Blog - - Month: February 2019
Month: February 2019
Commercial vs. Residential Title Insurance
From everyday homebuying to commercial real estate, every property transaction should have title insurance. However, commercial transactions have a slightly different focus than residential properties. While home title insurance will focus primarily on liens and outstanding debts, storefronts usually deal with larger amounts of money and ensure compliance with various aspects of business ownership. Below are a few key differences between commercial and residential title history and insurance: UCC Liens We’ve often discussed how liens can stand in the way of finalizing a home sale. Similarly, a Uniform Commercial Code (UCC) lien can halt a commercial property purchase or investment if a business has failed to pay a debt, didn’t pay taxes or files for bankruptcy. Essentially, a business that has a UCC lien on a property borrowed money for a property or piece of equipment that it could not pay for. Many standard title insurance policies will not cover the cost of a UCC lien, so it’s important to find out if your title insurance agency offers a plan for business transactions that includes UCC liens. Higher Prices Commercial real estate transactions usually mean a larger price tag. This means insurance will also be more expensive. Ultimately, residential and commercial title insurance cover many of the same issues, but issues found in the history of a commercial property are often more expensive to fix. This high cost makes title insu
5 Secrets to Selling a Home Faster in Northeast Ohio
Getting ready to sell your home can be daunting. Sure, a well-kept home will probably sell faster, but do you ever feel like you’re forgetting some critical bit of maintenance? Do you know what price point you should list at? What’s more important — curb appeal or staging? While there is no exact science to making your home sell in record time every time, there are a few key steps you can focus on to make your best sale happen on your time. Here are 5 secrets to selling your home faster in Northeast Ohio. Get the Price Right The first step to setting the right price is getting an accurate home valuation. While it is best to contact your Realtor for an in-depth quote, many homebuyers will be using tools like Zillow’s Zestimate feature to gauge how competitive your home is. However, Zillow’s Zestimate tool is not always very accurate. We suggest allowing your Realtor to do this legwork for you to understand your home’s actual value. From there, you may want to think about setting your listing anywhere from 10-20% below value. When your listing is below your home value, you encourage more buyers to bid. A bidding war should drive up the selling price of your home while the buyer still feels in control. Still, your Realtor will know best, and your strategy could change depending on the real estate market conditions. Your Realtor will advocate for you and do what is best for your home’s listing
Ready to Get a Mortgage? Here are 4 Things You Should Know Before Applying
Most homebuyers will need to get approved for a mortgage loan to afford a home. In 2017, over $1.75 trillion of mortgages were originated in the United States, and that number is expected to be higher for 2018. As the housing market continues to grow, you may be considering purchasing home too. That means applying for various rates and shopping around for the best option. But, before you even begin applying, there are a few key things you should review about your finances. Here are 4 key insights to consider before applying for mortgages in 2019. Review Delinquent Accounts It happens — you miss payments on a loan or installment bill and get sent to collections. Many are aware if they are delinquent on a loan or credit card, but sometimes something small like an unpaid parking ticket can cause issues on your credit history. Make sure to do a deep dive into your credit accounts and any other debts that you may owe before looking into mortgage applications. Large or small, you may find something you’ve missed that should be paid off first to ensure that you’ll get the best rate when a bank reviews your credit history. Check Out Your Credit Score It may seem obvious, but it is essential to know what your credit score is before walking into a bank to try and apply for a loan. Many Americans receive credit score updates from creditors, but if you don’t currently receive updates on your credit score, see if your bank offers one for