Buyers

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Fannie Mae Now Allows Buyer to Choose Their Own Title Company-Yipee

Tuesday, March 9th, 2010

You take a buyer out, after showing them 10-20 homes, they identify the home of their dreams, It’s an REO, most likely. Now you go through the hassle of getting in touch with the listing agent, is the house still available? You write on the house, submit the contract. There are 22 offers already.

Counter-Highest and Best

Contract Accepted-You Got it- Yipee!

Now, you are told you have 24 hours to open escrow, oh yea and “You Must Use XYZ Title company in Peoria, Scottsdale maybe Glendale-one thing is for sure, it will be nowhere near where you or your client are. Oh and mobile signing (HA-Forget about it!)

Escrow is open:

Trying to get a hold of the escrow officer-not fun-Voicemail

Assistant-doesn’t know much about your file-Voicemail.

Frustration-If You Could Only Choose Your Own Title Company!! This would have never happened!

Well, Now you can. That’s because Fannie Mae will now allow your buyer to choose their own title company!

Fannie Mae has altered their sales addendum for REO properties so the buyer can now choose their own title company. When you see the addendum to the contract, review Section 2B, page 1, line 4; Look for “The closing shall be held at a place so designated and approved by the Purchaser“. The truth is, your clients have always had the right to choose the title company and the addendum change now reinforces that right.

What does this mean to you? Well, if you choose Old Republic Title Agency, you will:

Get a fantastic service experience with one of the best escrow officers around

Old Republic Title Agency is one of few title companies in the valley that works with Fannie Mae

You get to take advantage of our Advantage Program!

The Old Republic Title Insurance Group has An A to A+ financial stability rating from Standard and Poor, Moody’s, Fitch and A.M. Best. We are not going anywhere. Your clients Title Policy will be there if its ever needed.

Unsurpassed Ratings

And get this, we answer the phone! Lack of Communication is the #1 complaint in the Real Estate Industry-Isn’t that sad? In a service occupation like escrow and title many have forgetten the Service! We have not.

I will be more than happy to pick up your contract and drop off your check at closing.

We hope you will choose Old Republic Title Agency on your next escrow. Thank you!

Old Republic Title Agency
1744 S. Val Vista Drive Suite 213
Mesa, AZ 85204
Office: 480.892.2306
Fax: 480.892.2680

For All Your Marketing, Escrow and Title Needs

Tags: Arizona Real Estate, Arizona Reo, Fannie Mae, Fannie Mae Change, Fannie Mae Title Company
Posted in Buyers, Education, Escrow and Title, Sellers | No Comments »

What’s Old Republic Title Agency’s Advantage Program?

Monday, March 8th, 2010

AAH-the good old days-

Remember the good old days when at the end of a signing your clients would get a copy of everything that was signed or reviewed at the closing? You know, that big heavy package filled with copies of the purchase contract, note, deed of trust, pre-audit, final HUD 1, title commitment, invoices, home warranty information, appraisal, signed loan documents, escrow instructions, seller payoff and new lender information? (Breathe)

Well the old days are over at Old Republic Title Agency. That’s because we recently started Advantage.

Advantage is a CD that provides instant access to pertinent documents, it’s convenience at its finest. Advantage transforms your customers bulky unorganized file into a small company disc.

Tim Loria, Realtor-JK Realty

Caption: Tim Loria, Realtor with JK Realty in Mesa receiving his Advantage CD from a recent closing.

Benefits of Advantage

Handy access for all future financial transactions
Your clients will keep CD’s more often than large paper files
Professional, finished product with no additional cost at closing
Each time the CD is used they are reminded of who gave it to them-YOU
Your name and contact information are prominently displayed on the CD
Organized in an efficient manner around the needs of your client
Can be used as a valuable mailing piece at tax time
Its GREEN! You’re saving trees

Did you know that home warranty is the #1 referenced information after the closing…..more opportunity to see your name and contact information-again-helps with client retention.

For more information about Advantage or to find out other ways I can help build your business, please call or email me.

Old Republic Title Agency
1744 S. Val Vista Drive #213
Mesa, AZ 85204
Office: 480-892-2306
Fax: 480-892-2680

For All Your Marketing, Escrow and Title Needs

Tags: Advantage program, Arizona Escrow company, Arizona Realtor Marketing, Arizona Tite Company, Mesa Title company, Old Republic Title Agency
Posted in Buyers, Education, Escrow and Title, Marketing, Sellers | No Comments »

Short Sale Legislation To Take Effect in April 2010

Wednesday, February 10th, 2010

HAFA

“A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the loan. It usually happens when a seller cannot pay the mortgage on their property, but the lender decides that selling the property at a loss is better than foreclosure. Both parties then consent to the short sale process, because it allows them to avoid foreclosure, which usually involves high fees for the bank and a poor credit report rating for the borrowers. This agreement, however, does not always release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.”

As a Realtor you know there is nothing short about a short sale. In fact, its not uncommon for a short sale to take over 6 months to finally close, that’s IF it’s approved. A lender will sometimes authorize a short sale if:

The Mortgage Value has dropped
The Mortgage is in or near default
The seller is experiencing a Hardship (Unemployment, Divorce, Bankruptcy, Illness)

Because there is sometimes no rhyme or reason to a short sale, there are many scenarios where the seller offers their home for short sale, a ready, willing and able buyer is found but while waiting for bank approval, the home is lost to foreclosure. This problem will only be exacerbated by the number of Adjustable Rate Mortgages adjusting in 2010. Any Realtor experienced in short sales will tell you a lenders’ tendency to not respond to short sale purchase offers as the biggest reason for failed short sale property sale closings which often lead to foreclosure.

But wait..whats that? Is it a bird? Is it a plane? NO it’s HAFA! HAFA is not a new superhero although some distressed sellers and Realtors may believe it is. HAFA stands for the federal Home Affordable Foreclosure Alternatives Act and will become effective on April 5th, 2010. Among other things, HAFA:

Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds). This is HUGE!
Prohibits the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent).
Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
Uses standard processes, documents, and time frames/deadlines
Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).

In order to qualify for HAFA, sellers will first need to attempt a loan modification through the Home Affordable Modification Program (HAMP). Qualifications to be eligible are:

The property must be the borrower’s principal residence
The mortgage loan is a first lien mortgage originated on or before January 1, 2009
The mortgage is delinquent or default is reasonably foreseeable
The current unpaid principal balance is equal to or less than $729,750 (for single-family home…higher amounts for 2 to 4 unit dwellings)
The borrower’s total monthly mortgage payment exceeds 31 percent of the borrower’s gross income.

As a Realtor, HAFA is your friend. HAFA should remove some of the challenges you have experienced with working short sales. This new legislation also provides for an amazing marketing opportunity.

If you are an Arizona Realtor and would like assistance with starting a short sale marketing program please call or email me.

MyTitleGuy

Tags: foreclosure alternatives, HAFA, HAFA Realtor, HAFA Short sale, Home Affordable Foreclosure Alternatives Act, short sale, short sale arizona
Posted in Buyers, Education, Sellers | 9 Comments »

Old Republic Title Agency, Mesa Arizona

Saturday, February 6th, 2010

Looking for title company in Mesa, Arizona? Located on the N.W. corner of Val Vista and Baseline Roads at 1744 S. Val Vista Drive in Mesa, Arizona, Old Republic Title Agency is a member of the Old Republic Title Insurance Group.

Old Republic Title Agency and its underwriter Old Republic National Title Insurance Company, “Old Republic” provides real estate transfer products and services for individuals, businesses and governments. Our services are highly comprehensive and flexible to respond to changing market environments and to ensure your transaction is settled according to the most current industry standards. We’re committed to expediting the timely close of your real estate transaction by underwriting and managing each transaction with the highest levels of technical skill, client services and professional integrity.

Old Republic Title Agency is a subsidiary of Old Republic International Corporation, a multi-lined insurance enterprise, which is one of America’s 50 largest shareholder-owned insurance businesses. The Old Republic Title Insurance Group of companies have been issuing title insurance and providing peace of mind to its customers for over a century. We offer residential and commercial title insurance products as well as a variety of other title insurance related services through a national network of branch offices, subsidiaries and over 2,000 independent policy-issuing agents.

Escrow Officers

Janice Kerwin-Branch Manager. Janice has worked for Old Republic Title Agency for 27 years. Her experience is unsurpassed in the industry. Janice specializes in Land and Lots, Splits, Subdivision creation, Builder, REO (Real Estate Owned), Short Sale, Resale, seller carrybacks and wraps. rest assured, if you have an escrow or title question, Janice has the answer. Janice can be reached at the office or vie email at JKerwin@ORTC.com

Megan Connolly-Megan is a native of Arizona and has 9 years of escrow and title experience. Megan has an impeccable reputation in the industry for her customer service. Whether you are a first time home buyer or a savy investor you will feel at home with Megan.has 9 years of escrow and title experience. Megan loves the escrow experience and it shows. Megan can be reached at the office or via email MConnolly@ORTC.com

Missy Lindenmeier. Escrow officer. Missy has worked in the escrow and title industry since 1987. Missy focuses on Resale, Relocation, REO and Short Sale transactions. Missy has worked at Old Republic Tite Agency for 12 years. Always eager to learn, Missy lives and breathes escrow. Missy can be reached at the office or via email at MissyL@ORTC.com

Stephen Garner-Sales Executive. Stephen is a sales person’s salesperson. Stephen has almost 10 years of sales and marketing experience in the title industry. Stephen specializes in help Realtors and loan officers increase their business while cutting costs to maximize efficiency. Stephen is a Social Media and Blogging fanatic. If you have questions about implementing an online strategy using Facebook, Twitter, linkedin, and/or blogging, Stephen is your guy. Stephen writes anonymously as “MyTitleGuy“. His blog is an example that Stephen “practices what he preaches”. Stephen can be reached at 480-223-8113 or via email at MyTitleGuy@Me.com or www.MyTitleGuy.net

Old Republic Title Agency
1744 S. Val Vista Drive
Mesa, AZ 85204 Suite 213
Office: 480-892-2306
Fax: 480-892-5948

Need to open escrow or prefer an escrow be picked up? Please call our office or Stephen Garner at 480-223-8113