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Selling Your Home - What Can Go Wrong With Title and Lenders
If you're selling your home, there are going to be difficulties at some point in the transaction. Some problems can't be fixed. It's important to figure out whether yours are fixable or not. Then you can either fix them or move on and find another buyer. If it's priced appropriately, there's a buyer out there for virtually every property. Title Problems You get a call from the person searching the title to your property saying your first cousin once removed is shown as having a ten percent interest in the property. I hope you (and not just your lender) have title insurance. If you don't, perhaps your cousin will sign a "quit claim deed" (or whatever similar term your jurisdiction uses) if her father was paid for his interest long ago, but nothing was recorded to that effect with the land records. If that doesn't work, perhaps your cousin will agree to join in the sale and receive ten percent of the proceeds. Failing that, you're probably looking at a court proceeding. The sale will fall apart, and you'll have to start all over again once the problem of legal ownership has been resolved. Bummer. Before you put a property on the market, make sure your title is clear. Lender Objections Lenders can really punch holes in a home sale. Let's look at a few examples. Example One The lender calls and says your garden shed is encroaching on your neighbor's property, while their fence is on yours. The lender won't fund the buyer's loan until everything is moved to where it belongs. Typically, the lender isn't going to back down. What are your options? If you get along with your neighbor and can do the work yourself (or can afford to have it done), the problem can be quickly cured. I once saw a very creative resolution to this problem. The shed was on a utility right-of-way. The seller got the county to write a letter to the lender saying that if a shed weren't on a poured foundation (it wasn't) and could be moved on notice, then it wasn't considered an encroachment until/unless such a notice was sent. Example Two The lender says your property will appraise for the amount needed for the loan so long as the following repairs are made. The list of repairs upsets you. Time to take a deep breath and think. How can you get them taken care of before settlement? Can you do them? Have them done? Would the buyer be willing to help out? Is this a deal to walk away from? Regardless of the answer, the key is to make a logical decision not an emotional one. Example Three The lender's appraiser comes in with an appraisal that is below your agreed sales price. The lender is willing to lend based on the appraisal, not the previously agreed price. There are several options for fixing this problem. 1. You can reduce your price to the appraisal price. 2. If the buyer wants your property enough and has enough money, he can pay a larger down payment and leave the purchase price the same. 3. The two of you can split the difference; you come down some, and he increases his down payment some. 4. Or, sadly, the deal can fall apart over this issue. The real key to successfully dealing with problems is to stay calm, open minded, flexible, bottom line oriented, and think win/win. Most of the problems that occur do have solutions. We just need to look for them persistently. Raynor James is with http://www.fsboamerica.org - providing homes for sale by owner, "FSBO", properties. Are you thinking, "Should I sell my home?" Visit http://www.fsboamerica.org/seller.cfm to sell your home sale for free for one month.
MORE RESOURCES: L.A.’s Real Estate Upfronts Reveal Penthouse A at Rosewood Residences Beverly Hills Hollywood Reporter Real estate mogul cautions about avoidable mistake when buying a home, explains how to avoid 'drowning' Fox Business Coloradans negotiating lower fees for real estate agents with new law on horizon Colorado Public Radio Massachusetts real estate transactions for Hampden, Hampshire and Franklin counties May 19, 2024 edition MassLive.com Real estate transfers: May 17, 2024 RiverheadLOCAL Busch relative settles squabble with Clayton investors over real estate trust St. Louis Post-Dispatch London Real Estate Is About to Get the ‘Selling Sunset’ Treatment Hollywood Reporter Real Estate Newsletter Articles this Week: Housing Starts Increased to 1.360 million Annual Rate in April Calculated Risk Mid-May Greenwich Real Estate Market Report Greenwich Sentinel Dodge County Real Estate Transfers Fremont Tribune Should I Buy a House Now or Wait Until 2025? Norada Real Estate Investments The Michael Houck Real Estate Guide for May 19 Oil City News MCB Real Estate Revives Long-Awaited Viva White Oak Mixed-Use Project Source of the Spring Washington state ahead of the game as lawsuit rewrites real estate commission rules - Puget Sound Business Journal The Business Journals Yes, there are other coastal Delaware towns besides Rehoboth Washington Blade Dutchess County, NY real estate 2024: What's on the market for $579K Poughkeepsie Journal Baltimore real estate: 4 waterfront condos for sale The Baltimore Banner STAR resource center Department of Taxation and Finance Home Prices Hit Record Highs in April 2024: Trends & Forecast Norada Real Estate Investments Real Estate Briefs: Lakeside homes, news condos, and more news Rough Draft Atlanta REAL ESTATE | UPDATE | Johnson Bus selling lot for new West Bend Fire Department No. 1 washingtoncountyinsider.com VIDEO | REAL ESTATE | Construction finally underway for Taco John's in West Bend, WI washingtoncountyinsider.com Revolution in real estate: How the NAR settlement is changing the game Eden Prairie Local News James Quinn's Data Center Advisory Expertise at JLL Drives Innovative Real Estate Solutions for Global Corporations Markets Insider Here are recent property transfers up to $1.28 million St. Albans Messenger Oceanport's Denholtz recognized by commercial real estate organization themonmouthjournaleastern.com Westmoreland County Real Estate Transfers | Real Estate | latrobebulletinnews.com latrobebulletinnews.com Innovative Leaders Vanderstraaten and Rohrman Inducted into North Texas Commercial Real Estate Hall of Fame ... dallasinnovates.com OT Real Estate Spotlight of the Week: 2115 Sheridan Place The Owensboro Times Real Estate Mogul Grant Cardone Closes Largest All-Cash Multifamily Deal In South Florida This Year Yahoo Finance Routt County real estate sales at $17.6M for May 9-15 Steamboat Pilot & Today Robert Willett may be targeting female Realtors in Northeast Ohio Akron Beacon Journal China Says It Will Start Buying Apartments as Housing Slump Worsens The New York Times My Co-op Neighbor Never Pays His Maintenance on Time. Can We Make Him? The New York Times Refined Real Estate: Unique Leschi home with lake views lists for $1,395,000 seattlerefined.com Navigating Northern Virginia Real Estate: An Insight Into Rhonda Campbell's Bespoke Approach Grit Daily Number of homes for sale in Metro Atlanta increased significantly, real estate brokerage says – WABE WABE 90.1 FM What's real estate wellness? Fortune Ellison sues real estate broker Chad Banken over alleged schemes involving contracts for deed Star Tribune Billionaire Frank McCourt raises his hand to buy TikTok Business Insider Connecticut real estate law changed after MV Realty investigation Eyewitness News 3 Connecticut real estate law changed after MV Realty investigation Eyewitness News 3 Real Estate Transactions for May 18-19 | News, Sports, Jobs Nashua Telegraph Sean Bloom Investments Announces $2B Real Estate Project in Las Vegas InvestorsObserver Local couple buys Pat Burrell's former Center City penthouse for 38% under original asking price The Business Journals KKR Real Estate Finance Trust Inc. (NYSE:KREF) Given Average Recommendation of “Moderate Buy” by Analysts Defense World Edgefront Real Estate Investment Trust (TSE:NXR) Forecasted to Earn FY2024 Earnings of $0.73 Per Share Defense World Do starter homes still exist? Here's what NJ realtors said NorthJersey.com Letter: Clarifying changes to real estate industry Morgan Hill Times Home listings are on the rise in southern Colorado, while other indicators show a slowing real estate market Colorado Public Radio First Capital Real Estate Investment Trust (TSE:FCR.UN) Share Price Crosses Above Two Hundred Day Moving ... Defense World Berkshire County Real Estate Transactions for April 29-May 3 Berkshire Eagle Did Fort Worth’s real estate market really ‘bottom out’? | Fort Fort Worth Star-Telegram Southern fast-food chain Cook Out buys Tampa real estate The Business Journals New Rules for North Texas Real Estate Agents Creates Uncertainty Dallas Observer EG Real Estate: 18 Opens This Weekend – East Greenwich News East Greenwich News Housing Market 2024 Predictions Bankrate.com End of war against property speculators marks new phase in China housing South China Morning Post LOCAL REAL ESTATE TODAY 5.17.24 – KQEN News Radio kqennewsradio.com |
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