Tag: title search

CLOSING TIME: 6 STEPS EVERY HOMEOWNER SHOULD EXPECT

Get owner’s title insurance and buy your home with confidence
Your long home-buying journey is almost over. You found the home you love, the seller agreed to your offer and now it’s time for closing. Of course, there’s a lot to think about right now, and the last thing you want is something to go wrong. So make sure you work with an experienced closing agent to help ensure the details come together and everything runs smoothly.

As soon as the seller accepts your offer, the behind-the-scenes work begins. You can expect closing to happen within 30 to 90 days.

  1. Select a Closing Agent: If you are working with a real estate agent, with your permission, he or she may place an order with a closing agent as soon as your sales contract is accepted. The closing agent can be a title company, an escrow company or a settlement company. Most homebuyers rely on their real estate agents to select a closing agent – someone they work with regularly and know to be professional, reliable and efficient. However, you can choose your own closing agent if you wish. The closing agent will oversee the closing process and make sure everything happens in the right order and on time, without unnecessary delays or glitches.
  2. Draw up an Escrow Agreement: First, a contract or escrow agreement is drafted, which the closing agent reviews for completeness and accuracy. The agent will also put your deposit into an escrow account, where the funds will remain until closing.
  3. Title Search is Conducted: Once the title order is placed, the title company conducts a search of the public records. This should identify any issues with the title such as liens against the property, utility easements, and so on. If a problem is discovered, most often the title professional will take care of it without you even knowing about it. After the title search is complete, the title company can provide a title insurance policy.
  4. Shop for Title Insurance: There are two kinds of title insurance coverage: a Lender’s policy, which covers the lender for the amount of the mortgage loan; and an Owner’s policy, which covers the homebuyer for the amount of the purchase price. If you are obtaining a loan, the bank or lender will typically require that you purchase a Lender’s policy. However, it only protects the lender. It is always recommended that you obtain an Owner’s policy to protect your investment. The party that pays for the Owner’s policy varies from state to state, so ask your settlement agent for guidance. before closing.
  5. Obtain a Closing Disclosure: Your lender must provide a Closing Disclosure to you at least three days prior to closing. Your lender may also have a closing agent provide the Closing Disclosure to you three days before you close your transaction. If your lender makes certain significant changes between the time the Closing Disclosure form is given to you and the closing, you must be provided a new form and an additional three-business-day waiting period after the receipt of the new form. This applies if the creditor: 1: Makes changes to the APR above 1/8 of a percent for most loans (and 1/4 of a percent for loans with irregular payments or periods) 2. Changes the loan product 3. Adds a prepayment penalty to the loan. If the changes are less significant, they can be disclosed on a revised Closing Disclosure form provided to you at or before closing, without delaying the closing.
  6. The Finish Line: Prepare for Closing: As closing day approaches, the closing agent orders any updated information that may be required. Once the closing agent confirms with the lender and the seller, he or she will set a final date, time and location of the closing. On closing day, all of the behind-the-scenes work is complete. While you’ve been busy packing, ordering utilities and coordinating the movers, your closing agent has been managing the closing process so that you can rest assured, knowing all the paperwork is in order.

More Homebuyer Tips & Information
The American Land Title Association helps educate homebuyers like you about title insurance so you can protect your property rights. Check out Title First Agency to learn more about title insurance and the home closing process.

This advertising offers a brief description of insurance coverages, products and services and is meant for informational purposes only. Actual coverages may vary by state, company or locality. You may not be eligible for all of the insurance products, coverages or services described in this advertising. For exact terms, conditions, exclusions, and limitations, please contact a title insurance company authorized to do business in your location.

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Homebuyers in November and December are Motivated

It’s a common thought, however misguided, that homes don’t sell during the months of November and December. The truth of the matter is that homes listed during this time period are likely to sell quicker and for a higher asking price.

Motivated Buyers: If there are people out there trudging through often cold, even snowy weather to look at homes for sale, they are motivated. It might be that they have had a job transfer, a family situation, and if you have a home available to look at that is priced right, they will come. The fact that it’s the busiest holiday time is also very telling about their motivation.

Competition: Simply because so many believe this isn’t the ideal time to sell their home, they wait to put it on the market, and with that, you are left with less competition. Remember also, that the internet is instant access to a home listing. Motivated buyers will start online and you want your home to be in the search results. Be sure to have professional pictures taken to showcase your home at it’s very best.

Year-End Tax Breaks: Plenty of buyers wan to reduce their taxes and buying a home lets them deduct the home purchase costs, such as points, interest, and property taxes.

The Bottom Line: Meet with an experienced Realtor and be sure to price your home right. Motivated buyers don’t have the time to negotiate and wait for gradual price deductions. While people will tell you to wait until Spring, the truth is that any home can sell at any time of the year if it is packaged right.

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Negotiating When Buying a Home

A great, seasoned Realtor is your best bet when you find the home of your dreams. Negotiation in real estate is an art that any seasoned Realtor will be able to find some common ground that satisfies all parties. Bad negotiations can kill a sale.

  1. If you offer too far below the market value it will damage your credibility as a buyer and is usually insulting to the seller who often has a price range in mind that they’ll accept. If you aren’t even close to the lower end of that range, the offer probably won’t be considered.
  2. Incremental negotiations. Don’t continue to go back to the seller with small increases in your offer ($1,000 or less). The constant back-and-forth can grow tiresome and lead the seller to consider other opportunities.
  3. Take it or leave it. When you make a firm offer the seller can get defensive and consider other offers if you immediately show that you’re unwilling to budge. Even if you won’t negotiate, don’t show your hand.
  4. Being particular after an inspection. If a major issue is revealed, yes, that should be factored into the final sale price. But insisting on a lower price for every minor repair can put negotiations in a standstill.
  5. Asking for more, more, more: Some buyers will request that the sellers throw in add-ons like furniture or appliances that weren’t included in the listing.

The Bottom Line: Before beginning any negotiations, studies have shown that whoever has the most information has the most success on what they are bidding on as opposed to walking into something completely blind. If you have hired a good Realtor, he will be adept at understanding both the big picture and the little details of the home you want to buy. He should be able to read the market the home is in and know if the home you want is one that can be negotiated.

 

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Overpricing Your Home to Put on the Market is A Mistake

When you’re deciding how much to list your home for, don’t make the common mistake of overpricing your home!

If you price your home too high the right buyers won’t even give it a look. Buyers are savvy now, they are able to do homework and find out what a home is worth. They’ve hired skilled Realtors that have gathered all the comps for the neighborhood. Price it too high and your home will sit on the market without interest or traffic and the longer it sits the more of a negative association will come with your home. Buyers automatically assume homes on the market a long time mean that there is something wrong. 

Look for a skilled Realtor that has been in the business a few years and that sells homes quickly. Basically, find a Realtor that does not need your business. You will find these are the agents that will give advice that will work, not advice that the seller wants to hear and fill you with false hope.

The Bottom Line: An overpriced home:

  • Gets fewer showings.
  • Attracts the wrong buyers. You’ve listed your home in a certain bracket now. Buyers looking in that bracket expect more and your home won’t have what they want, leaving your home to sit on the market.
  • Helps your competition. Your neighbor’s home, priced right, will look that much better sitting next door to yours with a bigger price tag.
  • Will have a negative perception. When you eventually lower the price it won’t have the same impact because it has been sitting on the market too long.
  • Will have online search problems. Screening homes online involves putting in certain criteria into a search to screen out unwanted homes. It may seem a small thing, but when you price your home too far above the comps, you remove yourself out of these searches.
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NATIONAL REACH. LOCAL TOUCH

Title companies offer one of the most important types of insurance that one can buy. For most people, a residence or commercial property may be the most expensive asset they own. Title insurance in a real estate transaction has great value to the average consumer.

Think about it this way, what is the first thing you do when you go buy a car? You probably (hopefully!) pick up the phone and call your insurance agent to insure the vehicle. So naturally, insuring your real estate would be more pressing, since the value of it can be quite substantial.

So what should a good title company offer? Since the Ohio Department of Insurance regulates title insurance in the state of Ohio, and the Ohio Title Insurance Rating Bureau dictates all premiums, a title company can set itself apart by the customer service they offer along with the partner networks they share. Working with a large title company that does business on a national level has many advantages.

Title companies with the ability to write on multiple underwriter paper have the ability to provide more options and flexibility to their clients. For instance, Title First Agency is licensed in 33 states and can conduct business in all 50 states through its partner network and affiliations. Title First utilizes five of the leading title insurance underwriters in the business to issue title insurance policies to end consumers. (Check them out at https://titlefirst.com/underwriters/) This benefits the consumer in many ways, especially when a potential title issue arises and one underwriter is willing to take the risk while another may not be so willing.

Another benefit of a national title company is the increased level of protection of private information of both clients and consumers. There is a vast amount of private information necessary in conducting a real estate transaction. Some title companies have specific protocols as well as various checks and balances in place to ensure consumer privacy, which is paramount in today’s world. At Title First, we pride ourselves on achieving the highest certification for cyber security audits, without exception, known as SSAE 18. In addition, Title First is Best Practices Certified by the American Land Title Association. In order to obtain these certifications, Title First has participated in rigorous, outside, third party audits that test our systems and ensures the company maintains privacy at every level. What does this mean for you and your clients? It means that you can rest easy knowing your client’s information and financials are safe within our company.

Larger, national title companies, such as Title First, have a strong network of contacts in the real estate industry. Whether it be lenders, national vendors, realtors, or private attorneys – national title companies have access to all of these partners and more, which provides consumers and clients with access to any resources they may need during their transaction. This access creates the best overall experience at the closing table for the consumer and their realtors! Some lenders will only work with certain title companies – some have a “preferred vendors” list. Title First has built these affiliations and relationships over more than 60 years in the business. A trusted partner can provide you with peace of mind so you can make it to your next listing appointment or showing, on time and without a worry.

Why not use a company with a proven history, and a large network of providers to ensure you get the most for your client? Title First does just that – “National Reach, Local Touch” – at every step of the way.


By: Angie W. Sherry, Esq.

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Title Insurance Protection

Having title insurance from Title First Agency will protect you from the possibility of a claim to ownership of your home by someone. It’s hard to believe this can happen, but it is more common than people think. It’s not usually a plot to steal your home but a confusion with the deed. The laws regarding property ownership are complex and when liens come into play, someone may believe they still own a house that was technically taken over by a bank.

Title problems appear when parties want to be repaid loans and bills outstanding by the same property. There is a lender that made the first mortgage; the lender that opened the home equity line of credit; contractors whose unpaid bills resulted in liens on the property; taxing districts; and even homeowners’ associations all lining up to be repaid from the proceeds of the house, it’s easy to see how they might not agree on who gets paid what, and when.

Without a title search, the buyer buys all those problems along with the house. The problems don’t go away just because there is a new owner. There have been examples of homeowners having to sell the house just to pay the bills.

Title searches are required by all lenders to be sure that title problems are cleared up before a home is bought. It’s not for you. It’s for them. If the lender makes a mortgage with another that already has claims against it, that lender is going to lose that money.

The Bottom Line: The title is proof that a piece of property is legally owned. It’s an extremely important document. Without a clear title, you are taking a tremendous gamble in purchasing a house or other property. The experts at Title First Agency oversee and perform thousands of closings each year. When using Title First, you can sign confidently on the dotted line knowing that all the details of your title transfer and closing are in proper order. We are here to answer any questions you may have about buying or selling a home, and our team will guide you through the entire process.

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