Stacy Jones

I am hoping to get the same feed-back from Realtors and Lenders, but obviously someone turned "on" the light switch of closings, which had been turned "off" for a while. We are thankful for the business, --now it's time to remember how to do 30 things at once again, no more lunches (not that I ever took one to start with), but it's back to eating quickly out of a paper-bag again and working late every night.

This is not a complaint, it is the beginning of a rainbow I hope! I'm curious to hear if your market is also improving!

Also, I have had several people ask me what is needed to qualify for the $8,000 first time home-buyer credit that is currently being given on qualified tax returns; other than a signed HUD 1, is there something else that needs to be provided? Please specify..

For those that know the process, your feed-back is appreciated, as I will pass the information along...

I think we're all working a lot harder for our money than we used to. Where are the "normal" closings? What happened to them? Seems like what we have now are a lot of REO (Foreclosure) closings, RELO (Relocation) closings, Short Sales (does anyone ever call you back)?? The short sales are a whole other blog, but don't forget about these fly by night title companies doing their closings, then going out of business a few years later. Or even very reputable companies, going out of business a few years later for various economic reasons.

Now a simple Refinance may show numerous mortgages still of record, that were probably paid off years ago, but never released of record.

So, what to do? ok, we'll go back to the former title company to try to get a copy of the title insurance policy they issued, a signed HUD, a pay-off letter, a copy of pay-off check, etc. Oh, but wait -- that company is no longer around. OK, well, I'll try to contact the former bank to try to get confirmation that they were paid off, and my goal is to ultimately get them to issue a Release Deed.

But -- guess what, they're no longer around, they sold the "paper" (loan docs) to another bank.

Ok, I'll contact them, But -- guess what, they're no longer around, they sold the "paper" to another bank.

This goes on all the time. If insuring the title, you have to do all of this to insure the closing/property sale, so what may appear simple (like a Refinance), may be very complicated. Make sure your customers keep good records when paying off their loans. Make sure they follow up with the company they paid off to get that ever needed "Release Deed."

It may literally save their life one day!!

REAL ESTATE TRANSFER TAXES ON WARRANTY DEED

In the state of Arkansas, the "revenue tax" that you see on Warranty Deeds is based on a total of 3.3% of the sales price; so on a $100,000 transaction, the buyer and seller would each pay a combined amount of $330.00 at closing for this tax. This amount is customarily split between the buyer and the seller unless the contract stipulates that it be handled differently.

There are a number of instances when this "tax" can be exempt. For example, if you have a sales price that is $60,000 or less and the buyer is getting a FHA or VA loan, then they can be "revenue exempt", which means that the entire transaction will be exempt, helping eliminate this cost to buyer and seller, --provided the buyer nor the spouse of the buyer has not owned a home within three years of the closing date. The buyer is required to sign a form at closing stipulating these facts (to be recorded with the Warranty Deed) and the reason for the exemption.

You can check with the Revenue Office for a complete list of exemptions, but a few others are:

**No tax would be due on certain family transactions or gift transactions where the consideration was less than $100.00;

**Transfers to or from the United States, the state of Arkansas, or certain agencies or political subdivisions;

**A re-recorded instrument;

The revenue tax charges have fluctuated throughout the years, but 3.3 per thousand based on the sales price is what is currently being charged in the state of Arkansas.

LOOK AT THE NEW BABY GIRL -- CREAM PUFF SAYS HELLO!!

Here's Cream Puff, and what a sweet kitty!! We were lucky enough to save her and brought her into our home this week. I think she's around 6 weeks old. We're not sure what kind of kitty she is, as she looks like a long haired Siamese, but has round features, so I'm not sure if she may be a Rag Doll or something else. We will give her a soft spot to land and be introducing her to our other kitties soon!

Hard to believe that I cracked 10,000 points today!! It was just a couple of months ago that I joined the rain and enjoy it more as time goes by. I finally loaded my first photo today. That's a joke to many, but better late than never. A special thanks to those that have helped me get to this point. This is a great place to meet new people. New groups are popping up daily. Being 2nd in the Little Rock and Pulaski County, Arkansas is nice. I'll enjoy that while it lasts!!