Monthly Archives: January 2012

A few days before closing, the title insurance company used by my attorney found a title defect & were not willing to insure title unless the defect was corrected.

Q:  I attempted to buy a Fannie Mae foreclosed home. A few days before closing, the title insurance company used by my attorney, found a title defect & were not willing to insure title unless defect was corrected.  My attorney indicated that I might have trouble selling the house in the future if the defect wasn’t corrected, so I cancelled the deal.   My questions are:    1.  Are some title companies more cautious or reputable than others?  Would the sellers title company be required to correct the defect if I could not sell in future, or reimburse the purchase price of the home?  Am I still protected if title company goes out of business?      2.  Was this a matter of my attorney trying to protect me from  protracted legal problems when I tried to sell, but the title company … Read More.

Our son rents and is now ready to buy. Assuming there’s money for a co-op or condo purchase, which is advisable?

Q: Our son rents in Manhattan and is now ready to buy. Assuming there is money for a co-op purchase or a condo purchase, which is advisable? He is looking at co-ops in the neighborhood he wants to live in. We live in NJ, own our own home and are not in the mindset of sharing in a corporation and have no experience with NY real estate. And yes, we are learning that condos are more expensive. We want to learn about co-op vs. condo so we can help him. Thank you for your professional advice. Read More.

Is it bad for your credit score to close credit cards?

Q:  I have been thinking about buying a property in the next few years and I heard it is bad for your credit score to close credit cards. Is this true and why? Read More.