mae, Freddie Mac, FHA, and all the rule makers require lenders to check for credit activity just a day or two prior to settlement. Read the rest of this entry »

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