Timothy Franklin

Hello Everyone, I have not Blogged for a few days, and just wanted to say that I am still here to answer any questions that you might have regarding Escrows. I am here to make your escrows run smoothly. Please feel free to contact me anytime via the e-mail or you can call my cell phone with any questions; or if you need to open an escrow I can do that for you too. Hope everyone has had a blessed week. I look forward to hearing from you. Tim Montebello Escrow Inc 951-570-6045 Mobile

How to Choose a REALTOR® Not all agents or brokers are REALTORS® -- there is a difference. As a prerequisite to selling real estate, a person must be licensed by the state in which they work, either as an agent/salesperson or as a broker. Before a license is issued, minimum standards for education, examinations and experience, which are determined on a state by state basis, must be met. After receiving a real estate license, most agents go on to join their local board or association of REALTORS® and the NATIONAL ASSOCIATION OF REALTORS®, the world's largest professional trade association. They can then call themselves REALTORS®. Moving? Minimize your relocation stress. Our moving section offers checklists, free services, tips and more. The term "REALTOR®" is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics (which in many cases goes beyond state law). In most areas, it is the REALTOR® who shares information on the homes they are marketing, through a Multiple Listing Service (MLS). Working with a REALTOR® who belongs to an MLS will give you access to the greatest number of homes. Using an agent and the obligations that are owed to you An agent is bound by certain legal obligations. Traditionally, these common-law obligations are to: Put the client's interests above anyone else's; Keep the client's information confidential; Obey the client's lawful instructions; Report to the client anything that would be useful; and Account to the client for any money involved. NOTE: A REALTOR® is held to an even higher standard of conduct under the NAR’s Code of Ethics. In recent years, state laws have been passed setting up various duties for different types of agents. As you start working with a REALTOR®, ask for a clear explanation of your state's current regulations, so that you will know where you stand on these important matters. The difference between a buyer's and a seller's broker Suppose you sign an offer to buy a home for $150,000. You really want the property and there's a chance other offers are coming in, so you tell the broker that "We'll go up to $160,000 if we have to. But of course don't tell that to the seller." If you're dealing with a seller's agent, he or she may be duty-bound to tell the seller that important fact. In most states, the seller's agent doesn't have any duty of confidentiality toward you. Honest treatment might require that the agent warn you that "I must convey to the seller anything that would be useful so don't tell me anything you wouldn't tell the seller." Your Money Make the most of your money. Our finance section features information about banking, loans, insurance, taxes, investing and more. TIP: If you're dealing with seller's agents, it’s a good idea to keep confidential information to yourself. These days many home buyers prefer instead to hire a buyer's broker, one who owes the full range of duties, including confidentiality and obedience, to the buyer. A buyer's broker is often paid by the seller, regardless of the agency relationship. How to evaluate an agent In making your decision to work with an agent, there are certain questions you should ask when evaluating a potential agent. The first question you should ask is whether the agent is a REALTOR® . You should then ask: * Does the agent have an active real estate license in good standing? To find this information, you can check with your state’s governing agency. * Does the agent belong to the Multiple Listing Service (MLS) and/or a reliable online home buyer’s search service? Multiple Listing Services are cooperative information networks of REALTORS® that provide descriptions of most of the houses for sale in a particular region. * Is real estate their full-time career? * What real estate designations does the agent hold? * Which party is he or she representing--you or the seller? This discussion is supposed to occur early on, at "first serious contact" with you. The agent should discuss your state's particular definitions of agency, so you'll know where you stand. * In exchange for your commitment, how will the agent help you accomplish your goals? Show you homes that meet your requirements and provide you with a list of the properties he or she is showing you?

Tip's on Buying a home Let's say one morning you wake up and realize that, yes, you should buy a home. You're tired of throwing away money on rent and figure that it's time to get into a home of your own. But you have reservations. After all, if it's your first time, you've got questions. You might be a little nervous that you'll mess up, and it's normal to feel that way. You are probably spending hundreds of thousands of dollars and making the most important financial purchase of your life. You will find that being an informed individual about the home buying process is empowering for you. Lucky for you that you came to the right place. So let's get started buying your first home! Consider if Home Buying is For You Many people harbor secrets fears about buying a home, and some of those fears are justified. Not everybody is cut out to own a home, and if you're one of those people, it's better to find this out now than when you're under contract. * Renting vs. Buying. You might decide that renting is better for you than buying, because buying a home has its drawbacks. * Reasons to Buy. On the other side of the coin, there are many more benefits to buying. Keep these reasons in mind if you start to get cold feet. * Should You Buy a Home Before Getting Married? Tips for home buying with a partner or significant other before tying the knot, plus how to handle the financial details of homeownership without plans to ever marry. Get Your Finances In Order Line up your financing, set aside a down payment and study the loan programs available. By doing your homework, you will know exactly how much you can pay and what it will cost you. * Order a Free Credit Report. Give yourself time to clean up a credit report that contains mistakes. Dispute errors. Try to reduce your monthly debt obligations now by paying down those loan balances. * Find a Lender. Check out places to get a mortgage and compare rates and fees. Start with your own financial institution, then interview a few mortgage brokers and choose a loan product you completely understand. * Determine a Down Payment. The more you put down, the lower your monthly mortgage payment. Here are 12 places to find a down payment. * Consider FHA Loans. FHA loans carry competitive interest rates, come with minimum down payment requirements and allow sellers to pay some or all of your closing costs. * Get a Preapproval Letter. Showing the seller you are already preapproved for a loan gives you an edge during offer negotiation. Pick a Real Estate Agent With so much information available online, you might wonder why you need an agent at all. But all local markets vary from one another, and a good agent can guide you by giving you information based on experience and market knowledge. * Why Hire an Agent?. An agent with experience can help you to avoid making mistakes such as choosing the wrong home or offering too much. * Find a Real Estate Agent. Start by asking your friends and family member for referrals. Make sure you are comfortable with your agent before committing to work with that person. * Follow Protocol for Working with Agents. Here are 10 tips to prevent you from messing up or saying the wrong thing to an agent. Learn How to Avoid Home Buying Mistakes The best way to avoid making a mistake it to learn from the mistakes others have made. Buying a home in a desirable location is your best defense. Remember: location, location, location. * First-Time Home Buyer Tips. Start your search online, and don't rely on print because most homes are not advertised in the newspaper. * Preview Homes for Sale. Ask your agent to look at homes before showing them to you, and tour only those that fit your parameters. * Avoid the Top 3 Home Buying Blunders. Protect your earnest money deposit by writing contingencies into your contract. Here's how to make sure you buy the right home. Make an Offer and Negotiate Like a Pro Although buying a home is not like buying a car, for example, you can still negotiate to get a good price. * Top Three Top Negotiation Tips. Price isn't the only consideration. Sellers often accept lower-priced offers for other considerations. * Facing Multiple Offers. If you really love the home, chances are another buyer will want it as well. Here's how to win your offer. * Dealing with Counter Offers. It's common for sellers and buyers to negotiate back and forth through counter offers. Get a Home Inspection and Read Disclosures Never buy a home without getting a home inspection. Most states have laws about the types of disclosures you are entitled to receive. * What a Home Inspection Covers. Go through this list and make sure your home inspector doesn't miss anything crucial. * Material Facts. Besides disclosing lead-based paint, which any home built before 1978 can contain, sellers should notify you of major defects. * Do a Final Walk-Through. Always do a final inspection a few days before closing to make sure the property is in the same condition as when you agreed to buy it. Closing on Your Home Transactions generally close within 30 to 60 days after your offer has been accepted. Remember to reserve movers or a moving truck early because many people move at the end of the month.

Basics The escrow company usually serves as a neutral intermediary between all the parties involved in a real estate or mortgage transaction. These parties can include: * lenders * brokers * insurance agents * appraisers * notaries A mortgage loan usually involves a very large amount of paperwork. This is necessary to protect all the parties involved, including buyers, sellers, lenders, and others. The escrow agent also handles the transfer of money between the parties. A lender will wire money into an escrow account. If it is a refinance to cash equity out the escrow agent will deduct the relevant fees owed to other parties and pay the remainder out to the borrower. If the transaction is a real estate purchase the escrow agent will receive money from the lender, pay off any existing mortgages and closing costs, collect any buyer depsosit, and give the rest as sales proceeds to the lender. After any transaction the relevant public records are updated to reflect the ownership of a property and the liens on it. It is a crtitical job that requires meticulous record keeping. How The Escrow Affects You Escrow fees are usually around $500 - $1500 depending on the loan size. The size of the escrow fee may change depending on the amount of the loan or transaction. Shopping Around For Escrow Services The escrow service is usually chosen by the realtors in the event of a real estate purchase and the lender or mortgage broker in the event of a refinance. Professionals who have done lots of deals usually get a better per deal price from an escrow company which may in turn pass on the savings to you. You can ask how the escrow agent is selected, and find out how their rates compare.

The escrow officer position is unique to California. Most other states use lawyers to do what escrow officers do. Most Escrow officers enter the field by first working as an Escrow Assistant. Escrow Assistants ensure all details related to sales transactions are accurate. They assist with the processing of all paperwork associated with escrow closings, real estate contracts, deeds, titles, and closing statements. Plus, they usually help audit closed files. Escrow officers facilitate the sale of property by receiving, holding, and transferring funds, deeds, and other legal papers in accordance with agreements made between buyers and sellers. As neutral third parties in property sales, escrow officers help safeguard the interests of both seller and buyer. They review title search and pest inspection reports, insurance policies and loan applications, and check for liens, unpaid taxes, and other encumbrances. Escrow officers record all such expenses and credits for buyers and sellers and calculate the amount owed to each. They pay off debts as required and send closing statements to sellers and buyers.