Parks Title Agency

Title Issues: The unrecorded lien

2011-07-11T10:18:00.001-04:00

Unknown to many folks, there exist a slew of unrecorded issues that can affect real property. Examples include (but are certainly not limited to):

• Unpaid water bills or multiple water accounts
• Board up of abandoned property by the City
• Grass/Weed cutting by the City
• City charges for Snow Removal
• Ordinance Violations for broken steps, missing railings, etc.
• Unpaid fees for Inspections/Certificates of Occupancy/ACRs
• Special assessments for paving, sidewalks, sewer, etc.

If you are purchasing a property on land contract or for cash, I always recommend that you purchase an owner’s policy. Protect yourself and your investment even further by closing with an experienced, professional title company.

When people ask me why they need title insurance, I always ask, “How much time do you have?”

For title insurance quotes or more information, please contact Kat Hilliard at (248)543-3990 ext. 151 or email khilliard@parkstitle.com.

Michigan Real Estate Agents - Did you know....

2011-03-09T12:34:00.002-05:00

Did you know that the State of Michigan Treasurer's office has an exemption that would allow some homeowners to sell their homes without paying the State Transfer Tax?

The exemption is meant for owner occupied, homestead properties where the current SEV is either the same or lower than the original SEV.

Check with your local taxing authority to find out if your seller meets the requirements.

You could save your seller a lot of money. People remember things like that.

Selling Experience

2011-02-23T11:25:00.003-05:00

In this era of challenging real estate transactions - realtors need every advantage available. From a title perspective, I prefer all clients to be represented by mature, experienced real estate professionals. I would like to offer some selling points that may help swing the deal in your favor.

Share the benefits of using an experienced Realtor:

Familiarity with local market
Established network of associated real estate professionals (inspectors, title companies, lenders, etc.)
Save time and money by avoiding costly mistakes through inexperience
No wasted marketing time by accepting offers from unqualified buyers
Skillful communication with the buyer's agent can mean the difference between success and failure
Employing a Realtor with multiple years experience costs no more than using a realtor with no experience and may cost a lot less
Achieve the highest and best offer through a specially designed marketing strategy

While you are out doing that market analysis, share this information with your potential client. Help the homeowner understand the choice they are making when they select a realtor. I have over 20 years experience and when I sit down at that closing table, I really want you sitting there with me.

Michigan: Ban on Texting and Driving

2011-01-03T15:22:00.002-05:00

I was on the I-75 freeway the other day and noticed a rather expensive SUV gently moving from lane to lane while the driver was holding his phone on the steering wheel. After a few minutes, the vehicle drifted toward the center median, went off the road and scraped along the guardrail for several yards before spastically dashing across all lanes to pull off the freeway.

Thankfully, no one was injured (except the vehicle) and the guardrail prevented what could have been a very serious accident.

As real estate professionals, we spend a lot of time on the road. Texting and driving affects us all. It doesn't much matter if you don't text and drive if someone rear-ends you because they do.

The State of Michigan banned texting and driving effective July 1, 2010. The City of Troy, Michigan went one step further and also banned "eating, writing, performing personal hygiene/grooming, physical interaction with pets, passengers or unsecured cargo".

While none of us has any control over other drivers, we can each make a choice to drive safely. Texting bans are designed to protect us. Let's help make them work.

Short Sale Success Tips

2010-07-30T08:39:00.002-04:00

With more and more homeowners upside down on their mortgages, real estate professionals are seeing an alarming increase in short sales.

In order to successfully complete a short sale, there is a lot of work to be done. To see your short sale result in a successful closing, follow these tips:

1. Educate! Both buyer and seller must know what to expect
2. Select an experienced, full time realtor who has closed more than one short sale
3. Work with an attorney who specializes in real estate transactions and short sales – remember that not all attorneys specialize in real estate!
4. Call the short sale lender(s) weekly for updates
5. Keep all parties informed by email – this vastly reduces the number of phone calls

RealtorMag has some great articles that should be required reading for both buyers and sellers:
• Making an Offer on a Short Sale? What You Need to Know
• Short Sales Tips for Sellers

I am NOT a Salesman!

2010-07-09T16:48:00.003-04:00

I sit at a desk. I type, I file, I answer phones. I am definitely NOT a salesman.

Are you sure? Think about it – anyone who communicates with clients is in a position to increase or decrease business. Sounds like sales to me. But don’t worry – you don’t have to ask for orders or make cold calls to increase business. You already have a “secret weapon” – your amazing attitude.

Enthusiastic, helpful people have a way of making customers want to call back. It doesn’t matter if you have all the answers as long as you know where to get them and you treat each customer the way you would like to be treated.

Have you ever called for customer service and spoken with someone who simply didn’t care what you needed or wouldn’t even listen? There are enough grouches in this world – don’t be one too.

Answer the phone with a smile – people can hear it. If you use your “secret weapon” correctly, each caller will hang up feeling like they were your most important customer - and guess what? You have just made a sale. Congratulations – salesman.

Short Sale - Long Process

2010-02-01T16:49:00.002-05:00

The lifespan of the average short sale is between three to six months! Certainly nothing short about that. What in the world takes so long? The biggest “holdup” often comes from attempting to communicate with the short sale lender. Have you ever called your own mortgage company? How long were you on hold? Did you ever speak with the same person twice? Try faxing 150 pages to your mortgage company and calling back to see if they have received them – only to find out they “say” they didn’t. That’s always fun.

I called a lender once and asked for the Loss Mitigation department. After spelling “mitigation” for the fourth time to the fourth person, I finally asked for the legal department. Apparently the legal department knows how to spell because they told me that I needed to speak with someone in Loss Mitigation and transferred me right away. Well - right away after spending 20 minutes in a spelling bee.

Like any other transaction, the short sale is a process with a defined beginning and end. To even consider a short sale request, most lenders require that the subject property be listed for sale and that the real estate company’s listing agreement states that the property is being sold as a short sale.

After the property has been sold, the bank has a long list of items that they require from the homeowner, their attorney and the real estate agent. Examples of these items are – letters of authorization, preliminary HUD settlement statement, hardship letter, proof of income, tax returns, bank statements, paystubs, assets, broker price opinion (to compare the sale price to property values in the area), purchase agreement, listing agreement, financial statements, etc. We could talk about how long it takes the lender to admit they have these items, but why bother?

All required items having been submitted, the file is then reviewed by up to 3 different negotiators. Often this part of the process takes so long, that the lender requires all new paystubs and bank statements because by the time the file is reviewed, everything is more than 60 days old.

Once the necessary documents are re-submitted and a final negotiator is appointed, it is time for the homeowner’s attorney to get involved. The real estate attorney will work out an agreement with the bank as to the terms of the short sale. The lender must release their lien, but are they releasing the homeowner from the responsibility of repaying the deficiency? Maybe, maybe not.

Now that the lender has issued their approval letter, the deal is ready to close. Right now! The approval letter has an expiration date – and the terms expire when the letter does. If the buyer can’t close within the alotted time period, an extension will need to be negotiated or the whole deal falls through. What a thought. Many realtors will continue to take offers to purchase during the processing of a short sale in case a buyer loses interest, loses a job, etc. - just as insurance.

Well – there you have it. The long story of short sales. It is not a perfect process and doesn’t look to be improving in the near future. What can you do to improve your chances of a successful transaction? Employ only qualified real estate professionals. Be aware - not all attorneys specialize in real estate – if you are a short sale homeowner, you would want to make sure that your attorney is qualified to protect you. If everyone is informed in advance about what to expect, if everyone receives weekly communications as to the progress (or lack thereof) of the sale, there is a much better chance of completing the sale with all parties still involved. Schedule a meeting with a qualified real estate attorney and most of all – make sure that your Realtor is experienced in short sales. Arm yourself with the proper tools for the battle ahead. I wish you luck.

If you are interested in more articles like this one - check out our blog at: http://www.parkstitleagency.blogspot.com/
You can also visit our website at: http://www.parkstitle.com/
Feel free to email me with questions or concerns at: khilliard@parkstitle.com

Land Contract Payoffs

2009-12-30T13:26:00.003-05:00

Are you ready to pay off your land contract? What should you know? Check with your attorney first! Before making your payoff, consider updating your owner's policy. Why? Between the time you closed and the time you make your payoff, the seller could have taken out a mortgage, a tax lien could have been recorded against the property in the seller's name, the property could have been deeded to a servicing company - there are too many scenarios to mention here. Call your title company and find out how to get a "date down" endorsement to your policy. The cost is generally less than $200 and could save you thousands. Always check with your attorney and title insurance professional when entering into a real estate transaction.

To read more articles like this one - visit our blog at: http://www.parkstitleagency.blogspot.com/
You can also visit our website at: http://www.parkstitle.com/
Questions, comments, concerns - email me at: khilliard@parkstitle.com

Choosing an Estate Planning Attorney

2009-10-12T11:41:00.021-04:00

The Michigan economy over the past few years has taken a toll on local attorneys. Practitioners who once had more work than they could handle are actively searching for new business, often in areas of law that they have no training in. One such area is estate planning. Anyone can obtain a form for a trust or will online, but merely filling in the blanks does not protect your assets or your family. More often than not, an attorney who is not an experienced estate planner does not consider how the will or trust he or she is drafting affects your overall financial situation. Will your family have to pay income tax on your death because of a faulty estate plan? Will there be estate or gift tax liability? Will your real property taxes increase unnecessarily during your lifetime because of the creation of joint property with your children? Will a probate proceeding be necessary upon your death? These, and other issues which could cost you or your family money, must be considered in drafting every estate plan, regardless of the size of your estate.

To properly protect your family and your assets, you should always consult an attorney who is experienced and trained in estate planning. The State Bar of Michigan Institute of Continuing Legal Education offers a Certificate Program in estate planning and probate. Each attorney who completes this program is required to have attended a minimum number of continuing legal education courses in areas pertaining to estate planning. Many law schools offer degrees beyond a law degree which emphasize estate planning and taxation. And experience itself, is the best indication of an attorney’s ability to properly plan a client’s estate. Ask your attorney what his or her experience, education and training in estate planning is. Ask how many wills and trusts he or she has prepared. Make sure that you are getting the service that you are entitled to when you hire an attorney to draft your will or trust.

Diane Slinger
Goldstein Litt Slinger, PLLC
30600 Northwester Highway, Suite 245
Farmington Hills, MI 48334
(248)539-1960
dslinger@goldlitt.com

To read more articles like this one - visit our blog at: http://www.parkstitleagency.blogspot.com/
You can also visit our website at: http://www.parkstitle.com/
Questions, comments, concerns - email me at: khilliard@parkstitle.com

Did you know that you can choose your own title company?

2009-08-06T15:39:00.008-04:00

Did you know that you have the freedom to choose your own title company? You do not have to use a title company selected by the real estate agent or the mortgage company.

Why do I need title insurance? What does title insurance mean to me? I'm buying from family - I don't need title insurance - or do I? So many questions!

Post a question or email me at khilliard@parkstitle.com for answers to these questions and more.

To read more articles like this one - visit our blog at: http://www.parkstitleagency.blogspot.com/
You can also visit our website at: http://www.parkstitle.com/
Questions, comments, concerns - email me at: khilliard@parkstitle.com