Talon Northwest Neighborhoods

Rene' Fabre: 100% social media satisfaction...100% compliant!

In the entire Puget Sound area, there are very few individuals in title insurance that "get" the nuances and value of social media for real estate professionals. Rene' Fabre has been compliantly helping real estate brokers and lenders truly understand social media's benefit since 2003.

You'll discover Rene's passion for social media throughout dozens of on-line conversations or by attending local events that focus on this media. Yet, it's not as easy as you might think for Rene' to share his deep knowledge on this subject with our fellow real estate pros. There are clear cut rules we must strictly abide by when it comes to providing items of value to potential originators (our clients) of title & escrow biz.

The competitive nature of the title insurance industry mixed with our state's strict enforcement of insurance regulations can bring out the "tattle-tale" in many of our competitors. 

Rene' follows all the state regs to a "T" as shown with a letter from our state's Insurance Commissioner absolving our company from yet another competitor's allegations. I guess we'll just continue to be flattered that we're being noticed by our peers!

 

Advantages of Listing Web-Sites for Home Sellers

With all the blinking real estate ads, IDX's, and annoying pop-ups polluting the on-line experience, it's tougher than ever for home buyers to concentrate on any one home. Savvy home sellers are now seeing the value in having a single website created for marketing the features of their home...and only their home.

Working with as many real estate professionals as we do, we often hear it requires a team effort of both the seller and listing broker to gain maximum exposure in today's challenging market. Single listing websites afford sellers and brokers an opportunity to share a link to the property (without a barrage of competing listings & search tools) with all friends and followers through social media and email.

The Talon Group has a vested interest in helping our clients gain an upper hand in marketing their homes. Therefore, we developed a single listing website solution that incorporates superior features for presenting and sharing a seller's home on-line.

• One year registration of URL customized to fit the home's specific marketing scheme.
• Video slide shows using both YouTube and Viddler for maximum web search presence.
• Optimized for sharing on Facebook and creating a Fan Page. 
• "Share buttons" for Google+ and twitter also integrated on listing site.
• Walk Around Jack - popular feature of Google's street view for blog posts.
• Walk Score plugin - another great feature for presenting the neighborhood to perspective buyers.
• Mortgage calculator and interest rate tables that highlight today's high affordability.
• Ability to advertise Open House dates.
• Lead generating "calls to action" placed on site to engage with potential buyers.
• Syndication of custom website listing to major real estate sites.
• Custom sign-rider displaying the URL and QR code for traffic walking by your home.
• Correct use of "key words" or metatags to drive the home's site up in the search engines.

If it's not enough these days to simply display your home in the market at "eye level" hoping that a potential buyer notices, try walking your home around the virtual market place by sharing your home's custom website! Click here to view an example of Talon's new listing website

 

Tideland definitions for Seattle area waterfront properties

You may have heard of several different terms describing Puget Sound tidelands in the Seattle area. This video from Talon's own Chief Title Officer, Tim Daniels, is dedicated to defining how these periodically submerged lands are labeled on a deed's legal description. We'll also touch on the different ways high and low tides are measured when determining boundary lines.

Gotta love the Talon eagle flying by in the background!

 

Washington State's "Foreclosure Fairness Act" Q&A

Washington State's "Foreclosure Fairness Act" becomes effective July 22nd, 2011. This recent legislation creates a foreclosure mediation program available for all current and future WA State homeowner's in risk of losing their homes.

As with most legislation, you need a translation of the legalese to gain a clear understanding for what it all means.

There are a few pamplets hitting the web from the state's Department of Financial Institutions as well as this well written Q&A from a reputable law firm to put it in plain english for the rest of us!

Sherrie Reed joins Talon as Seattle's newest title insurance Account Manager

The Talon Group is excited to introduce our newest asset to Seattle area real estate professionals! Sherrie Reed will be joining our Seattle sales team on Monday, May 16th.

Many real estate veterans will remember Sherrie from when she supervised Property Information departments in King and Snohomish counties from 1991-2002. Since then, Sherrie dramatically increased her expertice in our industry. Before moving back to Seattle, she performed the duties as President of a family owned title agency providing services across seven southern states! 

Sherrie pactices what she preaches when it comes to the value of education and networking. She is certified to teach several Washington State clock hour approved courses including 1031 Exchange, Title Insurance, Escrow Processes, and Sales & Marketing. Business To Business networking is another avenue that Sherrie believes is essential to building strong ties in a competitve market such as Seattle.

We're confident Sherrie Reed's qualifications will prompt you to raise the bar for what to expect from a title & escrow representitive.

  

 

ALTA Homeowner's Policy of Title - Deductibles and limits on liability may apply

There is virtually no question amongst real estate professionals that the ALTA "Homeowner's" Policy provides superior coverage as compared to the current standard owner's policy. Now that it's listed as the default policy on our local MLS purchase and sale agreements, it's important to understand a few of the limitations built into it's coverage.

Here's a list of some great coverages the Homeowner's Policy offers along with the limitations placed on liability:

An insured homeowner is forced to remedy or remove any part of their fixed structures (not including fences or boundary walls) because any part of it was constructed without a proper building permit.

• Coverage: liability is limited to a maximum dollar amount of $25,000 
• Deductible: either 1% of the policy amount* or $5000, whichever is less.

Insured is unable to obtain a building permit; is required to correct/remove a violation; or someone else refuses to perform a contract to purchase/lease/make a mortgage because of an existing violation of a subdivision law or regulation affecting the land.

• Coverage: liability is limited to a maximum dollar amount of $10,000
• Deductible: either 1% of the policy amount* or $2,500, whichever is less.

The insured homeowner is forced to remove or remedy their existing structure or any part of due to violation of an existing zoning law or zoning regulation.

• Coverage: liability is limited to a maximum dollar amount of $25,000
• Deductible: either 1% of the policy amount* or $5,000, whichever is less.

An insured homeowner is forced to remove their existing boundary walls or fences because they encroach onto the neighbor's land. 

• Coverage: liability is limited to a maximum dollar amount of $5,000
• Deductible: either 1% of the policy amount* or $2,500, whichever is less.

 

The Talon Group's goal is to educate our Puget Sound area consumers and help de-mystify the lesser known facts of title insurance. It should also be mentioned that there are many more great coverage features contained in the Homeowner's Policy that are not limited by caps or deductibles.   

* The policy amount is the dollar figure shown on Schedule A of the actual Homeowner's Policy issued after  closing for the particular property being insured. A 10% increase to the policy amount is calculated each year for the fist five years of ownership (up to 150% of the policy amount shown in Schedule A).   Photo by tandemracer

 

 

How to file a claim against a title insurance policy

As with most types of insurance claims, the time it takes to settle a title issue largely depends on the time it takes to gather all the relevant information that a Claims Officer needs to determine if coverage exists and then to calculate the appropriate settlement amount.

If you feel that you have a claim against your title policy, time is of the essence! We recommend that you promptly contact the issuing company to discuss the issues AND create a written statement with the following information:

• To the best of your ability, describe in detail all matters involved with the potential claim including names, dates, and a description of the covered risk (i.e. boundary dispute, mechanics lien, permit issue, etc.) A title professional from the original issuing company may be able to help you with the wording here.

• Include location information such as legal descriptions of the properties involved and if appropriate, the approximate description of any areas affected i.e. north 10 feet property line.

• List any monetary loss which you have expended or expect to expend as a result of the potential claim. If you're considering to hire an attorney on your own, keep in mind that the title underwriter reserves the right to choose any attorney they see fit for defending a legal action on your behalf. This is the case whether or not the title company even agrees their is a legitimate claim against the policy!

• Simply providing the policy number can also help in expediting the process.

The extent of coverage ultimately depends on the type of owner's coverage issued. If you are having trouble locating your copy of the Owner's Policy of Title Insurance, you can easily request a copy by contacting the title company that issued the preliminary commitment at the time of your original purchase. Can't remember who your title company was? Your real estate broker, lender or escrow company can also help you in locating this information.

The Talon Group's very own Dr. of Title, Tim Daniels, prescribes the virtues of claim prevention....

Real Estate's un-sung Hero: The Escrow Assistant

When buyers and sellers throw themselves into a real estate transaction, they're typically left with memories of dealing with the "main characters" when it's all said and done. The real estate broker(s) and loan officer naturally share top billing followed by the escrow closer or the notary that helps guide the customers through their final documents.

Behind the scenes, the Escrow Assistant plays a huge role in completing a successful real estate transaction. Here's just a sample of what an escrow assistant accomplishes at Talon:

Clear Title - Review title commitment and work with the owners of the property to identify any liens, judgements of record or any other obstacles that would prevent clear title being transferred to the buyer prior to closing. 

Order Payoffs - In the assistants pursuit of making their closer "look good", they request payoff information for all mortgages, lien-able utilities, Home Owner Association fees, judgements or liens, and any other payoff or lien release needed.

Work with lenders - Provide lender any preliminary information such as Closing Protection Letters, fee sheets, wiring instructions, or any other info lenders need for their process.

Schedule appointments - Set a convenient time and location for both buyer and seller to sign their final documents. In the case where a buyer is securing funds from a lender, the escrow assistant will coordinate the signings in conjunction with the arrival of loan docs.  

Communicate, Communicate, Communicate - Update and correspond with all parties the status of the file during the entire escrow process. 

Stunt double for Escrow Officer - Many (if not all) of Talon's escrow assistants possess the knowledge and experience to actually close various types of escrow transactions. With their desire of being in the action, you shouldn't be surprised seeing one of our talon-ted assistants sitting across from you at the signing table! 

Escrow Assistants may be buried down in the "credits" but the show just can't go on without their tireless efforts. We asked a number of our escrow closers what they thought were the most valued traits of an escrow assistant. Here's what they came up with...

Gwen in Bellevue "Patience, flexibility, and being organized."

Shandon in Puyallup "Attention to detail and knowing the value of a sense of urgency on all files!!!"

Michelle in Seattle "A good escrow assistant is like an air-traffic controller...they guide the transaction through "traffic" and "rough conditions" to a successful closing while never letting the stress show."

...about the escrow assistants they have the pleasure to work with:

Stacy in our University Place branch "My assistant and I are so in tune that she (Melissa) has the ability to complete my sentences"

Sandy with Talon's International Team "Even when Bowic is overloaded...He still finds time to go the extra mile."

Renee in Bellevue "Assistant? What assistant? She's (Sara) our boss giving us all the work!

Michael in Seattle "Simone has grace under pressure and the ability to smile while juggling what seems like a million tasks."

Dave in Lynnwood says "If the closers were Astronauts then the conversation from space would go something like this:

Closer: "Houston we have a problem"

Escrow Assistant: "I (Kimberly) have already fixed that...sit down and enjoy the view!"

Photo courtesy of ewen and donabel

 

Washington State passes Foreclosure Fairness Act

HB 1362, also known as the Foreclosure Fairness Act,  was recently passed that aims to protect and assist homeowners going through the foreclosure process.   

According to HB 1362, section 1a, "The rate of home foreclosures continues to rise to unprecedented levels, both for prime and subprime loans, and a new wave of foreclosures has occurred due to rising unemployment, job loss, and higher adjustable loan payments".

What this bill specifically intends to do is encourage the skills of a professional housing counselor early in the process, create a framework of communication that can avoid foreclosure when possible, and to provide a framework for mediation when appropriate.

Click here to read the entire bill

First read there are a lot of advantages for a homeowner.  The foreclosure process is a tough one on anyone, and although the ability to meet with a housing counselor is not a new one, mediation with a third party professional has been sorely needed in our area.

On the other hand, this Act is among a long list of recent legislation that banks have to bare the cost of compliance and government enforcement. It also has the potential of extending the foreclosure process by weeks therefore delaying the eventual sale of the property.

Lets hope that this bill does what it was intended to do, have both the banks and homeowners act in good faith in order to stem the foreclosure tide.

 

Results of our local Puget Sound 2011 real estate market survey

Towards the end of 2010, several of us at the Talon Group decided to survey over 100 local real estate professionals in King, Pierce, and Snohomish County.  We asked specific questions regarding the real estate market, the recession, and their thoughts on 2011 and beyond.  The thoughts and opinions varied a bit when we looked at various local Puget Sound areas, but there were some common themes throughout.

• A majority of those surveyed believe we are at the bottom of the recession.  However, the group was divided on whether or not real estate prices had bottomed out.  The consensus is that it will be 2 years before the market reflects significant improvement.
• Most feel that potential sellers are in a holding pattern waiting for prices to recover.
• A bulk of our sample also predicts that the average homeowner will move every 6-10 years, up from what was on average 3-5 years.
• Half of the group felt that Baby Boomers were the target market for future business, while the other half were focusing on first time homebuyers.
• No one had a success story to tell regarding a loan modification for home retention.

When asked to break down their market area in percentages of who is buying and selling in 2011, here is what we found on average:

 

 

 

We'd love to hear your feedback on our results, and a big thank you to everyone who took the time to participate and share their knowledge and expertise!