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Property Management Blog

Blog Post What's a FICO?

What's a FICO?

By R&B Legacy PM Friday, January 14, 2022
What is a FICO® Score?FICO® stands for Fair Isaac & Company and is the name for the most well known credit scoring system, used by Experian. The credit bureau’s computer evaluates a complete credit profile and assigns a score, which is used to estimate credit wo...
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Blog Post What is a Short Sale Anyway?

What is a Short Sale Anyway?

By R&B Legacy PM Friday, January 14, 2022
An increase in foreclosure rates will inevitably bring with it an increase in short sales. But what is a short sale?A short sale happens when you sell your house for less than your remaining mortgage balance, the proceeds of which go to the lender and in return the lender forgive...
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Blog Post Understanding Foreclosures

Understanding Foreclosures

By R&B Legacy PM Friday, January 14, 2022
It is an unfortunate commentary, but when economic activity declines and housing activity decreases, more real property enters the foreclosure process. High interest rates and creative financing arrangements are also contributing factors.When prices are rapidly accelerating duri...
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Blog Post Thinking About Buying a Foreclosure?

Thinking About Buying a Foreclosure?

By R&B Legacy PM Friday, January 14, 2022
With the housing bubble burst and the subprime mortgage crisis, millions of homeowners found themselves unable to make their mortgage payments. Many found themselves owing more on the house than the home was worth. Many just walked away from their homes. As a result of these comp...
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Blog Post The Functions of an Escrow

The Functions of an Escrow

By R&B Legacy PM Friday, January 14, 2022
Buying or selling a home (or other piece of real property) usually involves the transfer of large sums of money. It is imperative that the transfer of these funds and related documents from one party to another be handled in a neutral, secure and knowledgeable manner. For the pro...
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Blog Post Required Reporting to the I.R.S.

Required Reporting to the I.R.S.

By R&B Legacy PM Friday, January 14, 2022
Sellers of real property will have certain information regarding the sale reported to the Internal Revenue Service.This required reporting is a consequence of the Tax Reform Act of 1986; it is intended to encourage taxpayer compliance and aid in audit and enforcement efforts by t...
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Blog Post Mechanic's Liens

Mechanic's Liens

By R&B Legacy PM Friday, January 14, 2022
The Mechanics’ Lien law provides special protection to contractors, subcontractors, laborers and suppliers who furnish labor or materials to repair, remodel or build your home.If any of these people are not paid for the services or materials they have provided, your home ma...
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Blog Post Items You Need When Applying For a Loan

Items You Need When Applying For a Loan

By R&B Legacy PM Friday, January 14, 2022
Have These Items Ready When You Apply For a LoanIt used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, the interest is often in speed and getting answers quickly so alter...
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Blog Post Getting the Highest Price in the Shortest Time

Getting the Highest Price in the Shortest Time

By R&B Legacy PM Friday, January 14, 2022
In order to get the highest price in the shortest time, you need to know how to market your home. The better you market your home, the more offers you will get. And the more offers you get, the more choices you have to get the price and terms you want.The most important factor of...
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Blog Post Getting a Legitimate Lender and Getting Pre-Approved

Getting a Legitimate Lender and Getting Pre-Approved

By R&B Legacy PM Friday, January 14, 2022
It used to be that buyers could go house shopping and when they have found their dream home, then they go to get pre-approved. However, in today’s market, that has proven to be one of the least effective methods in landing the dream home.Most lenders can pre-qualify you for...
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