Where is the Title Policy?

OMG I was just reading an article in The Ledger about a couple who lost their farm because of a clerical error! An old lien against a piece of property! What is this world coming to? The County Government and the New York Authority which made the error should be responsible to this couple! Sometimes I think we live in a world without a heart.

Take the time to read this article - maybe someone can figure out how to help?

http://www.theledger.com/article/20081013/NEWS/810130355/1374?Title=Clerical_Mistake_to_Cost_Couple_Their_Farm

I can't remember the exact reading of the standard Owner's Title Policy - There is probably some provision for such occurrences but unfortunately at this time my mind is blank.

Lakeland Florida Real Estate Update

Lakeland Florida Real Estate prieces are being reduced! Unfortunately, people are taking what they can get, given the circumstances of the economy in Lakeland. I understand and feel sorry for the many people who are being forced to sell their property due to foreclosure. This effects the seller and all surrounding property owners. I am just an average person looking at the overall effect this will have on our area. I'm sure many of the real estate agents, investors, and real estate gurus in the area will have their opinions, but just from the regular person on the street, this is awful! I was gonna use a different word, but this is a respectful blog!

I was speaking with a Realtor last night and she said the Mortgage rates dropped again! Great, so now is the time - if you have money - to buy! Yes, there is the BIG IF! The interest rates coming down would allow investors and others with money in the bank and a stable job the opportunity to purchase. The flip side is - the economy is down and many companies are downsizing and laying off - so many would be buyers are scared to purchase for fear of the BIG FORECLOSURE coming their way in the future. So, what do we as a great nation, do to solve this problem?

While speaking with a Title closer the other day - yes, properties are closing. The word around the industry is many Title offices are struggling to keep their doors open in Lakeland and surrounding areas, but others are picking up the slack. So, which will survive is the question. Hopefully, the honest and straight forward companies will stay around, so we can feel secure in our property transactions! Unfortunately, many of the "not so honest" ones will be the ones to survive since they are charging their customers unrealistic prices, not paying the costs to REALLY clear the title, and offering what might be considered illegal paybacks for people to bring their closings to them. These companies will be bringing in more money per closing, expensing less money out for correcting title, and giving a percentage or incentive to attract real estate agents to use them! The calculation therefore is the bad will survive and the honest person will have to work harder to defeat evil!

Ok, getting stuck on my opinions in the Tilte Closing saga. Sorry. The main topic was supposed to be Lowering the Price of real estate in Lakeland Florida, now Im gonna have to figure out a new title for this blog! Ok, changed the title to better fit my ramblings!

Lakeland Real Estate Book

Well, unfortunately I may have been correct about one of the real estate books in Lakeland. I picked up copies of the two main books in my area and Uh oh one doesnt seem to have many listings in it at all!

The economy and other factors, I'm sure has played a part in the extreme downsizing of the publication! I am not going to get into the politics of the real estate magazines in Lakeland, there seems to have always been a bit of negative energy between the two.

Guess time will tell - we will see if either of them survive this downturn in the Lakeland Housing Market.

Commercial Closing!

Another commercial closing today! Yeah. Well, actually closes on September 2, but our side is done!

Seems to be a few commercial closings in the Lakeland area, now we just need the residential sales to pick up a bit. Not sure how that is going at this point, being they have discontinued the down payment assistance programs in the State of Florida!

I have not had time to really investigate how all is going in Real Estate in Lakeland, Florida. I have heard a few horror stories in reference to advertising homes for sale in the area. But it is really gossip at this point. Will see where the advertising companies go with this. Maybe one wont be around much longer, time will tell! You never know what will happen. I heard gossip that the Ledger went down on their prices??? Wow, Im not a ledger fan, but I guess they are dealing with the economy and actually did something positive. Of course, it will help them in the long run, they may keep a few customers.

I heard a couple of photo books are no longer in the local Walmarts, the gossip being that Walmart went up on their rental prices to put a rack in the Walmarts! Gosh would a major company do that in this economy??? Like I said just rumor to me at this point, but rumors start problems for companies. I would not want to be Walmart if this rumor ends up being true!! I also heard that the photo books business is going down with the economy and housing market, so of course, they must cut the distribution of the books to cover the overhead!

We need this economy jump started and quick! Where is the help going to come from??

Maybe Things are Turning Around?!

Maybe the Lakeland Florida real estate sales are turning around? When I spoke to someone in the industry just last week, they said the calls were increasing. This seems to be very true from my experience this week.

I have had a number of people looking at my Condos, no offers yet, but at least there is activity.

The other sign is two commercial properties that were listed both received contracts this week! Can you believe it! Two properties with two buyers in a matter of days! At least the commercial side is looking up! My Realtor has been a blessing to work with and I know I don't usually mention names - but she deserves alot of credit for all the hard work she does.

I would like to say "Thank you" to Susan Luckey with Brooks Chandler Realty for being a professional and friendly realtor who puts forth so much of herself in making the real estate transactions a positive experience. "Thank You"

Realtors starting to get more calls!

I spoke with a Realtor over the weekend and she has started receiving more calls on properties! Hopefully this is a good sign. She mentioned that the news media had said some of the housing prices in Tampa have started to go up again and people may have missed their chance on the deals that were out there! Could it be?

I hope some people will start buying again to get in on the last specials - hopefully my condos! Actually now to think of it, I have gotten a couple of requests to rent my condos. Let's see if anyone really follows thru. At this point having renters are ok with me too. Anything to help in this economy!

Hope the news media was right and things will start looking up in Lakeland Florida too!

Lakeland Florida Real Estate - HELP

Lakeland Florida Real Estate Guides are getting thinner!

This is a scary situation! I have been so busy in other areas that I have not contacted anyone in the industry for a couple of weeks. I happen to pass by a stand with the 2 most popular real estate guides here in Lakeland Florida, Home Shopper being one(http://www.showhome.com/index2.asp) and was shocked by the thinness of these books. I know the industry is unbelievably slow and proof of that is in the lack of advertising dollars that brokers and real estate agents are able to spend.

I think we need a miracle about now. I wish I had the answer but this economy is just unbelievable.

I have a few properties on the market myself and they seem to be going no where! What are we to do in this world today?

I feel for the real estate agents in our community. Not only are their incomes going down but their expenses are going sky high. The agents that are having to show these properties - yes, they have to drive all around town and with the gas prices sooooo high - I feel for them.

Well if anyone has any suggestions or helpful insights for the real estate industry here in Lakeland Florida, I'm sure more than just I would like the input!! HELP

Finding a Realtor in Lakeland Florida (Polk County)

I know I’m stuck on the topic of real estate agents! It’s just these are the main people involved in the real estate transaction. Trust is the number one issue. I can not stress enough; you need to do your homework before choosing a Realtor.

I decided to surf the web a little and see what I could find out concerning sites to report your opinion about a real estate agent. I found a couple of sites that may be of interest to both buyers and sellers. These may not list ratings on Lakeland real estate agents, at this time. These maybe a good source in the future, if some of our local residents would provide input. Like I stated in one of my first blogs, people need to let others know if they encountered a problem with an agent or broker.

I do not mean to come across as negative, just concerned that the consumer makes an informed decision in a real estate transaction. Therefore, the more “real” input from customers is a necessity. Anyone can go on a site and place a positive rating, even the agent or a friend, so you can’t be sure the positive ones are “real”. But, the negative ones surely didn’t come from a “friend” so those you can at least cross off your list of possibilities.

Outrageousagents seems to be an informative site. There were no listings in the Lakeland area, but while reading the comments, they could have been some realtors in Lakeland! If you have had any bad experiences with a realestate agent in Lakeland – go post! Help the next person not to be caught in a messy real estate transaction. We need to help each other out here.

http://www.outrageousagents.com/

Realtorratingz seems to be another site that may be of interest in the future. At this time all the Lakeland FL real estate agents listed have not been rated. Hopefully some consumers will take advantage of the site and report their experiences. My only concern here is I happened to see a note on OutrageousAgents that a bad rating had been deleted from Realtorratingz, so beware a bit here. www.realtorratingz.com


I will continue my search for sites that may be of assistance to the Lakeland Florida consumers. If anyone has any suggestions, I am always willing to listen and investigate new sites.

Good Luck doing your Real Estate Agent (Realtor) homework!

Why You Need a Reputable Real Estate Agent in Lakeland Florida

Why you need a reputable realestate agent in Lakeland, Florida. I stumbled across this site called http://www.ripoffreport.com/, many of you may have already visited the site, but it was a first for me. Now, we always have to remember there are two sides to every story, but things like this do happen in Lakeland! So, I decided to link to the post regarding a Lakeland Real Estate Company and Realtor.

(http://www.ripoffreport.com/reports/0/317/RipOff0317777.htm)

The above report was written by the buyer of a home in Lakeland. She states they paid for a termite inspection of the property purchased and they “trusted” their real estate agent when she told them there was no termite damage per the report. The consumer assumed that the Realtor would be honest. First mistake! Don’t take me wrong, there are many honest Realtors in Lakeland. That is just my sarcastic side coming out.

The consumer MUST request all inspection reports be given to them! They are the one paying the bill and the one purchasing the property – NOT the realtor or title company.

The title company is generally only going to receive the invoices regarding the inspections. On occasion the termite report and invoice are all in one, so the title agent in this case may have had the report too. The problem here is what title company was processing the closing. Remember the Seller usually chooses the title company. However, if this real estate agent also had the selling side, then it may have been closed at Keller Williams’ title company. Yes, they have one that does the majority of their closings! It is one of those Lakeland real estate companies that has a title company attached but under a different name, so the consumer must beware.

The real estate agent may not have been aware of the mold issue, unless a mold inspection was performed on the property. That is not a usual inspection for this area, but it should be. The termite problem on the other hand should have been discovered and the consumer notified.

If the consumer now has a copy of the termite report, she needs to do a few things. One she needs to contact the broker of Keller Williams of Lakeland and file a complaint. Not sure who is currently listed as the broker of that office, they have switched the names in the past!? I’m not one of their favorite people anyway, so I’ll just steer clear from naming names! She needs to contact the Lakeland Association of Realtors, Florida Association of Realtors, and the Florida Real Estate Commission and file complaints.

FREC (http://www.myflorida.com/dbpr/re/frec.html)

Then if she is really 100% positive of the termite report she may want to make an appointment with an attorney. This will probably be her only option to receive the funds to cover her damages.

Important lesson learned – Buyer’s ask for you inspections!!!!

Considering the Purchase of a Home in the Lakeland Florida Area

Purchasing a new home is a major decision. Take your time and do the homework necessary for a smooth purchase. There are a number of items and expenses to think about, don’t jump in head first, you could get hurt.

Interview and ask for referrals for a real estate agent. If you are unsure how to go about this, see my earlier blog “Choosing a Real Estate Agent.”

Go over your budget. Ok, if you don’t have one, now is the time to make one. (Sounds like another blog I need to write.) This is a necessary step; you do not want to over extend yourself. Remember, there are going to be more expenses to owning a home, then renting. Major Items to consider: Property Taxes, Insurance, Utilities may be higher, Maintenance, Home Owner’s Association Fees, Lawn Care, Pool Care, etc.

Check your credit score, yourself. There are always links stating you can check your score for free online. This information is going to be essential when you begin communicating with lenders. Major Point: Do not give your Social Security Number to all those lenders and mortgage brokers you are trying to receive information from. The reason is that every time your credit is checked by a lender or broker, your credit rating goes down! A lot of people do not realize this and give the information to everyone, and then wonder why they can’t get the interest rate they thought. So, get your credit rating yourself. Bring this information with you when you speak with a lender.

The basic items you will need to have available to begin the process of finding a mortgage, should include: Proof of your monthly income, all sources. Copies of your last two to three years Federal Income Tax Returns, Copies of your latest bank statements – all accounts. Copies of your credit card statements, (if you have any credit cards), Copies of any Car loans, Copies of any current mortgage statements, Copy of any lease or rental agreement statements, copies of any other monthly payments such as child support. This will give the lender a good idea of your monthly income and expenses and be able to provide a more accurate estimate of what they can offer.

Now, the first place to start your search for a mortgage is your bank. The reason is they know you. Also, your bank may offer current customers special promotions to keep the business. Banks usually have fewer fees associated with a mortgage then going thru a mortgage broker. Think about it: If you go through a broker he has to make money too! Therefore, try to leave out the middle man if you have good enough credit. I am not trying to harm the mortgage broker business, just letting the consumer know that there are more fees for the buyer when using a broker.

Remember: the amount that you decided on in your budget! This is very important because when you get to the lender they may tell you that you qualify for more then that amount! This is what gets people into trouble! Do not let anyone talk you into a higher monthly payment then what you have set for yourself. Important: The lender or broker may give you a figure that appears to be in your budget, but beware there are other things to consider. If you escrow Property Taxes and Insurance in your mortgage; these figures will be added into your monthly payment. A number of lenders will require a fee NOT to have your property tax and insurance escrowed. I have heard both sides of the escrow debate. That is a personal decision.

Once you have gathered your information and possible mortgage pre-qualifications, you will be able to make a more informed decision. Don’t forget that there will be other fees associated with the closing. The Truth in Lending the lenders may provide you will not give ALL of the closing fees, they will include some but not all. They can’t they are not the title agent.

Good Luck and take your time! There is no rush. This is a buyer’s market right now in Lakeland, Florida, so take your time and do the homework!

Former Lakeland Florida title agent is charged in theft and fraud case

A Former Lakeland title agent is charged in theft and fraud case, according to an article in The Ledger, March 26, 2008. www.theledger.com/article/20080326/NEWS/803260463 Of course, I was not shocked by the news. I had heard of this company during a title closing at our office. People talked and I listened.

It is unfortunate, but some people in the industry do not have the morals or ethics necessary to handle large sums of money. They are tempted by the almighty dollar, even if it is not theirs.
The article I have linked to also mentions a local real estate attorney that was also charged, in a separate case. Therefore, as I stated in an earlier blog, the consumer doesn’t know which way to turn.

I remember listening to a real estate agent at one of our closings about how much money the closing agents at her title company were bringing home. I never said a word to the agent, just listened. After the closing, I tried to calculate how many average closings they would have to perform to afford a payroll of that amount. Not even considering the other overhead involved in running the company. Two and two were not adding up to four! A short time after learning the information, I heard that the underwriter for the title company had frozen the escrow account! I felt bad for the clients whose money had been frozen. Their closings would not happen in a timely manner. I had wished those clients had chosen another company, but how were they to know?

Around the same time, another title company in the area was also shut down. Not as much was publicized about that one. I cannot remember the name of it now. It was a difficult time having to listen to our industry get criticized. My company, which prided itself on treating the customers with honesty and integrity, suffered due to bad publicity. By then people had forgotten about the real estate attorney that was just as bad!

Unfortunately, I don’t have the magic answer on how to figure out who to trust! There are people still out there that have no business touching other people’s monies. I am not going to start listing names and get into any lawsuit over hearsay. I cannot prove who does what. I am not privy to their books and bank records. Believe me, some of these people look so innocent, you would never guess by appearances. Also, don’t let the number of years they have been doing closings cloud your judgement either!

Until I can figure out the magic answer, beware. Take the time to ask questions. Like I stated in earlier posts, most of the time the seller chooses the closing agent, so sellers do your homework!

Seller's Costs For Selling a Home in Lakeland, Florida

You’ve decided to sell your home in Lakeland, Florida. Well, it is really a bad time right now, but if you must then be prepared for the expenses related to the transaction. Many people are not aware of the actual costs that will be incurred when they sell. The majority of the costs are calculated on the sales price. So, to be able to even get an idea, you need to estimate what you think you might be able to get for your home.

Let’s say you estimate a sales price of $200.000.00

If there is a Realtor involved the commission is usually calculated on the sales price. With the market the way it is you may find a Realtor to accept the listing for 5% to 6%. A few months back, it was normally 7%.

Now, take the estimated 200,000.00 x .07 = $14,000.00 (Ouch!)
200,000.00 x .06 = $12,000.00 (Oh My)
200,000.00 x .05 = $10,000.00 (Oh)

You could always try to sell For Sale By Owner, but it’s not as easy as it sounds.

The Seller is normally responsible for the Title Insurance. This premium for the insurance is also calculated on the sales price.

So, take the estimated 200,000.00 and calculate it the following way:
The first 100,000.00 is calculated at 5.75 cost per $1000.00.
So take $100,000.00 x .00575 = $575.00
The amount over the first $100,000 is calculated at 5.00 cost per $1000.00
So take the second $100,000.00 x .005 = $500.00

Now add the two figures together and you have the cost of the Owner’s Title Policy.
On the sales contract of $200,000.00 the most you will pay is $1,075.00.

The reason for most is that if you purchased your home less than 3 years ago, and you sell your home before that time frame, you will receive what is known as re-issue credit. It is always best to calculate your costs on the total, just to be on the safe side.

You will also be responsible for the document stamps on the deed that must be recorded in the public records. The government has to get their share! This is calculated on the sales price, also.
Calculate as follows: $200,000.00 x .007 = $1400.00

Yes, it is very expensive to sell a home. We haven’t even finished with all the charges yet.
You have to record the deed in the public records, that is $10.00 for the first page. Which a normal deed is only one page.

So far, all of the expenses I have mentioned are set by a division of the state or the county. The only figure that might be lower is if the re-issue rate applies. Meaning you sell before your 3 years is up, and that you received a title policy with that closing. You must have the prior title policy to receive the credit. It is cost effective to search for that policy or contact the closing agent and request a copy.

The title company performing the closing, must charge a closing fee, search fee, and exam fee. Now, the amount they charge you is up to them. So here is where you really need your quotes before you choose a title company. The cost should not be the only information used to evaluate which company to use though! Some will quote you low just to get you in the door! Be careful.
So to guesstimate the industry I would say to consider those three fees combined to run you about, $400 - $500.

You should request a list of all fees each title company charges on their normal closings. They all have different names for them, so ask them for ALL fees. Most will have a courier or postage fee to the seller for overnighting any mortgage payoffs for the property. Many started adding warehousing fees, to store your file for years. I even saw some that started a data storage fee to put all your documents on a disk. If you choose to have your payoff wired to your mortgage company, that is another fee. If more documents have to be recorded to correct the title, those are more fees. (They can’t quote on recording because they will not know if corrections need to be made until after they search the property.)

So do you still want or need to sell your home?

There are some other costs that you may not have thought of right away, that will be deducted from your bottom line, before you receive your profits. If you have a homeowner’s association and there is an amount due, or almost due, that is going to be deducted. Also, any property taxes that are due will be deducted. If the taxes or association dues are not yet due, you will only be responsible for the percentage of the time you owned the property.

Here is where you stand with a $200,000.00 sales contract.
$200,000.00 contract price
$ 14,000.00 sales commission
$ 1,075.00 owner’s policy
$ 1,400.00 document stamps
$ 10.00 recording fee
$ 500.00 closing fees
$ 200.00 misc fees

So, before you even consider the taxes and home owners association fees you have already deducted: $ 17,185.00

Don’t forget to deduct the payoff for your mortgage too! The figure on your monthly statement does not usually include all the fees associated with your payoff, so call the mortgage company and request the payoff amount.

Well, now you have enough information to get an idea of what the costs involved with selling your home will be. The market is really tough right now, so I wish you the best of luck on the sale of your property. Remember to call around and get quotes and ask people you trust for recommendations. See my earlier blog for more information on the industry.

Real Estate Closings in Lakeland Florida

Since the housing market is a hot topic these days in Lakeland - I guess I’ll add my two cents into that arena. If you are considering buying or selling a home in the Lakeland area - guess what you DON’T need a real estate attorney! Gosh I cannot stand those commercials that say you need an attorney to handle a closing! OMG I can feel I am gonna start getting a ton of calls from those attorneys in town! Sorry but honesty is the best policy and I always try to be up-front with people. You may not agree with me - that is your choice - but I speak from years of experience.

Don’t take me wrong, there are a few good real estate attorneys in Lakeland, but there are also a number of them who will overcharge and under perform! The basic residential real estate closing does not require or need the services of an attorney. Now, there are some instances, in which I would recommend a good attorney. You did see the word GOOD. Just making sure. Now if you find yourself in a bind and do need the name of a real estate attorney, just comment me and I will be happy to give you the name of the person I would use. He has no idea that I have sent him many clients over the years both personally and professionally. I do not personally know him but his work speaks for itself, and that is the way it should be!

During my years managing a local title company, I have encountered numerous errors that had to be fixed, and the majority of errors were made by an attorney! Yes, you paid more money for your closing and did not get the service you thought you were. It’s a real joke in the Lakeland area about how often a title company has to fix an error from a previous closing at some lawyers office! I hope that a number of my clients went back to their real estate attorney and complained, but probably not. Everyone gets busy trying to deal with moving, they let things like that go. Too bad maybe a few complaints would make them improve.

When a mistake is made in the recorded paperwork involved with a prior closing, the fees to re-record go to the seller. You may not have chosen where your original purchase took place, because most real estate contracts state that the seller chooses the closing agent. Therefore, you are the one having to pay again for documents that you assumed were correct, because an attorney prepared them. The person that chose the attorney has long since moved, so there is no way to get them to pay. These errors have to be recorded in a timely fashion to insure that your closing happens on time, so you are stuck with the fees.

Now don’t get me wrong there are a few title companies in Lakeland; I wouldn’t use either. I just got on a role with the attorneys. So now your saying, what in the heck am I supposed to do if I need a real estate closing? Pray would be my suggestion! No, but seriously it is a major concern and expense; you need to do some research before making a decision. First, do not just accept your Realtors advise to close with the closing company they suggest. That company may be associated with the real estate firm!! You got it kickbacks. They may not be concerned with the service you get. They are concerned about the almighty dollar going in their pocket! The questions you should ask a Realtor that suggests a title company are:

Are you or your real estate firm in anyway connected to that title company?
Does any person or the company receive any monetary gains by referring clients to that title company?

Research the real estate firm and the title company and see if you can find any connection. You would be surprised how many of the major real estate companies in the Lakeland area also have some connection to a title company. They are not usually located in the same building or area, because that would be a sure sign of a connection! So beware!

If you find yourself starting to have a panic attack, just comment me. I have one company in Lakeland that I would recommend. Yes one! This is not saying they are the only good one left in town, but I can only refer by experience. She seems to be on the same track as I was; the buyers and sellers are the people to be concerned about, not the realtor or the mortgage institutions!
I have personally used this office for my closings since I left the industry and have referred a number of previous clients and friends. Not one complaint yet!! That is what I go by.

Well, now I have gotten half or all of the Lakeland housing industry mad at me! Oh well, I kept my mouth shut for years, now I’m gonna let people know what really happens out there! If you feel, you would like to leave me a comment - good or bad - go right ahead, I can’t wait. Honesty is the best policy and people need to be informed.

Lakeland and Me

I was gonna start by saying how long I have lived in Lakeland, but upon calculating that figure, it made me feel too old. So, let’s just say I’ve been here long enough. I moved here after graduating from high school and now I have a daughter that will be graduating this year, so like I said Long Enough!

I have seen Lakeland grow in leaps and bounds since I was a teenager. Some growth good - too much growth - makes it a pain in the butt to get around. I hate traffic and it seems that no matter what time of day it is- there’s traffic. I generally stay on the South side of town, no reason to wander up to the North when I can get whatever I need down here. Maybe once a year I’ll visit the Lakeland Square mall - guess I’m just not a shopaholic. The new Lakeside mall has provided everything I need, lately.

Boy the housing industry here has really hit a bump in the road. It is amazing how it has bottomed out. I am not a realtor, thank goodness. I feel for all those people who jumped on the band wagon when things were hot and now they are searching again. Well, I was in an industry that related to the housing market. I managed a Title company that performed real estate closings. Not doing that anymore! Kinda glad I got out of that - I stayed in it longer than I really wanted, mainly because I felt people needed a Title company that really cared about the buyers and sellers. Unfortunately, in that industry most of the buyers and sellers listen to their Realtors about where to close. Not a wise decision, but the general public is unaware of how things really should work.

I also have years of management experience, prior to the title company I ran a national mail-order company. I enjoyed that position for many years. The people that I worked with were like family. O well some of them actually were family, but there were many others that joined our family. I enjoyed the people, responsibility, and the ability to use my brain on a daily basis. I tried to make work there a pleasure for the employees. When your employees are happy and respected then they give their all to the company.

The reason for this blog is I enjoy writing and since I live in this area, why not put a little information out there about our town. Not the who’s who of Lakeland, but on a more personal and down to earth level. Not sure what will be included, you’ll have to stop by and see what’s up.