Podcasts about mortgagee

Send us a text00:00 – If you're upset about The Block 2024 Auction01:47 – What happens if a home is sold, but the vendor dies before settlement?03:20 – Properties selling for significantly less than a few months ago04:47 – Short-sighted vendors 05:37 – Mortgagee and distress sales are on the rise 07:04 – How to outsmart the banks 08:21 – What's the average salary of an auctioneer?My Clearance Rate: 6/13 SOLD

This week's highlights three FHA mortgagee letters open for feedback, covering extended cyber incident reporting requirements, guidelines for nonjudicial foreclosures on secretary-held liens, and proposed changes allowing DE underwriters to work part-time while still being employed by a single company.----------------------------------------------------Alice Alvey, Master CMBVice President Partner Education and Training at Union Home MortgageShe handles development of their World Class Training program designed to support UHM partners and organizational effectiveness.Prior to UHM, Alice served as Senior Vice President at Indecomm leading the Indecomm-Mortgage U division, Internal QA and Compliance and SaaS technologies. Indecomm acquired Mortgage U in 2013, where Alice was President/Co-founder, providing training and consulting since 1996. Prior to MU she served as SVP of Operations at a national bank overseeing operations for wholesale, retail and correspondent from underwriting through servicing, and compliance.She has been in the trenches of mortgage lending operations from application through servicing for over 30 years. Her authoring work in training content, policies and procedures and the FHA/VA Practical guides illustrates her ability to bridge regulatory requirements with day-to-day operations.Alice has been a weekly contributor to the Lykken on Lending show since its beginning in April 2009 and has made her weekly contributions to 450+ episodes!

Send Us A Message! Let us know what you think.THIS WEEK IN REVIEW TOPICS:Topic #1: Interest.co.nz 15th of October-Unauthorised overdrafts, the banks' secret weapon in avoiding mortgagee sales?Topic #2: Stuff 16th of October -Five places where property sales are picking upTopic #3: NZ Herald  15th of October -Auckland house prices fall 5.4%, national inventory up 27.4%Topic #4: RNZ 16th of October -How does NZ's pension compare?Topic #5: NZ Adviser 17th of October -Kiwis moving more, staying lessClick to book a free, no-obligation meeting with PaulClick to join a free Online or In-Person How to Succeed with Property Investing EventSupport the show*Nothing from this episode should be taken as individual financial advice. *Property Advice Group Limited trading as Property Apprentice has been granted a FULL Licence with the Financial Markets Authority of New Zealand. (FSP Number: FSP157564) Debbie Roberts | Financial Adviser (FSP221305) For our Public disclosure statement please go to our website or you may request a copy free of charge.

In this short, to-the-point podcast, Aaron Davis interviews Mark Honeybone about mortgagee sales. They discuss why there seems to be more coming on board and what people who are having the pressure put on them from the banks should do.   If you're feeling the pinch of cashflow, if the banks are coming down hard on you, or threatening you, listen to this conversation between two sellers of property that understand your situation more than most. It may save you hundreds of thousands of dollars.

Reports that demand for financial help is growing among employed people and property owners.  CoreLogic data shows that despite interest rates doubling over the past two years, mortgagee sales remain below pre-pandemic levels.   But it says this is a "fingers crossed scenario" and is dependent on people's ability to keep their jobs and maintain home payments.   CoreLogic Chief Property Economist, Kelvin Davidson, told Kate Hawkesby that while it is dependent on other factors, the key one is that basically nobody wants a mortgage.  He said it doesn't help that banks don't help the borrower, and do things such as switch interest rates, and extend the term of the loan.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Ever wondered about the morality behind capitalizing on mortgage possession situations? This episode unravels the intricacies of the Australian mortgage market, where some are facing tripled possession rates and the rest are left grappling with the implications. As hosts, we'll take a deep-dive into the real numbers, dissecting the 346 rits repossessions this year in New South Wales, out of a total of 177,000 residential sales settlements last year. It's a mere fraction of the market, but its impact is significant. Tune in as we discuss the blurred lines between opportunistic buying and exploiting others' financial distress.The real estate market is a beast of its own, especially in these challenging times. We navigate this complex terrain, deciphering what constitutes smart purchasing and how rising interest rates are affecting potential buyers psychologically. We'll also share tips on how to offer support to those impacted, emphasising the importance of staying positive amidst adversity. Knowledge is power, and this episode is packed with insights to help you better understand and adapt to the fluctuating real estate landscape. Don't miss this eye-opening discussion!

LEGAL NOTICE MORTGAGE FORECLOSURE NOTICE Default having been made in the terms of that certain Mortgage, executed on 5/31/2012, by Terry Lee Hutto and Jennifer Brown Hutto, husband and wife, as Mortgagors, to Mortgage Electronic Registration Systems, Inc. as nominee for Residential Acceptance Corporation as Mortgagee, which said Mortgage is recorded in the Office of the Judge of Probate, Clarke County, Alabama, in DMM BK 1404, Page 283 on 5/31/2012 and Modified in DMM Book 1452 at Page 303 recorded 2/20/2015 and again Modified in DMM Book 1522 at Page 739 recorded on 10/28/2019 and further Modified in DMM Book...Article Link

Satisfaction of Mortgage Eliminates Right of Mortgagee to Recover from Homeowners Policy In Thomas P. Williams, Sr. v. Nationwide Insurance a/k/a Nationwide Mutual Insurance Company, Civil Action No. 22-1090, United States District Court, E.D. Pennsylvania (March 24, 2023) Nationwide denied the claim of its insured because they failed to comply with the Policy's post-loss duties by failing to appear for scheduled examinations, not producing requested documents, making material misrepresentations to Nationwide and because Nationwide's investigation of the fire revealed that it was “intentionally set.” The homeowners sold the fire-damaged property to the plaintiff. The money from the sale was used to satisfy the entirety of the homeowners' outstanding mortgage with a bank. The plaintiff requested that the insurer reimburse him for the amount he claims he paid toward satisfying the homeowners' mortgage. He based his request on a standard mortgage clause in the homeowners' insurance policy, which stated that a denial of the homeowners' claim would not preclude payment to a valid claim of the mortgagee. The insurer refused to pay the plaintiff's claim and the plaintiff sued. PROCEDURAL HISTORY The plaintiff Thomas P. Williams alleged that he had purchased a fire-damaged property and paid off the mortgage encumbering the property. FACTUAL BACKGROUND The Ruchs owned property located in Albrightsville, PA (“the Property”). They had insured the Property for property damage under a policy with Nationwide (“the Policy”) and had a mortgage on the Property with PNC Bank NA (“PNC”). A fire caused damage to the Property. The Ruchs submitted a claim to Nationwide under the Policy, and Nationwide eventually determined that the amount of the adjusted claim was $103,000.00. However, Nationwide later denied the claim because of breach of condition and fraud. At the time of the sale, the Ruchs owed $135,490.13 on the mortgage to PNC and used the funds from the sale to satisfy the outstanding balance. At that time, Nationwide had not made any payment to PNC pursuant to the mortgage clause. After receiving the payment, PNC filed a Satisfaction of Mortgage with the Carbon County Recorder of Deeds. DISCUSSION Williams argued that because his funds paid to the Rauch's satisfied the mortgage on the Property and because Nationwide would have had to pay PNC if it fulfilled the policy conditions, he stepped into the shoes of PNC. There was no evidence demonstrating Williams assumed any legal rights under the mortgage. While Williams novel argument demonstrates a logical creativity, he cites no case law, and the court found none to support his contention that a purchaser of a property steps into the shoes of the mortgagee when the funds from the purchase are used to satisfy an outstanding mortgage. Duty to Pay Pursuant to the Mortgage Clause --- Support this podcast: https://podcasters.spotify.com/pod/show/barry-zalma/support

Property prices have fallen according to the latest data. Does this mean that property prices are going to crash this year (or next)? Today I look at why a property crash might not even be on the cards for the Australian property market. In particular you'll discover *** What always causes a nation-wide property crash (Hint: This is what happened during the GFC in America) *** The truth about “Mortgagee in Possession” sales (The state-by-state breakdown that reveals exactly how many people have already defaulted on their mortgage) *** The new property crisis (What it means for you) Plus so much more... ----- Looking for a blueprint on how to build passive income through property, especially when interest rates are rising? Then get a copy of my book free (both the digital and audio versions) here

NOTICE OF MORTGAGE FORECLOSURE SALE Default having been made in the payment of the indebtedness secured by that certain Mortgage executed by Jacob Randall Lankford, single man, to BancorpSouth Bank, dated the 23rd day of April, 2020, which Mortgage was recorded in the Office of the Judge of Probate of Clarke County, Alabama, in DMM Book 1531, at Page 540. The undersigned Mortgagee, Cadence Bank, formerly known as Bancorp- South Bank, will, under and by virtue of the power of sale contained in said Mortgage, sell at auction to the highest bidder for cash before the main entrance of the...Article Link

LEGAL MORTGAGE FORECLOSURE NOTICE Default having been made in the terms of that certain Mortgage, executed on the 05/07/2019, by Ronnie J. Andrews and Jenny Andrews, husband and wife, as Mortgagor, to Mortgage Electronic Registration Systems, Inc., as nominee for Carrington Mortgage Services, LLC as Mortgagee, which said Mortgage is recorded in the Office of the Judge of Probate, Clarke County, Alabama, in Book DMM BK 1517, Page 163 on 05/17/2019, and subsequently assigned to BankUnited, N.A. and recorded in the Office of the Judge of Probate, Clarke County, Alabama on 05/24/2021 in Book DMM BK 1548, Page 443, and...Article Link

The complete audiobook is available for purchase at Audible.com: voicesoftoday.net/ae1 The Missing Mortgagee By R. Austin Freeman Narrated by Graham Scott In another of Freeman's revolutionary 'inverted' detective stories, celebrated forensic investigator Dr John Thorndyke examines the case of a man found dead in a cave at Margate, and the curious absence of the money lender attempting to make an insurance claim on the dead man's life.

In this episode, we discuss what property investors need to know about mortgagee sales, how they work, and the different fishhooks people run into. This includes how to buy a house that is up for mortgagee sale, how the bank will view the sale, and most importantly, the insurance side. Do not miss this.

LEGAL NOTICE MORTGAGE FORECLOSURE NOTICE Default having been made in the terms of that certain Mortgage, executed on the 11/13/2009, by Eleanor Dumas and George Dumas, Wife and Husband, as Mortgagor, to Mortgage Electronic Registration Systems, Inc., as nominee for Americas Mortgage Professionals, LLC as Mortgagee, which said Mortgage is recorded in the Office of the Judge of Probate, Clarke County, Alabama, in DMM Book1360, Page 487 on 12/03/2009, and subsequently assigned to Lakeview Loan Servicing, LLC and recorded in the Office of the Judge of Probate, Clarke County, Alabama on 05/15/2017 in DMM Book 1488, Page 27, and default...Article Link

MORTGAGE FORECLOSURE SALE Default having been made in the payment of the indebtedness secured by that certain mortgage executed on April 30, 2019 by Gunner C. Champion, a single man, originally in favor of Mortgage Electronic Registration Systems, Inc. as nominee for Platinum Mortgage, Inc., and recorded in DMM Book 1516 at Page 700 on May 2, 2019, in the Office of the Judge of Probate of Clarke County, Alabama, and secured indebtedness having been transferred to MidFirst Bank. LOGS Legal Group LLP, as counsel for Mortgagee or Transferee and under and by virtue of power of sale contained in...Article Link

MORTGAGE FORECLOSURE NOTICE Default having been made in the terms of that certain Mortgage, executed on the 06/30/2009, by Jimmy L Newton, and Wife and Dixie P Newton, as Mortgagor, to Mortgage Electronic Registration Systems, Inc., as nominee for Franklin American Mortgage Company as Mortgagee, which said Mortgage is recorded in the Office of the Judge of Probate, Clarke County, Alabama, in Book DMM 1354, Page 331 on 07/10/2009, Modified in DMM Book 1441, Page 242 as recorded on 6/20/2014, and Wilmington Savings Fund Society, FSB, as trustee of Stanwich Mortgage Loan Trust M is currently the holder of the...Article Link

In this Study Hall MG the Mortgage Guy went over the steps to buy a home in today's market place.  This is a must watch for first time home buyers, real estate investors, and anyone looking to purchase property now. #realestate #homebuying #mgthemortgageguy  EYL University 48 hour flash sale (75% off): https://www.eyluniversity.com Link for InvestFest: https://investfest.com/ See omnystudio.com/listener for privacy information.

True Crime Stories of Insurance Fraud Number 30 Barry Zalma, Esq., CFE presents videos so you can learn how insurance fraud is perpetrated and what is necessary to deter or defeat insurance fraud. This Video Blog of True Crime Stories of Insurance Fraud with the names and places changed to protect the guilty are all based upon investigations conducted by me and fictionalized to create a learning environment for claims personnel, SIU investigators, insurers, police, and lawyers better understand insurance fraud and weapons that can be used to deter or defeat a fraudulent insurance claim. As insurance companies become more sophisticated in the tools needed to defeat insurance fraud, the frauds become more complex. Those who earn a dishonest living stealing from insurance companies find that the simple, straightforward fraud, is no longer successful. They have become insurance scholars to learn better ways to steal from insurance companies. The 1942 banking industry wrote a document known as the standard or union mortgage clause [Form 438 BFUNS] to protect mortgage holders from dishonest borrowers. The banks were concerned because occasionally their borrowers committed arson and the insurers refused to pay. The policy was declared void as a result of the arson and resulting fraud and neither the insured nor the mortgagee recovered. As a condition of allowing their borrowers to buy insurance from particular companies, the banks insisted that the companies attach to their policies a union mortgage clause. The clause provided that if the borrower, by act or omission, caused the policy to be void, it would only be void as to the interest of the borrower and not the lender. Therefore, even if an insurer proved that its insured burned the building down, it still must pay the mortgagee its interest. The contract between the mortgagee and the insurer was a separate and distinct policy. The insurer could only defeat it if the mortgagee had knowledge of an increase of hazard. The union mortgage clause gave security to honest and reputable lenders. It also gave a dishonest lender the means to commit an arson for profit without the possibility of loss or criminal prosecution. The fraud would work with the insurance criminal first buying a distressed dwelling at a foreclosure sale for less than its true value. With a coconspirator, he would arrange a mortgage on the dwelling for three times the amount paid. He would then buy a homeowners policy from an unsuspecting insurer, naming the mortgagee under a standard or union mortgage clause. Before the first installment was due on the premium financing the dwelling would burn to the ground. Gasoline would be found on the premises and the local fire arson unit would conclude that the fire was intentionally set. The building would be vacant and without contents. The insurer, convinced that the insured set fire to the dwelling, and unable to reach him, would be thankful that it had no contents or additional living expenses to pay. It would write the named insured at his last known address denying his claim for failure to cooperate. They would pay the mortgagee's claim in full. Usually, the insurer, not wishing to get into the mortgage business, would not even request an assignment of the mortgage debt. T The original named insured would share half the proceeds of the insurance policy with the mortgagee and would also receive 50 percent of the monies received from the foreclosure sale of the empty lot. The insurer believed that an arsonist had not succeeded in his crime. The insurer had no choice but to pay the “innocent” mortgagee. --- Support this podcast: https://anchor.fm/barry-zalma/support

Thank you to Lockton, the largest privately held global insurance broker which focuses on Property and Casualty insurance and employee benefits insurance programs. Lockton has a specialized Lender Services Group focused on quantifying and analyzing specific insurance needs to adequately minimize regulatory and balance sheet risks. They have a keen focus on firms within the mortgage banking arena specializing in Errors and Omissions (E&O), Fidelity Bond, D&O and Cyber liability. Lockton acts as an extension of your firm's risk management team by procuring insurance policies and seeing claims through from start to finish, like a data breach or E&O claim.

Vocabulary: Down payment: an initial payment made when something is bought on credit. Mortgagor: the borrower in a mortgage, typically a homeowner. Mortgagee: the entity that lends money to the borrower against the security of property. Collateral: something offered as security for repayment of a loan. To purchase outright: Without borrowing money in one payment. Foreclosure: the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments. Repossession: the action of retaking possession of something, in particular when a buyer defaults on payments. Amortization: a period in which a debt is reduced or paid off by regular payments.

NOTICE OF MORTGAGE FORECLOSURE SALE Default having been made in the payment of the indebtedness secured by that certain Mortgage executed by David M. Walker, a single man to Merchants Bank dated the 17th day of April, 2018, which Mortgage was recorded in the Office of the Judge of Probate of Clarke County, Alabama, in DMM Book 1503, at Page 58; The undersigned, BancorpSouth Bank, successor by merger with Merchants Bank, as Mortgagee of said Mortgage will, under and by virtue of the power of sale contained in said Mortgage, sell at auction to the highest bidder for cash before...Article Link

CBS News Headline: "With Evictions Set to Restart, Housing Advocates Fear Another Coronovirus Wave." Los Angeles Daily News: "Why Unprecedented Spike in Evictions is Expected as Federal Moratorium Expires." Miami Herald: "Avalanche: Miami Renters Brace for Mass Evictions as Moratorium Ends." The last time the CDC extended the eviction moratorium through July 31, 2021, it was intended to be the final extension.  So will the moratorium end?  Seems like it.   What are your rights as a landlord?  As a tenant? Along with the moratorium on evictions, there is also a moratorium on foreclosures that is also set to expire on July 31, 2021. Is your loan covered by the moratorium? If so, what does that mean for you? How can you save your home if COVID has prevented you from working and making mortgage payments? We discuss all of these, and related questions in today's episode of the Crushing Debt Podcast.  Learn how you can protect yourself, your family and your investment. Please also visit our sponsor, or refer a FL or TX Attorney or Title Company to Attorneys First Insurance by emailing an introduction to Sam@AttorneysFirst.com or visiting www.AttorneysFirst.com. Finally, learn how to stay debt free with my latest book, Become Debt Free In Less Than One Hour at www.ShawnMYesner.com/BecomeDebtFree. 

https://propertyplanning.com.au/propertyplannerbuyerprofessor/In this week's Ep#79 of the Property Planner, Buyer and Professor Podcast, Dave, Cate and Pete take you through:Market insights1. Month on month growth reaches peakSome say that the housing market is beginning to show some signs of slowing. Agents who have been so inundated with activity are starting to return to their usual practices of performing pre-auction calls to firm up bidders. This signals that some of the heat in the market might be subsiding. The trio believe that we'll still continue to see positive growth, but not at the same rate of knots experienced over the last few months. The Property Buyer suggests that the velocity is decreasing despite the pace remaining positive.2. Positive market indicatorsThe latest unemployment figures released by the ABS for the month of March show unemployment lowering from 5.8% to 5.6%, which is great news. Iron Ore spot prices per tonne cracked $190, which is the highest price since 2011 and 1% off record highs in the mining boom years. This bodes well for the Government's coffers and our federal budget returning to surplus over the coming years.3. Loan deferrals back on trackIn more positive news, only 0.5% of the million loans deferred due to Covid are still frozen. Many people who were hanging their hat on waiting for properties to flood the market because of forced sales have missed out on opportunities. Like we always say, there is no time like the present to purchase property, provided that you are making decisions based on your own personal economy. Timing the market is incredibly difficult, even for the property experts.4. Houses outperform unitsLatest figures from CoreLogic reveal that for all capital cities (bar Melbourne), houses have performed units over the last year. That has been the case for many decades, but accentuated further through Covid where people were looking for bigger dwellings. We expect rental yield and capital growth for units to slow down even further.Cross collateralisation1. What is cross collateralisation?Also known as cross securitisation, put simply, cross collateralisation is where you have a single loan secured by two or more properties. The Property Planner and Buyer unpack the myths that surround this loan structure strategy.2. Why do people think cross collateralisation should be avoided?The main reason why people are averse to cross collateralisation, is the belief that by having a single property providing security for a loan, you are protecting your other assets from the bank in the event of loan default and forced mortgagee (lender) sale. If the value of property is not enough to extinguish the debt on the loan, the lender may look to your other assets to cover the shortfall. While retaining individual loans for each security property may limit a lender's ability to access your other assets, it is certainly not impossible and there are other legal means that lenders can use to access your other properties to recoup their losses.3. Beware of spruikers!A large proponent of not crossing securities are property spruikers who are selling properties under the guise of ‘free property advice'. This is because their aim is to convince people to buy multiple properties, with high loan to value ratios which are often poorer quality assets, with low prospects of capital growth. Brand new properties can often decline in value, so the spruiker is actually protecting themselves by advising against cross-collateralisation, and promoting assets are financed across multiple lenders.4. Using mortgage strategy to manage risk and why prevention is better than cureWe see protecting your assets from a lender as the absolute last line of defence in a worst-case scenario. As we always say, prevention is better than cure and there are many mortgage strategies that you can put in place to ensure that you manage risk effectively. The Property Planner talks you through the different strategies to protect your family and build your war chest.5. Is your property strategy conservative or aggressive?Your risk tolerance and risk profile are critical in determining what is the right risk management strategy for you and how aggressive your property accumulation strategy should be.6. Should you pick one lender or spread your loans across multiple lenders?The trio discuss the pros and cons of a single lender and multiple lender strategies. Generally speaking, if your property strategy is particularly aggressive or high risk, you may consider loans across different lenders to be appropriate for you.7. Business debt and non-property investmentsHow cross collateralisation can enable you to do some wonderful things. The Property Planner and Buyer explain the considerations when making decisions about business debt and non-property investments.8. Selecting the right strategy for youIn the end, there is no one size fits all approach. To make the right decision for you, you need to get tailored advice based on your goals and circumstances, and work out what your top risk management strategies will be.9. And of course, our ‘gold nuggets'Visit the show notes - https://propertyplanning.com.au/cross-collateralisation-myths-busted-best-loan-structures-mortgagee-sales-and-more-ep-79/

In this episode, we discuss whether mortgagee sales are a good way to make money for New Zealand property investors. Our takeaway is that while mortgagee sales can be a good way to make money, you need to be aware of what it takes to be successful. You have to be willing to undertake a very active strategy and take on certain risks of damage from existing occupants. Finally, we wrap up the show by discussing our upcoming podcast tour, which has recently changed dates. Click here to register for the new dates.

Thursday Q&A Helpline - Mortgagee Sales - How and Why to Get This Business + How to Get Others to Do Follow Up For You --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/propertyagentsecrets/message Support this podcast: https://anchor.fm/propertyagentsecrets/support

10 Killer Steps To A Flawless Feasibility In this episode I will share with you the steps to how to be quick and efficient when creating your feasibility for your projects. Before you sign a contract on any project, you need to complete a feasibility analysis. This is a critical part of the process. This is a great skill to have and you will get better at this as you go along. What we discussed in this episode: [00:02:31] Propagating fiddle figs [00:04:19] 36th wedding anniversary [00:05:25] Mortgagee sale property [00:11:02] Covid trade prices [00:11:54] Opportunities for income [00:12:30] Preparing your renovation program [00:13:52] Determining the time frame [00:14:01] Profit potential [00:17:04] Risk factors [00:18:41] Sufficient contingency [00:19:16] Profit Did this episode inspire you? If you have any thoughts or comments about the show, head over to She Renovates iTunes, and leave us a review. Also, don't forget to subscribe, tune in, and share this podcast.   Connect with The School of Renovating Tune in to the She Renovates Podcast: https://www.theschoolofrenovating.com/podcast Follow on Twitter: https://twitter.com/renovatingsc Follow  on Instagram: https://www.instagram.com/the_school_of_renovating Follow  on LinkedIn: https://www.linkedin.com/in/bernadette-janson-3411652b Join the She Renovates Facebook group: https://theschoolofrenovating.com/fbsherenovates

10 Killer Steps To A Flawless Feasibility In this episode I will share with you the steps to how to be quick and efficient when creating your feasibility for your projects. Before you sign a contract on any project, you need to complete a feasibility analysis. This is a critical part of the process. This is a great skill to have and you will get better at this as you go along. What we discussed in this episode: [00:02:31] Propagating fiddle figs [00:04:19] 36th wedding anniversary [00:05:25] Mortgagee sale property [00:11:02] Covid trade prices [00:11:54] Opportunities for income [00:12:30] Preparing your renovation program [00:13:52] Determining the time frame [00:14:01] Profit potential [00:17:04] Risk factors [00:18:41] Sufficient contingency [00:19:16] Profit Did this episode inspire you? If you have any thoughts or comments about the show, head over to She Renovates iTunes, and leave us a review. Also, don’t forget to subscribe, tune in, and share this podcast.   Connect with The School of Renovating Tune in to the She Renovates Podcast: https://www.theschoolofrenovating.com/podcast Follow on Twitter: https://twitter.com/renovatingsc Follow  on Instagram: https://www.instagram.com/the_school_of_renovating Follow  on LinkedIn: https://www.linkedin.com/in/bernadette-janson-3411652b Join the She Renovates Facebook group: https://theschoolofrenovating.com/fbsherenovates

Who pays for which closing costs in a real estate transaction? Before I answer that question, a quick reminder: there is no law stating which party has to pay a particular cost. What we’re talking about is the customary costs for a particular location. Different market areas have different customs. The following is what’s customary for sellers to pay in Northeast Florida: Deed stamps: This state tax constitutes 0.007% of the sale price. It’s a set rate, so there’s no negotiating it. Owners title insurance policy: This is also a state-regulated amount that basically provides insurance to the new buyer so that if any issues arise from previous ownership, it’s taken care of by the title insurance company. Title search: The title company, in general, will handle the transaction as a whole, including the search and organizing the title insurance policy, which brings me to our next item… Settlement fee: This is what the title company charges for doing the work mentioned above and handling the money, which goes from the lender to the seller, and then the seller to their lender, and so on. Survey fee: This shows the buyer what they actually own. Other costs that are sometimes asked of sellers to pay include the satisfaction of the mortgage (if they have one) to pay off their existing loan, courier fees, wire fees, the home warranty, seller paid closing costs on behalf of the buyer, etc. Typically, buyers pay for anything associated with getting financing in Northeast Florida, so if you’re paying cash to purchase your home, your closing costs are minimal—all you have to pay is a recording fee. If you’re using financing to purchase though, you’ll be expected to cover several fees in addition to that: Intangible tax: This is a tax on getting a mortgage, and it goes toward the state coffers. 0.002 * the loan amount. Note stamps: This is like the deed stamps, except against the amount of the loan just a different amount. 0.0035 * loan amount. Mortgagee title insurance policy: This is similar to the owner’s title insurance policy, except it protects the lender. Title insurance endorsements: These are smaller modifications to your title insurance policy that protect you from issues that might arise if you live in a homeowners association or condominium complex, as an example. Inspection fees: Whether it’s a general inspection, WDO inspection, pool inspection, etc., these are usually paid outside of the closing.  Mortgage origination charges: When you borrow money from a bank or mortgage company, this is the fee you pay them for originating your loan. Appraisal fee: This is the fee you pay your lender so they can hire an appraiser to substantiate the amount you’re paying for the home. Mortgage Insurance: This applies if you’re putting less than 20% down. Depending on the loan type, different terminology is used to describe the same function.  On FHA loans it’s MIP (mortgage insurance premium). For a VA loan, this is referred to as a funding fee. Other miscellaneous buyer costs can include: Home warranty fee Lender’s flood certification Wire fee Municipal lien search fee Estoppel letter fee To see a more in-depth description of these costs, follow this link that takes you to my blog post. Remember, everything in real estate is negotiable—you never know what the other party is willing to pay for unless you ask.  If you have questions about this or any real estate topic, don’t hesitate to reach out to me. I’d love to help you.

In a world first, real estate auction leaders, Harcourts are to offer their unique sell-by-auction system to non-Harcourts branded agents If you've never offered a property for sale by auction before, either as an agent or as property owner, you're going to think of it in terms of risk. My North American listeners might be interested to know that selling real estate by auction is alive and well in many parts of the US and increasingly in Canada. I'm not talking about power of sale, a Mortgagee clearance, bank forclosure or a distressed selling situation. I'm talking about a property owner who wants to sell and maximize their result, who teams up with an auction savvy agent and committing to an auction campaign. But up until now, this has been tricky. Many agents in North America haven't auctioned a property before and I'm sure most wouldn't know where to start. And, in fairness, it's only natural to have concerns and reservations about something that's unfamiliar or different in much the same way people protested when the first motorized vehicles started threading their way through American Streets back in the 1890s. But now something exciting is happening. Harcourts, the company that pioneered the Australian method of selling real estate by auction in California, and a number of neighboring states, are for the very first time, offering their complete auction marketing system to non-Harcourts branded real estate businesses. This highly innovative and proven business model is being spearheaded by well-known auctioneer and regional director at Harcourts Pacific, Ben Brady. If you're a regular listener to the show you probably would have heard Episode 151 with Ben where we got into Harcourts push into the Californian real estate market and in particular, how the group has perfected the real estate auction system. Well now, that system is a marketing gun for hire with everything from complete marketing guidelines to access to the online bidding app that Harcourts has developed. Ben and his team are kicking off this brand new concept in San Francisco but I have no doubt they'll quickly spread East into new markets where enterprising real estate brokers and brands will be interested to discover the power of auction and the power of offering a dynamic and compelling point of difference to their selling clients. It was great to catch up with Ben again. We get into how the system works, why it's popularity is booming and the advantages selling by auction delivers to homeowners, home buyers and agents. HarcourtsAuctions.com Ben.Brady@harcourtsauctions.com  

1. Rating Agency - Moodys is forecasting continue declines - due to Soft Household consumption & low wage growth 2. An increase of Mortgagee in Possession Sales & Low Auction Clearance Rates 3. No changes to tight lending conditions… Watch out for any changes!

NoteExpo, November 2nd-3rd, Dallas TX Sharestates, an online crowdfunding real estate investment platform, has introduced financing for non-performing loans aimed at providing private real estate investors access to leverage.  By offering to finance up to 80% of the unpaid principal balance or value of the NPL, the crowdfunding company is opening up the NPL market up to a much larger pool of potential private investors.  This is yet another indication that private investors will continue to expand and maintain their presence in the NPL space. Joining the podcast to discuss the buying of mortgage notes is Eddie Speed.  Eddie founded NoteSchool which is a highly recognized training company specialized in the teaching of buying both performing and non-performing discounted mortgage notes. He is the owner and president of Colonial Funding Group LLC, which acquires and brokers discounted real estate secured notes.