Question: We bought our home eight years ago and paid for title insurance. We are selling our home. In reviewing the proposed closing documents, we see that we are paying for title insurance (again) and the buyer is also paying for title insurance. Should the seller and buyer both [...]]]> Seller And Buyer Pay For Title Insurance

Question: We bought our home eight years ago and paid for title insurance. We are selling our home. In reviewing the proposed closing documents, we see that we are paying for title insurance (again) and the buyer is also paying for title insurance. Should the seller and buyer both be paying for title insurance?

Answer: In the typical home transaction, both the seller and buyer pay for title insurance, but with different names listed as “insured
” under the title-insurance policies. In Arizona, the seller generally pays for an owner’s title-insurance policy with the buyer as the named insured. The liability amount of this title-insurance policy is normally the sales price of the home. On the other hand, the buyer generally pays for a lender’s title-insurance policy with the mortgage company as the named insured. The liability amount of the lender’s title insurance policy
is generally the amount of the loan.

Combs is a real-estate attorney with Combs Law Group P.C. Contact him at azrep@combslawgroup.com with the subject line “Real Estate Q&A.” Consult a legal or tax adviser before making decisions.

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Click here to Search the complete Phoenix Metro area MLS for FREE. Bette Zerba – GRI, and Trisha Brooks, GRI Re/Max, are ready to help you find that Phoenix metro area new home, sell your home, or look for commercial property. With today’s real estate market, bank owned, REO, Foreclosures, you need a Realtor who is knowledgeable, can negotiate and is ethical. You also need a sense of humor, and Bette Zerba, and Trisha Brooks not only will meet your real estate needs, but also will make you smile. It’s A Great Day In Phoenix Real Estate! Put a smile on your face, Call Bette 602-791-1766 and Trish 602-618-3053 today .

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This real estate video is very funny…well, it was to me. It is pricess:-) Have a watch!

Click here to Search the complete Phoenix Metro area MLS for FREE. Bette Zerba – GRI, Re/Max, is ready to help you find that Phoenix metro area new home, sell your home, or look for commercial property. With today’s real estate market, bank owned, REO, Foreclosures, you need a Realtor who is knowledgeable, can negotiate and is ethical. You also need a sense of humor, and Bette Zerba not only will meet your real estate needs, but also will make you smile. It’s A Great Day In Phoenix Real Estate! Put a smile on your face, Call Bette today 602-791-1766.

A homeowner can consider a short sale as one of their options to enable them to sell their home when the homeowner will not have enough proceeds or money to payoff the mortgage and closing costs. Long story short—homeowner is “upside down” in their house and the lender must [...]]]> Considering a Short Sale? Arizona Short Sales

A homeowner can consider a short sale as one of their options to enable them to sell their home when the homeowner will not have enough proceeds or money to payoff the mortgage and closing costs. Long story short—homeowner is “upside down” in their house and the lender must take a loss on the mortgage if they approve the sale. An experienced realtor can provide you with an accurate market analysis on your home to determine the estimated sales price based on your local market & the condition of your home. If you obtain an accurate payoff from your lender that includes any fees that may have accumulated, the realtor can also provide you with a “net” sheet to give you an idea of home much you might be “short” after the sale of your home.

The short sale process is not easy nor is the rules clear as to who will qualify. Please seek advice from a real estate attorney & a CPA to determine financially if a short sale is right for your financial & legal situation. H.R. 3648, The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on Dec 20th to provide tax relief for certain short sale situations.

Call your lender & request the short sale package. Determine who will be your contact with the mortgage company and if they have the power to approve the short sale. You will also need to give your realtor written authorization permission to discuss these issues with your bank contact. With this package, submit a very sad letter. The lender needs to shed a tear or at least understand why you are now in this position.

You will basically need to requalify for the loan. You will have to provide information regarding your income, bank statements, investments & other assets.

If the bank is indicating that you qualify for the short sale, move forward with the sale of your home. Disclose in the purchase contract that the successful closing of the escrow will be contingent upon the banks acceptance of the short sale. Please call RE/MAX Desert Showcase for more information 623-979-8888.