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.
Showing posts with label mortgage. Show all posts
Showing posts with label mortgage. Show all posts
Tuesday, October 14, 2008
Monday, September 29, 2008
No Positive Information Today on Lakeland Florida Real Estate
Unfortunately, I have no positive information on the Real Estate Market in Lakeland, Florida. I was out and about this weekend and everyone seemed to have the same story. The main topic was someone having their home forclosed on! What a terrible terrible weekend. I feel so sorry for so many people in Lakeland. If the person I was speaking to hadn't been forclosed then a good friend or relative had been.
Have you picked up the Realestate guides you see in the stores? Well, as I had stated earlier, one of them doesn't seem to be making it! I was surprised to even see another guide published! The printing was terrible - maybe because they had to cut more corners to even satisfy the three Lakeland real estate agents whom still have their ads in there. It is sad to see this happen but the economy is just hurting everyone.
I hope something happens soon to change or we may become a ghost town!
Have you picked up the Realestate guides you see in the stores? Well, as I had stated earlier, one of them doesn't seem to be making it! I was surprised to even see another guide published! The printing was terrible - maybe because they had to cut more corners to even satisfy the three Lakeland real estate agents whom still have their ads in there. It is sad to see this happen but the economy is just hurting everyone.
I hope something happens soon to change or we may become a ghost town!
Wednesday, September 10, 2008
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!
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!
Sunday, June 22, 2008
Common Title Defects
The real estate industry may be slow in Lakeland Florida, but that is no reason not to be prepared if you receive an offer. I was looking thru my computer – cleaning out old stuff! LOL there is a bunch of it! I came across a listing of items which may cause a closing to be postponed or cancelled. With the few offers sellers are receiving these days, I think it is important for the sellers to be aware of circumstances regarding their property.
You need to go online and check out your property – Today! This will help to prepare you for the sale. Some items you may not find, but others may stand out to you! It is worth the time to investigate now!
Common title defects and overlooked encumbrances:
Typographical errors on Deed
Missing information on Deed
Satisfactions of Mortgage not recorded
Release of Liens not recorded
Documents recorded in error which include your legal address
Judgments or liens you are not aware have been filed
Good Luck with your sale!
Monday, April 7, 2008
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!
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!
Subscribe to:
Posts (Atom)
