This week our hosts, Jim Cardinal and Alexis Meeks, discuss the impact of structural issues on the home loan closing process.
Most home buyers are aware that repair costs for a structural issue must exceed $1,500 in order for a structural issue to impact the home loan closing. However, often there will be an agreement between the seller and buyer in the form of a credit when structural issues do exist.
This credit can be addressed many different ways, and you always want to have an attorney involved in situations such as these.
As Jim describes in the recent transaction he had, the credit was applied through a reduction in the home loan closing costs…
…but I’ll let Jim and Alexis provide you with the detail in this short video:
Thankfully, we have Jim Cardinal, Branch Manager for Syracuse Securities {visit his website to learn more} and Alexis Meeks of Karp, Ackerman, Skabowski & Hogan CPAs {Connect with Alexis on LinkedIn} to explain what is happening in the mortgage industry, how issues will impact the home buying process, and what actions to take moving forward.
You can reach them by phone at:
- Jim Cardinal | (518) 281-0077
- Alexis Meeks | (518) 828-7618
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If you would like to receive a quote, give us a call at (518) 456-6688 or click here to begin the process by email.
Thank you,
Ryan Hanley, CIC
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