Terry Bishop's (terry369) Blog

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Real Estate Broker/Owner - Terry Bishop Realty LLC
RECENT BLOG POSTS
Why have a title search? Truthfully you may be purchasing a piece of property which actually may not be yours. Liens follow the property, not the people.Suppose I sell you a piece of property at a rock bottom price, offer to finance it for you, tell you I will do everything, and all you have to d...
11/22/2015
7 am Saturday morning the shotgun start of El Tour de Tucson starts the beginning of the 104 mile race. The sun will be climbing over the Rincon Mountains to the east and those fit souls, having had nourishment to get them off to a good start, will be pedaling the first stretch of the annual bicy...
11/19/2015
Before October 3, pre Consumer Financial Protection Bureau (CFPB) regulations, the title company drew up the closing disclosure statement which used to be known as the HUD-1. With the implementation of CFPB, in Arizona, it is now the responsibility of the lender to draw up the closing disclosure ...
11/18/2015
The manner in which a buyer takes title to a property in Arizona has legal and tax consequences.Arizona is a community property state.  Neither the real estate agent nor the escrow officer can give legal advice on how to take title. However general guidelines have been published and are reproduce...
11/16/2015
Arizona is an escrow state. The escrow company- escrow officer- closes escrow, not an attorney. In attorney states,also known as abstract states, close of escrow takes place with the attorney for the buyer and seller.  The attorney is responsible for clearing the “chain of title”. In escrow compa...
11/16/2015
Tucson, home to Davis Monthan Air Force Base, continues to recognize Veterans Saturday with the “Hats Off to Heroes” festivities. Starting at 11 am and continuing throughout the day, culminating in the Tucson Pops Orchestra’s tribute at the bandshell with special guests The American Bombshells fr...
11/13/2015
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The purpose of an appraisal is to protect the investment of the lender’s investors. Actually the lender bundles the loans and sells them on the secondary money market and often they are resold which is why the buyer must purchase an Alta Lender’s policy which assures that the lender is always in ...
11/11/2015
The Lender must issue Loan Status Updates, otherwise known as LSUs, when requested by either the seller’s agent or the buyer’s agent. The first page of the LSU is similar to the Pre-Qualification form but is issued after mutual acceptance of the contract.The close of escrow date is specified, the...
11/10/2015
With the October 3 implementation of the Consumer Financial Protection Bureau’s regulations governing mortgages and lending, additional requirements fall upon the lender. Serious buyer generally are pre-approved before they look at property. Most professional agents will insure their buyer has me...
11/09/2015
Time keeps on slipping into the future…and it’s hard to believe there are less than eight weeks left until we greet 2016 and say goodbye to 2015!Anyone wishing to purchase a home with a loan during 2016 had better get on the stick and make an offer this week. With the requirements set forth by th...
11/08/2015
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