Residential Real Estate Law Blog

Given the volatile and rather frightening state of housing market, many homeowners have been receiving notices from their county tax assessment boards appraising their homes lower than their current mortgages and thus lowering their home taxes. While many people would welcome a little more money into their pockets, some homeowners might be thinking this cannot be a good omen for them or their neighborhood. Hence, the question is whether homeowners, in general, fight lower tax appraisals. ... Read More

In this buyer's market, many sellers find themselves lowering the price to the extent they can no longer do so. Yet, they soon realize potential buyers may still require more concessions at closing. This causes sellers to still lower the selling price beyond what they had reasonably expected in the worst scenarios. Let us analyze what reasonable costs mean and what they entail.... Read More

Financial overhaul recently passed by Congress would have several intended and unintended consequences. Such regulations might make it harder and more expensive to obtain residential loans. Concomitantly, such regulations would afford greater protections to people who could secure such mortgages. Let us analyze some of the changes effectuated by the financial overhaul bill.... Read More

Given the rather socially accepted trend to just walk away from one's home when the mortgage far exceeds its value, has led to Fannie Mae implementing new rules and regulations. In fact, Fannie Mae announced new regulations aiming to penalize or rather deter such "strategic defaulters", if they are unable to demonstrate they can pay the mortgage. Let us analyze this important development.... Read More

In this still relatively frozen credit market, you would be fortunate to be approved for a mortgage. However, Fannie Mae on June 1, 2010 put ino effect new strict standards in the form of Quality Loan Initiative (QLI) that encourage your lender to conduct another credit check on you just hours before closing. The second credit report could scuttle the deal and cost you your earnest money. Let us review this development and explore how to forestall such eventuality.... Read More

Housing market is still bleeding and suffering. Nonetheless, there are myriad opportunities to take advantage of relatively depressing real estate prices and wait for the market to slowly yet steadily and appreciably improve. Thus, it behooves investors and others alike to know how to handle bargain real estate properties with multiple offers. Let us review some of the basics that could help us make prudent decisions.... Read More

Residential real estate market is still reeling from the debacle we experienced some time ago. Unfortunately, even some of the deals with able and willing buyers hit snags when low appraisals seriously imperil the deal. Consequently, this behooves us to ask appropriate questions of appraisers and let them know of the real situation of our real estate market. Let us review some of the due diligence we could exercise as home sellers.... Read More

Purchasing a foreclosed home at an auction is an arduous, risky and sophisticated task. After you have done your due diligence, you might not even obtain the house you have dully researched. However, it makes sense to ascertain some of the steps to understand the process better.... Read More

Fannie Mae starting from September 2010 implements stricter criteria to give adjustable and interest only loans to residential borrowers in hopes to prevent another housing bubble that wreaked havoc on the US economy as a whole. Freddie Mac had already tightened its borrowing criteria for such mortgages.... Read More