In the series “Real Estate Agents: The Primary Source of Information on Home Purchase”, we have discussed Residential, Employment and Credit Histories. We also looked at how Assets play into your clients’ ability to achieving a mortgage. Now, in this last part we are going to look at some miscellaneous items that your home buyer may need to have on hand or know about. This information will make you appear like a well rounded Realtor® And in anyone’s book that is definitely a plus.
- Holding Title to Real Estate
A husband and wife can both hold title to real estate. But on some particular loans only one or the other may be on the title. Title and Deed are two different animals. On the Deed both husband and wife MUST be on the deed and attend the closing. Of course, in extenuating circumstance, “Power of Attorney” may have to be obtained if one person of the couple can not attend the closing.
Individuals can hold title to real estate and well as Non-Occupant Co-Borrowers. This situation is when the co-borrower, who is funding the monies for the purchase of the home, does not live in the home purchased. The borrower is the resident. This is not as an unusual situation as you may think.
Also Aliens who have a Green Card or Work Visa can obtain a mortgage. There are other requirements, so these individuals would need to talk to a lender specifically about their situation.
- Paying Down Debts
In some cases, your home buyer will be able to pay down debts at closing. The money at the closing will be in the hands of the lawyer and they will cut checks to be sent to he debts that need to be paid off.
- Purchase Issues
Also at closing there may be Special Purchase Agreement Issues, such as:
- Maximum Seller contribution = 3%
- Allowances - Carpet, Paint, Adding a fence, etc.
These items should probably be taken care of outside of the closing.
- Certified Funds Required For Closing
Let your home buyer know that they will need to bring to closing certified funds. Certified funds are usually a cashier’s check from the home buyers banking institution. The buyer can find out what this amount is the day of closing from the closing lawyer’s office.
Now we have just covered the tip of the iceberg. But for you as a Realtor®, this information can be very soothing and eye opening for your home buyer. For you to have this information will help to add to your Real Estate Portfolio and make you look more like an expert in the Real Estate field.
