Saints

February 9th, 2010

New Orleans Saints more of a litmus test than you may think

“It’s Just a Football Game, is it really going to change your life”, That’s what was being said to me as I kneeled on my hands and knees hoping that the football Gods would somehow speed up the fabric of time and end the Super Bowl with the Saints leading. It got me thinking this morning, would the New Super Bowl Champs change my life? Well maybe it would change my life in a 6 degrees of separation kind of way. Stick with me because this could get messy.

I am sure everyone noticed the roadside Saints merchandise tents popping up all over town. Well there is a reason that they are there, people are spending money. I myself spent $112.00 on new hats for the kids, a more feminine jersey for my wife, the NFC championship hat (the Super Bowl hat is notoriously ugly, and once again they didn’t disappoint) and some sort of car flag that lets everyone know I am a card carrying member of the “Who Dat Nation”, and please don’t steal my car. All this before the Saints even won “The Game”. Who knows what I will be purchasing now, Reggie Bush Bobble Head, Lock of Drew Brees’ hair in a super dome locket, Colts toilet Paper?

So if I’m typical of the middle class, mid thirties, balding, chubby (in a good kind of way) family man, and I’d like to think that I am, then we all went out spent some money on frivolous Black and Gold Stuff. Why is this out of the norm? Well for the last 8 months to a year I, like my chubby brethren have been hording our dimes and nickels like the Monopoly Banker holds on to blue 50’s. I’m talking meatloaf instead of New York Strip, hitting the 89 button instead of 93 button at Shell, the whole nine yards. Heck I re-gifted kids Christmas presents. Not that I made any less money, but I watch Television and by the looks of things I thought by now we would be half-way to Mad Max Beyond Thunder Dome type living (if you haven’t seen it, you should). Now before you do something crazy like eating your one year emergency food supply, I am no expert on world economy. But it felt good, putting the brand new Saints cap on my son’s head, and I went one step further this week and booked a weekend to take my wife to a Mardi Gras Ball. The Saints Winning the Super Bowl, makes us feel good. Maybe good enough and for long enough, that some people who have been too petrified to buy a house, actually pull the trigger and purchase that house that they are qualified to buy. Even if it was previously owned by Tina Turner’s hair dresser (Ubiquitous Mad Max reference).

I don’t really care what tax credits, or incentives the federal government gives. If purchasing a home doesn’t FEEL right, people aren’t going to do it. And lets be honest things haven’t FELT right for a while around Southern Louisiana. Maybe all that talk about Normalcy that politicians and pundits were talking about isn’t what we needed at all. Maybe what we all needed is a good ‘ol shot of feel good Saints the whole time. I can give no guarantees that the real estate business will go into hyper drive, or even that in 6 months we all won’t be eating dog food out of unmarked cans, driving cars with chicken wire across the windshield, and running from Mohawk clad renegades (really go rent the movie). But driving around town today, no one was complaining about the New HUD-1, or the Chaotic nature of the new Good Faith Estimate, everyone was just happy to be living in area blessed to be part of the “Who Dat Nation”.

Oh and getting back to the original question, how will this all change my life…well I DO work on commission. “BLESS YOU BOYS”

Posted in Gareth | No Comments »

Welcome to the Choice Title Blog

January 19th, 2010

Welcome to the new Choice Title website. We created this website based on what our clients wanted and ideas given to us from sites outside the industry. Our aim is to have this Blog not only give you a place to learn what is going on in the world of real estate but also an insight into Choice Title. With new HUD-1 changes going into effect this month, we wanted to ease the turmoil and concerns of clients. With the use of our GFE calculator, lenders can develop our fees for their Good Faith Estimate without having to pick up a phone, or even a calculator. Realtors can contact our processors through live chat without having to navigate phone systems, or download potential harmful software. Consumers can ask for help or information packages 24/7.

Our new software is in place, we have taken all the classes (and even given some) and we are ready to help you get through the process of a home transaction, no matter if you are the consumer, the realtor, or the lender, our goal is to help you through the new process.

So browse the website, follow us on twitter and add this blog to you RSS feeds. Check back often, because this is just the beginning for www.CHOICETITLE.com.

Posted in Consumers, For Lenders, For Realtors, Gareth | No Comments »

I Love Email

December 4th, 2009
I Love email and can’t Imagine working without it. I am always conscience about what I am writing, double checking my punctuation, and making sure that I am using proper grammar. I always remind myself that what I am writing is a reflection of my professionalism and my personality. I care a lot about how I come across to the people I am sending email to, no matter who the audience is!
I wanted to share this information I found on the web site www.emailreplies.com.
Why do you need email etiquette?
A company needs to implement etiquette rules for the following three reasons:
Professionalism: by using proper email language your company will convey a professional image.
Efficiency: emails that get to the point are much more effective than poorly worded emails.
Protection from liability: employee awareness of email risks will protect your company from costly law suits.
Be concise and to the point.
Do not make an e-mail longer than it needs to be. Remember that reading an e-mail is harder than reading printed communications and a long e-mail can be very discouraging to read.
Use proper spelling, grammar & punctuation.
This is not only important because improper spelling, grammar and punctuation give a bad impression of your company, it is also important for conveying the message properly. E-mails with no full stops or commas are difficult to read and can sometimes even change the meaning of the text. And, if your program has a spell checking option, why not use it?
Answer swiftly.
Customers send an e-mail because they wish to receive a quick response. If they did not want a quick response they would send a letter or a fax. Therefore, each e-mail should be replied to within at least 24 hours, and preferably within the same working day. If the email is complicated, just send an email back saying that you have received it and that you will get back to them. This will put the customer’s mind at rest and usually customers will then be very patient!
Do not overuse the high priority option.
We all know the story of the boy who cried wolf. If you overuse the high priority option, it will lose its function when you really need it. Moreover, even if a mail has high priority, your message will come across as slightly aggressive if you flag it as ‘high priority’.
Do not write in CAPITALS.
IF YOU WRITE IN CAPITALS IT SEEMS AS IF YOU ARE SHOUTING. This can be highly annoying and might trigger an unwanted response in the form of a flame mail. Therefore, try not to send any email text in capitals.

I love email and can’t imagine working without it. I am always conscience about what I am writing, double checking my punctuation, and making sure that I am using proper grammar. I always remind myself that what I am writing is a reflection of my professionalism and my personality. I care a lot about how I come across to the people I am sending email to, no matter who the audience is!

I wanted to share this information I found on the web site www.emailreplies.com.

Why do you need email etiquette?

A company needs to implement etiquette rules for the following three reasons:

  1. Professionalism: by using proper email language your company will convey a professional image.

  2. Efficiency: emails that get to the point are much more effective than poorly worded emails.

  3. Protection from liability: employee awareness of email risks will protect your company from costly law suits.

Be concise and to the point.

Do not make an e-mail longer than it needs to be. Remember that reading an e-mail is harder than reading printed communications and a long e-mail can be very discouraging to read.

Use proper spelling, grammar & punctuation.

This is not only important because improper spelling, grammar and punctuation give a bad impression of your company, it is also important for conveying the message properly. E-mails with no full stops or commas are difficult to read and can sometimes even change the meaning of the text. And, if your program has a spell checking option, why not use it?

Answer swiftly.

Customers send an e-mail because they wish to receive a quick response. If they did not want a quick response they would send a letter or a fax. Therefore, each e-mail should be replied to within at least 24 hours, and preferably within the same working day. If the email is complicated, just send an email back saying that you have received it and that you will get back to them. This will put the customer’s mind at rest and usually customers will then be very patient!

Do not overuse the high priority option.

We all know the story of the boy who cried wolf. If you overuse the high priority option, it will lose its function when you really need it. Moreover, even if a mail has high priority, your message will come across as slightly aggressive if you flag it as ‘high priority’.

Do not write in CAPITALS.

IF YOU WRITE IN CAPITALS IT SEEMS AS IF YOU ARE SHOUTING. This can be highly annoying and might trigger an unwanted response in the form of a flame mail. Therefore, try not to send any email text in capitals.

Posted in Alanea, Consumers, For Lenders, For Realtors | 2 Comments »

What is a Bond for a Deed?

December 4th, 2009

What is a Bond For Deed? (part 1)

A Bond for Deed is a Louisiana Contract to sell property in installment payments, transferring title after the price is paid in full. Payments must be made through an “escrow” agency, who makes monthly payments to the creditor, and issues IRS 1098 interest reports. The escrow agency is responsible for sending all required notices to buyer and seller.

What the seller needs to know:

  • Seller can earn interest on payments made by the Buyer. The sales price is not dependent on the mortgage balance owned to his lender.
  • Permission of Seller’s mortgage company is not required unless the mortgage specifically prohibits a Bond for Deed transaction.
  • Cancellation of the Contract for non-payment is cheaper and faster than foreclosure.
  • If Buyer defaults, all payments made to seller are forfeited, including any down payments made by Buyer.
  • Seller is responsible for all payments to Mortgagee, even if Buyer has not timely made the payments.
  • Seller must notify Escrow Agent if payments to Mortgagee change due to escrow shortages.

What the Buyer needs to know:

  • Buyer can claim homestead exemption while making payments, even though he does not own title, if he lives on the property as his primary residence.
  • Buyer can claim IRS interest deductions on tax return.
  • Buyer is responsible for repairs, maintenance, termite inspection, insurance etc.
  • Insurance coverage must list owner as primary insured and purchaser as “additional insured”.
  • Title insurance is available.
  • Bond for Deed is a mechanism used temporarily to bridge gaps while waiting for favorable market values and interest rates.
  • In the event Seller files bankruptcy, the Buyer is protected by the Bankruptcy code.
  • Death of the Seller does not affect the validity of the Contract, as the heirs of seller inherit the benefits of the Contract terms.
  • Mortgages to Buyers qualify as refinances, rather than new purchase loans. Payments made under existing Contracts are treated as mortgage payments

Information prepared by Sheila Bonnette, Choice Title Inc.

Posted in Consumers, For Realtors, Mitzi, News | No Comments »

Creative Financing

December 4th, 2009

In this day and financial times we all need options, choices, and new avenues to get where we need to go.

One of those in the realm of real estate is what is known in Louisiana as Bond for Deed. This is a contract to sell property in installment payments, transferring title after the price has been paid in full. All payments are made through an “escrow” company, who in turn makes the monthly payments to the creditor and issues IRS 1098 interest reports to the purchaser. They are also responsible for sending all required notices to the buyer and seller.

For a buyer with cash, but who may have some obstacle to purchasing conventionally, this is a viable, temporary means of getting the home of their dreams. Most contracts run 2-5 years until those obstacles are overcome and conditions have improved. They can also take the Homestead Exemption (as long as it is their primary residence), deduct the mortgage interest on their taxes (please check with your tax preparer for your particular circumstances) and may qualify for the Home Buyer Tax Credit currently available. As the buyer you are responsible for maintaining insurance, repairs, termite contracts and your monthly payments include principal, interest and a small fee to the escrow company.

And you are protected should the seller enter Bankruptcy or become deceased.

For the seller there are protections as well. The price is determined by negotiation (not just what the balance may be, if any), may earn interest on the payments (difference between what is sent to lender and the remainder to seller). Permission from lender is not required unless specified in mortgage language that Bond for Deed is prohibited. If buyer defaults, the cancellation process is simpler; often a “mutual cancellation” is signed and held by the Escrow company to use in lieu of a formal cancellation process. However, all payments made to the seller are forfeited, including the down payment). The seller is still responsible for all mortgage payments (usually one extra “cushion” payment is held by escrow company) and must notify the escrow company of any changes in payments due to changes in impounds account.

For the realtor, you may use of Standard Agreement to Purchase with an Addendum to modify for Bond for Deed (contact Choice Title for these forms) and the commissions are paid at the time of closing. Waiver of Redhibition is allowed and assignment of contracts is allowed.

There are extra costs involved and extra forms to be signed at closing for this type of transaction, but the benefits are extra to both buyer and seller. Contact Choice Title, Inc. at 225-744-4241 or 985-651-5241 for details and quotes.

Posted in Consumers, Mitzi, News | 1 Comment »