Title Insurance in Ann Arbor

When you buy or sell a home in Ann Arbor, you need title insurance. The seller buys 1/2 of the title insurance based on the sale price of the house. The buyer purchases title insurance on the mortgage amount.

Friday I attended seminar sponsored by the new Washtenaw Councel of Realtors, formally Womans Council of Realtors.

The panel was composed of Scott Broucher of Absolute Title, Debbie Ellison of American Title and Gary Selesko  of Cislo Title.

They opened  by saying this seminar is going to be Title Insurance 101, I thought “oh great, I got up early for this.”

However the panel did not disappoint.

Short Sales and Foreclosures

One thing I learned for people buying a short sale or foreclosure in Ann Arbor is to make sure you obtain your own title policy and NOT TO DEPEND on the BANK to give it to you or for it to be clean title work.

One of the local Ann Arbor Realtors who sold 187 foreclosed properties last year said she could not believe the number of “supposed buyer agents” NOT asking for or ordering Title Work on a foreclosed home.  Weeks later they would call her and ask for the title work. The bank provided NONE.

Just because you close at a title company doesn’t mean they insured over that. Even if they did you some kind of policy it could be so vague as to give you no protection at all.

Example

Case in point, my daughter a buyer agent on the Missy Caulk TEAM was selling a foreclosed property in a new construction community in Belleville. She kept asking the listing agent for it, he kept saying he would get it but it never arrived. So she ordered it herself from a local Ann Arbor Title Company.

You should have seen the liens from taxes, home owner association, contractors and utilities.

It took us 9 months to close this home because all the liens had to be waived or payed to get a clean title policy. Now what if she had waited or not ordered it for her own buyer? What if you were that buyer and tried to sell in a few years and found out all those liens had not been taken care of when you purchased?

Attorney Review

If you are buying a home in Ann Arbor Area, especially if it is a short sale or foreclosure, INSIST your agent get your title work from a local company with enough time to review and have an attorney review.

On short sales or foreclosures I insist my team ALWAYS have the buyers pay for attorney review. If you are buying a distressed home, you are getting that home most likely under market value. That is a good thing.  So spend the extra $250.00 for an attorney to review. It will be money well spent.

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If you live in the Ann Arbor Area, here are some new rules concerning buying a home if you have been subject to selling your home as a short sale.

Borrowers are not eligible for a new FHA mortgage if they pursued a short sale agreement on his or her principal residence simply to:

• take advantage of declining market conditions, and

• purchase, at a reduced price, a similar or superior property within a reasonable commuting distance.

Borrowers are considered eligible for a new FHA-insured mortgage if :

• they were current on their mortgage and other installment debts at the
time of the short sale of their previously owned property, and
• the proceeds from the short sale serve as payment in full.

Borrowers in default on their mortgage at the time of the short sale (or pre-
foreclosure sale) are not eligible for a new FHA-insured mortgage for three
years from the date of the pre-foreclosure sale.  Lenders may make exceptions
to this rule under certain circumstances.

If  you have lost your job, transferred for job opportunities, or have a medical condition DO NOT WAIT to call a Realtor before you are late on your payments. There are more opportunities available if you deal with the situation up front.

Call me for a confidential discussion.

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The Ann Arbor Area Board of Realtors added the “Short Sale” and “Bank Owned” to their MLS search today.

Having been a Director on the Ann Arbor Area Board of Realtors for 7 years, and  MLS Committee, we have been working on getting this update for years. Searching for homes that are being sold “short” has been a welcome addition in how we search for our clients in the MLS.

Many times a client will call and the first thing they say is, “I want to buy a short sale or foreclosure.”

We would have to dig through the remarks to see if the listing agent had mention it there. Now short sale is a search field and we are better able to serve our clients by getting the data quickly.

If the home is selling as a short sale this will now become a required field for all NEW listings. It is up to the listing agent to update that one field in the MLS and make it searchable. We changed all of our short sale listings today.

If you are looking for a short sale or foreclosure make sure you are working with a Realtor that understands the entire process.

In this market their are many great opportunities for buyers to purchase a short sale. However, you must be patient. The average short sale takes a minimum of 12 weeks and beyond to close.

Here is a list of Short Sales and Foreclosures in the Ann Arbor Area. Since this is the first day, I am sure many agents have not had time to update all their listings so if you need help or want us to send you a list for a particular area, just give us a call or email and we will send them to you.

It is much easier to help you now and get you the information you need quickly.

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Back in January, I wrote a post on getting my Certification as a Short Sale Specialist.

Last night we had a situation come up which confirmed that was the smart thing to do. We have a Buyer Client who was interested in making an offer on a Short Sale listed in the MLS. So we called the Listing Agent up and asked the following questions to see how far along in the process it was. A short sale is where the bank agrees to allow the seller of the home to sell for less money than what the bank owes.

Here is what you need to know before moving forward in purchasing a short sale:

• Have you spoken to your lender or has your Realtor?
• Have you missed any payments?  How many?
• Have you ordered the “Short Sale” package?
• Have the sellers submitted the hardship letter?
• Have the sellers tried to get a loan modification?

Suffice it to say the listing agents we spoke to last night, had no idea what we were talking about.  What package? What letter?

We told our buyer to move on.

Typically a Short Sale takes a minimum of 12 weeks.

I said minimum.

It can take much, much longer.

Sellers in Ann Arbor ask your Realtor BEFORE you list if they understand the Short Sale Process and know the right procedures on Selling Short Sales. If not your home will sit, sit, sit.

In this case a Realtor with experience in Short Sales and banks is critical.

5449 Waterfield Ct, in Ann Arbor with Saline Schools and Pittsfield Township taxes is on the market.

The home being sold in a “short sale” is a fantastic home, located on a cul de sac with a pond view.

To view multiple photos on Flick click this link.

Virtual Tour of 5449 Waterfield Ct, Ann Arbor.

Download a Pdf file on Waterways Subdivision Homeowner Information.

Complete details on Ann Arbor Real Estate.

Waterways Neighborhood

Home for sale in Saline, Michigan.

This home, 1164 Oak Street in Ypsilanti, Mi 48198,  is being sold subject to bank approval. Very nice home with lots of updates.

1164 Oak, Ypsilanti, Mi 48198 — $99,000.00 Bedrooms: 3 Bathrooms: 1.1 Year Built: 1956 Subdivision: Forest Lawn Lot Size: 60×130 School District: Ypsilanti Square Footage: 983 Agent Name: Missy Caulk Broker: Keller Williams MLS #: 2902021 Price: $99,000.00 Additional Pricing Information: Subject to Short Sale Approval 1164 Oak Ypsilanti, MI 48198 View Map View More Photos Range/Oven Full Refrigerator Washer/Dryer Dishwasher Basement Fenced Yard Grass Lawn Welcome to 1164 Oak, Ypsilanti, MI 48198. Lots to like about this solid, ranch on a quiet, private cul-de-sac, from the updates to the price! New Kraftmaid kitchen, Pella patio door,front door @2005! Newer Wallside windows, back door, chimney, gutters, soffits. 2008-new furnace, thermostat & chimney liner!!! All appliances, even washer & dryer (newer). Deck right off the kitchen is perfect for grilling! With the $8,000 First Time Buyers Credit this year — why wait? Subject to bank approval of short sale & seller’s approval of bank terms. Missy Caulk 734-216-2822 Powered by vFlyer.com Equal Housing Opportunity VFLYER ID: 2335827

All information in this site is deemed reliable but is not guaranteed and is subject to change

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