It's safe to call or email me if you need to know what it will cost
to buy or sell that piece of real estate in Ohio.
Email them to: rachel@gatewaytitle.com
Call me at Gateway Title: 440-546 9660
I really do enjoy helping you and
answering your questions.
Tuesday, January 29, 2013
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!
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!
Thursday, January 24, 2013
BUYER'S DEMANDS BULLY SELLER
How Buyers have changed over the years. When we bought our first home, we bought the home not the color of paint on the walls or type of counter tops in the kitchen. We looked for the house that met our family's needs and offered the neighborhood in which we felt comfortable. We knew there were things we would be changing as we made the house our home.
The right fit for our family came in PINK - yep a pink house! We moved into the home in Sept. and the following summer I - yes ME- I painted it white! The little "pink" house went through many changes in the 4 years we lived there and by the second year, it was just the way I wanted it.
We put new tile in the bathroom, new carpeting throughout and repainted to our taste in colors. I always had the feeling that if I looked for a place that needed nothing, it would always be someone else's house and I wanted it to reflect our family. There also was a lot of pride in knowing we had done it and made it "Ours".
I have the feeling that today's buyers are missing out and paying a lot more than they have to for someone else's decor.
I've seen "laundry lists" of things the buyers want sellers to do.Of course, the offered bid was very low. New roof, new furnace, remove wall paper, paint basement...Yes, it is ridicules!
I suppose this all started because sellers were so desperate that they were willing to do most anything to sell. Let's see...buy low and have the seller remodel!
The market is improving and sellers are not as desperate. I would like to see common sense return to the real estate market. Think it will happen or do we all watch "House Hunters" too much on tv?
The right fit for our family came in PINK - yep a pink house! We moved into the home in Sept. and the following summer I - yes ME- I painted it white! The little "pink" house went through many changes in the 4 years we lived there and by the second year, it was just the way I wanted it.
We put new tile in the bathroom, new carpeting throughout and repainted to our taste in colors. I always had the feeling that if I looked for a place that needed nothing, it would always be someone else's house and I wanted it to reflect our family. There also was a lot of pride in knowing we had done it and made it "Ours".
I have the feeling that today's buyers are missing out and paying a lot more than they have to for someone else's decor.
I've seen "laundry lists" of things the buyers want sellers to do.Of course, the offered bid was very low. New roof, new furnace, remove wall paper, paint basement...Yes, it is ridicules!
I suppose this all started because sellers were so desperate that they were willing to do most anything to sell. Let's see...buy low and have the seller remodel!
The market is improving and sellers are not as desperate. I would like to see common sense return to the real estate market. Think it will happen or do we all watch "House Hunters" too much on tv?
Wednesday, January 23, 2013
"For Sale By Owners" More Determined Than Ever!
We, at Gateway Title, truly are "FSBO"(For Sale By Owner) experts.
This has been our niche' for 17 years and we have seen it all!
Before 2008, sellers would put their house on the market "by owner" to try it for a couple of weeks.
They usually set the asking price too high with the thought of making a real killing in a seller's market!
After a couple of weeks, if the property is not sold, the sellers call a real estate agent and list at a true market price,it sells and they pay a commission.
Then of course, the past 4 years have been pretty dead. They go "by owner", then list, and when it expires go back to FSBO or, in total frustration, take it off the market completely!
Now the "For Sale By Owners" are coming back with a determination I have never seen before.
They order our "Starter Kit" and also, as never before, read every word and call to "Smart Start" the title work (saves them $$).
They are tuned in to the real market value, they refuse to have to pay comission, many times,
they offer modest
closing credits to a buyer, and THEY ARE SUCCEEDING!
It seems like Gateway is part of the FSBO underground because we get so many request from sellers who were referred by other buyers and sellers.We are working with many "family to family" transactions like never before and it seems like "starter" homes are back in demand!
Folks come out of the blue to use our services and we absolutely LOVE it!
We hope this activity is an indication of an improving market for all.
Heaven knows a better economy is what we're all praying for!
PS. Don't stop praying...We think it's working!
This has been our niche' for 17 years and we have seen it all!
Before 2008, sellers would put their house on the market "by owner" to try it for a couple of weeks.
They usually set the asking price too high with the thought of making a real killing in a seller's market!
After a couple of weeks, if the property is not sold, the sellers call a real estate agent and list at a true market price,it sells and they pay a commission.
Then of course, the past 4 years have been pretty dead. They go "by owner", then list, and when it expires go back to FSBO or, in total frustration, take it off the market completely!
Now the "For Sale By Owners" are coming back with a determination I have never seen before.
They order our "Starter Kit" and also, as never before, read every word and call to "Smart Start" the title work (saves them $$).
They are tuned in to the real market value, they refuse to have to pay comission, many times,
they offer modest
closing credits to a buyer, and THEY ARE SUCCEEDING!
It seems like Gateway is part of the FSBO underground because we get so many request from sellers who were referred by other buyers and sellers.We are working with many "family to family" transactions like never before and it seems like "starter" homes are back in demand!
Folks come out of the blue to use our services and we absolutely LOVE it!
We hope this activity is an indication of an improving market for all.
Heaven knows a better economy is what we're all praying for!
PS. Don't stop praying...We think it's working!
Wednesday, June 27, 2012
REAL World of Real Estate
FOLLOW me on TWITTER. Realestateactuality.blogspot.com I calls them as I see them!
Monday, June 25, 2012
Got a call from a seller asking for our fees because they are "shopping" for the title company to do their real estate transaction title insurance and escrow closing. We were highly recommended to them for our outstanding customer service and quality of work.
We gave them our normal fees, which are very competitive and most fees are not set by me they are regulated by other parties, so there is little that will differ among title companies, but they said we were $15.00 higher than the other title company that a real estate agent wanted them to use (their in house title LLC).
and the agents were applying pressure so the buyers and sellers were afraid not to use that title comany.
So for a few bucks, less than $50, they go with the other company.
The worst part is when I get the phone calls from them and they question procedures about the transaction from the other title company that is doing the closing.
They tell me we have always been so helpful so could I help them - they have questions about the closing.
Really?
I very politely tell them I can not answer their questions since I am not doing the closing and advise them to call the title company involved. "They're not very helpful or won't return my calls" they say!
There is a difference - it's more than a couple of bucks.
Taking care of buyers and sellers so that they know they matter to us is what we do and no one does it better.
Selling and buying real estate involves a lot of money. Commissions, seller credits, can run into the thousands. The title and escrow company is the watch dog of everything, bringing it all together, insuring the title and handling all the funds.
It doesn't get much more important than that.
Sometimes I just want to tell them ... but .... sometimes, I'll admitt I just want to scream " DON"T DO IT... YOU ARE MAKING A MISTAKE !"
I don't.
We gave them our normal fees, which are very competitive and most fees are not set by me they are regulated by other parties, so there is little that will differ among title companies, but they said we were $15.00 higher than the other title company that a real estate agent wanted them to use (their in house title LLC).
and the agents were applying pressure so the buyers and sellers were afraid not to use that title comany.
So for a few bucks, less than $50, they go with the other company.
The worst part is when I get the phone calls from them and they question procedures about the transaction from the other title company that is doing the closing.
They tell me we have always been so helpful so could I help them - they have questions about the closing.
Really?
I very politely tell them I can not answer their questions since I am not doing the closing and advise them to call the title company involved. "They're not very helpful or won't return my calls" they say!
There is a difference - it's more than a couple of bucks.
Taking care of buyers and sellers so that they know they matter to us is what we do and no one does it better.
Selling and buying real estate involves a lot of money. Commissions, seller credits, can run into the thousands. The title and escrow company is the watch dog of everything, bringing it all together, insuring the title and handling all the funds.
It doesn't get much more important than that.
Sometimes I just want to tell them ... but .... sometimes, I'll admitt I just want to scream " DON"T DO IT... YOU ARE MAKING A MISTAKE !"
I don't.
Tuesday, June 19, 2012
Real Estate Actuality: Happy Days
Real Estate Actuality: Happy Days: Hear Ye Hear Ye ....... For the first time in 4 years, I can say it LOUD and CLEAR The Real Estate Market is Improving! I he...
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