Tag Archives | Frequently Asked Questions

Where Does My Earnest Money Go?

By on March 28, 2010 in Real Estate

Hey, I gave my real estate agent a $5000 Earnest Money Deposit check… Where does that money go? A basic and very obvious question that most First-Time home Buyers ask once their purchase contract gets accepted. When a buyer makes an offer to buy residential real estate, he/she generally signs a contract and pays a [...]

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What Does Title Insurance Protect Me From?

By on March 28, 2010 in Real Estate

By including title insurance when purchasing property, your title insurer takes on accountability for legal expenses to defend your property title, should it ever be challenged. Many different occurrences can come into play to warrant the need for title insurance. The title company responsible will then take on the legal expenses to defend the property [...]

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Should I Refinance or Get a HELOC For Home Improvements?

By on March 28, 2010 in Mortgage

For homeowners interested in making some property improvements without tapping into their savings or investment accounts, the two main options are to either take out a Home Equity Line of Credit (HELOC), or do a cash-out refinance. According To Wikipedia: A home equity line of credit is a loan in which the lender agrees to [...]

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Understanding the Difference Between an Appraisal vs Neighborhood Listing Prices

By on March 28, 2010 in Mortgage

Why is there such a difference between what my appraised value is and the price similar homes are selling for on my street? It’s a great question, and you don’t have to be a mortgage professional or a real estate agent to understand the answer. The distinction lies in the purpose of the two valuations [...]

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How Do Mortgage Companies Value A Property That Has Not Been Built Yet?

By on March 28, 2010 in Mortgage

It’s obviously easier to picture the process of estimating value on an existing property in a neighborhood that has a history of home sales, but the task of determining the value on new construction projects does pose some challenges. Appraisals on homes that haven’t been built yet generally require the contractor and home buyer to [...]

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