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Danny's Real Estate Blog

As mentioned in a previous blog entry, the closing date is a deadline. It's the day the ownership of a property is conveyed from one owner to another. Extending the date can have a few financial consequences, however, so here's a few things to be aware of which may change if it happens.

Prepaid Interest

This is the one you buyers may be ok with. The further back in a month the closing date falls, the less prepaid interest one must bring to closing. Here's the kicker: as far as when your first mortgage payment is concerned, you finish out the month in which you close, then skip a month. The first payment isn't due until the following month. So while one may bring hardly any prepaid interest to closing by closing on March 31, the first payment would

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I can't believe i'm even about to write this blog. Hiring help should never have to come with any sort of disclaimer about not getting screwed. Like any other industry, there are some bad apples who seem to give the rest of us a bad name. Like any relationship in life, if there's no trust, it won't work. Alas, I think this needs to be said, and as you've never seen me hold back on anything, here goes.

There seems to be a misunderstanding that we Realtors are just out to make a quick buck off the backs of our clients, take off after closing counting our HUGE COMMISSION CHECKS (Thanks Bravo and HGTV for this nonsense), never talk to them again, and just hit repeat. Far from the case. I don't have enough space to get into the 'what Realtor's do for their

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Everyone wants to get as much money as they can for their home. We're all capitalists when it comes to selling what's most likely our largest investment. Most people are inclined to take the highest sales price without giving two looks to the terms of the deal. Seasoned Realtors, such as yours truly, know the devil is in the details. Remember those whole appraisal things? Let's take a closer look at the finer details of contracts.

It's natural to just look at the sales price. I mean, if someone is offering that much money, i'm going to get more out of it right? Not always. There are numerous things in the contract which add up and cost money. There's the typical seller paid expenses, such as title policy, survey, home warranty, HOA resale certificate,

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Buying a home is a wonderful and exciting time. It's one of the most rewarding parts of my job to tell a buyer they're going to be a homeowner. But as quickly as that joy comes, it can turn into a nightmare if one of any number of simple mistakes occur. There are numerous things you should avoid doing once you put a home under contract to avoid losing out on everything, and here's some of the key items.

Don't Make Any Major Purchases

I know it's tempting to see your dream refrigerator on sale while you're under contract, but making a large purchase is a no-no unless you do it with reserve cash. Any increase in credit card debt can cause your monthly payment to rise, which can throw your Debt To Income Ratio all out of whack. This could cause you to

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When an offer is made on a home, there is a are several specific dates in the contract to which attention is required. Option periods, financing approval, but there is also a day written into paragraph 9 called the Closing Date. Specifically, it says:

So what does that mean? It means that's not a suggested date, as some lenders and realtors seem to suggest. It's an 'on or before' date to which the contract cannot be extended without approval from both parties to the contract. This is often the subject of negotiation and, if you're the one making an offer on the home, you better know if your mortgage lender can meet that deadline before you submit the offer. It's no secret why I always suggest being fully approved before even going out looking for a

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For anyone who's a fan of the popular TV Series 'How I Met Your Mother', you might remember one of Barney Stinson's rules was 'New is Always Better'. In real estate, that can be true as well. Buying a new construction home certainly has its perks, as well as a few downsides, but i'm here to help guide you along the way in this process. It's not the same kind of process as buying a resale home. At the bottom of this blog, I also will have a link to a new construction version of the MLS, which is built right into my website.

On one hand, you are the first person to ever live in that home. Unless you were building what's called an 'inventory home', it was built for you, designed by you, and may have a few custom touches just for you. On the other hand,

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If you've never bought a home before, you may not know there's a difference in mortgage lenders. I'm not just talking about between companies, but the types of lenders. Most people know their banks have mortgage lenders they can walk in and see. But there's also mortgage brokers, who are just a bit different in some ways than the bank lenders. So which one is right for you? Let's take a look at the differences (and similarities) to them.

Bank Lenders

Bank lenders are, as you guessed it, the mortgage lenders who work for a bank. Walk into any Chase, Wells Fargo, Bank of America, and you'll probably find one or two in the branch. Most people will go to the bank with which they have accounts in place. This can be an effective way to streamline your

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A real estate transaction can be a very complex and complicated process, but it can be even more so if a borrower is dishonest with their mortgage lender about anything to do with their finances. It behooves you to be upfront on your mortgage application about any foreclosures, liens, delinquencies, or any demerits your account may reveal. This is also the case with income. Thanks to a recent change in regulations, a lender cannot require for you to submit your financial documents up front as a part of the application. They can strongly urge it, but cannot require it. It's in your best interest to provide them when they mention them. You might think it's an invasion of privacy, but you're going to have to submit these documents anyways. Might as well do

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Sometimes it's not easy to know what's reality and what's not. How many times during this Presidential Election season did we see a meme about one of the candidate with a quote they never said? But that's how rumors and falsehoods get spread. Someone says it once, and keeps saying it, so it must be true, right? Not always.

The real estate industry is no different. There's plenty of falsehoods circulated around, usually by FSBO websites, buyers who research incorrectly, or sellers who think they know more about real estate than their realtor. Here's some of the top myths finally put to bed.

I'll Buy a Home On My Own So I Don't Have To Pay a Realtor

This is probably the biggest myth out there about the home buying process. As I explain in my video,

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Most showings take place while the sellers are still living in the home. If you've never bought a home before, or not in a while, you may not know the items bound to stay with the home per contracts, and what the sellers are legally allowed to take. Never fear, i'm here to the rescue.

Paragraph 2, Section B and C of the Contract (in Texas only) explain what is considered 'staying' with the home.

This doesn't include the fridge, washer and dryer, or the freestanding grills in the backyard, among else. But what if you want any of those? NEVER FEAR! There's an addendum called the 'Non-Realty Items Addendum' with which you can write in certain items not considered staying with the home you wish to keep. So if the sellers have a sweet couch and you

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