A gentle but complete guide to insuring a stress-free closing when buying a home or condominium in Kane County, Illinois (and keeping your realtor and loan officer from pulling their hair out). The process of selling, buying or financing a home has changed dramatically over the last 10 years - so much so that had you qualified to purchase a home in 2006, you, with the same credentials, would likely not qualify for that same purchase today.
Not so much because of generally stricter qualifying standards, but because of the increasingly stricter standards used in processing loans and verifying all the different things needed for final loan approval. Amazingly, these requirements extend to not only the borrower, but the home to be purchased, as well as the seller.
Not so much because of generally stricter qualifying standards, but because of the increasingly stricter standards used in processing loans and verifying all the different things needed for final loan approval. Amazingly, these requirements extend to not only the borrower, but the home to be purchased, as well as the seller.
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Purchasing or selling a home has become a terribly complicated endeavor. Waaay more complicated than it was prior to 2008, when the housing crash caused a lot of serious damage.
As lender's are now gun-shy over the fact that there may be shenanigans with loan processing or appraisals, and the fraud that has come with everyone and their brother wanting to do a loan modification or short sale, the lender's ire has been directed at the lowly consumer of real estate and financial products, with the collateral damage being the industry professionals that must contend with the heighted sense of awareness that now plagues every transaction.
As lender's are now gun-shy over the fact that there may be shenanigans with loan processing or appraisals, and the fraud that has come with everyone and their brother wanting to do a loan modification or short sale, the lender's ire has been directed at the lowly consumer of real estate and financial products, with the collateral damage being the industry professionals that must contend with the heighted sense of awareness that now plagues every transaction.
A little introduction as to me and my world, the world of Karl E. Park, real estate attorney. That is, my world of real estate as seen from being in my 4th decade as a real estate closing attorney. My career has always concentrated on client education, as well as my own education. Innovation and service describe my practice and myself.
I love answering questions by phone or email. Yes, of course, it's done with the goal of you checking me out, and also, me checking you out as to whether there might be the beginnings of an attorney client relationship. Even if nothing comes of it, it would be my pleasure to assist you if you have a real estate related question, particularly for buying or selling properties, near Elgin or Kane County, Illinois.
The charges and fees imposed on a borrower purchasing a home these days can be dizzying, even for some seasoned professionals. Seems like every time something is done on your file, or on your behalf, someone else gets to charge a fee for that. Some of these fees are just inevitable, and quite frankly, brought on by the government required paperwork that the different people working on your loan file have to contend with every day.
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