This is a form of seller financing that happens when rates get too high and people do not qualify and sellers have equity. For example, Seller agrees to fund $200,000 and the existing loan is $400,000. A loan is established for $600,000 and it is a combination of the two loans and is recorded as […]
With the “Option to Buy” term a seller is bound to sell the property under the agreed terms but the buyer can decline at any time. With the “And Purchase” term, both parties are bound to the terms. There is a great discussion of this technique on Rocket Mortgage’s Website at rocketmortgage.com/leasepurchaseagreement.
In a seller’s market many contingencies are waived. Financing, appraisal, and inspection contingencies were not demanded by buyers in the last couple years so their offers would be more desirable. Now you will learn that there are two Home Sale Contingencies that some buyers might request. One is a Settlement Contingency and the other is […]
Terrible words for sellers, associates, and MLOs. This will require new negotiation skills. The first step for you might be to become familiar with the CAR form MT 6/19 version. This is a simple, one page, fits all form. Incidentally the name of the form is for the term Modification of Terms. Good luck out […]
NMLS is the Federal Agency that monitors all MLO Education. They have many very strict regulations for students and providers. Earlier this year a committee was formed to revise their very strict Rules of Conduct for all approved courses. I would like to note that I (Duane Gomer) was a member of said committee. The […]
33134132 – home for sale real estate sign in front of beautiful new house. This headline probably compares to some you have seen. In my county the sales last month were down 38% from last year and there are many other conditions changing. The number of homes listed for sales is up in every county. They […]
He turned 62 on August 17th…Seems like it was just yesterday he was Jeff Spicoli in “Fast Times at Ridgemont High” in 1982. Since then he has won two Oscars for best Actor for “Mystic River” and “Milk”, and he was nominated three more times for “Dead Man Walking”, “I am Sam”, and “Sweet and […]
I do not want to bury the lead on this post. Ron Howard’s latest film, “13 LIVES”, is outstanding and my wife DJ and I highly recommend it. It is about the boys soccer team in Thailand that was trapped in a cave for what seemed like a lifetime. It is filled with tension and […]
Many years ago in a far off land called the San Fernando Valley; Duane Gomer owned a Property management and Syndication Company. He started in Property Management with the Forest E. Olson Company and when he got his broker’s license, he became an entrepreneur in beautiful downtown Sherman Oaks. He built his business by teaching […]
The other day I heard some expert on a very sophisticated podcast answer a call-in question concerning VA Loans. The person said, “I am considering getting a VA Loan”. The expert responded that they should stop considering it because their fees are too high then went on to another boilerplate topic. I thought that Veteran […]
