Archive for December, 2010

Buying REO Property or a Foreclosure

December 22nd, 2010 \\ Foreclosure / REO \\ Tagged: ,

Foreclosed upon and bank owned property purchases require the assistance of an experience professional. What is an REO? “REO” stands for Real Estate Owned. These are houses which have completed the foreclosure process that the bank or mortgage company presently owns. This is not the same as real estate up for foreclosure auction. When buying [...]

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How Escrow Works

December 22nd, 2010 \\ Escrow \\ Tagged:

Closing the Sale Escrow To finalize the sale of the home a neutral, third party (the escrow holder, a.k.a. escrow agent) is engaged to assure the transaction will close properly and on time. The escrow holder insures that all terms and conditions of the seller’s and buyer’s agreement are met prior to the sale being [...]

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Loan-Related Closing Costs

December 22nd, 2010 \\ Closing Costs \\ Tagged:

Loan Origination Fee This covers the administrative expenses in setting-up and processing the loan. The loan origination fee may be a percentage of the mortgage amount. Points (optional) An option for the home buyer is to pay points to lower the interest rate at which the loan will be repaid. Each point equals 1 percent [...]

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