Tip 35-2010: CAAR Trade Show

On Thursday, September 9, CAAR will sponsor its annual CAAR Trade Show at the Doubletree Hotel from 9:00 am—4:00 pm.  There are numerous classes available starting at 10:00 am discussing relevant and current topics. 

This trade show is a wonderful opportunity to meet and greet all of our local real estate professionals.  It should be fun as the theme this year is meet the heroes, villains and other characters in the “comics”.  Hope you can make it.

Please contact me (Charlottesville Attorney) if you have any questions.

William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia
434-973-7474
Tucker@TGBlaw.com
www.TGBlaw.com

Tip 34-2010: Final Month for Tax Credit

On September 30, 2010, the tax credit for First Time Home buyers and replacement buyers finally expires.  Assuming the buyer qualifies for the tax credit (the contract had to be fully ratified by April 30, 2010), the closing needs to be completed no later than Thursday, September 30, 2010.

This means that all deeds need to be recorded before the appropriate Clerk’s Office closes on that Thursday.  Another problem is the necessary approvals by the short sale lender or REO Seller.  If the First Time Home buyers (or qualified replacement buyer) is purchasing a short sale or REO property, the final HUD needs to be approved by the short sale lender or the REO Seller.  This sometimes takes up to seventy-two hours (which will delay the closing).

Let’s all stay diligent to make sure that all eligible buyers receive their appropriate tax credit.

Please contact me (Charlottesville Attorney) if you have any questions.

William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia
434-973-7474
Tucker@TGBlaw.com
www.TGBlaw.com

Tip 33-2010: Prior Surveys and Title Insurance

Previous Tucker’s Tips have advised about the benefits of providing the new Purchaser with copies of the Seller’s prior physical surveys and title insurance policies.  Not only is this helpful for both purchasers and sellers, but it is also extremely important in the current refinance market.

If the homeowners will provide their prior title insurance policy and survey (if required) to their new refinance lender and settlement attorney, this will save money on the closing costs for the refinance.  All local title insurance companies provide reissue credits on the new title insurance binder for the refinance if the prior title binder is available. 

This is a great time for all homeowners to refinance with these historic low interest rates, and to save additional money on closing cost is not bad either.

Please contact me (Charlottesville Attorney) if you have any questions.

William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia
434-973-7474
Tucker@TGBlaw.com
www.TGBlaw.com

Tip 32-2010: Labor Day

A friendly reminder that the Courts and Clerks Offices are closed Monday, September 6.  If you’re planning a closing on Friday, September 3, aim for earlier appointments.  The earlier in the day, the better the probability of being able to record.  Have a Happy Labor Day!

Please contact me (Charlottesville attorney) if you have any questions. 

William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia
434-973-7474
Tucker@TGBlaw.com
www.TGBlaw.com

Tip 31-2010: Short Sales & Contract Contingencies

The current VAR Short Sale Addendum allows the Purchaser to start the home inspection and apply for the loan either once there is a ratified contract or after short sale lender approval.  The Seller should prefer that all contingency dates start with contract ratification so that the home inspection (usually for informational purposes only) and the loan commitment are resolved prior to the short sale negotiations.  The Purchaser, however, will not want to incur any expenses (home inspection, appraisal or title search) until the short sale lender has approved the short sale.

Obviously, the Seller and the Purchaser have conflicting interests as to these issues.  Nevertheless, the best approach for a potential short sale approval is to complete the inspection, order a title search and obtain the loan commitment as early as possible.  In negotiating with the short sale lender it is always preferable to be able to tell the negotiator that you can close as soon as you receive the short sale approval.  If you have to wait for the inspection results or to obtain loan commitment, the short sale negotiator may not be as “quick” to negotiate and accept the short sale.

PS:  ”Quick” is not a normal word with short sales, maybe it would be better to say the short sale negotiator may not be “as slow” if the Purchaser’s contingencies have been satisfied.

Please contact me (Charlottesville Attorney) if you have any questions.

William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia 434-973-7474
Tucker@TGBlaw.com
www.TGBlaw.com