Posts

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You Had the Power All Along

We are going to let you in on a little secret. Sellers do not need to attend the closing when they sell a property. In fact, many attorneys would prefer that sellers do not. Here’s why:

1. Small talk between the parties can be downright scary. We recently worked with a buyer who, mid-closing, asked the seller why there were coffins in the basement. Yes, you read that correctly. COFFINS.

It’s safe to say that it was a pretty scary few seconds until the seller gave a “reasonable” response. While this question is a once in a lifetime, small talk between the parties always has the potential to derail a transaction and nobody wants that to happen.

2. In most cases, the seller leaves the closing table without a check in their hands (unless the closing happens at the Registry of Deeds). The transfer of ownership needs to be “on record” before the seller receives a check or wire for their proceeds. Recording may take a couple of hours, especially where some lenders require authorization prior to filing documents at the Registry and (electronic) recording takes a little while to process.

3. Your attorney can sign documents on your behalf with a Limited Power of Attorney. By having your attorney sign for you, your time can be spent signing documents for your next home, working or having coffee with a friend.

A Limited Power of Attorney allows someone to act on your behalf for a specific transaction or purpose. By contrast, a Durable Power of Attorney allows someone to assist you more broadly with legal and financial matters.

As always, please let us know if you have questions about this topic, need representation in the sale or purchase of a home, as well as any other legal matters.

If you are interested in this topic, you may enjoy this article :
https://www.realtor.com/advice/sell/5-tips-se lling-a-home-from-out-of-state.

Regards,
John and Faye

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You’ve Got to Know When to Hold ‘Em.

“You’ve got to know when to hold ’em
Know when to fold ’em
Know when to walk away
And know when to run
You never count your money
When you’re sittin’ at the table
There’ll be time enough for countin’
When the dealin’s done.”
– Kenny Rogers

Mortgages are a bit like gambling. You never know when the “perfect time” to initiate a new mortgage is, because there is always a risk that interest rates could go down slightly right after you sign the documents; however, there is always a risk that rates could also rise. The good news is that you can always refinance if rates drop, so unlike gambling, you can “fix” a bad hand.

Right now is a great time to buy (or refinance if you haven’t already done so). Mortgage rates are still really low and  housing prices have stabilized. Of course, nobody wants to pay more than they have to for their home. Here is how to “win” the mortgage game:

1. Connect with a really good loan officer.* He or she will help you to obtain the best mortgage rate available based on your income, liabilities, assets and credit score;
2. Correct your credit score, if needed;
3. Consider a 15 year mortgage instead of a 30 year. The monthly payments are often only slightly higher, but you can save a ton of money by minimizing how many years you are paying interest;
4. Take your pre-approval and start looking for a new home with a realtor; and
4. Retain an awesome attorney to close your mortgage!

Curious about the current mortgage rates? Check out this website:
https://themortgagereports.com/47095/mortgage-rates-today-january-21-2019-plus-lock-recommendations

Wondering about how much a mortgage might cost? For a ball park range only, peek at this one:
www.mortgagecalculator.org

If you just want to listen to Kenny Rogers:
https://www.youtube.com/watch?v=UyARoGIzmKk

As always, please let us know if we can help with a real estate or any other legal matter.

Regards,
John & Faye
* If you are in need, we are happy to recommend a really good loan officer.