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Pareto Realty - The Vital Few Real Estate Resource Blog

Friday, August 23, 2019   /   by Barry Owen

Seller - Buyer Final Walkthrough

Most Home Buyers will do a Final Walkthrough of the house on the day of or day before the closing.This is the Home Buyer's last opportunity to spend some time in the house before becoming the owner.Of course, no mutually agreed contractual terms can change as a result of this walkthrough.The purpose of this walk-through is mainly to verify the house is ready for their move-in after closing.

Inspection Repairs - If there were repairs to be done prior to closing, they want to know they were done in a professional manner. In the event the repairs were significant, they might do TWO walk-throughs . . . one 7 days early to be sure all is well and/or on schedule . . . and then another walk-through day before or of the closing. They can only negotiate consideration for broken promises regarding unsatisfactory Inspection repairs. Remedies for this could range from delaying the closing until they are complete (not ideal), or close as scheduled and have the Title Company hold Money from the S ...

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Friday, August 23, 2019   /   by Barry Owen

Seller - ALTA/Settlement Statement

The Title Company:

issues the Title Insurance Policy
oversees accurate execution of the required documents from the Mortgage Lender
Prepares and records the Deed
AND
accounts for, receives, and disburses all of the funds for the transaction.

This is a highly regulated process. The primary instrument (form) that defines the accounting of most Real Estate Transactions involving a Mortgage is the ALTA Settlement Statement.We quote from the ALTA Website:American Title Land Association - ALTA Settlement Statements"ALTA has developed standardized ALTA Settlement Statements for title insurance and settlement companies to use to itemize all the fees and charges that both the homebuyer and seller must pay during the settlement process of a housing transaction. Settlement statements are currently used in the marketplace in conjunction with the federal HUD-1. The ALTA Settlement Statement is not meant to replace the Consumer Financial Protection Bureau's Closing Disclosure, which went i ...

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Friday, August 23, 2019   /   by Barry Owen

Seller - Closing

THIS is time for CELEBRATION!Assuming everyone has done all that has been described in the first 19 steps of the home selling process, all should go well.Dress however you feel like dressing on this day.Odds are decent you are moving boxes and feeling a bit disheveled - You won't be judged by showing up "as you are".Bring only your signing hand and your drivers license.The "closer" at the Title Company will have surprisingly thin bundle of documents for you to sign.You'll sign the ALTA Settlement statement, and a few other docs . . . and most are "standard forms" . . . and the closer will explain each one before asking for your signatures.This whole signing usually takes less than 30 minutes.If, at any point you do not understand something, ASK for clarification. The first document you are likely to see will be the ALTA Settlement statement which you have likely already seen. The closer will run through all of the numbers with you.The next ones are the note (note that the terms of ...

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Wednesday, August 21, 2019   /   by Barry Owen

Seller - The Important Function of the Title Insurance Company

The Title Company is an important "partner" during this Contract to Close phase of your transaction.There are many Title Companies throughout Middle Tennessee, and you may already have had a good experience with a Title Company in the past. YOU can choose which Title Company to hire for your closing. It is common for Buyer and Seller to close with different Title Companies. Prior to this "digital era", most real estate transactions involved only a single Title Company, and all parties would close at the same time in the same place - Buyers signed first, then Sellers signed, and the money was exchanged for the title. These days, most closings happen with sellers and Buyer closing in different places and times. While this may sound unnecessarily complicated, it generally works very smoothly.Title Companies do not "represent" the Buyers or Sellers. In fact, while most Title Companies have attorneys present for closings, there is no requirement for an attorney to perform a closing . . ...

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Friday, August 16, 2019   /   by Barry Owen

Analysis is an ongoing pursuit throughout every real estate transaction

Analysis happens throughout the process. We begin with the Comparative Market Analysis to help determine your listing price. We contact every agent who shows your house to learn any feedback. Our intent is to hear any constructive criticism of your house . . . Did the agent or Buyer notice anything negative about the house that we can correct? . . . How does the agent think the price stacks up against other houses he/she has shown? . . . Is the Buyer interested and do they need any additional information to help them with their decision to purchase. We will pass along any appropriate information to you. 


 


Our analysis continues as we market your house and get feed-back from various sources. Each week, we will up-date you on general market activity and inform you of any feedback. Periodically, we will do a new market analysis just to be certain our price is still in line with the rest of the market. We want to keep you informed of other market activity in your neigh ...

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