Foreclosure Shop   Educational Resources
 

Print Debbie Siegel's Mortgage Minute

Debbie Siegel
 
Don't Miss Your Real Estate Deadlines!

When making an offer on a property, it pays to have your calendar or PDA in hand. Once the process begins, you'll need to schedule the dates for the inspection, the Purchase and Sale (P&S agreement), the mortgage commitment (to secure financing), and the closing. These are all important dates in the real estate transaction. Meeting them on time ensures the transaction proceeds smoothly and helps protect you and the seller.

Home Inspection
The home inspection is a thorough inspection of the structural and mechanical aspects of the property. An inspection should provide insight into additional costs that may come with the property. You'll want to allow enough time to have the inspection completed by the home inspector plus a few days to absorb the information once you receive the report.

Purchase and Sale Agreement
The P&S is the contract that outlines the terms and conditions under which the property will be sold and is signed by both the seller and the buyer. At the signing, a pre-specified lump sum is due, so make sure you have sufficient funds available. You don't want someone else to swoop in with a deposit because you missed your deadline while waiting for your brokerage company to cut you a check.

Mortgage Commitment
The bank's agreement to make a loan to a specific borrower on a specific property, the Mortgage Commitment outlines the loan amount, interest rate, and terms of the loan. If the buyer decides not to accept the loan, then all parties are notified and the deposit is returned to the buyer. However, if a Mortgage Commitment is not obtained by the date specified in the agreement, and a problem arises after this date has passed, then the deposit could be in jeopardy.

This Article is an excerpt from the 16 Page Print Edition!

Are YOU getting the print edition of ForeclosuresMass Monthly?

Get a FREE copy* of this month's newsletter (worth $49.97!) when you pickup your Real Estate Investors ONLY Free Gift (worth over $267.97!)

First Name:

Email Address:

* Next 37 17 investors only!

Closing The closing occurs when the documents have been signed, money is exchanged, and the ownership of the property changes hands and is recorded in the Registry of Deeds.

When putting together an offer, don't take these dates lightly - miss one and you could delay or jeopardize your transaction. Ensure you know what is happening and when by promptly recording the dates in your calendar!

Got questions about real estate financing? Contact Debbie@westchester-mortgage.com or 617-965-1236. She'll consider them for inclusion in a future column. Debbie Siegel is president of Westchester Mortgage in Newton, Mass. She is licensed in several Northeastern states.

« You Quit Your Day Job. Now What? February 2007  

What did you think of this article? How did this article help you? Let us know, and we just might include your response in the Mail Bag section of the newsletter!
Name: Email:

Did you like this article? You May Also Like:
Szifra Birke Success Strategies: Three Tips for Updating Your Financial Myths
Szifra Birke
It's a fact that old money myths can keep your from reaching your goals. If you carry around ideas such as, "I'm not good with money" or "It's better to help people than make more money," then you need to read Szifra's article on how to banish these limiting beliefs from your life.
David Offut Feature Article: An Educated Investor is a Smart Investor
David Offut, Exit Realty Plus
As a real estate broker and investor, I know how important it is to have a finger on the pulse of the investment market — especially when it comes to investing in foreclosed properties. Knowing the foreclosure process inside and out is very important, especially knowing how foreclosure laws differ from state to state...
Elizabeth Weintraub Feature Article: Five Strategies for Successfully Negotiating Short Sales
Elizabeth Weintraub
As any seasoned investor can attest, dealing with banks on short sales requires a large bottle of aspirin and the wisdom of Solomon. Real estate broker-associate Elizabeth Weintraub gives you the low-down on how to successfully deal with banks - everything from dealing with confrontational bank agents and writing contracts to proving to the bank why you're the best buyer.
Michael Burgess Success Strategies: Five Tips for Building Successful Contractor Relationships
Michael Burgess
General contractors want to see you achieve success with your rehab project as much as you do. In this informative article, fulltime contractor Michael Burgess explains how to build a win-win relationship with your contractor. Think outside the box when it comes to due diligence, get detailed estimates, and run those numbers - you'll find the good contractors will call you!
David Camiel Closing the Deal: Watch Out for Sale Contingencies When Selling a Property
David Camiel, Attorney
With a drop in the sheer number of buyers, foreclosure investors who intend to sell properties must pay close attention to the details of any deal. Attorney David Camiel explains what to look for - and what to look out for - before signing an offer to purchase or a purchase and sales agreement. Don't miss this information-packed article!
Jeremy Cyrier Nothing Succeeds Like Success: Jeremy Cyrier
Jeremy Cyrier, The Cyrier Sales Team
After learning that he netted $60k on a house he owned for just six weeks, we wasted no time in scheduling an interview with Jeremy Cyrier. Read our interview and find out what he's done to be so successful.
Joseph Roche Nothing Succeeds Like Success: Joe Roche Gets to the Next Level via Coaching
Joseph A. Roche
Like many successful entrepreneurs, real estate investor Joe Roche had a thriving business. However, he was too maxed-out to take it to the next level. So, he hired a coach. In this candid interview, Joe explains how coaching has helped him expand his business, eliminate low-value tasks, and triple his income potential!
Richard Cohen Negotiation Skills: Developing Strong Relationships... A Key to Success with your Contractors
Richard Cohen, Negotiation Coach and Consultant
As a property investor, you're challenged by the sheer number of contractors with whom you must negotiate. It can be a struggle, but as Richard Cohen explains, it doesn't have to be. Build strong relationships with these folks and watch your negotiations go smoothly.
Joan Talmadge Success Strategies: Buying and Renting a Vacation Home - Making it Work
Joan Talmadge
Renting a home has become a very popular vacation alternative; an ongoing trend which continues to drive up rental rates. If you're considering making one of your investments available as a vacation rental, you won't want to miss the five tips offered by vacation rental expert Joann Talmadge.
Ann Bellamy Feature Article: How to Become Financially Literate - Without Getting a Degree in Finance
Ann Bellamy
Think you need a finance degree to understand the real estate "numbers" game? Think again. Ann Bellamy, real estate investor and hard money broker, gives you seven tips on how you can become financially literate and comfortable with real estate investing. (Hint: Don't be afraid to take chances.)

Copyright © 2003-2009 ForeclosuresMass Disclaimer/Policy Media Inquiries
ForeclosuresMass is a division of ForeclosuresMass, Corp. For more foreclosures, visit: RI CT NH VT ME MA DE CA MD PA NJ