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Timely Tuesday Title Tips...Gimme Five...!!!

From time to time I like to pass on some practical suggestions that we glean from seeing a number of Real Estate closings pass through our system...

Keeping in mind 'Real Estate is local', and as such, real estate transactions are subject to local laws and customs...thus, practices may differ from region to region even within a State...!

1. If you hire an attorney to guide you through a transaction, be sure to employ them BEFORE you sign any legal documents, especially an agreement of sale...!!!

2. Be prepared to document all funds required in a transaction...'mystery' monies often will negate a transaction from closing...so providing bank statements detailing recent deposits will expedite greatly your closing time...!

3. When shopping for a mortgage, please don't use 'quoted interest rates' as the sole determinant of your final choice of lenders...interview loan officers until you find one you trust...then stick with him/her...!

4. Select your own choice of settlement service providers...don't buy into that 'one stop shopping' ploy...if someone wears more than one hat in a real estate transaction, chances are they have multiple agendas, which may not place you at the top of their 'care list'...!

5. In real estate transactions, where so much of your time and money are invested, there are no such thing as 'dumb questions'...there are, however, 'dumb answers', so don't be afraid to ask questions of the many real estate professionals involved in a typical real estate transaction...and don't wait until the last minute...if something is bothering you that you don't fully understand, raise a flag and get an answer...

Finally, use these tips and be assured that in spite of what you may read or hear about real estate professionals, the majority are concerned consumers just like you and me...!!!

Posted by Fran 'The Title Man' Gaspari Title Insurance-PA & NJ on 04/28/2009 09:23 AM

Comments (27)

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27 Comments on Timely Tuesday Title Tips...Gimme Five...!!!

APR

great advice Fran - how about this one? ....Order the titlework before you accept a short sale listing :)

we just did that on a home and it saved us time energy and effort....- federal judgements trump all :)

Fran

Great list and words to follow.

Tom

Jeff & Grace,

I've always wondered why people didn't order the titlework sooner in the process...!!! Thanks, Fran

Tommy,

Thanks for stopping by!!! Thanks, Fran

Good Morning Fran,

After spending much time in a debate on political issues on my blog it is nice to be reminded.

GET in Work Mode!! Thank you for your great insight!!

Blessings,

Alice

Alice,

You're always refreshing...morning glory...or evening grace...!!! Thanks, Fran

Once again you hit the nail on the head Fran! I'm amazed at how many love the one stop shop, that is until the transaction is done and they find out that there where taken advantage of.

Fran - Number two is crucial and I see folks make that blunder all the time. "Mattress Money" is an immediate red flag and can kill the deal. Good common sense post on some vital parts of making any Real Estate Transaction go that much smoother.

Great list Fran! I like the last line as well! I think Realtors get a bad name. Most that I am friends with are very concerned with their clients welfare and do their very best in every transaction. I say 3 stop shopping. They should buy the house from me, get the mortgage from Sardi and have you order the title search and insurance!

TC: Too little, too late...!!! :)

Jason: I like 'mattress' better than 'mystery'...! :)

Susan: You got a deal...gimmefive...!!! LOL

Thanks, Fran

Fran, all very good points. Unfortunately here in Middle TN our closing attorneys don't guide you through anything. They read the docs to you at closing and that's it.

Also, if the lender can give you a guaranteed Good Faith Estimate that helps too Fran. A handful do that.

Connie: I think regional differences are grossly underestimated and/or overlooked by many...!!! :)

Gary: Again, many professionals in the loop can offer assistance and help answer questions...!!! :)

Thanks, Fran

That is why people like me and you are here to correct them one person at a time!

TC,

And we do...regularly...!!! Thanks, Fran

Asking questions if they see something they don't like or understand is crucial.

APR

Mike,

It's usually always 'smart' to ask questions!!! Thanks, Fran

Wow Fran we are almost verbatim on the way we handle dumb questions ! Very good post and tips to hang your hat on. It is always good whatever your market to have a check list

Charlie,

Yes, there are none...!!! Thanks, Fran

Fran,

Thanks for your five step checklist. Especially in Hawaii, where we have our own set of rules ( guess every state does) best to work with both lenders and attorneys that know the rules here. Much of our rural property is zoned Ag, and the documents often refer to a farm dwelling. When a mainland lender sees that, it raises a red flag, but Hawaiian lenders know that farm dwelling in ag zoned property means "a home". Go figure. Is that Philly's stadium in your background or???