Feeds:
Posts
Comments

Posts Tagged ‘dane county’

Welcome Amy Gervasi

We are excited to announce that Amy Gervasi has joined Homestead Title as our newest closing officer. Amy has over 20 years of real estate experience as a Realtor, lender, and closing officer. She has developed strong relationships and friendships with past clients and colleagues from her experience in the real estate and lending fields. Amy is passionate about home ownership and loves helping people achieve that goal. This passion shows in her commitment to making each client feel like they have a friend who cares about their purchase, sale, or transaction.

Amy grew up in Madison, graduating from Memorial High School. She attended college in Atlanta, GA and finished her education at UW Madison. During college, she was hooked by the Real Estate bug and has been in the field ever since. She lives in Verona and is married to Dwight, an IT geek with a great sense of humor, for almost 20 years. They have 4 kids that keep her hopping between sports, school events, and sleepovers.

Those who have worked with Amy know her to be an outstanding, caring, professional who makes Homestead Title an even better place to close. We are proud to welcome Amy into our Homestead family!

Advertisements

Read Full Post »

Too Much Money is a Red Flag!

Realtors, attorneys, and home sellers should be alert to red flags that indicate fraud, scams, or troubled deals. One major red flag is when a buyer offers too much money. Sellers should beware of any offer with a purchase price that is far higher than expected or earnest money that is far more than customary in the market.

Common Scams

Foreign Buyer Blindly Purchasing Home

One common scam involves foreign buyers emailing Realtors asking for help purchasing a home. After a few emails, the buyer (usually from China, England, or Canada) will make a full price offer on a home the he has never seen. He will then send earnest money in a certified check. If the red flags weren’t waiving already, they should be when the Earnest Money is way too high. For instance, in Madison, Wisconsin, earnest money typically ranges from $1,000 – $3,000. The foreign buyer will send $100,000 or more in earnest money. They will then ask for a return of the excess money. If you return the funds via wire, as requested, you will soon find yourself in a bind when the certified check bounces. It was fake.

Too much earnest money is a red flag!

For more information on this, common scam: Link here.

Local Buyer Seeking Occupancy

Another potential scam occurs when a buyer seeks to purchase property with an extended, pre-closing occupancy. In this case, we have seen buyers offer substantial earnest money (10-20 times the typical amount) and request occupancy for many months prior to closing. The buyer then moves in, fails to close and refuses to leave. The seller must file an eviction proceeding to remove the buyer.

Again, too much earnest money raises red flags. In additions, extended, pre-closing occupancy should raise a red flag worthy of retaining an attorney.  Interestingly, one of the ways to mitigate the risk of an extended occupancy period is to ask for an unusually high amount of earnest money.  Thus, red flags don’t always lead to fraud.  But they can indicate additional risks.

Unrealistic Purchase Price

Any time a buyer offers far more than the reasonable value of a home, it is a red flag for fraud. In some cases, this kind of fraud can benefit both buyer and seller. But, it may be fraud nonetheless and can expose the Realtor or other professionals to liability and harm.

For additional resources on avoiding Real Estate Scams, check out the following links:

Various Real Estate Scams: http://realtormag.realtor.org/law-and-ethics/law/article/2010/08/5-real-estate-scams-you-need-know-about

Foreign Buyer Scam: https://homesteadtitle.wordpress.com/2010/06/15/real-estate-scam-warning/

Corporate Records Scam: https://homesteadtitle.wordpress.com/2013/02/01/scam-alert-annual-minutes-requirements/

Deed Copy Scam: https://homesteadtitle.wordpress.com/2012/07/20/deed-copy-scam-alert/

Better Business Bureau False Complaint:
https://homesteadtitle.wordpress.com/2012/01/20/better-business-bureau-false-complaint/

 

Read Full Post »

Up, Up, and Away

Rates on the Rise, But Sales Remain HOT

Mortgage rates spiked over the last two weeks. In fact, since the end of April, the average rate on a 30-year fixed rate mortgage increased by nearly 25%.

Pressure From The Fed Kept Rates Low

The Fed had helped keep mortgage rates low through a bond purchase program called Quantitative Easing (QE for short). But, recent announcements by Fed Chairman Ben Bernanke signaling a slow down or end to QE spooked the market.

Mortgage rates jumped and have continued to rise since those announcements.

Real Estate Market Continues Hot Streak

Despite rising rates, the real estate market remains hot. Realtors continue to be overwhelmed with activity and many sellers are seeing multiple offers near or at asking price.  Homestead’s numbers are no different. After an incredible year of growth in 2012, we have seen a 30% year over year increase in closings. And, despite the jump in interest rates from April to June, our new orders have not slowed.

Homestead’s growth is both a function of a strong market and of our strong commitment and passion to making the closing process easier for our customers and clients. Our values of caring, empathy, flexibility, loyalty and a hands-on, education based approach have cemented a loyal following of Realtors and do-it-yourself sellers.

Read Full Post »

Reading Title Commitments For Better Closings

Q: What is the most common mistake Realtors (and FSBO parties) make in reviewing a title insurance commitment?

A: They don’t review or read it at all!

Most Realtors are trained not to act as attorney’s or give any legal advice. The Title Commitment is a legal document and advising a client on it could constitute legal advice. In addition, many Realtors and FSBO parties simply don’t know what to look for and, therefore, don’t read the document.

Title Commitments Provide Critical Information

All Realtors should be reviewing the title commitment for certain, important information. A title commitment has three sections or schedules: Schedule A, Schedule B-I Requirements, and Schedule B-II Exceptions. At a minimum, Realtors should be reviewing the following:

Schedule A

The first part of the title commitment provides the names of the proposed insured. This should be your buyers. If it is not, call the title company right away – they might be missing an Amendment or their might be an error in your paperwork.

The Policy Amount should match your purchase price.

The name of the seller should be listed in paragraph 3 as the “fee simple” owner. If the name is different, there may be a title issue such as a deceased individual or spouse that still owns the property, a trust or LLC that has an interest in the property, or some other issue that requires attention.

The land referred to in the policy should match the land being sold. It will be a legal description, not a postal address. Review to make sure it looks right, especially if the property is a Condominium or includes multiple lots.

Schedule B-I Requirements

This portion of the title commitment provides a list of requirements that must be met in order to close. The requirements will call out any unusual issues that must be dealt with at closing. For instance, if the seller is deceased, the Requirements might require a valid Personal Representative to be appointed to sign on behalf of the estate.

In addition, most title companies will include any loan payoffs, taxes, or other liens that must be paid at closing. Some title companies, however, will show those liens in Schedule B-II.

Schedule B-II Exceptions

This section shows all of the title “issues” that are excepted from coverage – in other words, the title company will not insure for these issues. They are usually things like covenants, restrictions and easements. But, at some title companies, seller mortgages and liens will appear in this section. Therefore, it is important to review.

Reviewing is not Advising

Although Realtors should review the title commitment, they should not advise their clients about the legal meaning and effect of this document. That would constitute legal advice and is prohibited under Wisconsin Law. Nevertheless, if the Realtor spots a problem (the wrong seller or buyer or too many Mortgages), that should be brought to the client’s attention with the advice to seek legal counsel.

The title commitment is a critical document that provides all parties and their agents with notice of the current state of title. While Realtors should not make a “legal” review of this document, they should make a thorough review to avoid any closing problems.

 

Read Full Post »

Madison Plant Sales

Spring is finally here and its time to get planting! If you are selling a home, a beautiful garden can add curb appeal. If you’re staying put, a garden can add to your home’s value, the sustainability of your property, and your happiness.

Homestead Title takes pride in being green and sustainable. Every year we provide a list of local garden sales in the Madison area. Enjoy!

 

Date

Location

Event

May 4, 9am-1pm Alliant Energy Center Compost Bin Sale: bins are $45 each
May 5, 12pm-2pm Olbrich Gardens Dahlia Tuber Sale: sponsored by the Badger State Dahlia Society
May 10-11, 9am-3pm Olbrich Gardens Plant Sale with the Pros: Olbrich Gardens annual fundraiser.
May 10 -11, 8am-4pm West Side Garden Club: 3518 Nakoma Rd. West Side Garden Club annual plant sale.
May 10-12, 8am-3pm 5586 Cheryl Dr., Fitchburg Fitchburg Plant Sale
May 11, 9am-2pm UW Arboretum Visitor Center Native Plant Sale
May 11, 9am-1pm 1008 Shorewood Blvd, Shorewood Hills, WI Shorewood Hills Garden Club Plant and Mulch Sale
May 11, 9am-2pm Waterman Park, downtown Oregon Oregon Garden Club Plant Sale
May 11, 8:30am-1pm 7437 Terrace Ave., Middleton Sunset Garden Club Plant Sale
May 11, 8:30am-11am Mt. Horeb Fire Station, 120 S. First St., Mt. Horeb Mound Vue Garden Club Plant Sale
May 16-18, 9am-5pm Habitat ReStore, 208 Cottage Grove Rd. Habitat for Humanity of Dane County Plant Sale
May 18, 9am-12pm West Madison Agricultural Research Station, 8502 Mineral Point Rd. Wisconsin Hardy Perennial Society plant sale.
May 18, 9am-11am Spring Harbor School Indian Hills Garden Club plant sale
May 19, 12pm-3pm 1 Fen Oak Ct., Madison (east side UW-Extension) Master Gardener Plan Sale, Dane County UW-Extension Office
June 2, 10am-2pm Olbrich Gardens Wisconsin Hosta Society, hosta sale

Read Full Post »

Photo Tips For Real Estate

Homestead Title Company provides a unique touch at closings table, showing slide-shows of the homes being sold. We see some beautiful photos. A quick survey of the MLS and FSBO sites, however, will show some dismal listing photos.

As an avid, amateur photographer, I am sometimes dismayed at the quality listing photos. Realtors and FSBO sellers often post some terrible photos and do themselves and their hopes of selling a disservice. The following tips are compiled from great Realtors, some great photographers we’ve worked with, and materials listed below.

  1. Understand the photo’s purpose: The purpose of a real estate photo is to sell real estate. Buyer’s viewing the picture should be drawn in and want to see more. Focus on parts of the property that will sell and do not photograph parts of the property that are less desirable.
  2. Simplify! Simplify your photos by removing everything from the picture that distracts from your purpose of making the home look attractive. Particularly avoid including chair backs, door frames, pets, people, toilets, and clutter in photos. The photographer should keep an eye out for things that can be done to improve the photo. Sweep floors and patios and remove clutter. If you use a stager or professional cleaner, try to take photos immediately after they complete their work.
  3. Use a wide-angle lens to shoot interiors: If possible, use at least a 24mm equivalent lens – anything higher than 28mm is not wide enough. Few off-the-shelf or point-and-shoot digital cameras come with lenses that are wide enough to truly, effectively shoot interiors. Consider hiring a professional or investing in a digital SLR camera with a good wide-angle lens
  4. Shoot Bright Interiors: Bright interiors are more attractive to buyers than dark moody ones. Use a flash, interior lights, and window lighting to brighten the photos.
  5. Don’t let bright windows distract:
    Bright is better.  But, windows can be hundreds of times brighter than other parts of interiors, causing them to appear completely white or “burned-out.”  Avoid this by using a flash, shooting at twilight when the light level outside is near the inside light level or using photo-editing techniques to darken the windows.

  6. More is better. Home buyers want to see more than just the front of the house. Buyers also want to get a look at the living room, kitchen, dining room, family room, master bedroom/bathroom and the backyard. For condos, consider shots of attractive common elements.
  7. Change With The Weather. Out-dated photos send the message that this is an out-dated listing. Don’t include snow pictures in spring and summer, or summer pictures in winter. Also, be aware of the mood of the scene. A gray, cloudy day offers great lighting conditions, but may convey gloom and despair in outdoor photos. New fallen snow can be beautiful (and difficult to photograph) but will obviously convey a chilly feeling. Include warm interior photos along side such pictures (fireplace or a bright room with warm colors).
  8. Go Pro. Professionals are surprisingly affordable and should provide much higher quality, sharper, properly lit images. They will often also provide other services, including virtual tours and web-ready photos).
  9. Invest In Good Equipment:
    If you insist on doing it yourself, invest in good equipment. Professionals use SLR cameras (single lens reflex camera with interchangeable lenses), a tripod, and an external flash unit. This equipment is expensive, but worth the investment. Consider that a Cannon or Nikon DSLR with a wide angle lens, a tripod and flash will cost under $1,000. Paying a professional for 10 listings will likely cost more. In other words, you could pay for your investment in less than a year.


  10. Consider Leveraging Your Talents:
    If you have good photography equipment, a little talent, and time to prospect, offer your services to FSBO Sellers. Take a look at FSBOMADISON.COM for an example of hundreds if not thousands of horrible real estate photos. Offering free photo services allows you to spend a lot of time with prospects while selling your services and building incredible good will.

     

Good Photography Resources:

 

The Digital Photography Book, By Scott Kelby

Excellent, easy to read book with outstanding and understandable advice for amateurs.

The Ditigal SLR Book, by Jon Canfield

Good book with good information for all levels of experience

http://www.bhphotovideo.com

Best, low-cost outlet for all things photography

http://photographyforrealestate.net

Photography resource for Realtors and the source for much of this publications

http://www.all-things-photography.com

Resource for professional photographers, but may have some helpful links and ideas

http://www.squidoo.com 

Good Educational content posted by blogger/readers

The Camera Company

Excellent, local (Madison, WI) source of equipment and expertise.

 

Finally, if you really want to see some AWFUL pictures, check out:
https://www.facebook.com/BadMLSPhotos

Read Full Post »

Will 2013 Outpace 2012 for Another Great Year in Real Estate?

It was a great year for real estate. Yes, 2012 was “great” for real estate! We finally saw a marked improvement in sales both in Dane County and the State. Dane County sales were up by over 22%. Homestead Title outpaced the market with an increase of 40% in 2012! In addition, sales related to foreclosures showed a steady decline for the entire year. This is all great news.

In addition, there has been good economic news with lower unemployment and a surge in the stock market. As so often happens, this has corresponded with higher interest rates. Rates on 30 year mortgages ticked up last week. If you haven’t refinanced, NOW may be the time or you might just miss this historic window.

So how does 2013 look? It is way too early to tell, but the early returns hint at another strong year. Anecdotally, things look great: Facebook and twitter are lighting up with Realtors and Lenders celebrating an incredible start to 2013. Reliable statistics aren’t in, but Homestead Title’s early numbers suggest that 2013 is off to an even better start than 2012. Homestead Title’s sales orders are up over 40% from this time last year. In fact, this has been the best January we’ve ever had.

Here’s to a GREAT 2013 in real estate!

 

Read Full Post »

Older Posts »