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Posts Tagged ‘homestead’

The self isolation and quarantines of the coronavirus/Covid-19 pandemic creates challenges and disruptions, including in real estate.  The title and mortgage industries are putting forth efforts to overcome these challenges.

Remote Digital Closings May be Available Soon!

A major effort is underway from title underwriters, legislatures, and administrative agencies to allow “Remote Online Notaries,” (RON) in Wisconsin.  This would allow for fully remote, digital closings without the need to leave home. While it would primarily be available to Sellers, some Buyers can also sign remotely.

E-signing2

Buyers with a loan will need their lender approval to conduct a fully digital closing.  Lenders have many considerations and challenges, including investors, underwriters, mortgage insurance, and legal issues. Some may not be able to offer this service right away and others may allow only certain documents to be signed digitally.

Homestead Title is already conducting digital, remote closings for “Cash” Buyers (where none of their documents are notarized and there is no lender).

Look for important updates on Digital Closings in the coming days.

 

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Remember to “spring your clocks forward” by 1 hour on March 8, 2020!  This is great news for people who love evening daylight and the start of spring.  But, it brings an interesting twist for Wisconsin Realtors.

CST

The new Wisconsin WB-11 Offer to Purchase defines deadlines as expiring at “11:59 p.m. Central Standard Time.”   Central Standard Time is our time zone in the winter months.  Starting March 8th and continuing all summer, Wisconsin will be using Central Daylight Time.  Arguably, this means that deadlines in the Summer months expire at 10:59 p.m.

What should Realtors do about the time change?  Enjoy the evening sun and try not to work past 10:59pm.  You will avoid this weird time zone glitch and you will get a better night sleep.

Spring

Thanks to Evan Swain of Keller Williams for his brilliant insights on this topic!

Happy Spring and don’t forget to spring your clocks forward at 2a.m. on March 8th. 

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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/

 

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Madison Couple and Local Agent Featured on ‘House Hunters’

The popular reality show “House Hunters” visits Madison with an episode airing tonight, May 13, 2013 on HGTV.

Tune in at 9:00pm to watch Keller Williams agent Josh Lavik help Darren and Megan Haworth find a home. The show’s producers were originally drawn to Lavik’s marketing materials. They were so impressed with the results of this show, they’ve also filmed another, featuring Josh and his wife, Jennifer, in their search for their own home.

Congratulations to Josh on a job well done and to his clients for finding the home of their dreams.

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There is a new scam targeting Wisconsin small businesses. A company called Corporate Records Services is sending out very official looking forms that request information about the company, the submission of an Annual Minutes Form, and the submission of $125. The form appears to be required by state statute. Businesses are not required to fill out this form. In fact, it is difficult to see what, if any, services this company provides.

The Wisconsin Department of Financial Institutions has issued and official statement cautioning business owners against this scam:

http://www.wdfi.org/newsroom/press/2013/AnnualMinutesFormAlert.pdf

Other states, including Illinois, New York, Maine, Indiana, and Tennessee have also issued warnings against this scam.

Wisconsin business owners who have questions about this form are urged to contact the Department of Financial Institutions (DFI) at 608-266-1622.

 

Thank you to the WRA for alerting the Real Estate industry, many members of which have been targeted by this scam.

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DEED PROCESSING NOTICE – Don’t Fall For it!

Home owners are being targeted for a simple, yet effective scam. At least two companies are offering to send copies of “grant deeds” for a charge of $86. They recommend that homeowners obtain this deed in order to confirm their ownership in the property. Yet, these public records are readily available for almost no cost.

Why Do Many Officials Call This A “Scam?”

These companies send official looking notices that often include warnings of late fees, compliance response deadlines, or the phrase FINAL NOTICE. While these sales pitches are not illegal, they are deceptive. As the Lake County Recorder of Deeds in the Chicago area noted: “It is not against the law, but it breaks the spirit of the law . . . It is very, very deceptive.” Officials Warn Homeowners of Deed Scams, Chicago Tribune.

The companies often charge $86 for the deed but also include a $35 late free for not meeting a fictional deadline. It is only in the fine print that they disclose that this is not a bill and that you could receive the same information from the County Recorder (or register of deeds).

Deeds Can be Obtained Inexpensively or Free

In fact, copies of deeds, mortgages, or any recorded document may be obtained from your local Wisconsin Register of Deeds office, for a very nominal fee. Generally the fees are $2.00 for the first page, and $1 for each page thereafter. Deeds are usually one or two pages.

In addition, homeowners should have received a copy of their deed from their title company when they purchased. Homestead Title and many other title companies will provide a duplicate to their customers at no charge.

Homestead Title Company is always happy to assist Dane County homeowners with such requests.

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2011 December Home Sales Report – Wisconsin REALTORS® Association.

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