Figuring Out Family
Home is where the heart is, but do you know the definition of family? Apparently, it’s whatever we think it is – and the government, businesses and marketers are officially recognizing six different family types. The U.S. Census Bureau classifies families as: Traditional, multi-generational, single-parent, same sex, blended, older parent with young children and boomerang (families where adult children have returned home). When it comes to real estate, we need to think about how to help, serve and talk to these groups. At GCS Title, we partner with our Realtor and Loan Officer colleagues to help promote homeownership. These new officially-recognized family units all have different needs – that’s why I reach out to the public, even though title is really more of a like a “wholesale” aspect of a real estate transaction compared to Realtors and lenders being the “retail” parts. At GCS, we’ll answer any questions you have about buying or selling and help connect you with Realtors and Loan Officers who can address your specific needs.
~Charlie Lawson, GCS Title
Phone: 612-207-2300
e-mail: clawson@gcstitle.com
- Published in Real Estate & Mortgage Industry
Homeowners – Give ‘Em Some Love! …
Who doesn’t love to be appreciated? Guess who’s getting a ton of appreciation right now…MN homeowners!
RealtyTrac says that “U.S. sellers so far in 2015 are realizing the biggest gains in home price appreciation since 2007. In June, sellers sold for above estimated market value on average for the first time in nearly two years.” It’s time to reach out to these MN homeowners, our past clients and update them on what their MN homes are worth. Is it possible – or time – to move up, move on or downsize? MN homeowners may have options they didn’t know they had. We know that MN housing inventory is tight in many areas and price ranges, so these latest numbers may be game changers.
Let’s mobilize to help people get moving!
Cheers ~
Charlie
Charlie Lawson
Owner & President
clawson@gcstitle.com
- Published in Uncategorized
Good Deeds?
Good Deeds?
I’m really excited! We’re just a few weeks into publishing my blog and I’ve already been getting requests for topics to cover. Call or email me any time if you have any special requests and my team and I will make sure we address your question here in the blog – and personally if you want or need more specific details. My first question came from Peter, who wanted me to talk about “different types of title – warranty, personal representative” because he needed to explain them to a client. What Peter is referring to are actually different types of deeds. For the consumers out there, deeds are instruments for conveying property from one party to another. The most common types of conveyance deeds are warranty deeds, grant deeds and quitclaim deeds. Depending on what state you live in, the first two are the most common deeds used when a home seller transfers a property to a buyer – in Minnesota, we use warranty deeds. A quitclaim deed is used when one or more parties on title to a property relinquish their interest to one or more people also in title. A bummer of an example of a common use of a quitclaim deed is in a divorce when one spouse “quitclaims” to another as part of their settlement. The other deed Peter asked about is a Personal Representative deed which is used most often when a property owner is incapacitated in some way or in situations where there’s an estate involved.
This is a very simplified version of types of deeds, so please understand there are many factors to consider when deciding what type of deed or method of conveyance you will use. Your real estate and mortgage professionals can help identify special circumstances you may have, but like the title companies, they cannot give tax or legal advice. Be sure and ask questions and get advice from the proper resources.
Thanks for the questions – and keep them coming!
~Charlie
Charlie Lawson
Owner & President
GCS Title – Global Closing & Title Services
- Published in Uncategorized
On the House: Feeling Appreciated?
Who doesn’t love to be appreciated? Guess who’s getting a ton of appreciation right now…homeowners! RealtyTrac says that “U.S. sellers so far in 2015 are realizing the biggest gains in home price appreciation since 2007. In June, sellers sold for above estimated market value on average for the first time in nearly two years.” It’s time to reach out to past clients and update them on what their homes are worth. Is it possible – or time – to move up, move on or downsize? People may have options they didn’t know they had. We know that housing inventory is tight in many areas and price ranges, so these latest numbers may be game changers. Let’s mobilize to help people get moving!
Got questions? We know a lot of great people in the real estate and mortgage lending in Minnesota and we’d love to connect you! Let us know how we can help!
~ Charlie Lawson, GCS Title
Phone: 612-207-2300
e-mail: clawson@gcstitle.com
Connect with us on Facebook @ GCS Title – Global Closing & Title Services
- Published in Uncategorized
On the House: Millennial Madness
Millennials…we hear this group mentioned so often, I’m starting to feel like Jan from the Brady Bunch – “Marcia, Marcia, Marcia!” But I can’t deny how important they are to the housing market and economy, so I’ll get over myself to share some important news: Using FHA loans (and other low down payment programs) to buy homes is up 23-percent from the first quarter of this year according to RealtyTrac and the interpretation is that more first time home buyers are getting into the market. That’s great because we need them! Millennials have been lukewarm about homeownership for the last few years, so the real estate community really needs to reach out and share the news that FHA made some changes that make payments more affordable. There’s also other low down payment programs – even down payment assistance – so we all need to make sure that we promote all the great options to help people buy homes – Millennials or not. If you’re thinking of buying or selling, I can put you in touch with great real estate and mortgage professionals who specialize in your area and situation. Message me!
Charlie
Charlie Lawson
Owner & President
GCS Title
612-207-2300
clawson@gcstitle.com
Facebook: GCS Title – Global Closing & Title Services
- Published in Real Estate & Mortgage Industry
On the House: Political Maneuvers
I don’t usually run around urging people to write their Congressional representatives, but I do want to let Realtors, Loan Officers and consumers know about something that’s a bit odd so that you can decide for yourselves what you think about it. Back in 2011, Congress enacted guarantee fees (G Fees) that get reflected in the interest rates paid by borrowers who get loans guaranteed by Fannie Mae and Freddie Mac. G Fees were supposed to expire in ten years, but Congress is thinking about extending them as part of – get this – a highway bill. Also interesting is that G Fees are charged on home loans but the money often goes to fund other federal programs like highways. The Association of Mortgage Professionals is opposing the extension of G Fees, with its president saying, “G Fees have essentially become a hidden tax on home buyers that can discourage home ownership and to price many more young and low to moderate income borrowers out of the market, which is especially alarming given that rental costs are also making it difficult for the less affluent to find a place to live.”
I didn’t write it, but I absolutely approve this message! ~Charlie Lawson
Realtors and Loan Officers: What do you think? We’d love to hear your feedback!
- Published in Real Estate & Mortgage Industry
On the House: De-mystifying Title Insurance
It’s hard to explain title insurance. Frankly, if we were to fully explain what title insurance is and does, I’m pretty sure eyes would glaze over – if people even stuck around to hear the whole thing. Realtors and Loan Officers often say they have trouble answering questions for their buyers, sellers and refinance borrowers and consumers want to know why they’re required to buy title insurance and what it does. So here goes: Title insurance is like a warranty that insures you really own the property and no one or no other entity has rights or claims to it. Title policies are issued and work in more than one channel. Someone selling the property must provide title insurance to the buyer so they can pass “clear title” and the buyer must buy a policy to protect their lender’s investment (banks are funny about loaning money on property to one person if someone else owns part or all of it). Anything that can constitute a claim to a property outside of the seller transferring it or the new buyer is called a “cloud on title.” Title is sort of like the other insurance you may have – auto for example – and it really is one of those things that you will be SUPER glad you have if you find out that you need it. The best part of owning and working at a title company is this: We get to handle your closing and be there at one of the most important moments in your lives and be excited with and for you. Everyone at GCS will say that’s the best, most gratifying part of their job. We’ll also explain title insurance in detail if you’ve got a couple hours and nothing to do…
- Published in Real Estate & Mortgage Industry
STRATEGIC PARTNERS: You should have people!
As a title company, we at GCS Title are part of the “machine” that drives a real estate transaction from start to finish. Realtors, loan officers, home inspectors, appraisers and many support people in all of those fields contribute to getting the sale, purchase or refinance of your home to a successful closing. There are other partners that offer important, valuable advice to consumers who are in the process of a major transaction involving a home – or even just thinking about one.
Homes and housing costs are among the biggest expenses most Americans have, in addition to homeownership being the way most of us build our worth and wealth. So it makes sense that there are other advisors that can help you to evaluate your financial picture, your ideas and goals in the long and short term and the benefits and implications of moves you would like to make. Certified Public Accountants and attorneys of different specialties are also great resources when you’re making major housing – or financial – choices. Here are some times when you might consider checking with a professional:
- You would like to buy your first home
- You would like to move to a larger or newer home or different area
- You have children on who plan to go to college
- You are considering a refinance
- You would like a second or vacation home
- You are getting married – or divorced
- You are thinking of retiring
- You’ve had a major career change – promotion, downsizing, industry switch
- You would like to consolidate goals or debt
There are many other “triggers” for needing professional advice. Your lending, title and real estate professionals do not offer tax or legal advice, but they are able to refer you to qualified professionals. Before making any major moves, talk with your agent and lender and decide what other strategic partners you should consult before making major financial decisions. We are all here to help!
- Published in Uncategorized