WHY FSBO SUCCESS is AMAZING THIS SPRING!

Listed Homes for sale inventory is LOW in our area
Buyers finding them on internet 
Seller's are Utilizing the web opportunities
Researching asking price and asking  to the market value
Seek education on paper work
Not afraid to negotiate
Selling to their renter
Family to family sales
Co-brokering with real estate agents.
Staging  homes
Rely on Gateway Title for education on closing costs estimates and procedures.
What else comes to your mind.......?

Two Done, One To Go

Three Sellers contacted me last Friday because they found buyers for their properties and were ready to go.Two of the three have completed signing and we have started the process of closing for them.
Number three's  buyer called me yesterday, with questions on lender fees and closing costs. I worked up closing costs for her and emailed. We talked a while as I answered her questions.
This is the part I Love doing.
Most  buyers and sellers have very little knowledge of costs and just how it all comes together.
It's not every day you buy or sell a house and things do change also.
Just why in the heck do you need title insurance and what is escrow?
 How much  is all of this going to cost?
Call me - then you'll know!
PS. I Love what I do!

How It Really happens...Follow FSBO Chris

Last Friday, Chris called me. He found our www.gatewaytitle.com when he googled for help.in selling his house.
I listened as he explained his situation and offered him the paper work our attorney has prepared for those who are going FSBO (For Sale By Owner).
He printed them from our website - everything he needed - Perfect!
He asked about fees and how we figure them.I explained  many final costs are based
on selling price.
He didn't have that as he was making plans to meet with the potential buyer.
I suggested he SMART START his title work and save $125... nice
He did that so I am all ready checking out the title so he can sell.
This scenario is not new to me - been doing it since 1995 -I  love what we do.
Good Luck Chris with the potential buyer.
I'm here to help walk you through the closing.
P.S. I keep you posted as to how Chris does.

She said::"SHARPEN YOUR PENCIL" - REALLY?

I get calls from buyers and sellers everyday.
They ask a million questions about all phases of real estate.
Much of the time it is about closing costs.
I always take the time to explain who usually pays for what and how much.
Now, this is not something I just throw out there. Many of the fees
depend on the price or if it is a refinance. the amount of the loan.
That being said, I'll explain to you how I figure costs.
1.  Examination of records to determine the condition of the title.
2. Escrow fee to cover the cost of escrow officer who handles all of the paper work
and funds required, clears the title so that buyer gets marketable title, prepare paper work
from the lender for buyer, get deed for seller, pay all of the bills,
 make sure the buyer gets the property
 and  disburse to seller their money and more...
3.  Title insurance premiums in Ohio are all the same since Ohio is a "rated state".
The cost of  the insurance is based on the price or mortgage amount.

 TOTAL closing costs will be more than the above three items.

 We have to collect up front from buyer and/or seller for transfer tax, filing fees, lenders'   mortgage fees,
real estate commissions and other recording  fees, cost of  survey, wire fees, overnight fees..and it goes on and on.
What ever the contract states - we do!
So -there are TWO fees that I control:
TITLE & ESCROW
So, depending on the information you provide, based on the selling price, I can figure out an estimate of closing costs for both buyers and sellers.
Just give me call.
But.... please remember, there are many costs I collect not many are actually mine!

For Sale By Owner Mistakes

FSBO (For Sale By Owner) assistance is my speciality!
Yes, that's what I've been  doing for the past 16 years.
FSBOs -  Want to sell with as little cost as possible.
FSBOs - Don't like real estate agents.
FSBOs - Want control.
FSBOs - Sign contracts without checking on buyer's ability to qualify for a mortgage.
FSBOs - Make too many verbal agreements.
FSBOs - Sign an agreement with out of their area Internet real estate companies to get on REALTOR.com and don't realize they've "listed' their property!
FSBOs - Look for help from these agents and they don't get it unless they pay, pay, pay.
FSBOs - Often end up paying a commission to an agent who finds a buyer.
FSBO's  - Some should be listed with a good real estate agent.
FSBOs - Need experts to work with to close their sale with less costs.
FSBOs - Should take the time to learn everything about closing costs, selling,  and transferring title smoothly BEFORE they put their property for sale in this market.
FSBOs - Need a user friendly title company that will walk them through the closing.
FSBOs  - Need my company, GATEWAY TITLE - even if they do end up selling with the assistance of a real estate agent.
FSBOs - ALL PROPERTIES are SOLD by the owner of that property - THINK ABOUT IT!
FSBOs - Can succeed and keep it simple..... let's talk!

mystery of who cuts?

I never fail to be amazed when a borrower is short of money or the bank has conditions that limit amount that a borrower can bring to complete their closing,
The lenders look to the title company to "cut" fees.
Amazing because the "fees" that we charge are the least of all the costs involved in getting a mortgage. Title insurance premiums are filed rates that can not be altered in Ohio and the underwriter takes a % of that. The title exam is not "free" information. The fee for the search and labor is basically a wash. The settlement fee is a bargin considering the time spent preparing all of the paper work.
Most everything else we collect is just that - we collect to pay others for their service such as recording fees the county charges. When a borrower needs to have fees cut, why is the title company asked to be the "cutter"?
If we don't cut- the lender won't use us again.
We're damned if we do and damed if we don't!