From the category archives:

Buyers Beware!

Competitive Advantage: 21 Day Escrow Will Appeal to Sellers of Foreclosures

Can a 21 day escrow on your purchase offer give you a competitive advantage over other offers?
You Betcha! Sellers want to sell as soon as possible. You want a competitive advantage. This is the best of both worlds.
Typical escrow period listed on a purchase offer is 30 days from accepted contract. Most lenders will need [...]

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Ray Homebuyer Changes His Name to Ray Homeowner

by Christopher "Doc" Apodaca February 9, 2010 Buyers Beware!

A Few Kind Words from “Ray Homeowner” – Thanks a million and Congratulations on your new Home Ray!

UPDATE: This is a follow up to the original post “Ray Homebuyer Had to Change His Last Name“. I am excited to share this story of how the Little Guy stuck it to Big Bank.
Imagine your child finding [...]

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Brenda Borrower Gets Buffed By Big Bank

by Christopher "Doc" Apodaca February 5, 2010 Buyers Beware!

Let me preface this post with there is absolutely no talk about loan programs, interest rates, or market trends. This is a flat out rant about something that is all too common in my daily work life and I’m getting sick and tired of it…Big Bank Business. Here’s what happened…
Brenda Borrower called me asking what [...]

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FHA Makes Move to Reduce Exposure to Risk: In English – It’s going to cost you more to get an FHA loan!

by Scott Schang February 2, 2010 Buyers Beware!

BREAKING NEWS: Upfront Mortgage Insurance Increase beginning April 5th, 2010
The increased up front mortgage insurance premium will appear on all FHA mortgages that receive a case number after April 5th, 2010.

PRESS RELEASE: January 20th, 2010 – Deciphered into (highly biased and subjective) English by me on January 21st, 2010.
I basically cut out a lot [...]

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New Good Faith Estimate – Definitely a Step in the Right Direction

by Scott Schang December 21, 2009 Buyers Beware!

I tend to be a bit cynical when it comes to expecting the bad apples to be good apples just because new rules require them to, but in this case, I think the new Good Faith Estimate is a step in the right direction.
In January, I will have a live class explaining the details of [...]

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I want to Change the World – have I finally lost it?

by Scott Schang December 13, 2009 Buyers Beware!

Am I too idealistic? Am I naive? Is it possible in today’s grown up world of cold hard truths?
It is possible. Let me show you.
The mortgage industry has earned the reputation of being greedy, unethical, sleazy – These are only a few of the PG-13 accusations leveled against a select group of bad apples that [...]

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Buyers Beware: I Suggest You Give Up Your Rights

by Scott Schang November 24, 2009 Buyers Beware!

This is a “Multiple Offer Disclosure” that a home buyer received yesterday by way of email.
I’m not completely sure as of this point whether or not some of the information in this disclosure has been approved by the seller or the seller’s attorneys. I suspect not.
It almost just seems to me that the listing agent [...]

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Buyers Beware: Homebuyer Survey Says – “Market conditions” making lender’s service worse….really?

by Scott Schang November 23, 2009 Buyers Beware!

A Buyer’s Satisfaction Survey by J.D. Power & Associates shows that loan originator satisfaction is down. Much of the frustration comes from longer turn times, which is a completely other subject, tightening underwriting guidelines and unmet expectations.
You see, this doesn’t surprise me at all. I still see it every day, and I’ll be honest with [...]