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How to Buy a Foreclosed Home From Start to Finish

November 3, 2020 By Jeremy Leave a Comment

How To Buy A Foreclosed Home

The buying process for a foreclosed home is reasonably straightforward. But knowing where you can find these properties isn’t—mostly because investors quickly buy them.

Like all things in real estate, tricks of the trade exist. This article is designed to help you purchase your first foreclosed home while not loading you with tons of jargon and industry based terminology.

Why Buy a Home in Foreclosure?

Foreclosed homes are an exciting opportunity for real estate investors because they almost always sell for a much lower price than market value. The reason is simple—the bank only wants to make back the money owed to them for the property and rid themselves of the burden as quickly as possible.

If this amount is less than the property is worth, you can flip it for market value and make a profit. Or you can find your next personal residence for a low price.

Where to Find a Foreclosed Home

Below are some of the places you can find foreclosed homes:

  • MLS or Traditional Real Estate Listing Sites (Zillow, Realtor, Redfin, etc.)
  • Foreclosure Databases like county websites, foreclosure.com or GreatDCDeals
  • Banks REO Department
  • HUD Store
  • Networking with Industry Professionals (Repo men, Bank REO personnel, other Agents)

But there are things to keep in mind before purchasing a foreclosed home. [Read more…]

Filed Under: House Buying Tips, Real Estate Investing

Earnest Money Deposits: Do You Need Them?

October 27, 2020 By Jeremy Leave a Comment

Earnest Money Deposits

When you submit an offer on a home, your agent may recommend making an earnest money deposit. It is a very common thing to do when you find the perfect property and do not want to lose it. If you’re nervous or looking for more information on earnest money deposits, we’re here to help.

This post will:

  • Help you understand earnest money deposits.
  • Explain when you should make one.
  • Share how earnest money deposits can help your home buying experience.

What is an Earnest Money Deposit?

An earnest money deposit is an amount of money you pledge to a seller if that seller accepts your offer. The deposit shows that you are ready to commit to the sale and aren’t going to back out after your offer is accepted.

If the seller accepts your home offer, and you don’t hold up to your end of the contract, the seller keeps the earnest money deposit. This money is not given to the seller immediately. Rather, it’s held in a third-party escrow account until closing.

A seller takes a risk by accepting your offer due to the steps of the home-buying process. By making an earnest money deposit, you’re demonstrating that you’re also willing to take a risk. The deposit helps establish a higher level of trust between both parties, which is advantageous to you.

For example, a higher offer than yours may be in place with no earnest money deposit. But because your offer includes the earnest money deposit, it will appear more legitimate. The deposit can help you get the home without making a higher offer because the seller understands that you are legitimately ready to commit to the purchase. [Read more…]

Filed Under: House Buying Tips

What is a Closing Protection Letter & What Does It Do?

October 20, 2020 By Jeremy Leave a Comment

What Is A Closing Protection Letter

Once a home is secured for purchase, the lender requires title insurance, which must be secured before the transaction closes. When selecting a title insurance company, you will be given the option of which coverages to choose.

A closing protection letter is one of these, which a title insurance company will provide to the lender, buyer, and seller.

What is it? And is it necessary?

A closing protection letter (CPL) is issued by the title underwriter. This document ensures that the underwriter will protect its client from any mistakes made by the title agent who handles the escrow accounts associated with the transaction.

The title agent is responsible for handling large sums of the lender’s and buyer’s money, and mistakes can be made. For example, a mistake could be if the agent misplaces or mispurposes the funds in your escrow account. There is also the risk of an agent being dishonest or fraudulent.

In any case, where a mistake is made on behalf of the agent, the closing protection letter is drawn up so that the title underwriter will protect a specific party to suffer no actual loss.

Put simply, a closing protection letter is a form of insurance intended to provide coverage to specific parties of the transaction. Each party will decide whether or not it is necessary. However, a lender will rarely hire a title agent without the issuance of a CPL, and the burden of the fee is typically placed on the buyer.

It is natural to feel a little uneasy about an insurance company handing you a document intended to protect you from them, but charge you for that document. But keep in mind that this is something they are legally required to do.

Also, not all accounts where these documents are put into effect are fraud or dishonesty. Human error does occur, and without this document, an honest mistake can cost you thousands of dollars.

What should the closing protection letter include?

All CPLs are transaction-specific and what they offer coverage for depends on the insurance being issues. However, there shouldn’t be much deviation from one contract to the next. Please, reference the image below for an indication of what a CPL should look like. [Read more…]

Filed Under: House Buying Tips

Agents – Ways You Can Stand Out to Perspective Clients

October 13, 2020 By Jeremy Leave a Comment

ways real estate agents can stand out to buyers and sellers

As an agent, you’re going to run into buyers and sellers stuck on the idea that all real estate agents are the same. To them, it really might not make a difference who they go with. They already have numerous agents hounding them for the business, and they don’t care who helps them.

But you do care; this is your livelihood. Standing out to new clients in real estate can be difficult, but it’s not impossible. Today, we’re here to help you catch that lead’s attention and close the deal.

Below you’ll find four things to keep in mind while you’re talking to buyer and seller prospects.  They include selling statements, general differentiators for you as a real estate agent, and talking points for seller and buyer leads.  By taking these ideas and modifying them to your unique skills you may be able to increase your close rate!

Selling Statements

Your first contact with a new client is like a job interview. And like a job interview, you don’t want to focus too much on why you want them, but instead why they want you.

The first thing you need to think about is the message you are sending to the potential client. You always need to be mindful of their intentions and balance them with your strengths and experience.

You should have three different groups of selling statements in mind. These are bits of information about yourself that your client should know based on their intent. [Read more…]

Filed Under: Real Estate Marketing

17 New Real Estate Seller and Buyer Lead Ideas

October 6, 2020 By Jeremy Leave a Comment

Real Estate Lead Ideas

When you’re looking for real estate leads, whether for buyers or sellers, it’s essential to get creative. Sure, you can stick to the standards, but you may spend more time waiting than conducting business.

You already know the importance of capturing an audience, but everyone needs a little inspiration from time to time — especially considering the obstacles that 2020 and 2021 will certainly throw your way.

Let’s highlight some new and proven ways to capture more leads so your business can continue to grow and thrive!

  1. LinkedIn/Google Ads

If one of your markets is an expensive city like San Francisco, NYC, and Seattle with large companies making a permanent move to work from home, then there is a massive trend in people leaving urban living for suburbs and rural areas. You can now run ads to people that work for these companies on Linked In, Google, and other ad networks about selling their homes so they can enjoy a more calm, tranquil, and of course, affordable lifestyle.

  1. Capitalize on Growing Families

Advertise in baby stores and bridal shops – as people have been cooped up inside, babies happen. And when families grow, they need more space. By being in front of them now, you can begin driving leads to your business as they start to look for a “trusted agent.” If they trust this store with their baby or their wedding, it adds credibility to you too.

  1. Help Divorcees Stay on Track

Just like babies are being born, divorces and separations are happening fast. Become the go-to agent for the divorce and settlement lawyers in your area. Ensure you win their trust by offering discrete, private, and entirely virtual house hunting to help their clients get out of a bad situation or make moving fast. [Read more…]

Filed Under: Real Estate Marketing

How Much Title Insurance Costs & How to Calculate It

September 29, 2020 By Jeremy Leave a Comment

How Much Title Insurance Costs How to Calculate It

The most common question we hear from home buyers outside of “Where are you located?” is regarding title insurance costs.

You may have heard title insurance costs roughly around $1,000 per policy. This is true, but you likely want a more accurate number before you begin to approach the closing table so you are not caught off guard and can make sure you’re getting a fair deal.

Luckily, getting a rough idea of how much title insurance will cost you is relatively straightforward. It’s based on the price of your property and where you are located.

But remember that there are two different types of title insurance – owners and lenders. A few factors also help to determine costs.

  • Owner’s Title Insurance: Primarily based on the overall sales price of the home and its location. In most cases, it’s the more expensive policy, and this is because down payment amounts, loan amounts, and even your credit history are also figured into the policy.
  • Lender’s Insurance: Solely based on the total loan amount and the state where the property is located. Less is factored into the policy, so it will almost always have a lower price than the owner’s insurance.

You can often expect title search fees to be included in the cost of your title insurance quote. This does depend on the insurance provider, but most providers will make it clear if they do. Also, if you can bundle your policies together, it’s wise to do so. Doing so can result in a reduction of the fees.

How to Calculate Title Insurance Quotes

How can you calculate it on your own? Let’s take a look at some of the details you need to be aware of.

Again, location is one of the most significant contributing factors to how much title insurance policies will cost. The good news is that each state regulates policy rates, and what you will pay with one company should closely match what you would pay with another.

However, prices will be different, and you have the right to shop around for the best rates. You should also note that you have the option to select between basic and enhanced policies. [Read more…]

Filed Under: House Buying Tips

Closing Disclosure Timelines & The Three Day Rule

September 22, 2020 By Jeremy Leave a Comment

Closing Disclosure Timelines the Three Day Rule

As you’re closing on a home, helping a client, or brokering a deal; you’ll come across a document called the closing disclosure (or CD). A closing disclosure can become very frustrating and cause anxiety when you first read it. Why? Because you’re told to act immediately upon receiving it, and let’s face it, if you’re not a lawyer this can be intimidating.

The anxiety and confusion is mostly caused because the closing disclosure will only be in your possession just a few days before your closing appointment, and you’ve already had to deal with a million papers and meetings and inspections. This just adds too your pile of work.

But never fear! We’re here to help you through the ins and outs of the closing disclosure and purchasing a property so you can comply with the three day timeline.

For starters, you already know it’s your job to review the closing disclosure immediately upon receiving it. The three day timeline exists to ensure that you have enough time to remedy any discrepancies or issues within this document.

The first and most important thing to do with your closing disclosure is to compare the loan estimate on the document with the loan papers you received after applying for your loan. You are making sure the closing disclosure matches the loan estimate as closely as possible to avoid hold ups at closing.

It’s important to note that the loan estimate is an estimation of payments and fees. Some variances are to be expected, while others shouldn’t be present at all. If they do exist, you want to address them before closing.

The timeline helps promote a smooth closing process. Nobody wants you to feel confused or frustrated at the closing table. Instead, they want you to feel prepared and collected. The agent handling your closing services will also be happy to explain anything else that has your worried at the appointment and likely before.

The Three Day Rule

But how long before closing should you be supplied with the CD? This is where the Three Day Rule comes into play. This rule is simply put into place to ensure you have received the closing disclosure three days before closing.

Receiving the closing disclosure three days in advance ensures you will have had enough time to deal with any potential issues and know what you will owe upon consummation. You know what will be expected of you well before you become legally obligated to fulfill your end of the contract.

How Does the Three Day Rule Work?

The three-day rule applies to business days, including Saturdays. But Sundays and Nationally recognized holidays do not count. This means you may technically have more than three days before closing to review the document. [Read more…]

Filed Under: House Buying Tips

What a Property Easement Is And How it Impacts a Property

September 15, 2020 By Jeremy Leave a Comment

What is a Property Easement

Your offer got accepted, and then they drop the news on you. There’s an easement on the property. At first, it may seem like an intrusion, but ultimately, it’s not all that bad. You may hardly notice anything at all.

A property easement is a nonpossessory right to use or enter a piece of property for a specific purpose. It does not give anyone the right to use your property for any other purpose than is explicitly stated.

Easements are typically issued for two reasons.

  1. The most common cause is to allow utility companies to access and maintain power lines.
  2. Otherwise, an easement is commonly granted to enable another landowner to travel across your property to access the main road.

In any case, it does not grant any individual access to your property in its entirety. There are some instances where it may allow construction on your property, and you will need to pay careful attention to this.

There are many other possible reasons for an easement to be granted on a piece of property. Different types of easements are issued because of this. For example, an easement granted to a utility company is not the same that will appear when another property owner simply needs access to roadways.

Understanding how one will use your property becomes very apparent once you know the different types of easements.

Types of Easements

[Read more…]

Filed Under: House Buying Tips

Plat Maps – What They Are and Why They Matter.

September 8, 2020 By Jeremy Leave a Comment

Plat Maps What They Are and Why They Matter

If you’re buying a home or you’re a new real estate agent, your about to get presented with a plat map and likely a plot map too. Don’t let these make you nervous. Your agent or title company will be happy to walk you through them and why they matter, and we’re here to help with the blog post below.

What is a Plat Map and How is it Used?

A plat map is a diagram and is used to show how your purchased property is divided within your county, city, or neighborhood. It serves as a guide to a tract of land that has been created by licensed surveyors.

The Plat Map is drawn to scale to record the plots of land and property boundaries. It may also be used to determine easements, nearby streets, and flood zones.

Alone, the document doesn’t seem like much. But among the piles of paperwork associated with a property purchase, a plat map can look like a monster of a document. We’re here today to help you understand a little more about what you’re looking at.

Is a Plat Map Required?

A plat map is typically only required if:

  • the property will be subdivided.
  • the property will be turned into a public access location.
  • someone has been granted an easement on your property.

A plat map will be included with the paperwork you receive when you purchase a home. In this case, it can serve as a useful point of reference for determining what you may legally do on your property.

For example, if an easement on your property exists, the plat map will help you find where it is. This is important because it will help you understand where you can legally build structures or make other changes to the property.

During the title search, this map also serves an essential function. The title company will reference the plat map to determine that the seller has the right to sell what they are trying to. In an instance where sellers are trying to sell more property than they own, a plat map will reveal this to the title company.

Plat Map Safety Provisions

A plat map can be a useful tool to protect your property and belongings if another landowner tries to sell or modify what is rightfully yours. It may even prevent you from losing your home.

If you’ve purchased a piece of land with an easement that allows a public roadway to cut through it in the future, you’ll need to be aware of its location. [Read more…]

Filed Under: House Buying Tips

Comparative Market Analysis: What it is & How to Use It

September 1, 2020 By Jeremy Leave a Comment

Comparative Market Analysis What it is How to Use It

If you’re on this page, you’re currently trying to determine a fair selling price for a home on the market and heard about comparative market analysis. Don’t let the term scare you. It’s quite simple.

A comparative market analysis, or CMA, is a tool used to estimate a home’s value based on the selling price of similar properties recently sold within the immediate area. It does not generate a suggested listing price for the home. It is merely the means to help determine one.

Learning how to do a comparative market analysis can also be one of the essential tools when trying to sell a home quickly, make a good profit, or make a reasonable offer on a home. Once you learn this simple concept, it becomes one of the more exciting and helpful tools in your real estate arsenal.

What is a market analysis on a home?

A comparative market analysis, or CMA, is a tool used to estimate a home’s value based on the selling price of similar properties recently sold within the immediate area. It does not generate a suggested listing price for the home. It is merely the means to help determine one.

Agents and Brokers both create CMA reports that may be available to you. In this case, it’s rather easy to do the research needed to determine the best listing price. Alternatively, you can perform your own CMA by using real estate listing sites to search for comparable properties. [Read more…]

Filed Under: Articles

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