William D. Tucker Law Blog

Tucker's Real Estate Tip: Listing Realtors & Info from Sellers (Charlottesville, VA)

Friday, October 15, 2010 by William D. Tucker

There are various documents that the Seller should have which will be helpful in ensuring a smooth closing. Most of these documents can easily be obtained from the Seller beginning with the signing of the listing agreement. The information which the Seller can provide to assist in the closing is as follows:

1. Copy of prior title insurance binder (owner’s... Read More

Posted at 16:23 PM | PERMALINK

Topic: Real Estate

Tucker's Tip 38-2010: Columbus Day

Friday, October 8, 2010 by William D. Tucker

Most of our local Clerk’s Offices, the Courts and some Banks will be closed Monday, October 11, 2010 for Columbus Day (National Holiday). For example, the Albemarle and Fluvanna Circuit Clerk’s Offices will be closed, while the Charlottesville Circuit Clerk’s office is open. It is our understanding that some law offices and mortgage companies may be closed, too.

Accordingly, if you have a Read More

Posted at 18:17 PM | PERMALINK

Topic: Real Estate

Tucker's Tip 25-2010: Short Sales-Three Basic Rules (Charlottesville, Virginia)

Thursday, July 29, 2010 by William D. Tucker

(Short Sales—Three Basic Rules): Prior tips have outlined certain general rules regarding short sales. Unfortunately these rules have not changed; in fact, they seem more permanent and bear outlining again.

Rule No. 1—The most basic rule regarding short sales is “There are no rules”.

The short sale lender can do whatever they please, and this is especially true for second lien holders.

Posted at 14:42 PM | PERMALINK

Topic: Real Estate

Tucker's Tip 24:2010: Short Sales (Back to Basics)

Thursday, July 15, 2010 by William D. Tucker

Since HAFA (Home Affordable Foreclosure Alternatives) has not yet simplified and expedited the short sale approval process as was expected, it’s still the traditional Short Sale process.

This means wait for a ratified contract, prepare and submit the short sale package and then continuously call and/or email the short sale lender until a negotiator is appointed. Usually at this point, the negotiator will tell you to resubmit certain... Read More

Posted at 12:10 PM | PERMALINK

Topic: Real Estate

Tucker's Tip 22-2009: Short Sale-Proposed HUD (Charlottesville, Virginia)

Friday, October 30, 2009 by William D. Tucker

Short Sale (Proposed HUD): The short sale lender requires a preliminary HUD to review as soon as there is a potential contract. It is important to provide whoever is preparing the HUD with as much correct information as possible. Some important matters not to forget are: HOA dues (especially if they are delinquent); well, septic and termite (who is supposed to pay); real estate commission (always start with a full commission); number of loans currently outstanding;... Read More

Posted at 09:50 AM | PERMALINK

Topic: Real Estate

Tucker's Tip 18-2009: Short Sale (Title Search for Seller) Charlottesville, Virginia

Wednesday, October 28, 2009 by William D. Tucker

Charlottesville real estate lawyer William D. Tucker gives another short sale tip.Short Sale (Title Search for Seller): Recently I have been required by the short sale negotiator to provide a title rundown to determine what other liens (inferior Deeds of Trust and Judgements) may be on the property.... Read More

Posted at 18:07 PM | PERMALINK

Topic: Real Estate

Tucker's Tip 14-2009: Short Sale Deficiency

Wednesday, October 28, 2009 by William D. Tucker

Charlottesville real estate attorney William D. Tucker talks about short sale deficiency.I am seeing more and more transactions which involve a short sale. In negotiating the approval from the lenders, you should try to include an agreement that the lender will not report the short sale to any credit reporting agencies.... Read More

Posted at 18:03 PM | PERMALINK

Topic: Business Law

Tucker's Tip 13-2009: Prior Title Ins & Survey (Charlottesville, VA)

Thursday, June 25, 2009 by William D. Tucker

Charlottesville real estate lawyer William D. Tucker, III, talks about prior title insurance and survey.Prior Title Insurance & Survey: It is very helpful for any real estate purchase if the seller can provide a copy of their prior title insurance policy & a physical survey (if available).... Read More

Posted at 16:43 PM | PERMALINK

Topic: Real Estate

Tucker's Tip 10-2009: Out-of-the-Area Lenders (Charlottesville, VA

Thursday, June 18, 2009 by William D. Tucker

Charlottesville real estate attorney William D. Tucker, III, talks about out-of-the-area lenders.Out-of-the-Area Lenders – With all of the new requirements and conditions lenders are imposing on buyers, I strongly recommend using our local lenders. Recently, a local buyer elected to use the REO (Fannie Mae) Seller's "participating preferred lend" (no local office, only an... Read More

Posted at 11:08 AM | PERMALINK

Topic: Real Estate

Tucker's Tip 9-2009: Short Sale Alert (Virginia)

Monday, May 18, 2009 by William D. Tucker

Charlottesville real estate lawyer William D. Tucker, III, gives a tip about short sales.Short Sales – Make sure whoever is negotiating the short sale for the primary lender is also negotiating for all outstanding Deeds of Trust. If the Seller has both a first and second lien, a short sale package should go to both lenders.... Read More

Posted at 14:43 PM | PERMALINK

Topic: Real Estate

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