Appraisals- A Thing Of The Past? | Tivoli Condos  Insight & Drone Footage! | Offer Accepted? Now What??  | 
Your Center City Condo Newsletter ~   September 2019
 I'd like  to be your RealtorĀ®! My top secret cell is 267.237.3404 FYI
Drone Footage of
The Tivoli Condominiums
at 1900 Hamilton St. in The Art Museum Area
Not to be a big-brain or anything, but I sell a sh*tload of condos in this building. My clients agree that the values are strong.

To watch- Click the Video Above
To listen- Click the orange arrow below
Click Play to Listen to Mark's Two Cents About The Tivoli

Congrats! Your Offer  Was Accepted!
Now what?!

Here is an outline/time frame of what you will need to do

and what we will be doing once you are officially under contract.

Your initial deposit will be due within 5 days of signing the agreement of sale. This check will need to be made payable to the listing broker and, depending on your closing date, may need to be in the form of a cashier's check.
We are going to need to order title insurance for your purchase. We have an in-house title company we work with (Trident Land Transfer) so that everything can be done and kept track of right here in our office. In Pennsylvania, title insurance rates are regulated by the state so there is not much reason to "shop around" (in my opinion). So we will order title for you...unless you
ask us not to in a timely manner.

You will need to meet your mortgage commitment date per the agreement of sale, so the sooner you get working on this, the better. I have my favorite lenders-favored because of their competence and track record with
hundreds of previous buyers.
Side note - no matter which lender you choose, you will be sending and scanning and faxing more paperwork than you even knew existed...underwriters have really cracked down since the predatory lending/market crash fiasco a dozen years back so they will verify your information over and over again.

You will need to schedule a home inspection. We recommend Brad from Smart Moves but you are free to choose any home inspector you like. You have 10-15 days (depending on the agreement of sale terms) to ask the seller to make repairs or give you a credit for any issues that may arise from the home inspection, so you want to schedule this ASAP.

Your second deposit will be due 10-15 days after the agreement of sale is fully executed. We will send you an email to remind you to send us a check.
If settlement is less than 30 days away, this will have to be in the
form of a bank or cashier's check.

If you are purchasing a condo, you will receive the condo docs and resale certificate about a week or 2 after going under contract. READ THESE! It is important to find out what is going on and the rules and regulations of a building where you are purchasing a condo. You have 5 days to review these documents. If there is something in there that you cannot live with, speak now or forever lose your deposit! :-) If you are purchasing a house, this is a good time to speak to a homeowner's insurance rep.
We also have an insurance rep we like that has been helpful 
to many of our buyers.

The countdown to closing is on...
We'll want to pick a time that is good for closing during business hours and schedule your settlement ASAP. 3-5 days prior to closing, you will receive an estimated Settlement Statement from the title company (and a Closing Disclosure from your lender, if applicable) letting you
know how much money you will need to bring to closing.
This will need to be a wire or cashier's or bank check.

PLEASE NOTE that we will NEVER email you wiring instructions. Wire fraud is on the rise in the real estate industry. If anyone asks you to send a wire in reference to a real estate transaction we are involved in together, please CALL to alert us immediately and DO NOT wire any money!
No Appraisal Needed?

No appraisal is required in certain locations or transactions:

Its Called Day 1 Certainty (Fannie Mae) & Loan Advisor Suite (Freddie Mac).

* Rate and term refinance or purchase transactions only

* 1-unit, including condos

* Primary Residence or second home

* 80% LTV/TLTV option limit


Off the cuff, here's how  it works per Jeremy-

An appraisal waiver on certain lower-risk transactions is not uncommon these days (with technology where it is today, online data can generate a property's 'estimated' value in seconds, allowing Fannie Mae and Freddie Mac to alleviate the need for an appraisal).

The process saves the buyers money with no appraisal fee, and shortens the process... without really any underlying risk to the banks lending on the properties. We see the appraisal waivers being utilized in about 25% of transactions currently.

Trident Mortgage Company
Jeremy Durkin - Senior Mortgage Consultant
Laura Corley - Mortgage Consultant - 610.731.4415
NMLS# 146467 | 215.558.2104

Mark Wade 
Saturday AM is my favorite time of the entire work week.

No office work and a full day of looking at some
really cool condos around town.
It just never gets tiring....Even after 30 years.

BHHS Fox & Roach Realtors
Society Hill Office

215.521.1523 direct

The best time to get me is in the AM 
when I'm hopped up on four
cups of Dunkin Donuts Coffee.