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Buyer’s Checklist for a Philadelphia Settlement

Typically, at a Philadelphia real estate closing the buyer(s), seller(s), real estate agent(s), sometimes the loan officer and if the buyer is smart his/her attorney will meet at the offices of World Wide Land Transfer or another location properly agreed upon with a settlement attorney/clerk to finalize the transaction between the buyer and seller. While at settlement the buyer and seller will be presented with various documents for their signature. Among the documents that will be signed are the HUD-1 Settlement Statement, the Deed, … [Read more...]

More Bad Data: A Big Drop In Home Sales

And the news is bleak once again.  Home re-sales dropped a record 27.2% to an annual rate of 3.83 million in July, the National Association of Realtors said Tuesday.  Making things worse, inventories rose to 12.5 months from 8.9 months in June, pressuring already depressed home prices. Supply is now at its highest level in more than a decade. With rates still historically low, potential buyers are obviously staying on the side lines for other reasons.  Is it just a coincidence that mortgage applications and pending sales both … [Read more...]

Switching Real Estate Offices – What Question Every Real Estate Agent Should Ask

People change locations and jump ship in their work places all the time. Real estate agents are no exception. It seems there are always realtors as well as bankers deciding to change locations on a whim. It happens A-Lot. I always get asked what do you think of xyz broker? Do you know them? You think I would be a good fit there? In the housing boom of 2005 – 2006 it wasn’t uncommon to be asked 3 to 4 times a week! Whether you are new to real estate or a seasoned PRO you are familiar with it. It is the inevitable change from one … [Read more...]

A Shift in Risk Retention or a Further Shift Down for Real Estate?

Anyone have any thoughts on the 20% down payment rule?  Are things not bad enough?  Historically low interest rates and a 30% cut in housing prices have not created much of a buying season this spring as expected.  Foreclosures, short sales and the incredible oversupply of new homes still sitting on the market coupled with a extremely weak unemployment number all are keeping the housing market from showing any sign of true recovery.  Yet regulators want to make the process more difficult?  The recently proposed risk retention … [Read more...]

What Is Title Insurance?

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From our experience, title insurance is like most other insurances - you hardly ever need to use it, but when you do it saves your pocketbook - and in this case - it can save your house and your financial investment. Let's look more at what is title insurance and why do you need title insurance. Title insurance is directly related to the plot of land in Philadelphia that you are either looking to purchase or looking to refinance. Home owners insurance (also known as fire insurance or hazard insurance) covers the physical aspects … [Read more...]

Obtaining Mechanics Lien Coverage for New Construction in Pennsylvania

This is long overdue.  It seems I get a call or email weekly about a proposed purchaser looking to buy a New Construction Condo with Mechanics Lien Coverage. The process of insuring such a transaction has become more and more complicated in the last 3 years and for good reason. Title Insurance companies used to insure against the possibility of mechanics liens without too much of a problem.  However, the financial markets collapse and concerns over contractors' solvency has caused title underwriters to reconsider such risks and … [Read more...]

The Foreclosure Mess As It Relates to Title Insurance

Is it just me or is the US Foreclosure mess just out of control? It is now January 2011 and the stimulus has all but been exhausted and the housing market doesn’t seem the least bit recovered.  Where is all of this recovery talk coming from? What was actually “stimulated” besides the Economic Experts that see better days ahead? In regards to housing I hate to say but all I see is a dismal reality still clouding the months ahead. According to RealtyTrac there were 2.9 million foreclosure notices filed during 2010. This … [Read more...]