I work with Builders and Developers and their agents and lenders. I help them with their title and escrow needs. I worked in the construction industry for 10 yrs prior to title and specialize in land.
Get to know John Wahl
In the Snohomish County branch of Pacific Northwest Title John Wahl works with builders and developers providing full signing and escrow services, title insurance and real estate information research including land acquisition and feasibility studies. He brings with him to his customers a full compliment of customer service products to meet the needs of the land developing and home building professional.Included in these services: Property information packages Feasibility title reports Subdivision guarantees Short plat and Plat certifications Demographic reports Quarterly lot sales reports Lot line adjustments Comparable sales reports Aerial photos Pacific Northwest Title is a customer driven and service oriented company and has always endeavored to be the best in Title Insurance, Escrow and Real Estate information. With offices located throughout Washington, Oregon and Alaska and through a network of agents, the company is capable of organizing your title and escrow needs across the United States, John Wahl with Pacific Northwest Title is serious about service. his philosophy: "to give the customer what they want, when they want it...with a smile on our face!" WHAT IS TITLE INSURANCE? A title insurance policy protects the insured against any loss suffered as a result of the title to land not being as represented in the policy. It is a one time premium insuring protection as long as the Buyer owns the property. The seller provides an Owner's Title Insurance Policy to the buyer; the buyer provides a Lender's Title Insurance Policy to the lender. Unlike other kinds of insurance, title insurance insures against past events, affecting the rights to real property, rather than unforeseen future events. WHY IS TITLE INSURANCE IMPORTANT? You need title insurance because any home, no matter how new or apparently secure, are built on land as old as the earth itself. Undoubtedly, this land has had many previous owners. Claims against any one of these persons can be filed against the property and against you as the present owner. Such hazards as fraud, missing heirs, old liens and many others can, and often do, arise like ghosts out of the past. Title insurance protects you against claims and title faults. It makes your home safely yours. Your title insurance policy is your shield of protection and will defend your ownership against loss. Your protection and peace of mind last as long as you and your heirs remain in ownership. HOW MUCH DOES TITLE INSURANCE COST? Unlike the annual premiums of most other forms of insurance, you pay a small, one-time premium for title insurance. The premium will depend on the type of coverage you and/or your lender request. In cases where discounts are available, Pacific Northwest Title will always quote the lowest rate. WHO IS COVERED? There are two basic types of title insurance policies: an Owners policy and a Lenders policy. Owners Policy:Owner's title insurance, which the seller typically pays for at closing, is generally issued for the amount of the purchase price. It protects the purchaser and the purchaser's heirs as long as they own the property. Lender's Policy:Most lenders require title insurance as a security for their investment in the property. The borrower typically pays for the Lender's policy, which is issued for the loan amount. HOW DOES A TITLE COMPANY ELIMINATE RISKS? Pacific Northwest Title conducts an examination of public records looking for matters affecting the title of the real property. These records include: DEEDSCIVIL AND PROBATE COURT RECORDSEASEMENTSMAINTENANCE AGREEMENTSASSESSMENTSDEBTS AND OTHER BURDENSRESTRICTIONS ON THE PROPERTY An important part in the title insurance process is eliminating risks prior to insuring, thereby reducing the possibility of a claim or loss. However even the most careful examination cannot disclose "hidden hazards" to title. ESCROW SERVICES When a purchase & Sale Agreement (also called an Earnest Money Agreement) is completed, the real estate agent deposits the earnest money in their Broker's trust account and delivers a full comp of the agreement to escrow. The escrow closer is a neutral party who holds and disburses the parties' funds, prepares an accounting of the transaction, prepares certain documents to transfer ownership; all in accordance with the terms of the Purchase and Sale Agreement and written instructions. The escrow closer reviews the documents, orders title insurance and any necessary payoffs (to clear title to the property). Pertinent information is requested from the buyer and seller at this time. The buyer arranges financing. The loan documents are delivered to the escrow closer to prepare final statements, escrow instructions and documents for the transfer of ownership. The buyer and seller will be contacted for a signing appointment to sign and review the appropriate documents. The buyer's closing funds are deposited with escrow when the closing papers are signed. Upon approval by the lender, the Warranty Deed and Deed of Trust are delivered to the title company for recording with the County Auditor. Verification of recording is given to the escrow closer who then disburses funds.
John Wahl's Blog Posts
Areas of Expertise:
My area of expertise is in land development and the tracking of new projects in Snohomish County. There are currently around 17,000 lots/ units in the pipeline for Snohomish County; we consume around 5000 to 6000 new homes each year. The big question is do we have too much supply? Over the last 2 years or so this hasn't been the case. The inventory of resale Homes has been extremely low therefore benefiting the new home market. Currently the market has stabalized and is leveling out; we are not selling lots and homes faster than they are ready. It is more of a normal market; the state of new housing nationally is in a diiferent perdicament all together and has slowed down dramatically. The Pacific Northwest is somewhat insulated due to our job market and our price points. We have one of the hottest markets in the country and should enjoy a nice market for a while.
With the crash of the subprime market there has been a little bit of a kink thrown into the mix, We should start to see the return of FHA loans and much tighter underwriting by the lenders. Our little slow down is near the end; once the FED lowers the rate things are going to be off and running. Our biggest hurdle in the Pacific NW has been the media; our job market is strong and people are making money and spending it; just not on houses currently, try getting into the costco parking lot or any mall. Keep a good outlook because things are getting ready to kick back into gear!