Clarity

One of the major issues I see in real estate contracts are vague terms and clauses. With any contract, especially a real estate transaction, keeping everything super clear is important to insuring your client is fully represented and accurately protected. An important note to remember is that when a contract is disputed in court, the […]

Listing a Short Sale – 5 Important Points

As mentioned in a previous post, a short sale occurs when an individual is unable to pay their mortgage in full when selling the home. Instead of a “full payoff,” it’s a “short payoff,” also called a short sale. Most real estate agents are aware that short sales are much different from traditional sales in […]

4 Important Financial Items to Review Regularly

There are certain times in life where it’s good to re-group and re-examine things. Most people tend to make New Year’s resolutions and people join a gym or start a new diet. Perhaps, you are starting a new job, getting married, buying a house, or relocating. With that said, these are four essential items that […]

How Incapacitation Can Affect A Deal

Simply put, a person is incapacitated when he/she is mentally or physically unable to make decision for himself/herself.  Virginia law defines incapacitation as: an adult who has been found by a court to … lack the capacity to (i) meet the essential requirements for his health, care, safety, or therapeutic needs without the assistance or […]

Who is Authorized to Sign Documents for a Real Estate Sale?

In another blog we discussed some of the common mistakes we see in real estate contracts. One of those is not listing the appropriate seller (or buyer) on a contract. In this blog we’ll discuss who actually should be listed on a contract, specifically, on the sale side. Every person / entity listed on the […]

5 Common Mistakes on Real Estate Contracts

1) Using Proper Names: One of the most simple yet easily missed items on the contract is using the proper names for the parties. Not only is this important for title purposes, but lenders rely on this information when they are prepping their documents. Party names should be consistent with their identification. If the buyer […]

The 4 Main Parts of a Short Sale

There’s a big misconception in the industry that short sales can be closed in a short amount of time. Rather, the “short” component refers to the lender accepting a payoff amount that is less than the full amount owed on the mortgage (e.g. short sale). With any short sale, it’s a complicated process that can […]

4 Common Oversights in an Estate Plan

Hopefully, you have a customized estate plan for you and your family already established.  Whether it is a will, trust, or a beneficiary contract structure, there is no one right plan for every family.  Yet, regardless of the estate plan you have, there are some common oversights it is important to be aware of. DIY […]

The Basics – Loan Modifications, Short Sales, and Deeds in Lieu

Loan Modifications, Short sales and Deeds in Lieu (DIL) are the main types of loss mitigation techniques that lenders use when borrowers are in default and in turn facing a potential foreclosure. They are considered “pre-foreclosure” measures the banks use to mitigate their losses and help the borrowers get rid of the house at the […]

When is the best time to do a final walk-through inspection?

In most residential real estate contracts, buyers reserve the right to perform a final walk-through inspection of the home prior to closing. This enables the buyer (and their real-estate agent) to make sure all agreed-upon repairs have been completed and the home is in substantially the same condition as of the date of the ratified […]