Dec 8, 2023 | Buying Real Estate, Mortgage Lenders, Realtors
The process starts with a real estate buyer with a property under contract. Once the settlement agent or closing attorney has been retained by the mortgage lender the begin the “title work.” That is the examination of the chain of ownership or chain of title to the property. This examination discloses the history of owners and lien holders on the property and helps the closing attorney to ensure that the buyer receives good clear title to the property and that the seller actually owns the property.
The closing attorney will also assist the lender to make certain the certain conditions of the mortgage loan are met. Like having the property insured for the proper amount of homeowner’s insurance or “hazard” insurance. The closing attorney will also help the lender and borrower meet conditions of the loan that are related to the title to the property, such as providing accurate real estate tax information. (more…)
Nov 21, 2023 | Buying Real Estate, Realtors, Selling Real Estate
Realtors® are licensed and are trained to understand all aspects of real estate sale and purchase transactions as part of that licensing. From rules and regulations to financing options a good Realtor can guide their client through the complicated process of buying or selling real estate. Realtors® are required to continue their training annually to receive training credits to renew their licenses.
Realtors® have access to resources not available to the average home buyer or seller. (more…)
Oct 13, 2023 | Buying Real Estate, Interesting Stuff, Mortgage Lenders, News, Realtors, Selling Real Estate
With all of the recent talk of improper foreclosures having taken place, and the issues with bank owned real estate title problems, the question of the need for title insurance has been a hot topic. I have always stressed the importance of purchasing an owner’s policy of title insurance. Regardless of who is selling the property, how long it has been in the family or how familiar you or the seller may be with the property you just never know (more…)
Sep 14, 2023 | Buying Real Estate, Interesting Stuff, Mortgage Lenders, Realtors
I have had a few clients ask me recently about the difference between buying a property at a foreclosure auction and buying a property owned by a bank (REO/Real Estate Owned).
A property purchased at a foreclosure auction or foreclosure sale is purchased through a bidding process by individuals at the auction. The property is sold to the highest bidder. If the foreclosing lender is not satisfied with the amount of the bids they may also bid on the property to raise the selling price. In the end the lender often ends up as the highest bidder and takes ownership of the property. Property that is acquired by the lender in this process is called REO property or Real Estate Owned property. The lender will in turn, eventually, place this property on the market with a Realtor for resale to the public. (more…)
Aug 9, 2023 | Buying Real Estate, Mortgage Lenders, News, Selling Real Estate, Short Sales
Title insurance underwriters, concerned about the risk in insuring short sale flips have taken a position of not insuring them. Old Republic Title Insurance announced to it’s agents last month that it would no t authorize the issuance of lender or owner title insurance policies on short sale flip transactions.
So what is a short sale flip?
A short sale flip is when a property is purchased by a real estate “investor” from a seller who has negotiated with the current mortgage holder(s) to release the mortgage(s) for less than what is owed, the purchaser of the property then flips, or resells, the property for a profit. (more…)
Jun 11, 2023 | Buying Real Estate, Interesting Stuff, Legislation
A Declaration of Homestead is a type of protection for a person’s primary residence. The Declaration of Homestead is a form that is filed at the Registry of Deeds in the county where the property is located, referencing the title/deed to the property. It allows homeowners in Massachusetts to protect their property up to five hundred thousand dollars ($500,000) of the value from civil attachment.
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