First American Blog - The First Word

When you agree to purchase a home and begin the closing process, you'll be issued an HUD-1 Settlement Statement. The HUD-1 will detail the costs associated with the purchase of the property and will identify which party is responsible for which cost. On this form, however, some charges are aggregated together so that only the total is shown, thus...

Although the property you just purchased is new to you, it has a history, and sometimes, these histories can include unwanted baggage. During a real estate transaction's closing process, a title search on the property is completed to determine whetherthere are title defects that can have an effect on the purchase. 

When interested homebuyers apply for a mortgage, they'll be issued a Good Faith Estimate per the Real Estate Settlement Procedures Act (RESPA). This estimate must be issued within three business days after the lender receives your application and outlines a list of costs and fees associated with "closing" on a home. Once the GFE is issued, it's...

According to a recent report by CoreLogic, January 2013 saw the pending supply, or shadow inventory, of homes for sale down 28 percent from its all time high in January 2010. Shadow inventory is the combined number of homes that are seriously delinquent on a mortgage payment, in foreclosure proceedings or owned by the mortgage servicer (REO), but...

Mortgages are often thought of as a two-person operation, but that trend is starting to shift in the real estate market as individuals are increasingly seeking home loans on their own. Buyers who choose to go it alone enjoy some unique freedoms – like not being tied to another person's credit or employment history. However, they also may...

Springtime brings longer days, warmer afternoons and more people looking to buy homes. Sellers wanting to take advantage of the sudden annual upswing of consumers in the real estate market should avoid some common mistakes when showcasing their home.