Posts Tagged ‘Mortgage Industry’

Tools for Networking by Inwest Title a Utah Title Company

Friday, June 28th, 2013

In the world of business we always hear words like Marketing, Networking, sphere of influence. These words sometimes trigger a plethora of thoughts. How do I obtain a “sphere of influence”? What tools do I need to “network” What does “marketing” mean?  No doubt, many of us feel overwhelmed in a world of social media and we may say to ourselves….I’ll put it out on facebook…I’ll tweet about it or I will join LinkedIn.

These are all great tools for getting the word out there however, there are also other places to Network, market and build a sphere of influence. When I first started in the world of marketing I knew a few people in the so called business, but not enough. I knew I had to get out there and meet people get to know them. learn who they knew and build my own sphere of influence. How you may ask? I got involved with great organizations within my business such as WCR. Through these contacts I met more great people who helped me gain knowledge and relationships. I learned about home tours and UCAR and found that there were so many people I didn’t know. I have recently joined a BNI group that meets once a week for the purpose of helping to build business. One of the best benefits of joining and participating in these groups and organizations is that while you do meet more people and increase your sphere of influence and learn how to market better. you make great friends and as you get to know them they also get to know you.  Please don’t think I’m not a fan of social media it has a great influence in business, but never underestimate good old fashioned face- to- face, one-on-one people meeting people.

I’m so grateful to the people who invited, informed, and allowed me to help each other build our business.-Cherri Gressemen; Orem Office.

 

For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance quotes locate and contact your nearest Inwest Title office at www.inwesttitle.com.

Market Data Report 6.27.13 by Inwest Title a Utah Title Company

Friday, June 28th, 2013
Market Data

Click here to view the latest Market Data report from Inwest Title

For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance quotes locate and contact your nearest Inwest Title office at www.inwesttitle.com.

Market Data 6-1-13 PERMITS by Inwest Title a Utah Title Company

Monday, June 17th, 2013

Click here for the latest Market Data report

 

For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance quotes locate and contact your nearest Inwest Title office at www.inwesttitle.com.

Tips from a Title Agent by Inwest Title a Utah Title Company

Friday, May 10th, 2013

Tracy Cottle-on Good Things Utah

 

Calulating Absorption Rate by Inwest Title a Utah Title Company

Friday, April 5th, 2013

You may have noticed that the weather isn’t the only thing warming up in Utah. The real estate market has also started to heat up.   Professionals use many metrics in order to understand the real estate market, one of which is called the “real estate absorption rate”.  As a buyer, seller, or agent–understanding the real estate absorption rate for your area, can be a key piece of information.  Similar to the notion of keeping stock on the shelves of a store, the real estate absorption rate is a single number that indicates how much time that stock will last. This number is one sort of indicator of a concept that many people have heard of, “supply and demand.”

Sellers Market: 1 to 4 months supply of homes

Neutral Market: 5 to 6 months supply of homes

Buyers Market: More than 6 months supply of home

The final number from the formula, tells us the number of months it would take to sell every listing on the market, if no other listings were added.  It’s important to calculate more than a single month to get a better understanding, because the market is always changing, and homes are always being listed and sold.  We calculated the absorption rates for the 1st Quarter, to get a clear view of how the market has been behaving–and we can see that January and February were both sellers’ markets.  However, as we calculated the rates for March, we can see how quickly the market changes.

While sales were heating up, more sellers jumped into the market, and the rate jumped to a 7.03.  This change from February to March is great for a seller, and informs them that the competition is greater, and they should be more aggressive with their listing price.  It also lets a buyer know that the inventory has grown, and they can be pickier, and have more of an edge in the negotiation.

 

For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance quotes locate and contact your nearest Inwest Title office at www.inwesttitle.com.

REPC Deadline Reminder System, by Inwest Title, a Utah Title Company

Friday, October 26th, 2012

Do you and your real estate team struggle to stay on top of REPC (Real Estate Purchase Contract) deadlines from transaction to transaction?  If you work with Inwest Title Services on your real estate transaction then you need not fret.  Inwest Title Services provides their clients with timely reminders on all of their important deadlines on the REPC.  The deadline system triggers an email to your inbox when your pending deadlines are near:

*Seller Disclosure, Due Dilligence, Settlement Deadline, as well as Financing and Appraisal Deadlines all arrive 2-4 days before the deadline on the contract.

The system will also notify you of the latest REPC addendum we have received on file.

Let Inwest Title Services put your deadline worries to rest.  Place your next title order with Inwest Title Services.

For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance Quotes locate and contact your nearest Inwest Title office at www.inwesttitle.com.

 

 

Explaining Why Title Insurance is Necessary to your Clients, by Inwest Title, a Utah Title Company

Friday, October 19th, 2012

Other types of insurance coverage focus on possible future events and charge an annual premium, such as flood insurance or hazard insurance. Title insurance protects against loss from hazards and defects already existing in the title and is purchased with a one-time premium.

Insuring a home’s title begins with a search of public land records affecting the property. The title agent or attorney working on behalf of the underwriter examines pertinent documents to determine whether the property is insurable. Those documents include deeds, wills, trusts, outstanding mortgages and judgments, property liens, highway or utility line easements, pending legal actions and notary acknowledgements.

When title problems are disclosed during the search process, they are corrected whenever possible to avoid future claims. According to surveys done by the American Land Title Association (ALTA), title problems consistently arise in one out of three real estate transactions (36%).

Read more http://bit.ly/VkHcfd

 

For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance Quotes locate and contact your nearest Inwest Title office at www.inwesttitle.com.

 

New Mechanics Lien Law Changes Will Keep Construction Loans Flowing in Utah, by Inwest Title, a Utah Title Company

Friday, July 29th, 2011

In the 2011 Utah Legislative Session one of the hottest topics was House Bill 260 Mechanics’ Lien Revisions.  This new bill was achieved through extensive negotiations between Legislators and groups representing Lenders, Title Insurers, Builders, Contractors, and Subcontractors, and as a result makes significant improvements to our existing laws when the changes go into effect August 1, 2011.

The Problem

Under the old system the simple act of dropping off lumber, clearing an access road, putting in a sewer system to obtain a building permit, or providing any visible work or materials triggered mechanics lien problems with a property.   This early start before the loan was in place meant all contractors would be in a superior position to the Construction Lender, putting that Lender’s security interest in the project in danger of being foreclosed.

While most of these early starts were unintended, once priority is broken it is irreparably broken, as there was no mechanism available under the law to restore priority.  Lenders have always looked to Title Insurers for insurance coverage to protect against this danger, however due to massive losses underwriting restrictions were severely tightened for broken priority and mechanic’s liens issues.  As a result there were a growing number of projects where Title Insurers were forced to decline to insure construction loans.  Without the protection of title insurance, Lenders were unwilling to loan, resulting in everyone suffering from projects being killed.

The Solution

The new changes provide a much needed correction and will help restore balance to the mechanics lien process.  For projects started after August 1, 2011, the new changes will allow for a Construction Loan to regain priority even if work had an early start.   This is accomplished by making mechanics’ liens relate back to and take effect as of the first preliminary notice filed in the State Construction Registry (SCR).  The new law allows any preliminary notices filed early to be withdrawn by obtaining the consent of contractors who have filed in the SCR by paying them in full for any work performed and then the contractors withdrawal of the preliminary notice.  This still ensures that the contractors are in control and have received payment before they relinquish priority.  Additionally, contractors will receive more information as the Lender will be required to file notice of the loan and borrower’s default on the loan in the SCR.

So what does this mean?

Title Insurers will insure, lenders will keep loaning, and contractors can keep being paid for their work.  A Win – Win situation all around!!

 

 

5 Traits of Today’s Home Buyers, by Inwest Title a Utah Title Company

Thursday, November 11th, 2010

A survey by American Lives, a consumer research firm in California, conducted a study for the trade magazine Builder to answer that question. Here are their conclusions:

• They are young . Most are under 45. Half said they had annual household incomes of $75,000 or less. Two-thirds are married.

• They are frugal . They consistently told surveyors they were eager to live a simple lifestyle.

• They are concerned about their financial future . About 70 percent said the economy is “not so good” with 27 percent saying it was getting worse and 27 percent saying it was getting better, and two-thirds saying it would get better in a year. Some 55 percent said they were concerned that they might lose their jobs.

• They see themselves as energy efficient but not necessarily “green.” About 32 percent said they’d pay extra for energy-efficient features but only 16 percent said they’d pay extra for recycled or renewable construction materials.

• Neighborhood is important. Ninety-five percent said they thought the community was as important as the home itself. Seventy-nine percent wanted the most square footage they could afford, but 69 percent said they’d consider a smaller home in the right neighborhood.

Source: Inman News, Mary Umberger (10/27/2010)

Market Data Report October 25, 2010, by Inwest Title a Utah Title Company

Tuesday, October 26th, 2010

If you are interested in Utah’s market trends for interest rates, home pricing, monthly listings vs. sales, average home sale price per County, construction permit starts, and much more, then please download the  Inwest Title’s Market Data Report from our website. Our report is emailed to hundreds of Real Estate, Mortgage and Title Insurance professionals twice a month.

If you are interested in being added to the distribution list please send an email to Deborah Cope or contact any of our Marketing professionals in one of our 12 convenient statewide locations.  Click here for today’s report.