Philadelphia Property Tax Overhaul Continues

Philadelphia Property Taxes

Philadelphia’s Office of Property Assessments (OPA) has mailed out all new tax assessments under the greatly anticipated Actual Value Initiative (AVI) earlier this month. The information mailed by OPA includes the new assessed value, and instructions on the opportunity to dispute the new assessments. It is still unknown how successful a homeowner will be in protesting their new assessment but it does seem that the city is providing easy explanation and instructions on how to protest. Appraisals, BPO’s, CMA’s and comps from local … [Read more...]

Philadelphia Title Insurance Rate Change

Philadelphia Title Insurance is set to change due to a Rate Simplification submitted by the Title Insurance Rating Bureau of Pennsylvania (TIRBOP) and approved by the PA Department of Insurance.  The new rates are effective July 1, 2012. There are no longer any rules regarding the length of time since the last insured transaction there is just one simple rate for refinances.  The same is true for Philadelphia title insurance pursuant to a Philadelphia home purchase, one single rate for a purchase. The simplified rate tables … [Read more...]

Philadelphia Streets Department Lien

Philadelphia Streets Department

As constantly mentioned issuing Philadelphia Title Insurance can be tricky, there are so many pitfalls and areas of risk.  It is always vital for a buyer to utilize the services of a Philadelphia Title Insurance company that knows the landscape of the city, the ever changing rules and regulations and quite simply knows how to get things done. A few investors in the past few weeks have gotten caught up with why we were collecting a fee for the City of Philadelphia Streets Department.  If you didn’t know already Philadelphia … [Read more...]

Title Insurance in a Stuggling Economy

Title Insurance in a Struggling Economy Whether you’re a first time homebuyer or upgrading from your starter home in Philadelphia, closing escrow is an exciting time. In such a volatile real estate market, it’s especially important to protect your home with the proper title insurance policy underwritten by a reputable Philadelphia based title company. Although a thorough title search is part of the escrow process, there are several unforeseen problems that could crop up after closing especially in this economic climate. Over … [Read more...]

HUD Makes Amendments to RESPA

There were clarifying amendments made July 11th, 2011 to the Real Estate Settlement Procedures Act (RESPA) sections involving “changed circumstances” and the “GFE Comparison-Page3”.  Both amendments are very relevant to all banks and mortgage professionals out there. Changed Circumstances The provision currently addresses changed circumstances affecting closing costs and that revisions to charges on the GFE may increase for services listed on the GFE but only to the extent that the changed circumstances actually … [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...]

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...]