-- Sent from my Palm Pre
Friday, December 04, 2009
Hangin' with some blogging real estate geeks at Chicago Title
Thursday, November 19, 2009
Non disclosure - in real estate? "Really?"
A while back, I said I was going to begin a series of posts with the "really?" theme associated with some of the odd things I see happen in my business. So, once again, it is time to vent just a tad...
If you know me, you know that I have a pet peeve about some of the things that happen in the real estate industry. Many of these things have to do with the "different rules for different people" mentality.
For instance, I often wonder why/how the major home builders get away with saying you "must use our lender" and you "must use our title company" for services. I know most of the reasons - that will probably be a whole new post on a whole new day. The mainexcuse reason was/is that they have bulk rates with "preferred vendors", etc.
Getting back to today's rant, I'll focus on the "Sellers' Property Disclosure Statement" or "SPDS" (spuds is a common term we use).
Many of the banks and short sales have the language of "no SPDS" in their property profile sheets. Basically, they must feel like they are limiting their liability by trying to get a buyer to waive receipt of something so common to our residential resale real estate purchase contract it is pre-printed into the document.
Well, since the banks are doing it, why shouldn't others, right? Today, I saw this language written in the agent remarks section of an mls print out. Not that it is the first time I have ever seen it, this just happens to be the first time I have vented about it, to you.
"Property Sold As/Is. No Disclosures or Warranty Provided. Owner is a licensed real estate broker in AZ and the listing agent."
No disclosure? Really? Why not? In Arizona, and I assume other states as well, every buyer is entitled to a SPDS. The fact is, even if someone has never lived in a property, there are many questions on the Seller Property Disclosure Statement that an owner would know.
Some basic questions from an Arizona Seller's Property Disclosure Statement are:
It is recommended that if a buyer is refused a SPDS by an owner of a property they would like to purchase, a blank copy of that document be given to the buyer for review. The blank document might be beneficial in helping to bring attention to possible items of concern or importance. Another form that is helpful in determining things to consider is called a "Buyer's Advisory" form which can be a very good resource of information.
If you have any questions about any of the forms mentioned, please feel free to call me to discus, I'm always glad to talk shop...
If you know me, you know that I have a pet peeve about some of the things that happen in the real estate industry. Many of these things have to do with the "different rules for different people" mentality.
For instance, I often wonder why/how the major home builders get away with saying you "must use our lender" and you "must use our title company" for services. I know most of the reasons - that will probably be a whole new post on a whole new day. The main
Getting back to today's rant, I'll focus on the "Sellers' Property Disclosure Statement" or "SPDS" (spuds is a common term we use).
Many of the banks and short sales have the language of "no SPDS" in their property profile sheets. Basically, they must feel like they are limiting their liability by trying to get a buyer to waive receipt of something so common to our residential resale real estate purchase contract it is pre-printed into the document.
Well, since the banks are doing it, why shouldn't others, right? Today, I saw this language written in the agent remarks section of an mls print out. Not that it is the first time I have ever seen it, this just happens to be the first time I have vented about it, to you.
"Property Sold As/Is. No Disclosures or Warranty Provided. Owner is a licensed real estate broker in AZ and the listing agent."
No disclosure? Really? Why not? In Arizona, and I assume other states as well, every buyer is entitled to a SPDS. The fact is, even if someone has never lived in a property, there are many questions on the Seller Property Disclosure Statement that an owner would know.
Some basic questions from an Arizona Seller's Property Disclosure Statement are:
- From line 3: Property address.
- From line 6: Legal owner(s) of property:
- From line 21: Are you aware if there are any association(s) governing the property?
It is recommended that if a buyer is refused a SPDS by an owner of a property they would like to purchase, a blank copy of that document be given to the buyer for review. The blank document might be beneficial in helping to bring attention to possible items of concern or importance. Another form that is helpful in determining things to consider is called a "Buyer's Advisory" form which can be a very good resource of information.
If you have any questions about any of the forms mentioned, please feel free to call me to discus, I'm always glad to talk shop...
Monday, November 09, 2009
Nick's Annual Turkey Drive is here again!
Once again, it's time for our (7th) annual turkey drive! On Sunday Nov. 22nd, I will be delivering turkeys to Phoenix Rescue Mission as they prepare to feed the homeless on Thanksgiving Day.
I believe that many people have a desire to help others this time of year but find it difficult to do so because our lives are so busy. This year, the shelters need a LOT of help. If you would like to help by making a financial donation, we will do all of the work for you! I'll be purchasing frozen turkeys Sunday morning to deliver to the Phoenix Rescue Mission. (I can provide receipts from the mission if needed.) Please feel free to contact me with any questions or donations.
If you are able to donate one dollar or a hundred ( or more), I am able to purchase frozen turkeys all at once for delivery to the mission on Sunday morning. Over the years, we have found this the easiest way to help the most people. I can give you my address or I can pick up donations up until Saturday the 21st. You can always email me at nick (at) nickbastian (dot) com or call me for more info! I am out and about a LOT, so it makes picking up your donation pretty easy! :-)
Last year, with the help of my friend Rob, we were able to deliver over 875 pounds of turkey for needy families! Big thanks to Rob Sell at Sell Home Inspections for all he does. Thankfully, Rob has really stepped in to be a huge help to me in hauling all of these birds. We both have a BLAST delivering them and want to thank everyone for your donations to such a great cause.
Please help. Every single penny is GREATLY appreciated. We want to make it easy for everyone to help others this Thanksgiving. I would also like to wish you and your families a wonderful holiday season!
I believe that many people have a desire to help others this time of year but find it difficult to do so because our lives are so busy. This year, the shelters need a LOT of help. If you would like to help by making a financial donation, we will do all of the work for you! I'll be purchasing frozen turkeys Sunday morning to deliver to the Phoenix Rescue Mission. (I can provide receipts from the mission if needed.) Please feel free to contact me with any questions or donations.
If you are able to donate one dollar or a hundred ( or more), I am able to purchase frozen turkeys all at once for delivery to the mission on Sunday morning. Over the years, we have found this the easiest way to help the most people. I can give you my address or I can pick up donations up until Saturday the 21st. You can always email me at nick (at) nickbastian (dot) com or call me for more info! I am out and about a LOT, so it makes picking up your donation pretty easy! :-)
Last year, with the help of my friend Rob, we were able to deliver over 875 pounds of turkey for needy families! Big thanks to Rob Sell at Sell Home Inspections for all he does. Thankfully, Rob has really stepped in to be a huge help to me in hauling all of these birds. We both have a BLAST delivering them and want to thank everyone for your donations to such a great cause.
Please help. Every single penny is GREATLY appreciated. We want to make it easy for everyone to help others this Thanksgiving. I would also like to wish you and your families a wonderful holiday season!
Friday, October 30, 2009
What Happens in Escrow?
The main purpose of this blog is to provide information to you. In doing that, I have decided to ask people from within my industry to write an occasional "guest post" on topics that will be of interest to anyone wanting to know more about the real estate business or the real estate market in Arizona.
Below, you will find some information about the escrow process as written by my good friend, Bill Risser from Chicago Title and Trust. I'd like to thank Bill for sharing the information with us!
___________________________________________
Nearly everyone has heard of ChicagoTitle Insurance Company. But just what does the title and escrow company do in the purchase of your new home? My intent with this post is to explain the escrow side of the transaction. We'll discuss title insurance in depth in a
future post.
An escrow is an arrangement in which a disinterested third party, called an escrow holder, holds legal documents and funds on behalf of a buyer and seller, and distributes them according to the buyer's and seller's instructions.
People buying and selling real estate often open an escrow for their protection and convenience. The buyer can instruct the escrow holder to disburse the purchase price only upon the satisfaction of certain prerequisites and conditions. The seller can instruct the escrow holder to retain possession of the deed to the buyer until the seller's requirements, including receipt of the purchase price, are met. Both rely on the escrow holder to carry out
faithfully their mutually consistent instructions relating to the transaction and to advise them if any of their instructions are not mutually consistent or cannot be carried out.
An escrow is convenient for the buyer and seller because both can move forward separately but simultaneously in providing inspections, reports, loan commitments and funds, deeds and many other items, using the escrow holder as the central depositing point. If the instructions from all parties to an escrow are clearly drafted, fully detailed and mutually consistent, the escrow holder can take many actions on their behalf without further consultation. This saves time and facilitates the closing of the transaction.
The escrow process was developed to help facilitate the sale or purchase of your home. The escrow holder accomplishes this by:
When my son was much younger, he asked me what "escrow" was. My explanation to a 6 year old was this: One person has keys to the house being sold. Another person has a bag
full of money to buy the house. Each takes a hold of the keys and the money together, but neither will let go. Each is afraid the other will run off with both the keys and the money if they let go first. That's where escrow comes in. The keys and the money are given to escrow, and when all the terms of the contract are satisfied, escrow hands over keys to the buyer and the money to the seller! He immediately understood, and then proceeded to tell me that it sounded boring.
Gotta love kids!
Below, you will find some information about the escrow process as written by my good friend, Bill Risser from Chicago Title and Trust. I'd like to thank Bill for sharing the information with us!
___________________________________________
Nearly everyone has heard of ChicagoTitle Insurance Company. But just what does the title and escrow company do in the purchase of your new home? My intent with this post is to explain the escrow side of the transaction. We'll discuss title insurance in depth in a
future post.
An escrow is an arrangement in which a disinterested third party, called an escrow holder, holds legal documents and funds on behalf of a buyer and seller, and distributes them according to the buyer's and seller's instructions.
People buying and selling real estate often open an escrow for their protection and convenience. The buyer can instruct the escrow holder to disburse the purchase price only upon the satisfaction of certain prerequisites and conditions. The seller can instruct the escrow holder to retain possession of the deed to the buyer until the seller's requirements, including receipt of the purchase price, are met. Both rely on the escrow holder to carry out
faithfully their mutually consistent instructions relating to the transaction and to advise them if any of their instructions are not mutually consistent or cannot be carried out.
An escrow is convenient for the buyer and seller because both can move forward separately but simultaneously in providing inspections, reports, loan commitments and funds, deeds and many other items, using the escrow holder as the central depositing point. If the instructions from all parties to an escrow are clearly drafted, fully detailed and mutually consistent, the escrow holder can take many actions on their behalf without further consultation. This saves time and facilitates the closing of the transaction.
The escrow process was developed to help facilitate the sale or purchase of your home. The escrow holder accomplishes this by:
- Acting as the impartial "stake-holder," or
depository of documents and funds - Processing and coordinating the flow of
documents and funds - Keeping all parties informed of progress on the
escrow - Responding to the lender's requirements
- Securing a title insurance policy
- Obtaining approvals of reports and documents
from the parties as required - Prorating and adjusting insurance, taxes,
rents, etc. - Recording the deed and loan documents
- Maintaining security and accountability of
monies owed and owing.
When my son was much younger, he asked me what "escrow" was. My explanation to a 6 year old was this: One person has keys to the house being sold. Another person has a bag
full of money to buy the house. Each takes a hold of the keys and the money together, but neither will let go. Each is afraid the other will run off with both the keys and the money if they let go first. That's where escrow comes in. The keys and the money are given to escrow, and when all the terms of the contract are satisfied, escrow hands over keys to the buyer and the money to the seller! He immediately understood, and then proceeded to tell me that it sounded boring.
Gotta love kids!
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