Hunter Paschall Real Estate Articles and Tips

When preparing for a closing with your BUYER you will need to do the following steps with the Title Company.

TITLE WORK:

What is Title Work? There are three stages to Title work which is as follows:

1. Preliminary Title Search - The initial stage of researching the property history. You can ask the title company you have partnered with to pull the Title.

2. Title Commitment - When the Title Company insures the New Buyer that there are no liens or encumbrances against the subject property or Seller.

3. Title Policy Transfer - When the Title is transferred to the New Buyer which usually takes 2 to 4 weeks.

SUPPLYING THE PURCHASE AGREEMENT TO THE TITLE COMPANY:

It is important when you order Title Work you immediately submit a copy of the Purchase Agreement signed by YOUR BUYER to your Title Company.

The Purchase Agreement tells the Title Agent exactly what the terms and conditions of the transaction are and what the Title Company needs to do to prepare the closing documents.

The Title Company should also do a name search on the Seller and the Buyer of the property. If you are selling in a corporation or a limited liability company (LLC), they will need a copy of your corporation papers.

Some Title Companies will go on the internet and pull that information off the public records for you.

Would you like to learn more about Short Sales and Closing the Deal?

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To Your Success,

Hunter

407-772-2274

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"Follow your passion, and success will follow you."

I love that quote and I know that the passion I have for doing Short Sales extends to teaching short sales.

I also know that your mindset for success must be a positive one to get ahead.That when you wake up
every morning and you are doing what you love most of all, it is all about Success.

Tonight I  want to share with you what I COVERED AT THE BEGINNING OF my 3 DAY training.
What I told my students to help them have a positive mindset everyday, to reach their goals and have success.

Here are a few of the topics I will cover:

Secrets of Success
What is your mindset
Your success is up to you
Positivity is key

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Time: 8:00 PM - 9:00 PM EDT

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Hunter
407-772-2274

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My Students, Jeff and Earnie were paying attention!
How rewarding to see them succeed!
Here is what they sent to me after preparing and doing a BPO with an agent.

1. I reviewed the 12 steps of a BPO that you instructed after I was informed from Hunter’s office of the BPO to be scheduled.

2. Prepared the BPO package.

3. Called the BPO agent and went over the qualifying questions as instructed from the 12 steps and gather information

4. Set the date and time to meet at the property and exchange contact information with the agent

5. The day of the BPO I arrived at the property 30 minutes early and open the property up and removed signs and flyers

6. I laid the BPO package on the kitchen counter so the agent would see it

7. The agent arrived and we introduced ourselves and began to make small talk about the weather, and etc…

8. I introduced myself as the gopher guy for the company that was working for the bank to liquidate the property… and just laughed… then she laughed and said me to.

9. I told her this was a nice property and shared with her that I had heard the sad story of the lady that lived here… worked on the agent’s emotional side… we connected

10. I let the agent go through the house on the main level by herself the first time, then asked her if she seen some of the problems with the home and she said no, so I walked her through the whole house and started pointing out problems and save the MOLD for last. The MOLD nail the coffin s

hut!

11. Helped her measure the home on the outside and as we walked we discussed the market, years she was in the business and what she thought of the MOLD in the house. She said, it will most likely need to be addressed.

12. As we walked back into the house she asked me about the file on the kitchen counter and I said, oh! That is for you… the company working with the bank prepared it for her… and asked me to deliver it… again I am just the gopher… and laughed. I said I think there is a contract, repairs, and some comps or something like that. She said GREAT, and grabbed the file and walked out with it. As she walked out she opened the file and browsed through it and then said thanks for the information, my time and working with her and she would be in touch if needed. Then she left.

13. This BPO worked just like Hunter teaches… to the letter of the text book, which Earnie and I invested in.

14. GREAT RETURNS on OUR EDUCATION INVESTMENT!!!

Thank You Hunter,
Jeff and Earnie- Students

To Your Success,
Hunter
407-772-2274

Join me in Chicago, IL November 20-22,2009 for the Best Short Sales you will find!

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Get registered for the webinar today and don't miss the boat on the next "big thing" in Real Estate and our overall economy, which by the way fits perfectly and seamlessly into your short sale business.

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To Your Success,
Hunter
407-772-2274

A BPO stands for Broker’s Price Opinion. A Real Estate Agent or Broker performs it. The purpose of the BPO is to determine the value of the property. The fee from to the Mortgage Company is between $50.00 and $75.00 versus an Appraisal that ranges from $250.00 to $300.00.

BPO’s can be done by Drive By, where the Real Estate Agent drives by and takes pictures of the outside only or it could be a full interior BPO is where the “Agent” physically goes into the property and takes pictures. A drive by BPO consists of approximately 3 pictures. Picture 1 is the front of the property, picture two is the side of the property, and picture three is the street scene of the property.

An interior BPO is more extensive and includes pictures of the entire property, including all interior damage, which can affect the value of the property.

The Mortgage Companies have BPOs done on properties when the Borrower/Seller becomes delinquent on his payments. The purpose is to
1. Check the value.
2. See if the property is occupied or vacant. If the property is vacant, they may decide to contact a property management company to secure the property.

In some states, they can accelerate the redemption period and take possession of the property.

Would you like more inside information about BPO's?
Go to - BPO Gold Mine - 12 STEPS TO A SUCCESSFUL BPO/APPRAISAL

To Your Success,
Hunter
407-772-2274

Judicial Foreclosure
A judicial foreclosure is a judgment ordered by a court in favor of a lender, ruling that the real property securing the debt should be sold under the foreclosure proceedings in order to satisfy the debt. This method is practiced in lien theory states, or those that use a mortgage to secure a lien against real property. The lien theory requires that a borrower hypothecate, or pledge, title to the property to the lender and that in the event of default, the lender, through court action, seek repayment from the borrower. The judicial foreclosure process is used in those states recognizing mortgages as the primary legal instrument securing a lender’s interest. A judicial foreclosure is a process involving the courts and is typically more cumbersome and costly than a non-judicial foreclosure. Furthermore, under this method lenders or lien holders are only allowed to recover the amount actually owed to them. In other words, lenders are not allowed to profit from the sale. Any overage that may occur because of competitive bidding must be returned to the original owner or borrower.


Non-judicial Foreclosure
A non-judicial foreclosure, unlike a judicial foreclosure, does not occur in a courtroom in the presence of a judge, but instead, occurs in the presence of a third-party trustee as previously set forth in the deed of trust. This method is practiced in title theory states, or those that use a deed of trust to secure a lien against real property rather than a mortgage. Recall that in title theory states, the deed is placed in trust with a third party until all terms and conditions contained in the promissory note have been satisfied. If at any time the borrower becomes delinquent on the loan, the beneficiary can instruct the trustee to file a notice of default in the county in which the property exists. The deed of trust contains a power-of-sale provision that expressly authorizes the lender to sell the borrower’s property through a trustee rather than a judge. The primary advantage of using a trustee rather than a judge is the ease with which this can be done. Again, filing a legal suit through the judicial court system can be both a lengthy and a costly process.


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To Your Success,
Hunter Paschall
407-772-2274