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[quote user="Bill Smith"]Bryan, thanks for the quick reply. With the no cost loan scenario which of the 3 boxes would be checked and for what dollar amounts? Thanks[/quote] Let's assume that you have $10,000 YSP, $1,000 Lender Fees (UW, etc), then Box's 3-11 total $4,000 and you want to do a no cost loan. On page 2 you would put $11
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Bill, unfortunately we have no choice in using this form. There are many issues with it but it's something we are all going to need to figure out how to use. [quote user="Bill Smith"]But anyway, where I am confused is if the ysp is $10,000 and is lumped in with the closing costs and then credited in the box below it for the same exact
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Good advice from Mass Mortgage. If it turns out that he doesn't have legal access then he or the title company that insured his property might have to buy those access rights from you. Check with an attorney about filing a lis pendens against his property if he is uncooperative.
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I just had an interesting issue come up on a loan. Just wondering if any of you have had a similar experience. This is an FHA loan that I brokered and it was declined by the lender due to property issues. Another lender looked at it and they accepted the property with additional work requirements. We ordered closing documents and the closer said they
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If you look at the Deed of Trust you will find a provision for FIRE, FLOOD and OTHER HAZARD INSURANCE. Fairly broad language is used that allows the lender to determine whether the insurance is adequate to secure their interests in the property. That provision gives them the right to dictate how large of a deductible they will allow.
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Most utilities have an easement over some portions of most properties for access and installation of services. You need to find out what easements they have. You can look on your deed to the property or look at your title policy. Or you may need to go to the county courthouse to see what is recorded. if you know where the property line is then you can
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[quote user="Ally Bingen"]My question is, do we have a right to not sell our house to someone, if they present us with a full cash offer?[/quote] You aren't required to sell to anyone. However, you may owe the real estate agent a full commission if they bring you a purchase agreement that is exactly to the terms of the listing agreement
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Yes
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Depending upon your lender you might be able to negotiate a short sale. As long as you aren't delinquent it shouldn't be a huge hit to your credit score. You should do some research on it and discuss the possibility of a short sale with your lender. Here is an article that I picked up the other day on how Bank of America is handling short sales
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Depending upon your lender you might be able to negotiate a short sale. As long as you aren't delinquent it shouldn't be a huge hit to your credit score. You should do some research on it and discuss the possibility of a short sale with your lender. Here is an article that I picked up the other day on how Bank of America is handling short sales