Real estate forum: ‘I did not expect all of the extra expenses’

Question: Allison, We want to start previewing properties on the Internet. What are the most comprehensive databases of available properties?

Answer: Prospective homebuyers will find that the Internet offers an array of sites dedicated to providing information on neighborhood data and property listings, mortgage financing, and other useful areas of discussion.

Many online realty destinations have screening capabilities that allow Web users to shave hours off of their search by scanning only for those properties that meet their specific parameters--including location, price, number of bedrooms and baths, and amenities.

Among the sites with the most comprehensive databases of available properties are HYPERLINK “http://www.realtor.com” Realtor.com, the official online home of the National Association of REALTORS, and HYPERLINK “http://www.homes.com” Move.com.

Although these sites have accumulated substantial numbers of listings nationwide, none can claim to cover every single home for sale in the country. For those smaller communities that fall beneath the radar of these major sites, house-hunters still can use the Internet to their advantage.

The online sites of local newspapers are a good source of information, as are well-informed real estate practitioners. Once a community has been targeted, homebuyers can then tap into the Internet to explore financing options. HYPERLINK “http://www.eloan.com” Eloan.com and HYPERLINK “http://www.hsh.com” HSH.com are two sites serving this purpose. Of course, HYPERLINK “http://www.SummitRealEstate.com” www.SummitRealEstate.com is a comprehensive site for all properties listed for sale in Summit County!

Question: I just completed refinancing my townhome through a lender I found on the Internet. The interest rate is awesome but when I reviewed the costs at closing there were a lot of add-on expenses. I did not expect all of the extra expenses. Do you have any information?

Answer: According to a recent article in the “Washington Post”, you may have refinanced a mortgage or bought a house recently. But what about the mystery charges on the settlement sheet you have not seen before, didn't understand or didn't challenge because you wanted to close the deal quickly. Mystery fees include processing fees, closing fees, origination fees, endorsement fees, courier fees, administration fees, document preparation fees, legal fees, discount fees, flood certification fees, tax-service fees, plus title insurance payments. HUD, state financial regulators and attorneys general have been studying various junk fees nationwide.

Some facts about junk fees: lenders admit some fees are fictional, a creative device to keep interest rates low while still making money. Federal laws prohibit lenders from charging “unearned fees” for non-existent services. Good faith estimates of closing fees home-loan applicants get from lenders are legally “toothless.”

Jim Riley, president of City Line Mortgage Company in San Diego, calls the fees "garbage." He says "They can call stuff whatever they want, but it's still just income." Some think that mortgage industry has just gotten greedy.

For answers to your real estate questions, call Allison at 970-468-6800. Email - HYPERLINK "mailto:Joyce@SummitReal

Estate.com" Info@SummitRealEstate.com. Allison is a long time local in Summit County. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Allison’s long-time residency and years of real estate experience can help you make the most of any buying or selling situation. Want to know the value of your Summit County property? Visit www.SummitHomeValue.com