Apr 10, 2016|
Automatically Generated Transcript (may not be 100% accurate)
Welcome to open house upstate when it's time to sit home builder by your dream home we have the information you need with your host Arthur wrote a number of homes Berkshire Hathaway home services seem to enjoy your realtors and county bank mortgage. Each check out open house upstate not come. Welcome to open house at stake allegedly with a stake talk a little real estate. Lucky enough today to have Nicole in from Arthur Rothenberg homes in the gulf Harry again this afternoon press time doing fantastic glad to be with us today always appreciate it when you. Take time out of your busy schedule around how you nap town come over revolvers Wall Street shall have going. I have a wonderful assistant back into their health and me out that's right at data traffic has been hot and heavy over and Acadia. At the hour Arthur Rothenberg model and of course we would always invite you. To go out and check it out and called tell everybody when it's open in case you wanna come visit you and check out that wonderful property got everything. Come Monday through Saturday at 9 AM to 5 PM Sunday at 1 PM to 5 PM and of course by appointments is those. Hours don't retreat. Yes so if you can't make it during those hours in one amino when Nicole. Our calendar take a look at back home you can always. Check this out an open house upstate dot com there's a link to the heart to run her site they're. And then that we had to make an appointment if you're. Interstate and viewing some of their product that has been built for. Some folks up in the cliff Syria they can also get you an appointment to look at bat. You know little bit different. Type living up in the clips and then not obviously if that's what your HD in the can get Sheehan to see that house. And then not coming in late December another model up and run up. We are well heavy right now mile and concern our current model overtook the owners and we you'll know who's in two iron new model which would just be two months down from where we're currently located SS UB easy it's easy to signs. Absolutely that's another thing to I'd imagine is if they come by they conceived you know while that was under construction they can kind of see the whole process as it goes up. And of course you know ya haven't unique perspective. On how you do go through your process when building you home. And just so everybody knows few new listener. It is a 100% custom. But it is a very well defined system. To help you avoid cost overruns in the nation that you make all those designs decisions. Up front which make sure Linder of fairy had. Makes me very happy and of that. But I doubt we would invite you to go out and check it out to its ever and Acadia which is ever empty mind. Of course you go to the website checking out of course we also have. To Wayne and who's the brokerage charge over Berkshire Hathaway home services. Pelham road office CD in Joyner realtors how's it going until well are you I'm doing great pledge gas can be here with us today. Got day had a great show planned to get a couple of questions that came the end. Some follow up questions from preview shows that we had more we're talking about. Items that you need and things that you should put together a package if you're looking to sail. You know one of the questions I got the wind was due are really need to get through all this. When there's so little inventory and you know this is really a seller's market is a really worthwhile. We're talking about here is we've given some information out a couple of weeks ago about. Put together a package of information so what was your comment the Obama. Yeah you really should go through all this is a native audit says it's helter skelter her yeah there's a couple of things that are required and you brought that up previously you have to do the seller to score right. On the other stuff is optional. But once again well I'd say except the lead based paint with a limit pain sorry and let the other items. Remember even on the seller's market is still a competition right it is enemy of the buyer knows about your home. Right because we are talking about a video more saloon. You know by you providing more information at the time that the home has been shown the more at that she might even bring above market value. When you get into a bidding more mean we're seeing homes all over plans that if you had any information already there. A buyer can look at and say OK I know I must say it costs is going to be. This can allow me because if I. If I'd bump put up a couple thousand dollars you know what what segment. Change your monthly payment by a five sure five dollars a Maya Indian sub yet if that's so if I'm looking AM I'm gonna save a hundred dollars a month. In my mortgage payment I can go up. More yes so if your planet don't listen your house grab him right now we'll run through these things that going recommended. The first one is required which is your seller's disclosure of the cycle is require which is your lead based paint. The other items that we always recommend you put in the package are tax bills utility bills. The homeowners association covenants and restrictions. Survey am plaid if you had it. I inspection reports and repair report and the Rezko one not very important item that you recommended that I had left off before. Which was you need to put a list of any other items that are included in the sale. You had made that point to me before like lawnmowers or buildings or things like that I is important to share that at the beginning to right. Yes so the more information. That you provide that perspective buyer the more tracking your home's going to be. And let's not forget that it is the contest even in the seller's market is still a competition and you wanna make sure. They you're in a position to make your home stand now. Well listen up we're gonna head into our first a break and today we appreciate you being with us we had a couple other questions that came over about surveys win and why and how. Appraisals do I need one and then of course we got some questions about title insurance we're gonna cover that on the backside of this break we'll be right back after this. You're listening to open house upstaged you have questions about free qualifying to purchase your dream home and ask the upstate most knowledgeable mortgage experts at county bank mortgage email account bank. That's questions and open house upstate not come. This is Danny Joyner Berkshire Hathaway CNN Joyner realtors you may have noticed our new cabernet green signs around town that replace the old white including new reason to. I'm here to tell you see enjoyed a real just hasn't gone anywhere. We're still the same locally run family business leave justice since 1964. And we remain committed to the quality and integrity that made it sprinkles leading real estate company. And now we're even stronger and whether you're buying selling or just training we here for you and we always have been. Are you in the market for a first home. A step up and downsize or do you have questions about refinancing. Now's the time to call. The home loan experts at county bank mortgage will help you through the maze of options to find the best solution for you if you would like to discuss your situation with one of our experts. Give us a call. At 8664427553. County bank member FDIC. Equal housing lender in MLS number 462088. What it's time to build your dream home. Arthur Rosenberg is the only name you need to know from in house architectural and interior design through superior customer service and exceptional craftsmanship visit HRH upstate SC does come and tour their show home actually salute to run drive speed but South Carolina in the Acadia community prepared to be amazed visit ARH upstate SE dot com or call 5580066. Arthur number of homes you dream. We build. You're listening to open house upstate new have questions about buying your dream home. Fast via the State's number one real estate company Berkshire Hathaway home services seem to enjoy their realtors email your questions good questions and hope. No subsidy not come all month. Welcome back to open house I take place to be with us today talk a little real stakes. Lucky enough to have Nicole you know inform our deriding her homes and Duane from Berkshire Hathaway home services the wings to broker a charger Pelham road office. Talk a little real estate. Right before we want to break we're talking about this package of information seller should put together. And of course if you're thinking about listing your home or selling your home out how we encourage you to reach out to one of the agents over with Berkshire Hathaway home services. Been around a long time and have high quality agents and not really work hard to market your property. I would tell you to find somebody over there to work with the make sure you get represented in the process. And Nicole we were talking. A little bit more planned in the show. In one of the things that comes. From time to time in your particular situation is buying lots. And you know we also. Believe that you need an agent to represent you when it comes time to do that. And I would imagine you wouldn't do that are would you do that you recommend them to somebody else or do you actually do their part now we will actually I would actually do that part if they don't know with a real letter I and represented them on a lot sales. It is important that wind. Whether you work with mere work with someone else that you are working with somebody when you're looking for land that is familiar with lands short. But 'cause there are. No different considerations for what. Based you know what type a house do you want to share is. It is a lot of curb Korea for the type house that you want is a lot big enough for the house that you want for the size house that you want. I'm making sure if you're looking at a lot that has topography and what that mean uses slick slope. And that a lot of looks like it's great for a basement might. Might not be as great even though it has that Hillary can get us. Try and then of course you know one of the things we talked about in print preview shows that we should always remind people. Is Howard the utilities gonna come to the property are they already there. Regan have to pay to get them there are young male we get city water I mean those are those are all safety concerns because our imagine if you have to bring that stuff can be expensive it is and you know I can be as simple as we've recently had. And that's tailored their utilities were on the opposite side of the road which put up person you know the very much a limited. Are there options or. Term because you know the city Greeneville Nationalists who ripped up there and try and they're not gonna run for -- now they're definitely not gonna are never ever tell you really need to think about those things and of course that's why. We would recommend that you have an agent involved and then of course we've talked about this on the show before. It in and were remind the listeners that if you are building in the neighborhood. You gotta have somebody work through those covenants and restrictions we leave because he got to make sure that what you wanna do you candid. You may wanna pollute the reason you might not be able to do that and it's exactly right you're always says yes because it's just a matter what it cost. Well we are tight yes his comeback tour as later if we are AS. But you know that's one of the things that you have that you work with somebody that. Is willing to but the time and to make sure that the familiar with the coverage covenants and restrictions. And will alert you to the fact that hey this is you know that that above ground pool is really important to you under that neighbor has not gonna allow you to have that. Even temporarily sure no and so it might seem like a little bit more that you know of quarter acre lot that you things Craig has a has limited upkeep there's not enough for him their fear. Worse here's something else to think about is more practical level and that's with a septic tank that your. So Lou. If I'm not mistaken I think then worry if you wanna go that route to reduce your monthly utility bill you have to have at least a three quarter acre lot. I think that's the way it reasons not because I correct. You can have a septic on and have thicker a lot of and some of them is even smaller than but it's and the potential that you're going to do need an engineered skeptics a stump. Rather than a traditional septic system is pretty much a guarantee and as always expands and it is soars. It's cost goes to the number of bedrooms. The picture for plan's gonna have. So you need if you wanna buy it lane you should know and it's going to require a septic. He should have a good idea what the floor plan is at least the number of veterans. You're. Yes can you can't have those septic system that's rated for three bedrooms and then later go to sell your four bedroom house with a three badger sept yeah. Won't work second half and just because one lot can take a standard septic doesn't mean eskimo fall true we've had one of our agency actually put a contract on to defraud home Paris mound. One would get by with a standard septic tank. But because the other one had a lot of granite on that a lot they had to go with an engineer system which increased the cost by thousands of college. So this is all stuff that. That buyers need to be aware of in this is where a good buyer's agent is gonna help them go walk to this because there needs to be a period of due diligence. Little walked do if you and in just because she put in for the septic system. It takes account you might take account of several weeks before they get out here to pull out septic tank can do permit bumper tests. And then of course if you get a wind having have a whale. Yeah ethic in the well have to be a certain distance apart the variety appropriate. And says there's a lot of considerations and money and septic systems just have to be away from water that's her natural while on a lot so. Note that pond that you think is great which is you know. That's it takes up space on your yard pitcher where they're. But otherwise the potential first yes and the point here to blisters is Lou just because your round alive doesn't mean you don't need representation. Get the representation and have somebody hope you worked through that process. The has expertise in that they can they can make sure like like the cold that can make sure that hey we have some idea of what you're trying to do you. And then we can kind of a lot it's appropriate to help you accomplish that goal. Could you may have to us is to wind pointed out side by side one may work perfectly but the other one may not. There may be 3000 dollars in price difference in without doing the due diligent. You may try to buy the cheaper one. That gave united the least expensive is not always the cheapest option or ask her cheapest option is not always the least and that is tacitly saying you need to work through it to make sure that you think about it. Now one of the other due diligence items that I think's important. When it comes to it to buying land especially raw land. Is getting a survey said that you know which are buying and always get this question do you required as a lender and the teachers net. We do not we do not require that you get a new survey. Unless the title agent takes exception to it on the title they provide us and then you have to. But I know you're recommendations. We're talking about this Nicole. Is that you always get a survey went by and Rollins yes. And depending upon the type of land that you're buying I would also recommend that you at the topography on the survey. You're buying a land of that has a lot of slope on. No and that's that survey you'll spend more to have. The grade put on the survey chair and but you have potential to save more when you build. Having that survey available having an already done that well I have an adamant life. Yes yeah I can tell you particular situation our member and then we talked about it. Before but it related to float. You know it was a lot that had a very very large slow opponent. We knew poll defame my math FEMA map the flood maps ran across I'd say about a fifteen. Fifteen not fifteen triangle on the back corner no way the house was gonna actually sit the flood zone. But we actually had to do to move forward to transaction and to make the buyer for comfortable. The they were not going to be older than have to have flood insurance we actually had done what was called a foundation survey where they went out and staked it all out. And in the survey are not only did that the grade and the topography but also said this is where the house is gonna see. So that we can show the folks that did the flood map the house is not actually going to be yen. The flood zone the property itself is not bright and it depending upon and never and you can speak to this better from the lenders perspective. But there is an expectation and dead your house is X number of feet. Above a flood plain English and reading county it's two feet injured Greenville county it's four feet church I'm and that's important to know yes. And the actually one of the interesting things is. Hype that's crawl space while also have an impact on whether the crawl spaces considered the first floor. A lot of people don't know that if and in I pried away no doubt I will probably quote just wrong. But I'm gonna try to do it from memory we were working on a USDA loan in the state of Tennessee. And they have a rule. That if the crawl space. Is well east states in the house that is about five feet in height five feet. Would be considered the first floor. Whether it's finished or not now this is a USDA rule. In Tennessee. And we had a house that was in a flood zone and the crawl space was six feet tall thin half of it and they would not make alone on my house because it. So the first floors for the Hobbits yeah. That's exactly right the fact that it's not habitable. Now dikes and remember now we're deal with the governments and and always have to make cnet's. They sometimes have rules just to have rules either forgot to go back and revise them and they said you can do you can do FHA on this if you want you can do so what about those senators to be serious and a poem so it's not a Kennedy USDA only those who matter. It is the US the April. And says it's kind of crazy I mean to you always have to look at all options when you're thinking about it especially if you're in a flood zone but. You know we always recommend that you get a survey especially if you're not a 100% sure. Of what you're gonna own now well I didn't get this question to you it was. What if you own my house now he did wind you know ten years ago well unit that earth resolution of the issue that probably know but when your Byron brawl when he and I think it's very important that you get one and then once the house decided. I think it's important that you have an up. Let's go back and redress that OK so the earth doesn't move that cut a I was save you live in the subdivision. That is established. Then yes if you've had won the last five years is you're probably you know carrying illicit neighbor put up the new finance chair. Does anybody can encroach on your property if something he's been built exactly however your property is bordering any type of body of water I don't care if it's a little creek colonel stream or whatever right. It's partly on a bad thing to do that because of the changing of the FEMA and flood maps and just the erosion that water does. And had to do natural erosion to property is not a bad thing just to see but here's where my party line. And you brought up a good point they hear to Wayne flood maps do move they is I is that it. And so I had one of those this week to always like talking about life things on the show. But we had an agent. Call us and say listen the current owners do not have flood insurance. And we just got her back from the lender that the houses and a flood zone how can that be. And while I was the current owner not required to carry flood insurance and says. Dug into it a little bit the current owner own the home free clear. So there was no mortgage holder to call them and say hey your home is gone from not in a flood zone to a flood zone you need to get flood insurance which require. And then the second thing is I had to explain to the agent. Ended the prospective buyer that those things moved two year Sharon now. They can get a new fled certain to says is not the flood zone it they they do movies would you point out and the important thing is that you know. Where it is and what it is and like the Pope pointed out. If you do get a survey you have an elevation certificate as well last. Pay a yet parred her feet. If you really can you can really tale. Whether there's a real risk here or not it. And then of course that can have an impact owned where the F together or not. And if your house if you're a lot touches the flood zone which are house doesn't socialism. You can always get get an amendment to the flood map a permanent amendment which Cole of Oklahoma. And it takes about. Thirty to sixty days to get that you can have the flood map amended if you can prove that house. Doesn't sit in that zone but that's excellent piece of advice there sir if somebody's gonna be any new structure. You know we've had people come in and had utility buildings and they were ready utility building and lo and behold they built to don't Europe you know. Two feet too far to the left because they all this was their property and of course that type to study shows up and service. Yeah along with us and U boats brought up that mean you're just open up a whole cam one yeah. So it's a new structure is it would be advisable that you can obtain the permits were pulled to build that sure. Absolutely. We ran into this where there was destruction that was built no permits were pulled to build it and they couldn't give Lowell. Yes that's right yeah we. We recently had a pet. Gentlemen that is a crazy example. But he got a permit to build a single family residence. In the downtown area and then he conveniently. Had a kitchen and bathroom home each of the six boats. And of course once he got that far along the building inspector came out and say oh no no no no. You can't do this because you're gonna turn this into multifamily. And it's not zone for multifamily and a fight ensued between the city and of course guess who want to sit. They may bring about the fact turned red as he had to use it as a single family residence. And the whole time he was planning on making an a multifamily residency right having improperly permanent and and the fact that it was added properly. Well a lot to do with alone on the backside if it wasn't done right. And can cause problems. You'll run into this a lot downtown where someone would take a room that's over top the grudge and converted to a little studio apartment yes and they did not pull permits to do such yes. And it's that whole that properties in his own personal fame. Yeah you can have that studio Parker over but you'll run into that a lot. Yes and from a gap on perspective that's another USDA rule to hit and I have to you can have two places to live on the same piece of property. Only US TA we had a situation what town we're somebody they converted the rim of the Verizon to a man cave. And so I had many fridge microwave. And a sink and a big screen TV. And they would not make the loan that property because they made the assumption that you could lease that prep that room now somebody else even though it wasn't currently being used that way. And says. In trouble and. Some rules if you have the right expert you know. They had a great night against the that morning again again many USDA loaned me let you do you're not an either. But yeah yeah every house we'd does that that's why. While we say. Work when an expert somebody that knows the rules which can asking those questions going into. Well listen we're gonna head into a break here we appreciate you being winners you've got a question give us. Give us an email over to questions and open house upstate dot com that's questions and open house of state got dot com we'll get back from a talk a little bit about appraisals and title insurance will be right back after this. You're listening to open house upstate. You have questions about building your dream home ask our host Bruce passed gorilla from author Rotenberg homes email Bruce at open house upstate dot com. Arthur Rotenberg homes your custom luxury home builder. Are you in the market for a first home a step up and downsize or do you have questions about refinancing. Now's the time to call. The home loan experts at county bank mortgage will help you through the maze of options to find the best solution for you if you would like to discuss your situation. With one of our experts. Give us a call at 8664427553. County bank member FDIC. Equal housing lender in MLS number 462088. When it is time to build your dream home either Rothenberg is the only name you need to know from India house architectural and interior design to superior customers there is an exceptional craftsmanship visit any art agent upstate SC dot com into their shell home at two LA it's a little run drive Piedmont South Carolina in the Acadia community. They've scared the remains to visit they are each upstate ST dot com or call 558006. Saves are threatened bird homes you dream. We build. When you're ready to buy or sell your home wouldn't you were work with the leader Berkshire Hathaway C did join a real herself more houses than any other company in the upstate. Since 1964. Of our commitment to quality and integrity has set us apart and courtesy upstage trust when nine offices in nearly 300 real estate professionals. We'll help you sell your current home and find your dream. Check out our book of dreams magazines and he'd enjoy Murdoch can't search thousands of listings trustee of State's leader to make you real estate dreams come true. Berkshire Hathaway C did join the real. You're listening to open house upstate. You have questions about building your dream home ask our host Bruce passed gorilla from author Rotenberg homes email Bruce at open house upstate dot com. Arthur Rotenberg homes your custom luxury home builder. Welcome back to open house upstate glass smooth as they talk a little real estate. I hope we're giving you some good advice out there and let you know. You know things that happen own day to day transactions things to look out foreign to avoid the number one reclamation recommendation we make is always work with a professional. A local professional hire somebody that knows what they're doing. Make sure you're represented in the transaction. Says that you can get somebody on your side to help you through this. You know buying a real estate can be probably one of the largest investments in your life he really need to be represented. If you're looking for an agent we always recommend Berkshire Hathaway owns services. You look at the build up American Eagle builders Arthur Rosenberg homes and of course for your mortgage and each county bank mortgage. When you look and refi or about we always recommend Kenney bank mortgage. We're talking a little earlier about surveys. You know you should get a survey. We did you do get a survey. And of course you know we recommend you get one in this specifically if there wasn't one that was done recently. And then of course there are times where the title agent the person closing your loan will require warning. So that kind of leads into one of the other questions we've got which was about title insurance. And you know not a title agent that have been in the winning business for a long time and so I thought I would try to address some of this and I guess Dwyane you have a couple of questions about title insurance. So there are different types of title insurance there is one that is for the purchaser at themselves and then there's one for the Linder. Right packets another one for the lender is required. That's correct. Missed the one fern though owner is not require salute I've seen back in the day when you sir present buyers and sellers. I would have. Buyers say well I I don't want to pay their fee you know Joseph I don't have to pay and I don't wanna pay an iffy. Halo let's talk a little bit about the one that's required first. You know when you look at lenders title insurance. It it is layer to protect the lender. Against title issues that will come up in after the fact all right and basically it is. Insuring that. Dead that we really have a first lien home that property. And that we have the position that we think we have. It would always have to be a firstly they generally it's a first lien especially on a purchase transaction. And and also do is to ensure that the people gave us that we had the legal right to give us that we. And you know the way that title works is it's all recorded. You know in the in the courthouse in the end. You hire an abstract or the the attorney walk hard and striker of the closing agent. Why aren't they extracted to go down and re search the records. And determine how that property pass from point a to point B to concede a point. Did it the current owner pass it to the new current owner of the new kernel or pass to the next owner and is all that claim. Did it transfer properly and that everybody that was supposed to signed Simon. Armed. I can give some examples of times when it did not happen correctly. If somebody in would you south Carolina's specific example. In South Carolina if somebody passes without wheels and they have children. On their spouse gets half. And it's half of their interest. And then their children divide the other half. Well you know if if that. Surviving spouse turned around and sold that house. Without having the children. Deep their interest to the new owner. Then that transferred did not occur properly. And another example of when it might happen is. If a foreclosure occurs in the master in equity or the lender that foreclosed previously missed something. It is possible that a lean did not get terminated during the transfer. Or it is possible that they have had this happen where they foreclosed on the next door neighbor instead of that house. You know where they just put the wrong property description yeah right and set new title insurance is there to protect the lender. And the money that we're landing in case any of those things occur. If the if if it comes there was a huge case several years ago. I've been rock Keogh were the top Indians I think came the end instead now and and a Wii on the slam we were given this land back in next year. And yell been transferring back and forth like Al only yelled a moment we don't present that would be it title dispute right there would then cause a title this year. And the title insurance would be there to protect the winter so let's say. Then it turns out I give you a live example had this happen in. 1990 warning. Maine alone all lie. In the neighborhood. The title came back free and clear. It turns out that it was not freeing clear there was a private mortgage. Own my lie that the title company missed. They missed that mortgage the bar defaulted on the mortgage that mortgage foreclosures. So here I am with a lean this not valid because there in front of me the title insurance company had to pay off Malone's. He says that saved me the lender. And that particular situation. I just go back to the Khatami Indians because I remember reading about this myself. If the way it would work be it because seem there's gonna be. Tyrone Sharon's taken out for the lender right away so yes yes will be protected now over. For those poor souls who did not buy their own title protection. Yes they got zero yen now if you Jose did. They were protected Jerry actually got they got reimbursed or something Lana Padilla to those that did not but they Ralph. Well not only. Will it title company near the title insurance company not only will they pay you off if he can't be resolved The Who also represented eve. To try to get it resolved only because ultimately they messed up right and so you're talking about owner's insurance and one of the things that you said. Earlier is that this option we you know with all these need tree is that rules that came now they know before you Lou. From the CF PV one of the things that required now is when we quote an owner's policy. To the customer. It does appear in a separate section only let closing disclosure handled the long disclosure. And it does have the word optional beside it because it is indeed optional you are not required to buy yet. Any if you choose not to buy it you're exactly right if you got into a situation where there wasn't playing the winner would get their money back. That you would get nothing bright especially in you would have to represented yourself and defending against that title suit or tidal action. And then one thing to remember is that it is in fact eight feet which is a one time yes hey it. It's not insurance that your annually K let's try that one time. Yes and of course you know I you know this is just crazy how things that we bring up a lot of times on the show over things that you deal with. On a day to day basis and hacking goes a year and not have a single person say I don't want it but this week. Good to people tell me up front I don't want this. And of course I don't sell that title in terms what I tell them is before you make that decision need to make sure it's an informed decision is your right to do it every won't that you need to call the title agent. And asked the question going pass which is what I might get into this money. Then the second part of that question is what you said the toll it's. Do have to pay to say he really do have to pay this all the time is it in force is again for for ever. You know Emma covered in the answer is yes it's good. And so you would how would recommend that you buy it and that you that you pay that because if something comes. In the end you know I've been in wounding twenty years and I can tell you I've had. Two loans that were paid off the coast somebody missed lanes on the property and then that person had to lean ended up for closing. And in both in both my cases I don't know. Because there were refinance loans I don't know whether the owner had their own insurance or not. But if they hadn't or if they didn't then. That's problem how can you put money in that you at that point don't get money out yet that if you are different. Too neat. I always tell my agents and when I used to do this I think there are two situations if you're in perch in purchasing. There I think is a no brainer that you need to buy and as as a buyer. Number one. Would be if you go to new construction. Because you can close on the property today. But then who's to say after the closing that the new new contractor. When there sub contractors might put Leno on the caning social and or property since then there are dishonest statement at closing that yeah I don't know anybody right but somebody could still put a mechanics when exactly. Number two is going to be foreclosures. Or short sells gas that those two situations I tell buyers it's a must yes. Well I have seen situations it is much more common. Especially through the the downturn we had a lot of foreclosures that there would be heirs and foreclosures and I've seen multiple situations. Where there were title issues where the the foreclosure action had to be reopened the script. And then the other one that I would recommend is if any change at any point there was an inheritance or went through probate. I would highly encourage you to make sure that everybody that was in the probate was covered. The title insurance is the way to do that how tell a story about a bad. We get back from this break we're gonna head into a break. We'll be right back after this you're listening to open house upstate. You're listening to open how so it's. Do you have questions about selling your home and ask the other states number one real estate company Berkshire Hathaway home services seem to enjoy inner realtors email your questions to questions at the moment house upstate. Dot com when it is time to build your dream home either Rothenberg is the only name you need to know from in house architectural and interior design to superior customers there is an exceptional craftsmanship. Visit any art agent upstate SC dot com into their shell home until late salute their run drive Piedmont South Carolina in the Acadia community. Prepared the amazed visit they are each upstate SC dot com or call 558006. Saves are threatened bird homes do you dream. We build. Are you in the market for a first home a step up and downsize or do you have questions about refinancing. Now's the time to call. The home loan experts at county bank mortgage will help you through the maze of options to find the best solution for you if you would like to discuss your situation. With one of our experts. Give us a call. At 8664427553. County bank member FDIC. Equal housing lender in MLS number 462088. When you're ready to buy or sell your home wouldn't you were work with the leader it's Berkshire Hathaway seated join a real herself more houses than any other company in the upstate. Since 1964. Our commitment to quality and integrity has set us apart and earned us the upstage trust what nine offices in nearly 300 real estate professionals. We'll help these sell your current home and find your dream. Check out our look at dreams magazines and he'd enjoy a dot com search thousands of listings trustee of State's leader to make your real estate dreams come true. Berkshire Hathaway's he'd enjoy the real. You're listening to open house upstate. You have questions about building your dream home ask our host Bruce passed gorilla from author Rotenberg homes. Email Bruce at open house upstate dot com Arthur Rotenberg homes your custom luxury home builder. Welcome back to open house upstate pledge to be with us today talk a little real estate we got a call land from our direct Merck almost. And Wayne from Berkshire Hathaway home services women talking about some special situations that could occur. An unusual situations that it can occur and right now we're on the topic of title insurance enough. The wind brought up the great question you know what's the difference between lenders and owners when does that matter. And you know one of the example of owners that I can tell you that to happen and this was not only residents along this is on a commercial loan. But it was the probate situations that we were talking about earlier. Have a friend that fame in his own some property. In Myrtle Beach for years. And at some point in time in the last. Fifty years. Somebody passed the property past and they left out one of the Ayers Obama's state. And the end there was not a we know the will would always take precedence to say hey this property goes from here a year and we already discussed earlier in the shows that. You know if you die without a wheel you have children. Happy your interest goes to your spouse. Without a widow and the other half will be divided amongst children and that's exactly what happened was that half that was divided amongst children. Was not dealt with properly. And says here you go to. You know 253040. Years later and somebody does a detailed title search and that wrinkle is die here. It's a now has to be dealt with and you can imagine opening up a forty year old probate solved problem is not really. And so having that owner pushed title. Would protect she and that particular situation. And they would actually resolve the situation is understand it. And of course you know in the cold you pointed now that you know it's not that expensive if you really think about what it's gonna cover. I would say that you know I've had four or five planes. You know war issues. It is much more common name home. That the closing agent will kitchen up front and say hey I found this problem we need to go fix it. Right now and that's about hiring an attorney your closing agent this very knowledgeable and understands and really reads the title work. But if they do mess something which you know it happens. You know you wanna be covered because the worst thing happened as I get a check you get enough. And you gotta have you can say oh yes as you don't homes. And yes. So Lou I'll give you know the story sit through gone down storytelling to yeah that's I think that that really helps a listener understand why it's important. So it was about two years ago I was representing a client a buyer we were looking at buying they put an offer on a piece of property up in the mountains. It was up above bear camp I don't know if you don't know where that is off of eleven. It was a beautiful piece of property not. I don't know half a mile away from North Carolina border. A new literally had to get off the rude and take gravel road gone back there a cross over a correct. Yep I mean sorry I'm from up north. I can sit creek yet yet but yeah. We had you literally had to drive through this there's no bridge or anything and we give back in there there were two there were three homes. What was a vacation home where the family was show up very once while the other one. Was lady from England then used she cheap just that's where she lived up there with the bears and in this home was at the very end of the drive. It's had about 1415. Acres well there was never survey done this guy that I was trips and decided very wisely decided to do survey. We get into that certain Doumit how to work. Very did. Tourney for us and no help up came sleigh is slaying Galloway hello for surely did a bang up job on us they found the glitch. All the time or worked there was no point of access and their property he was completely surrounded by wildlife means so it was landlocked he was laying off which cannot sell landlocked Maine and South Carolina dry somehow they did it in the towel search was done deed over to the guy currently owned it. Yeah and so do you know you got to completely landlocked property right and there's an Lou agreement. Between. You private road maintenance agreement. Exactly and I can give you two examples of that. We're really authorised version come clear. Let alone discuss that said. So I had to situations wines. Re had two people were using a private road to access their property they have been neighbors that families had been neighbors for a hundred years. Tom eventually one of the families guys out cells to an unknown. The unknown by the property decides they don't like the next door neighbor using that travel editor of the fans. Because zone they hear lane. And of course there was no now fortunately. You can't do that he can't claim was smiling and I can do whatever I won't yet to be reasonable course a judge had to get involved. But you know there was no new private road maintenance agreement and there was no new agreement for access to the property. It our situation because it was surround about wildlife management it had a good down to Colombia in the state senate. Had to bring it up in vote on it and work it through a while because that's their jurisdiction. That's crazy yeah and then the second thing that you wanna have. For a private road make this thing is you need an agreement. And if you do have a liking your situation your going let's say he did have a breach the one over the creek. And a flood destroyed divert right OK you need a maintenance agreement. To understand who's gonna do what it and who's gonna pay from way. -- that situation so you would want the three parties at the end of their rather to have an agreement that says I'm gonna pay a third I'm gonna pay a third I'm gonna pay a third. Or maybe one I was gonna agree to pay the whole plane concerns you need that agreement in place otherwise. Once again he got a landlocked property. In the water TD drive three and you got problems and actually you always want an end and that Al showed up and assert yes yeah. I'm Manny and if that goes to prove this survey is very important yes and the quality. Of the closing agent this review in the tire war. Yes named Dion on tape cause I already earnings inequality of the surveyor that theory is true because if he is this parent it's gonna go out of business that is a problem that's church and yeah and I think you know it's when whenever you're trying to pick a professional to do any thing you really want to look at their resonate. And that's not to say that somebody that's news to the business is not. Capable and competent. But you really need to understand. How long they've been in the business while they went out on their own you know you gotta really understand those things because it's important to know because. You do wanna have somebody that you can cut ID caution people from loans that would make three or four years ago. That say hey Tom I can't find this document her hey. I have a question about how we dealt with this are remember us talking about this but I can't remember how we solve it. You know and says recently had a circumstance with the survey that the survey. You know a prior serve and a current survey don't match up. And you're trying to get the prior survey were in contact with the prior surveyor but that personnel no longer. In business. And out which cleans your only option is to get a new survey. Yes well and then you know do when he pointed out to you did if it's over certain age you may wanna consider doing it. We just had a property similar to the one who was not landlocked but it just. Is going to be a second home it was in the middle of nowhere. And the last survey that was done have been done in his own Congo's. And it was you know the points. The Mets imbalance for go to the big Iraq. Yeah eight from blah blah grind of the big rock when there anymore and and says you know at least a survey or treat yet for the ministry got blown out yeah burden that now yeah and so well. You know a survey here is gonna go out and drop he ends and of course it's all done electronically now for those pins in the ground so they're easy to find later. But you know we just recommend that you get a survey see notre buying. I would recommend and I think you guys are saying the same thing the two bowed owner's title just in case something kind counts. And then of course you know the other thing that we had on the agenda talk about day we get about five minutes left in the showed. Is there are certain and I know this can be hard for going to flee but there are certain situations and lending. Where you don't have to get an appraisal even purchase. Yeah I know that. And you know so. Basically Fannie Freddie. And the people that they controlled it the desktop underwriter. And along prostitutes prospector software they had a lot of data. On appraisals we had been required over the last couple years to run all that information through them every time we do want. Every town we change when we have to update it. It said they're very aware. Of what's going on and they would tell us things like the last time on this property. Was energy into the system and had a different mentoring camp. The last time it had a different square footage. You know say they won't give us that kind of feedback but one of the other things that he does. Is it gives them a lot of information to about values. And appraisals and so it is possible. Purchase transaction. That you could get a Fannie Mae or Freddie Mac approval. That gives you what's called a property inspection waiver. Which means the Steve Buyer. Our borrower could elect to not have. An appraisal done. For this transaction of course I think there's a tremendous amount of risk and that night I kennel like to know what you think about that going. Well that's great that's a loaded question so as positive as I am going to look at this I think if you are going in and able. A big loan where your loan to value ratio is very high and the percentage I think it's very wise for you to have an appraisal done. We you get down to where your putting down a larger. Some of money I think it's OK to have an appraisal done but I think in today's market if you are serious about finance property. You might wanna say that it's not contingent corner appraisal there again. So you still have an appraisal done yourself seeing whether or not. Your giddiness if you're in the ballpark toward the appraiser things. And I I you know what I'm almost dead cheer if you mark dead Dan if you were doing Nate 20%. Conventional one you put down 20% is a conventional loan. He were not making it contingent on the appraisal are almost bet you did the appraiser would come into debt appraisal. In probably jump up the value a little bit more than what he would do this contingent on appraisal. Sure I mean I think that's a valid point the other thing is you know you're agents have access to a lot of the same tools when it comes to trying to develop a value. Another not appraisers but you know they certainly have. Systems. That they have access to even if they're working with a high quality agent your mind and offer. A lot more than the properties were to begin will. As corrective if if you're working with the Berkshire Hathaway issue which understands agency and understands their fiduciary responsibility to represent their clients. They are not don't stick their clients in the something there's above market value. However they will advise them. Especially in today's market if you are serious about getting into that this is what you need to pay their expect to pay to begin into this market. You're not gonna go onto BMW lot in by the car for key enterprise Sheridan happened. Try to hide things that we see appraisals you know with you build you have. Challenges what you appraisals some guys especially in the market. The price point that you do and sometimes people world. And purchase upgrades that don't necessarily show up in the appraisal. Exactly and why somebody about 30000 dollar plus package instead of an 8000 dollar plant and it was. You know we try to do is just make sure you're informed make sure that you understand. You know much like everything else we've talked about the decision that you're making sure when I'm telling you not to make the decision we just want you to make an informed decision yeah I think guys. Perfect advice and I I couldn't agree more I say that all the time you know most customers a great example that is most customers would be. Better serve to take an hour because they're not going to be on the property longer than five or seven years. But most of the loans we make are for it now you can make that decision as long as as informed as long as I sat down and told you hey here's a here's baby. You know as long as you know do. And I think when it comes to the things we've talked about day's longest BP you understand what the risk and reward is from getting a survey. When the risk and reward them find title in terms owner's title insurance. What's the risk and reward is getting an appraisal or not getting an upper and you know as long as you understand where your act and what you're getting into a I think that is our job as professionals. Is to provide that guidance and advice I'm not gonna make the decision for you. I'm not gonna tell you what to do but I am gonna make a recommendation. Based on my experience. And then you can do it pitcher situation baskets in I don't wanna. I think do you says something this also cares and what Nicole said about getting upgrades it also doing additions and Nan owns and upgrades with resells and maybe we can talk about that the next segment. Absolutely will that make another great show well listen we appreciate you being with us and we'll see you next week thank you for listening to open house upstate. Remember when it's time to sell builder by your dream home we have the information unique brought to you by author wrote a number of homes Berkshire Hathaway home services Sedin joined her realtors and county bank mortgage be sure to check out open house upstate dot com. An email you questions to questions and open house upstate dot com county bank member FDIC equal housing lender in MLS number 46203. Days. When it is time to build your dream home either Rothenberg is the only name you need to know and in the house architectural and interior design to superior customers there is an exceptional craftsmanship visit any art agent upstate SC dot com into their shell home until it's a little run drive Piedmont South Carolina in the Acadia community. They've scared the remains to visit any hour each upstate SC dot com or call 5580066. Aren't there red bird home you've dreamed. We build. Are you in the market for a first home a step up and downsize or do you have questions about refinancing now's the time to call the homeowner experts and county bank mortgage will help you through the maze of options to find the best solution for you if you would like to discuss your situation with one of our experts give us a call. At 8664427553. County bank member FDIC. Equal housing lender in MLS number 4620. Eat me when you're ready to fire sell your home wouldn't you were work with the leader Berkshire Hathaway seated join a real yourself more houses than any other company in the upstate. Since 1964. Of our commitment to quality and integrity has set us apart and courtesy upstage trust what nine offices in nearly 300 real estate professionals. We'll help you sell your current home and find your dream. Check out our book of dreams magazines and he'd enjoy dot com search thousands of listeners trustee upstate leaders to make your real estate dreams come true. Berkshire Hathaway seed Angela you'll be.