Tag: mortgage

Looking for, “title insurance companies near me?” Look no further than Title First Agency. We offer 20 office locations, are licensed to operate in 32 states and have strategic partnerships throughout the country, allowing us to do business in all 50 states.

Title insurance is something that can protect owners of real property events and matters that can be brought up from the past. Imagine spending your nest egg on a down payment, closing costs, and a few years of mortgage payments. Suddenly, an heir to a former owner is suing to obtain the home, arguing that it never should have been sold to you in the first place. There is no reason to worry if you have title insurance, yet many homeowners decline it. Once they know how it is created to protect them from unknown claims against their property that can pop up years down the road they are less inclined to resist.

Title insurance is much more than a lender requirement. It’s knowing that what you are buying is free of any third party claims to ownership or use of any part of it. It assures the homeowner that they are clear of anything that would affect the ability to sell or borrow against their new property.  After thousands of real estate closings here at Title First, we can give you a rundown of the most common issues we can save you from:

Mistakes on titles, especially lately, that are transferred through a sale of foreclosure without certain rulings met, thus making the transfer of the title invalid.

Mistakes within all the paperwork brought to the closing. Somewhere along the line, there may be a forged signature or recorded documents that have been signed by people without legal authority.

Mistakes made during the probate process for the previous owner that overlooked someone else’s rightful claim (undisclosed heirs) to the property of someone else’s interest in the property. Misinterpretation of wills and deeds.

Mistakes that were made in the description of the property.

Mistakes that were made where claims, tax information, or easements had not been recorded properly in the public record.

Mistakes missed of liens on the property or judgments against the previous owner.

Mistakes in unpaid taxes or mortgages and unpaid debts.

Investors need to be alert when protecting their investments. Title insurance assures the homeowner that the title to the property purchased is free of any defects and is “clear to close”. It is a guarantee that all matters of record that could harm the title of the new property have been disclosed and resolved. Title insurance protects the homeowner against any potential claims should an undisclosed event threaten the ownership of the property. Give us a call today at Title First Agency: 1-866-320-8400

Every seller wants to get the best possible price for their home but after some time on the market, you and your Realtor should have a discussion on whether it’s time to reduce the price. No one wants to lower their asking price for their home, but in some scenarios, it’s a necessary step if you want to sell your home. Some of the reasons it might make sense:

No showings. The market right now is so hot that you should be getting showings, even if your price is on the high end. If you’re getting no showings – or an abnormally low number – this tells you that you’re way off base and buyers don’t even want to waste their time seeing the property.

Lots of showings, no offers. Perhaps you have the opposite problem. You’ve had dozens of showings, but not a single offer. This tells you that your house meets the criteria of buyers, but something is off. Price could be the issue.

Shifting market. The real estate market changes on a daily basis. Depending on the sale price of other houses in the area, it’s possible that the valuation of your property has changed since you put it on the market. Maybe you need to lower the price in order to match up.

However, although the market usually plays a role, there are many reasons why houses don’t sell. So before you lower your asking price, you and your Realtor should discuss if everything is being done to sell your home. Some questions you should consider:

How has the Realtor been marketing your home? When a house sits on the market, ineffective marketing is often to blame. Does your listing include high-quality images, and does the written copy clearly highlight your home’s best features? Is it being promoted on social media? Has a direct mail campaign been launched? If buyers don’t know your home is for sale (or they haven’t seen it in the best possible light), you don’t yet know whether they’re willing to make a great offer.

Has your Realtor gotten any feedback from the buyers that have visited your home? Asking the right questions can help you figure out how to make a better impression moving forward. Ask a family member or friend to stop by and give you an honest, objective opinion of how your home looks. Sometimes, we need a fresh pair of eyes to see anything you and your agent may have missed. Find it, and fix it; it might be the sole reason your house is still on the market.

Have there been many showings? If so, your home is making a positive impression online. Buyers aren’t being turned off by the asking price, which is a good thing. But if you’ve had many showings and no offers (or no reasonable offers), then there might be something about your house that needs to change. 

The Bottom Line: Make sure you have the top agent in your area. Because of their constant engagement in local markets, Realtors are an invaluable resource for determining price, marketing your home, and managing all aspects of a sale. Before lowering your price, consider if you and your Realtor have exhausted all avenues to sell the house for what it’s worth. If your price is perfect, your home looks its best and your marketing is reaching its targeted audience, showings should increase, and, hopefully, offers will follow.

Often, when a seller has taken the time to properly prepare their home for sale, and they’ve hired the best Realtor who takes pride in presenting and marketing that home well a seller will receive offers right away. And, it’s not just a cliche, “your first offer is the best offer”, it’s more often than not, the truth.

So that first early offer? Sellers tend to reject it because they felt it happened too quickly and they want to hold out. They’re feeling adamant and confident because there is some good activity. Real Estate agents see good offers rejected early because the seller thinks they can get more.

Then, days, weeks even months later, the owners find themselves settling for less. That first offer should always be taken seriously and it’s probably the best opportunity to control the price and terms. It might not be what the seller was hoping for but, a good Realtor will walk the seller through a counteroffer, and even the ability to negotiate for other details can work for the seller.

The time a home is on the market to sell decreases its value. The longer it is listed the less interested buyers and Realtors are in the property. People will begin to wonder what is wrong with the property. Sellers are in the best position to get a good price for their home when it is new to the market. If the home does not sell buyers become suspect.

With a “for sale” sign in any yard too long, no matter the reason, it makes it more difficult to stir up interest. As the days go on, the home becomes less desirable. The market could change and take a downturn leaving the home that is priced on the comps when it was listed, now priced too high. An identical home could enter the market at a lower price. 

The Bottom Line: The first three weeks are usually the most active. If an offer is made during that time, there are three possible outcomes:

1. After some negotiation, the offer is accepted

2. After some negotiation the offer is rejected as being too low and the home continues to be marketed. Eventually, the home is sold for a better price

3. After some negotiation, the offer is rejected. Months later the Realtor is asked if the original buyer is still interested only to find out they have purchased elsewhere. The owner ends up reducing the price and sells for less than the original offer.

It’s worth working with that offer unless it’s ridiculously low.

Be sure to vet and find the best Real estate Agent before you set out to look for your next home. They have a huge role in one of the most important financial decisions you will make. When it comes to buying, selling, leasing, or renting, they will lead us through a sometimes bumpy and overwhelming process.

Websites can help you find the area you want to live in, even some of the houses that you want to see. But, an experienced Realtor can offer a level of expertise in the market that you won’t be able to get without her.

1. Advice. Expect your Realtor to provide advice relating to homes even before you tour them. A good agent will have already learned from you about what you want & need, what your preferences are and what your budget is. She will be able to help you narrow your search and identify your priorities.

2. Educate. Your Realtor will be able to provide data on the local home market and comparable sales. The home-buying process can be complicated. A good agent will explain the steps involved and make sure that you understand them and provide counsel to you.

3. Network. An agent who is familiar with the neighborhoods that you are interested in and will often know about pocket listings. Experienced agents tend to know other agents in the area and have good working relationships with them; this can lead to smooth transactions. Your agent may also be able to refer you to trusted professionals including lenders, home inspectors and contractors.

4. Advocate. When you work with a buyer’s agent, their fiduciary responsibility is to you. That means you have an expert who is looking out for your best financial interests, an expert who’s contractually bound to do everything in their power to protect you.

5. Negotiate. Your agent will handle the details of the negotiation process, including the preparation of all necessary offer and counteroffer forms. Once your inspection is done, the agent can also help you negotiate for repairs. Let the agent do the “dirty work” and ask for things to be fixed. They know how to negotiate from experience and what will and will not work.

6. Paperwork. A real estate transaction can be exhaustive, not to mention all the federal, state, and local documents required. If you forget to initial a clause or check a box, all those documents will need to be resubmitted. A good real estate agent understands the associated deadlines and details and can help you navigate these complex documents.

7. Knowledge. Plenty of issues can kill a deal right before the closing; perhaps the title of the house isn’t clear, the lender hasn’t met the financing deadline or the seller has failed to disclose a plumbing problem. An experienced real estate agent knows to watch for trouble before it’s too late, and can skillfully deal with challenges as they arise.

The Bottom Line: You can buy a home without a Realtor. People do it all the time. But, going at it alone can be a risky bet. There can be a lot of legal loopholes that can be overwhelming and confusing for someone not experienced in the real estate business. Buying a home is a long and often very emotional process. The Realtor will handle all the stress for you that goes with finding financing, negotiation, and closing.

About to start the process of house hunting? Be sure you are armed with the best Realtor in your area. If you aren’t paying cash for your new home and will be getting a mortgage, you will want to follow some quick advice.

Don’t damage your debt to income-ratio by making a major purchase before closing. If for some reason you can not wait to buy a new car, you might have to wait on owning a home. The bank could easily determine that a car payment would hinder your ability to pay your mortgage. Wait until after you get the house to do some spending.

Don’t change jobs.  The lenders like to see consistency versus constant job-hopping. From their perspective, your employment and income are paramount to your ability to make your payments.  Generally, there are three different characteristics of your employment and income that are considered – the amount, the history, and the stability. Many lenders will do a final check to verify that your employment and income haven’t changed since your final loan approval was issued. Further, some lenders will require 30 days of paycheck stubs for new employment. If you can’t provide these stubs, it could delay your mortgage approval. Worse, it could result in your mortgage application being declined.

As a home buyer, never surrender your earnest money to a For Sale by Owner Seller. There isn’t anything stopping the sellers from spending the money before the transaction goes through. If the deal should fall through you’ll have to fight to get the deposit back. It should be put into a trust account. Find an attorney willing to hold the deposit for you until the transaction is finalized. Your contract needs to state what will happen to the deposit in the event that the transaction falls through.

Stay practical and realistic during the home buying process. Don’t let your emotions get in the way.  Occasionally, sellers are willing to fix some of the problems with the home and others may not be as willing. Don’t let that refusal close the door to your dream home. Conversely, you shouldn’t let your loyalty to the home blind you to costly repairs down the road. You certainly don’t want to be in a money pit.

Talk to your insurance company right away.  Failing to line up the insurance will lead to delays in closing.  Your lender will more than likely require that you purchase at least some homeowners insurance before settling on your mortgage. In most cases, you’ll be asked to provide proof that you’ve prepaid one year’s worth of coverage before the lender will consider closing.

If the appraisal comes in too low, don’t panic. There are several solutions to this dilemma.  Your emotions may be running high and making a good decision can be difficult. A skilled Realtor will be an invaluable asset at this point and be able to guide you through.  It’s their job to keep up with the details, daily, of your deal and if the seller won’t come down in price, as painful as it may be, you may have to prepare yourself for the worst-case scenario – walking away.