Tagged: title searches

Oct 19

Critical Tips For End Of Year Real Estate Closings

We haven’t even polished off the Thanksgiving turkey yet and the race for closing real estate transactions before the end of the year is on. There are many advantages to inking your deal before New Year’s Eve, especially this year. However, this is consistently one of the most challenging times of the annual rotation for getting things done in this business…

Knowing what you can do to keep your transaction on the fast track, understanding the complications and choosing vendors wisely will be critical to your success.

This applies to home buyers, sellers, a multitude of real estate of real estate professionals, including investors.

This year, on top of the traditional seasonal surge to close before the end of the month, and year, many are even more concerned about capitalizing on the tax benefits buying real estate has to offer, as well as getting deals wrapped up before the Mortgage Forgiveness Act and its benefits for short sales expires.

Of course like any other industry many workers become distracted with entertaining, holiday shopping and files are endlessly handed off between employees as they take turns on vacation. This happens in real estate offices, but perhaps most significantly at mortgage lenders, which can cause substantial delays in the closing process.

This makes it absolutely essential for all parties to get paperwork in fast, get conditions cleared and order title searches and insurance policies early.

It will also certainly help to take an extra patience pill, as many factors will simply be out of your hands and freaking out on everyone involved over the phone may unfortunately sometimes more likely see your file ‘lost’ than fast tracked.

Perhaps most importantly, recognize the need to choose the right MI title insurance company to work with, and partner with – one that is fast, committed, and will shoot straight on challenges and closing dates.

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Sep 13

What Michigan’s All Cash Real Estate Market Means For Buyers…

Who’s broke? Not Michigan according to the latest figures…

The city of Detroit might have filed for bankruptcy, but the local real estate market appears to be flush with more cash than ever before.

The latest data and a new report from 24/7 Wall Street shows that U.S. real estate transactions are increasingly being made with cash, not credit. In fact, nationwide 40% of recent real estate sales where cash.

More significantly; Michigan ranked 4th out of all U.S. states for the highest percentage of cash sales at a dizzying 53.1%. That number gets even higher in SE Michigan, at almost two thirds according to RealtyTrac.

Why the cash money frenzy?

This cash only trend is emerging for a variety of reasons. In many cases it is a matter of needing to put savings to work, and there isn’t much that can come close to touching real estate today.

Low home prices (MI has the 4th lowest) are also a major factor. Home loans haven’t been incredibly easy to come by in recent years and most mortgage lenders don’t want to bother with making tiny loans. Plus, who wants to fatten the bank’s wallets today anyhow?

So what does this cash heavy real estate market means for Michigan home buyers and investors?

For a start it signals an incredibly strong local housing market and underlying economy; one with lots of equity that will cushion it against fluctuations for a few decades.

Of course it also means that shopping for property in Southeast Michigan is highly competitive today. So you’ve got to move quickly, and be organized.

Sadly, this has led some into forgoing critical due diligence, which can often be extremely expensive, even to the point of far outweighing what they paid for properties in the first place.

The bottom line is that it is crucial to find a great title company partner for quick title searches, title insurance  and fast closings. They’ll come in handy with additional help for refinancing later on too, or closing on commercial loans to stay liquid and expand. After all, with long term interest rates so low is crazy not to use them!

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