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Ruby Williams
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Ruby Williams - A Rare Jewel In Real Estate Industry
Ruby Williams - A Rare Jewel In Real Estate Industry

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Welcome to Google +1 Circle.  A home is one of the largest investments you will ever make. When buying or selling a home you can transform your economic situation for better or worse. This process of buying or selling can be overwhelming for any homeowner.
You do not have to go through this alone. You need an experienced Real Estate professional to provide you with the necessary resources to help you make the right choice. Feel free to ask for my credentials and client reviews. I know that your search will show that I am a great match for you.
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When Buying and Selling A Home
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January 21, 2013 (4 photos)
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The Sales Contract is assembled by the sales associate.
The Sales associate delivers the contract, deposit receipt and pertinent property information to Hartford Escrow. Escrow instructions and pertinent documents are prepared.  Signatures are obtained.  Escrow orders a Title Search and requests demands (if any).  Escrow request clarification of other liens (if any) and review tax report. Escrow request lender’s assumption or payoff and reviews terms of transfer and current payment and status. Escrow Receives payoff statements and enter information into the file.

The Loan applications are completed with the lender. The lender requests verifications of employment, deposit, mortgage and credit report. The lender notifies escrow to send escrow instructions once they are prepared. The lender notifies title to send the preliminary title report once they have it. The lender receives verifications, credit report and appraisal.  The documents are reviewed for correctness and completion.  The lender requests additional information as needed.|

Title opens a title work order at Landwood Title. Title examines the public records, tax rolls and subdivision records.

Title prepares the preliminary title reports and delivers them to the lender and escrow.

Title performs daily computer monitoring of the file, and issues supplemental reports as needed.

The buyer’s agent orders the Home Protection Plan.  The buyer signs the seller’s disclosure statements.

The final loan application is signed by the buyer.  The loan file is assembled and submitted for approval.  The loan file is submitted to a private insurer if necessary.

The Loan approval and notification is sent to the Sales Associates, Escrow, and The buyer.

The documents are forwarded to escrow for signatures.

The buyer obtains home insurance through Tarbell Insurance Services.

The buyer notifies the sellers to arrange the date for the final meter readings  with the utility companies.
The buyer conducts a final walk-through of the property.

Escrow prepares the closing costs and request signatures on all remaining documents.

The buyer obtains certified funds for the sellers.

Escrow obtains funds from the buyer.

Escrow forwards the executed documents to the lender and requests loan funds.

Escrow payoff figures are received from the present lender.

Closing instructions and the loan proceeds check is issued by the lender or investor and sent to the title company.

Title receives and reviews the documents for recording.  Title reviews escrow’s and the lender’s recording instructions, then calculate the demands and taxes.  Title dates and documents the entire file and deposits the funding check.

Title closes the file, prepares the statements, and disburses the funds.

Title records the documents with the county recorder, pays the demands, the taxes and sends the proceeds to escrow.
The lender’s closing documents are received.  The file is packaged for service and or sale.

Title issues the title policy.

The transaction closes.  The sales associate receives notification that the transaction has recorded.  The sales associate presents the keys to buyer.

The seller receives the sales proceeds.

Note:
A smooth escrow requires the cooperation of all parties involved.  It is imperative that everyone keep in mind that time is of the essence in any escrow transaction.

This information was provided by Tarbell, Realtors
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Foreclosures and Short Sales present various challenges and advantages to both buyers and sellers.  Foreclosed properties are owned by banks or lenders, but in a Short Sale the property is still owned by the seller.
 
WHAT IS A FORECLOSURE
When a seller fails to make their mortgage payments, the property can be foreclosed upon.  A foreclosure is when the lender assumes ownership of the property and evicts the seller. Foreclosed properties can be sold at auctions or through real estate agents.
A mortgage company aka lender, usually start the foreclosure process approximately 3 to 6 months after the first missed mortgage payment.  Lenders understand that many homeowners face short term financial hardships and will give the seller time to cure the default if this can be done fairly quickly.  The key to avoiding a foreclosure is keeping in contact with the lender and working out a plan of action for resolving any missed mortgage payments.
Working out a repayment plan or trying to sell the property through a realtor may postpone the actual foreclosure sale for a number of months, depending on the success of the homeowner.  The lenders will usually give their clients some extra time to pay the loan back if the lines of communication are kept open.  The worst thing that a homeowner can do when they are behind in their mortgage payments is to fail to contact their lender or ignore the lender’s phone calls or letters.
A foreclosure can badly damage a seller’s credit score.
 
THE FORECLOSURE PROCESS
Please Note:  The following is a generalized breakdown of the foreclosure process. If you are interested in finding out about the foreclosure laws in your state, please speak with your attorney to find out exactly how a foreclosure will affect you, because laws vary by state.
Stages of Foreclosure
There are several stages during which the homeowner has an opportunity to bring their loan current and avoid a foreclosure.
After about three to six months of missed payments, the lender will order a trustee to record a Notice of Default (NOD) at the County Recorder’s Office. This gives the seller notice that he or she is facing foreclosure and starts a reinstatement period.  The reinstatement period typically runs until five days before the home is auctioned off.
If the default is not brought current within three months, a foreclosure sale date is scheduled. The homeowner will receive a Notice of Sale, and a notice will be posted on the property. The Notice of Sale is also recorded at theCountyRecorder’s Office in the county where the property is located. In addition, a Notice of Sale is published in the local newspapers in the county where the property is located for a period of 3 weeks.
The foreclosure Trustee Sale normally occurs on the steps of the county courthouse in which the property is located. This sale can also take place on the grounds of the courthouse.  The time and location of the sale are designated in the Notice of Sale. During the Trustee Sale, the property is auctioned in public to the highest bidder, who is required to pay the high bid price in cash; however, the bidder is usually required to give an upfront deposit and the remainder within 24 hours.  The highest bidder receives the trustee’s deed to the property.
 
WHAT IS A SHORT SALE
A short sale is often used as an alternative to a foreclosure, because a foreclosure is a more expensive process.  The lender as well as the seller can incur additional fees and costs in a foreclosure.
A short sale is when a seller sells their home for less than the balance remaining on your mortgage.  This requires the approval of all lenders on the property.  The seller must have a valid reason for wanting to do a short sale in order to obtain short sale approval.
 
REASONS FOR A SHORT SALE
A seller is ineligible to refinance or modify their mortgage.
A seller is facing a long-term hardship.
A seller is behind on their mortgage payments.
A seller has not been able to sell their home at a price that covers the outstanding mortgage.
 
BENEFITS OF A SHORT SALE
A short sale eliminates or reduces your mortgage debt.
A short sale avoids the negative impact of a foreclosure.
A seller can start repairing their credit sooner than if they went through a foreclosure.
A seller may be able to get a Fannie Mae mortgage to purchase a home much sooner (in as little as 2 years) than if they went through a foreclosure (at least 7 years).
Credit is typically damaged much less in a short sale than from a foreclosure.
SHORT SALE PROCESS
If you qualify for one of the options above, the short sale process will be similar to a normal real estate sales transaction; however, there is a bit more paperwork.
A seller would work with a real estate agent to market and sell the home. In addition, your mortgage company will be involved in the process as well, and final approval of sales price and concessions will be left up to the mortgage company. If you have a 2nd mortgage company, they will have to approve the short sale as well.
All judgments and outstanding liens on the property have to be paid through the short sale transaction. If all lien holders do not agree to a settlement this could prevent the deal from closing.
A short sale can take up to 8 months to close. A short sale involves a lot more paperwork; therefore, you definitely would want to use a Realtor.
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“Cash for Keys” this is something that is becoming pretty popular now days. I am of course all for it, because I feel that this will help to preserve the condition of the home once the occupants move from the home. Simply put, it is giving tenants and displaced homeowners a set amount of money in order for them to give up the keys to a property. Now, of course the locks are going to be changed. The only reason for giving cash for the keys is an incentive for them leaving the home in broom sweep condition. Broom sweep condition means the home must be free of interior and exterior trash, debris or damage. All personal belongings must be removed. This idea is not new to me. I have owned property before, and I was always thinking of ideas to keep the tenant from destroying my property. I suggested this idea to an agent who was having problems getting the tenants to allow the property to be shown. He thought it was a unique idea to offer the tenants money for them keeping the home clean and making it accessible for showings. I had one tenant to show me around his well kept home, and he even pointed our various features and aspects of the home that I never would have known otherwise. I am all for being fair and considerate of the one that is being displaced.
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