 What is just as valuable as gold? Your credit score! Mortgage lenders use your credit score to determine if you’re a good risk for loaning money. It’s also used to determine what interest rate to charge. Another way of looking at it is that your credit score reflects the confidence lenders have in loaning money to you. Of course, every person who applies for a mortgage loan should have a good credit score to receive the best interest rate and terms.  You’re just a few days away from closing on your new home. You receive and email from your attorney’s paralegal with directions for wiring your down payment and closing costs.
You wire the money, but your attorney never receives the funds. What happened? Real estate wire fraud. It's been a problem for years, but the pandemic worsened it.  According to the Washington Post. title companies report that more than one-third of all real estate transactions they take on must undergo “extraordinary work” to address and fix title issues.
Over one-third! That means title companies examine public records, researching as far back as 50 years, to look for past wills, deeds, trusts, bankruptcy filings, tax records, and even court judgments. Their purpose?  Selling a home by owner is certainly appealing. The biggest draw for FSBOs --for sale by owner--is that the seller saves on paying a commission to a realtor but is it worth it? |
AuthorLilly Title & Settlement wants you to be an empowered homebuyer! Archives
June 2022
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