Re: [BlindHandyMan] home buying
HI, Yes your right on that damn title insurance and stuff.. My cousin down in Texas owns his own title insurance company and he is one rich S.O.B. - Original Message - From: Dan Rossi To: blindhandyman@yahoogroups.com Sent: Monday, July 02, 2007 12:20 PM Subject: Re: [BlindHandyMan] home buying Cliff, You just touched on a sore spot for me. At least in Pennsylvania, title search and title insurance are required. OK, so I can understand why I need a title search done. I find it a bit frustrating to also have to insure myself against the title searching company not doing their job. What is truly frustrating is that even when I refinance a house I own, I still have to pay for title search and insurance again. So, my folks have a house built from scratch, they pay title search and insurance. I purchase the house from them, there have been no owners other than my parents, I have to pay title search and insurance. Now I am refinancing the house and have to pay for title search and insurance. Looks like a money making deal to me. Think I might go into the search and insurance game. -- Blue skies. Dan Rossi Carnegie Mellon University. E-Mail: [EMAIL PROTECTED] Tel: (412) 268-9081 [Non-text portions of this message have been removed]
Re: [BlindHandyMan] home buying
There are two banks I can't recall to mind that don't in Northwest Pa. Northwest Saving Bank and Marquette Saving Bank. It appears the banks that cross state lines insist on this rip off. For any attorney will say that a title search usually goes back 50 years. This is a financial institution requirement, not state law. - Original Message - From: Dan Rossi To: blindhandyman@yahoogroups.com Sent: Monday, July 02, 2007 1:20 PM Subject: Re: [BlindHandyMan] home buying Cliff, You just touched on a sore spot for me. At least in Pennsylvania, title search and title insurance are required. OK, so I can understand why I need a title search done. I find it a bit frustrating to also have to insure myself against the title searching company not doing their job. What is truly frustrating is that even when I refinance a house I own, I still have to pay for title search and insurance again. So, my folks have a house built from scratch, they pay title search and insurance. I purchase the house from them, there have been no owners other than my parents, I have to pay title search and insurance. Now I am refinancing the house and have to pay for title search and insurance. Looks like a money making deal to me. Think I might go into the search and insurance game. -- Blue skies. Dan Rossi Carnegie Mellon University. E-Mail: [EMAIL PROTECTED] Tel: (412) 268-9081 [Non-text portions of this message have been removed]
[BlindHandyMan] home buying
Dear list members: Each state can be a little different, but in most states the real-estate broker is a representative of the seller and is paid by the owner, so the buyer should beware. The realtor will likely not point out any defects and problems, and in fact the commission is not earned in the absence of a sale, so the financial incentives are there to persuade a realtor to overlook any problems. Some buyers hire their own realtor, in which case the realtor has an obligation to represent the buyer's interest, but even then, no commission unless a sale is consummated, so the dollars tell the realtor to overlook issues. If you do not have a sighted person who has experience with home construction and maintenance who will help you, then by all means hire a reputable home inspector. It is better to pay five hundred bucks or less to find out that you don't want a dud, than to spend tens of thousands of dollars, only to find that you are going to have to spend tens of thousands more to bring the home up to standard, or to find out that the costs of repair are more than the worth of the home. Tennessee is a state where the individual must depend upon him or herself, as the government does not inspect homes, other than the electrical system when it is new, but the costs of a home are not 40 percent higher in order to meet all the codes which are in effect in some states. Having the title to the property checked out is also a must. There are still some crooks out there who will sell you a home that has liens against it, and the last thing you want is to pay cash for a home and once the buyer has his money and has moved out of state, only to fine that there is a perfected lien for eighty percent of the value, which you will have to pay or loose the home. I have dealt with buyers who had the title checked out after the closing, and there have been some sad folks, once the report came in. Thankfully, most folks are honest and the horror stories are the exception, but one should not take that chance, as some home owners are not aware of problems with the title to their own property. Yours Truly, Clifford Wilson [Non-text portions of this message have been removed]
Re: [BlindHandyMan] home buying
I sure agree, Clifford, some great advice you posted in this message. regards Don - Original Message - From: clifford To: blindhandyman@yahoogroups.com Sent: Sunday, July 01, 2007 8:50 AM Subject: [BlindHandyMan] home buying Dear list members: Each state can be a little different, but in most states the real-estate broker is a representative of the seller and is paid by the owner, so the buyer should beware. The realtor will likely not point out any defects and problems, and in fact the commission is not earned in the absence of a sale, so the financial incentives are there to persuade a realtor to overlook any problems. Some buyers hire their own realtor, in which case the realtor has an obligation to represent the buyer's interest, but even then, no commission unless a sale is consummated, so the dollars tell the realtor to overlook issues. If you do not have a sighted person who has experience with home construction and maintenance who will help you, then by all means hire a reputable home inspector. It is better to pay five hundred bucks or less to find out that you don't want a dud, than to spend tens of thousands of dollars, only to find that you are going to have to spend tens of thousands more to bring the home up to standard, or to find out that the costs of repair are more than the worth of the home. Tennessee is a state where the individual must depend upon him or herself, as the government does not inspect homes, other than the electrical system when it is new, but the costs of a home are not 40 percent higher in order to meet all the codes which are in effect in some states. Having the title to the property checked out is also a must. There are still some crooks out there who will sell you a home that has liens against it, and the last thing you want is to pay cash for a home and once the buyer has his money and has moved out of state, only to fine that there is a perfected lien for eighty percent of the value, which you will have to pay or loose the home. I have dealt with buyers who had the title checked out after the closing, and there have been some sad folks, once the report came in. Thankfully, most folks are honest and the horror stories are the exception, but one should not take that chance, as some home owners are not aware of problems with the title to their own property. Yours Truly, Clifford Wilson [Non-text portions of this message have been removed] [Non-text portions of this message have been removed]
