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Pros, cons of 'as is' home sales

By Robert Bruss, Monday, January 5, 2004.

DEAR BOB: What are the pros and cons of an "as is" home sale for the seller? Are there any advantages for the home buyer? – Mary B.

DEAR MARY: An "as is" home sale means the seller must disclose all known defects in the property to prospective buyers, but the seller will not pay for any repairs. The obvious "as is" sale advantage for the seller is there aren't any repair costs. However, many prospective buyers are wary of "as is" sales because there will probably be repair costs and the seller might have "forgotten" to disclose all defects.  more...

Why do some lenders fail to honor rate locks?

By Jack Guttentag, Monday, January 5, 2004.

"Why have lock failures increased recently?

A lock failure occurs when a lender refuses to honor a mortgage price that a borrower had believed was guaranteed. Lock failures occur when interest rates are rising and honoring locks is costly to lenders. The bulge in lock failures in recent months reflects an increase in interest rate volatility, relative to prior years.  more...

Shopping for a good home deal

By Inman News, Monday, January 5, 2004.

Everyone wants a good deal. But, good deals are few and far between in the many low-inventory markets around the country.

Recently a couple was trying to buy a starter home in El Cerrito, a hot housing market in the San Francisco Bay area. They lost out over and over again in multiple offer competitions. So they decided to try a new strategy. Rather than continue making offers on hot new listings in their price range, they made an offer on an over-priced listing that had been on the market awhile and hadn't sold.  more...