Search & HOLD!!! SEARCH AND HOLD....SEARCH & HOLD!

By
Mortgage and Lending with Funky Quail Vintage

"A Search and Hold provides information of record as to the current property owner, to be used for reference when listing a property."

This product also advises the Realtor and Lender of any potential pitfalls such as an IRS lien, unreleased mortgage, 2nd or 3rd mortgage,lis pends, other names in title, divorce's old & new, as well as trusts etc..etc...etc...etc..! In addition, it shows AMOUNTS OWED....that allows EVERYONE to JUST DO THE MATH!

I REALIZE that Realtors already UNDERSTAND what this is!  so...please dont attack me for being BASIC!


HOWEVER, I don't understand why they are not used as often as they should be?  Here in Wisconsin, some of the Realestate firms have an ownership interest in a Title Company for pete sake......soooo....it cannot be the cost factor.

 

So, what is the reason?  You tell me!!

 

 

Recently, I have had 4 seperate deals with title issues that could not, or would not be solved.  These came up ONLY AFTER we had already waited 2 months for a contract to be approved, I had fielded over 2 dozen phone calls from the buyer, I had MET with the buyer "just stopping by" over 6 times, and I had HOURS UPON HOURS into the deal!  These deals all had ONE THING IN COMMON....

If a Search & Hold had been performed the buyer would have moved on to a different house!

*********************************************************

 

 

Like many Lenders & Realtors today, we spend more time educating our borrowers than EVER BEFORE!

This has always been important to me personally, and our company...however, now it is at an all time EXTREME LEVEL!

At some point though these borrowwers, loan applications, or Prospects do become a Ball & Chain!   So, I ask you, at what point do we cut them loose?  I know it is difficult for anyone to do...but time wise, and based on current market conditions, this is CRITICAL to TIME MANAGEMENT!

 

Are we horrible people for doing this?..I say no...Are we letting a potential "sale" go to someone else?...maybe, but I doubt it!

Are we letting our customer down by "cutting the chain??"  You never know..we might be doing them a favor!

****************

All in all, I personally believe a Search & Hold should be done by each and every REALTOR that lists a property today!!  For Sale by Owners that you are trying to convert to listings need to know this too, and this gives you ONE MORE BIT OF AMMO to make the sale, doesnt it? 

Today's market is littered with pitfalls, and I think we all need to be about ELIMINATING as many of them as "potentials" as SOON AS POSSIBLE!

 

Our time is valuable, and we create value by proper Time Management, being true to our word, and being as upfront as possible!   If we cannot do the deal, we need to KNOW UP FRONT!  That way, the consumer can move on to a different home before they fall in love with one they cannot get!

****************************

 

Thanks for reading & Keep selling!

-Darin-

As always, I welcome your concerns,comments,issues and suggestions!

You can suscribe to my blog by clicking HERE, or by clicking on the ICON below!


 

 

Feel free to check out a few of my more popular blogs by clicking on the link below!

Open House Suggestions    Open House Suggestions 2     Golf Outings   Wall-E   USDA Loans 

What do I need for Pre-approval?  Buying a Fixer Upper  What is a pre approval?

Proudly serving the entire State of Wisconsin since 2003!

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Wisconsin
Groups:
All About Mortgages/Mortgage Networking
Mortgages
Posts to Localism
Realtors®
The Lounge at Active Rain
Tags:
titlework
search hold
realtors
lenders
short sales
liens
mortgages
irs
loans
usda
funders
banks
mortgage brokers
1st time home buyer
fsbo

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the cloud to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tag to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainer
20,050
Beth Forbes
The mortgage help you want when you need it. - Center Valley, PA
Your 24/7 loan officer

I agree. I can't understand why this isn't done up front. Typically but the time I get my title search back, the borrower has paid for a home inspection, pest inspection, well and spectic certs and an appraisal. They never get refunded that money or me my time if the seller can't perform on the contract.

Jun 11, 2009 01:51 PM #1
Rainer
42,085
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Hi Beth-  Nice to hear from you ...and thank you for commenting...actually, being the ONLY one so far!

I actually am SHOCKED that not ONE Realtor commented on this....I am still trying to figure out...what that in and of itself means! 

It means either....

a.  They dont know what it is?
b.  Their relationship with their TITLE CO doesnt allow for these..

c.  They have someone else who handles this part in the transaction

d.  Maybe their lender partner does them...and they just dont see them...Either way..I actually USE these to fortify my relationships with my REaltorss!

Thanks again!!!  You made some very strong points!

Darin

Jun 11, 2009 02:30 PM #2
Rainmaker
616,309
Martha Brown
Long & Foster Real Estate, Inc., Annapolis MD 21403 - Annapolis, MD
Your Homes Around Annapolis Agent

Hi Darin- well her is one agent who is commenting. LOL. You have brought up a very interesting point here. In maryland, title comanies seem to wait to do the search when we are almost to settlement. But since this is and could be a growing problem I am, for one, going to request them to do before I even write the contract. I always ask for one on a listing, especially if I know the Seller is in a financial challenge, but never thought to for a Buyer. Thanks for the heads up and a great step to add to my contract writing system.  

Jun 12, 2009 12:36 AM #3
Ambassador
720,560
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Darin,

I saw the ammo, and immediately thought "Search and Hold-Up!"  LOL

Mike in Tucson

Jun 12, 2009 06:26 AM #4
Rainer
42,085
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Martha-  Thank you for commenting!!! :)   YOu are absolutely welcome!  I have recently been working with QUITE A FEW USDA loans, and the people that are buying them...alot of the time are from Banks.F/C's...etc...so they have a few upkeep issues.  Well, it has been MY experience, that if they owned their own business, have upkeep problems, are f/c on..e.tc....they probably have other issues as well...Such as IRS liens..!!!  Arggh...or, the preverbial "tack on" mortgage, that some heqty salesperson at the local bank did on a car or boat loan as a TAX WRITE OFF, for the consumer!::...Obviously, they didnt rEALIZE this at the time...but in the end, it causes ONE MORE LIEN Issue to deal with...This is VERY Important, when it comes to people who own Multiple properties, and the Commercial loan department at the bank has "cross Collateralized" them amongst all the loans!

Thanks again for stopping by!

D

Jun 12, 2009 11:45 AM #5
Rainer
42,085
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Mike-  You know, I walked in the office today, and was told I have to be RE-ACTIVATED by JP MORGAN CHASE in order to do USDA loans with them again..Only takes 1 day, but geezz....if you dont give them a loan every 3 months now, they deactivate you..and are paranoid that WELLS is getting the business etc....Our AE was a jerk to me too!  What is going ON??? 

Thanks for the chuckle..>I needed it today!!! Obviously...I hope you got your list idea working with YOUR title company!!!

Darin

Jun 12, 2009 11:47 AM #6
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the airplane to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainer
42,085

Darin Osenberg

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the clip to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information