Real Estate

It goes without saying that you MUST select a great closing attorney (and staff) and real estate professional when putting together your TEAM to purchase a home. Do NOT, however, take your selection (or for realtors your lender recommendations) lightly.  The fact is a great lender can make all the difference when it comes to finalizing your TEAM.

What many people do not realize is that the lender is more than the loan officer (also known as the loan originator or the person you know at the bank that is sooooo nice). While the loan officer generally is the face of the lender in many instances and plays a critical role, there are two other components to a lender that cannot be ignored – the underwriting and closing department. Below I will briefly address the role of each of the three members of the lending team that you MUST research before selecting a lender.Continue Reading

One of the biggest topics surrounding real estate right now is: What the heck is going on with flood insurance premiums? Well, in 2012 the Biggert Waters Flood Reform Act (the “Act”) was passed by Congress. In part it was designed to extend the flood program five years. Why? To help eliminate closings that were being delayed because flood insurance was not available.

What also was included was a plan to bring the National Flood Insurance Program out of the doldrums and make it self-sufficient. While all that sounds great, what was never reviewed was the potential financial impact on some homeowners.Continue Reading

Many of the buyers I work with (not only first time home buyers) have never sent a wire. While most law firms will accept a certified, bank check for an amount less than $5,000.00, amounts exceeding $5,000.00 generally must be sent to the closing attorney’s firm by wire. While it a customary practice of mine to discuss this issue during my first phone conversation with the buyer (usually made within 48 hours of receiving a purchase and sales agreement), this is not standard practice at most closing attorneys’ offices. So no matter what closing attorney is handling the transaction, it would be a great practice to address a potential wire scenario early on. Even if you address it early on (as I do), you should also remind them of this potential issue again a week or so before the closing because (as we all know) buyers have so much on his/her mind leading up to a closing and you do not want this potentially time-sensitive issue slipping his/her mind. Let me provide you a few examples of situations your client does not want to find himself/herself in.Continue Reading