Repair Your Credit
Thursday, August 11, 2011
Wondered what your credit score is and how to repair. Read here.
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Displaying blog entries 11-20 of 106
Wondering Where Interest Rates are Today?
Wednesday, August 10, 2011
Just got an email from my lender, todays 30 year Fixed Rate 3.99% - No discount points.
Buyers, get ready to buy.
For more information contact me at karen@karensvillas.com or 425-308-3669. Visit my website at www.karensvillas.com.
My lender is Ken Allen with MetLife Home Loans - 425-670-2418. Tell him I sent you.
Karen Villa Schweinfurth, Broker
RE/MAX Northwest Realtors
What is a Trustee's Deed and How Does It Affect You
Tuesday, August 09, 2011
It is nearly impossible in today's market to be involved in a real estate transaction where there isn't a Trustee's Deed somewhere in the recent chain of title. The questions are: What is a Trustee's Deed? What does it convey? What are the risks to my buyer?
I think to understand these questions and their answers we have to understand what a Trustee's Deed is not: it isn't a Statutory Warranty Deed, which is defined by RCW 64.04.030 and has specific covenants as defined by statute:
Warranty deeds for the conveyance of land may be substantially in the following form, without express covenants:
The grantor (here insert the name or names and place or residence) for and in consideration of (here insert consideration) in hand paid, conveys and warrants to (here insert the grantee's name or names) the following described real estate (here insert description), situated in the county of . . . . . ., state of Washington. Dated this . . . . Day of . . . . . ., 19. . .
Every deed in substance in the above form, when otherwise duly executed, shall be deemed and held a conveyance in fee simple to the grantee, his heirs and assigns, with covenants on the part of the grantor: (1) That at the time of the making and delivery of such deed he was lawfully seized of an indefeasible estate in fee simple, in and to the premises therein described, and had good right and full power to convey the same; (2) that the same were then free from all encumbrances; and (3) that he warrants to the grantee, his heirs and assigns, the quiet and peaceable possession of such premises, and will defend the title thereto against all persons who may lawfully claim the same, and such covenants shall be obligatory upon any grantor, his heirs and personal representatives, as fully and with like effect as if written at full length in such deed.
This is a good example of everything that a Trustee's Deed is not. A Trustee's Deed is, for all intents and purposes, a fancy Quit Claim Deed - it conveys the interest of the Trustee under the power of sale clause in the Deed of Trust to the successful bidder at the Trustee's Sale, that interest is conveyed without warranty of any kind, and there are no protections in that deed against errors made by the Trustee, nor are there any warranties as to the condition of title, including the existence of superior deeds of trust that the buyer may be assuming.
Like a Quit Claim Deed the title insurance company may decide that it is safe to insure through a Trustee's Deed, after a review of all of the documents that have to do with the Trustee's Sale; and if we decide that it isn't safe to do so, we won't issue commitment to insure the transaction. One of the requirements that Chicago Title has, is that the post foreclosure owner may not convey the property to your buyer by Quit Claim Deed - we insist that the form of deed used to convey after foreclosure contain at a minimum the first of the covenants listed above. The title insurance policy that your buyer is receiving in the transaction will delineate any matters that would have been covered by covenants 2 & 3 above - so even in the absence of a warranty for those items from your seller; your buyer still has coverage.
The risks to your buyer, if they are buying from the bank, FNMA, HUD, or other REO owner following the Trustee's Sale wherein they are getting a Statutory, Special or Limited Warranty Deed or a form of Bargain and Sale Deed approved by Chicago Title's underwriting guidelines is no greater that the risks purchasing in an arms length transaction from any regular homeowner. The risks to your buyer, if they are buying directly from the Trustee at the Trustee's Sale are numerous - as there is no warranty and no title policy to protect them from the pitfalls of the transaction.
What Will Interest Rates Do
Monday, August 08, 2011
Read this interesting article from the National Association of Realtors and click on the video to listen to our economist to see how the S & P rating may affect our interest rates.
State of the National Housing Market
Wednesday, June 29, 2011
Wondering what is going on with the nation's housing market? Margaret Kelly, CEO or RE/MAX International shares her knowledge about housing trends. Click here to watch video. Very interesting facts.
Karen Villa Schweinfurth, ABR, CRS, SRES, e-PRO Internet Certified, Broker, RE/MAX Northwest Realtors, Bothell, WA
Consumers Do You Want Affordable Mortgages?
Wednesday, June 22, 2011
Consumers, on September 30, 2011, the cost of a mortgage could rise significantly.
Read the article here and send the automated message to your Senator!
Karen Villa Schweinfurth, Broker, ARB, CRS, SRES, e-PRO Internet Certified, RE/MAX Hall of Fame Member
RE/MAX Northwest Realtors, Inc.
425-308-3669
Govenor Signs Fairness Foreclosure Act
Thursday, June 16, 2011
Big news for homeowners and a hugh success for Washington Realtors.
Washington State Governor signed into law The Fairness Foreclosure Act, which is a hugh step in home ownership, perhaps stopping many foreclosures from happening. Read the complete article here.
Most importantly, this topic was one of Washington Realtors top Issues that we lobbied for during Session. Our dues dollars are hard at work for our members and their clients.
Karen Schweinfurth, Broker, RE/MAX Northwest Realtors, ABR, CRS, SRES, e-PRO Internet Certified, RE/MAX Hall of Fame Member
Vice President of Business Practices Washington Realtors 2011
Island Living at the Beach
Saturday, May 14, 2011
Just reduced from $166,000 to $121,000. A Great Value! Listed below market value.
Beautiful A-Frame in desired Lagoon Point community w/private beach, boat launch, dock and the best salmon fishing around. Home faces view with large deck on the front. A great room effect opens up the dining area, living area with wood stove and efficient kitchen. Upstairs is utility room with storage and extra finished area for guest quarters. Possibilities here for a family vacation get-a-way or great rental. Beach is 1/4 close. Bring all offers, Short Sale, approval needed by underlying lienholder.
Contact Karen for specifics at karen@karensvillas.com or 425-308-3669.
View website here.
Home Path Financing
Wednesday, May 04, 2011
There is currently a great financing tool called Home Path financing currently available on select properties. This program works like an FHA 203K rehab loan. So if you are interested in purchasing a home that needs some work, this is a great option. However, there are some restrictions, please read further
HomePath® Buyer Incentive
Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through June 30, 2011.
The HomePath property buyer must meet the following qualifications to be eligible:
•Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer in order to be eligible.
•The initial offer must be submitted on or after April 11, 2011 and close by June 30, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.
•The sale must close on or before June 30, 2011. No exceptions will be made to this deadline.
•Only buyers purchasing a HomePath property as their primary residence may receive up to 3.5% in closing cost assistance. Second homes and investment properties are excluded from the incentive.
•Buyer must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
•If a buyer's total closing costs are under 3.5%, the difference will not be available as a credit to the buyer.
Note: Fannie Mae can give no assurance on the time required to close, but initial offers submitted after May 15, 2011 are particularly questionable for closing by the incentive deadline of June 30, 2011.
If you have questions, contact me at 425-308-3669 or karen@karensvillas.com
Tax Savings
Monday, April 04, 2011
Preparing your 2010 taxes, remember the deadline is April 18 this year. Here are some tax tips for you.
For all your real estate needs, call Karen at 425-308-3669 or email at: karen@karensvillas.com
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Displaying blog entries 11-20 of 106
