As a real estate agent, you‘ll put in many hours working with your clients before receiving payment. This includes finding and showing the property, marketing it, and all of the negotiations, phone calls and travel time.

After you’ve done all of this work and your client buys or sells the property, you rightfully feel entitled to a commission of the sale.  That is where Procuring Cause comes in.  But what is procuring clause?

Procuring cause is simply your right to collect a commission on the sale of a property.  It refers to the interaction between a real estate agent and a buyer or seller that directly results in the sale.

But what if the buyer uses more than one agent? What if both agents happened to show the same piece of property that was purchased? Who is entitled to commission?

After signing the contract in the MLS, other agents may file a complaint leading to a commission dispute if they, too, had shown the buyer the property which was purchased. This is where the issue lies as both of you likely did the work but only one of you will get paid.

If you are facing a commission dispute, there are some things you should know.

There is no predetermined rule of entitlement. [Read more…]

Everyone in real estate just sits back and collects money from property sales. Well, that’s what everyone thinks until they walk that proverbial mile in the shoes of a real estate agent.

The grueling daily agenda of a real estate agent is bound to change anyone in the industry’s perspective. Don’t worry; you’re not the only one dangling over a fence, in the middle of the day for a house showing.

Nothing is more wildly inaccurate than claiming real estate agents have it easy. They don’t know about all of the unique struggles you face and even if you explain it to them. They still wouldn’t get it.

There are some things only a real estate agent could understand.

1. Break that Scanner out!

In the paperless world, your job is so out of touch. All day, every day you’ll be running that scanner like it’s 1999. Don’t forget, you’ve got to file and carry many copies of those forms on your person.

2. Negotiation is Robbery

There’s nothing like trying to negotiate to someone who is offended by your offer. Chances are you’ll be spending a lot of time explaining yourself in an effort to bring down hostility.

3. Contactless Clients

Every once in a while you’re going to come into contact with some strange folks. Such as those who don’t have emails or cell phones. Luckily for them, you’ll do whatever it takes to touch base!

4. Signs. They are Everywhere.

[Read more…]

Curious about what a title company actually does?  No problem, we’re happy to help with an answer.

A title company does three things for home buyers:

• Ensures that a piece of property is legitimate
• Transfers the title from seller to buyer
• Provides title insurance for that property

Ensuring a property’s legitimacy is an essential step to protect you from any legal issues associated with the property. A title company will perform the title search, which is the research of public records to determine legal ownership of the property and any existing claims on that property.

Besides researching the property and transferring the title from the seller to the buyer, a title company will also offer insurance.

There are two types of title insurance: owner’s insurance and lender’s insurance. Both are to protect the parties involved from legal fees and claims that may arise over the property. You will likely pay for the lender’s insurance upon closing on the house and may also need to pay for the owner’s insurance.

What does the title company do at closing?

When you are ready to close on a home, the title company is responsible for handling and transferring the title. They may also handle any escrow accounts necessary to complete the closing process. [Read more…]

With the news focusing on the bad about the pandemic, they’re forgetting one important thing. Bringing you actual news that can help you or benefit you!

For example, interest rates are incredibly low right now. This makes it a prime time to refinance your mortgage.

Refinancing your mortgage is simply getting a new mortgage to replace your old mortgage. When interest rates drop, you are able to save in the short and long run by paying a lower mortgage interest rates. But that is only one reason to refinance your mortgage now.

Here Are 6 Ways You Can Save by Refinancing Today:

• 6. Lower Interest Rates Means More Money in Your Pocket

  If you still have a lot to pay off on your loan, going with a lower rate will save you money because your monthly payments will be lower. This can help make life a bit less stressful if you’re having cash flow issues.

• 5. Lower Interest Rates With Shorter Deals

• 15 year mortgages are typically around ¼-½ % lower than 30 year mortgages. When refinancing rates are low, like right now, you can likely refinance and choose a shorter loan term and save in the long run.

• 4. Refinancing to Pay off Debts

• If you refinance and get a lower rate, you may also be able to take cash out.

  This cash can be used to pay off debts.

• It can clear space on a credit card, reduce the risk of losing expensive items you’re making payments on, and help you with extra cash if you lost a job and need cash.

  Bonus tip – If you pay off credit cards at 24% to a lower interest mortgage rate, this strategy can save you a ton of money overall!

• 3. Refinancing to Make a Needed Purchase

• Just like paying off a debt, you can take the money and use it to buy a car, make an improvement on your home, or even apply it to start a business.

• 2. Lower Monthly Payments

• Just like in number 6, lower rates may lower your monthly payments and save you money in the long run.  This seems duplicate, but it is important so I want to add it again.

• 1. Putting Cash In to Lower Rates & Payment Intervals

• This may sound weird, but putting cash towards the balance of the loan when refinancing your mortgage can save you money.

  Please note that the numbers below do not reflect actual loan amounts.  I am using simpler numbers for example purposes only.

• Suppose you inherit 50K and owe 125K on your mortgage. If you go to refinance for a lower rate, by putting money in the rate could drop even further. Here is how.

  If the rate on the refinanced 125K mortgage is 5%, and the rate on a $75K mortgage is 2.5%, by applying your $50K from the inheritance you could now only have to pay 2.5%.

• By using this money to pay down your balance on the loan (interest free), you can save money in the long run.

As a bonus, did you know that you can choose who does your closing for your refinancing?  See, we made sure there are 6 options in this post as promised.

By choosing your own closing company, you can save even more. If you would like a quote from us, email us by clicking here or click here to learn about our closing services and fill out the form on the top of the page.