Short sale payoffs require special attention. Some of these payoffs are 5-6 pages long with conditions that must be met or the payoff will not be accepted. Two important items for escrow are the expiration date of the letter and the method of delivery of the funds. If the payoff is not receiv
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07/29/2010
The Truth-in-Lending document (also known as the TIL) is the most mis-understood document in the loan package. Many notaries or escrow officers gloss over the document, calling it the "Confusion in Lending", or some other funny name in order to avoid actually explaining the numbers. Over
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07/27/2010
Yesterday, our 17 year old son and one of his friends took off on a road trip. They are San Diego bound, looking for beaches and cooler temps. For the wife and I, this is a big step. It also reminds us of an even bigger step when Kev leaves for college this time next year. Many of our fr
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07/26/2010
Since the majority of our transactions involve FHA financing, I want to point out one quirky fact about these deals. Seller signatures are required on a few of the loan documents. Also, both agents are required to sign one or two of the documents as well... This is the reason we wait to sc
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07/23/2010
Video No. 29 in my quest for 100 videos in 100 business days... Nick Bastian of Raillife.com fame called yesterday with a question from one of his clients. The client wanted to know why the County Treasurer still had the name of the previous owner on the tax records. There are a couple
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07/22/2010
When an agent receives the preliminary title report, what do they need to review? I highlight some key areas that agents need to check. Some agents I questioned told me they simply put the report into their file. This is not the answer I was hoping for. Escrow needs agents to check Sched
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07/21/2010
What goes into preparing the pre-audit? I discuss the process, including the most important piece of the puzzle, review and approval. The lender and both agents need to carefully review the pre-audit. Escrow will need approval from them to proceed with the buyer and seller signings. The
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07/19/2010
It's one of the most common questions we get. Our answer is always the same. As soon as we prepare the HUD-1 and get lender approval, we'll get your client in to sign. Experience has shown that trying to schedule clients any earlier in the process is futile. What are your experiences with this?
07/16/2010
Last night on the ESPY's, the Ed Thomas family won the Arthur Ashe courage award. If you don't know the story of the high school football coach from Parkersburg Iowa, you must watch the video by clicking the link below. In my opinion, the message delivered in this story is one that will stay
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07/15/2010
When a relocation company is involved in an escrow, there are a few extra steps. First, the relocation company will choose the title company. They have agreements, much like REO banks, with specific title companies. Second, they want the escrow to close in a certain way, and they have to give
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07/14/2010
