All posts tagged: Loan

Great Deals in Real Estate, Especially Foreclosures

If you haven’t noticed lately, there are some great deals in real estate! Look around—it’s a buyer’s bonanza! If you’ve got the finances, real estate is a great investment—take advantage of the low rates.

Holly Yelton recently reported that lending is loosening up.  She is doing quite a few loans on condos, FHA and VA loans, construction loans for both primary residence and second homes, and down payment assistance for first-time homebuyers (yes, though the Federal program has ended, there are ongoing programs for first-time homebuyers). So that’s good news for real estate buyers.  Furthermore, there is a home fix loan, which is designed for a distressed property, such as a foreclosure.

The foreclosure properties out there are often great deals, but may need a little work. The home fix conventional loan product Holly mentioned is only available for a primary residence, but it is well-suited for buying a house that’s been foreclosed on, making a great deal even sweeter!

Stephen CollinsGreat Deals in Real Estate, Especially Foreclosures
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Short Sale, Quick Sale and Realtors

We recently had a question on our radio show about what is a Short Sale versus a Quick Sale. Both “Short” and “Quick” are terms referring to small measure, but in real estate, they’re not both talking about time.

A Short Sale is when we have to negotiate with the lien holders to accept less than what is owned on the loan. For instance, the house may be worth $100,000 in today’s market, but have a debt of $200,000 on it, thus we have to get the bank to accept an amount of $100,000 short of what is owed.

A Quick Sale refers to a property discounted so that it will move off the market as fast as possible, as in the case with a divorce settlement.

In both situations, the right way to sell the house is to list the property with a Realtor. You have to have a Realtor to market the real estate properly. We have a lot of great local Realtors, like Wendy Sawyer, who know the market, have access to the MLS (Multiple Listing Service) and other tools, and who operate with a professional approach and high ethical standard.

Again, this was a question that came up recently on our radio show, “Land Title Talk,” which airs Wednesday mornings at 8:00 to 9:00 on News Talk 1240 AM WFOY (online at If you’d like to join our live discussion with a real estate-related topic, call the station during the show at (904) 797-1919 or send a text to (904) 501-4481.

Stephen CollinsShort Sale, Quick Sale and Realtors
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I have to Pay for Title Insurance Every Time I Refinance?

Yes, you have to pay for Title Insurance every time you refinance. The policy that your lender has will go away when it is paid off in the refinance of your property. Your new lender will require a policy to protect their interest in the loan. Title insurance is not transferable, never has been and probably never will be.

Hopefully, this news does not come as a Surprise! Surprise! Surprise! That’s why I’m telling you now before you get to the closing table hungry for a helping of refinance and learn you have an unexpected expense. Refinancing has become more popular as folks are taking advantage of today’s low-interest rates. As you shore up your resources by reducing cost through refinance, keep Title Insurance in mind to protect your now and your future.

Some discounts are available based on your owner’s Title Insurance policy when you purchased your home. Ask about specifics.

Stephen CollinsI have to Pay for Title Insurance Every Time I Refinance?
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