November 25, 2024 • 31 mins
Jim sits down with Brett Haller, aka “Your Go-To Title Guy,” from Express Title to unpack the vital role title companies play in home buying and selling. With 14 years of experience in real estate, Brett brings a wealth of knowledge from both the buying side and title side of the transaction.
What Does a Title Company Do?
- A title company acts as the glue that holds a real estate transaction together, coordinating between buyers, sellers, lenders, and agents.
- They ensure the property’s title is free of encumbrances, liens, or other legal issues before ownership is transferred.
- Title companies handle escrow deposits, verify all necessary documentation, and oversee the closing process to finalize the sale.
The Title Process:
- Start with a Contract: Once a contract is signed, the title company opens a file and begins coordination.
- Title Search & Municipal Search: They check for issues like unpaid liens, open permits, and ownership disputes.
- Resolving Issues: If problems arise (e.g., permits, probate), they work to resolve them quickly to avoid delays.
- Closing Coordination: They ensure all parties—buyers, sellers, lenders, and insurers—are prepared and all documents are accurate and signed.
Common Title Issues:
- Probate Issues: Previous ownership complications.
- Fraud: Ensuring sellers are legitimate owners.
- Unpermitted Additions: Unresolved permits can delay or derail a transaction.
Title Insurance:
- Owner’s Policy: Protects buyers from future title disputes.
- Lender’s Policy: Required by lenders to safeguard their investment.
Tips for Buyers & Sellers:
- Stay Organized: Know your deadlines for deposits, inspections, and other contingencies.
- Respond Promptly: Provide requested documents (e.g., bank statements) quickly to avoid delays.
- Ask Questions: Be proactive, especially when dealing with new construction or complex contracts.
What's Next?
Interested in buying or selling a home on the Suncoast, or connect with this week's guest? Reach out to Jim at jim.ahearn@gmail.com or visit his website, Jim Sells the Suncoast.
A Personal Note from Jim:
Hey there, I’m Jim Ahearn, your go-to real estate guide and host of Jim Sells The Suncoast podcast! 🎙️✨ Dreaming of Florida life? I’ve got you covered! As your dedicated buyer's agent, I’ll handle everything from walk-throughs to closing, making your home-buying journey as smooth as a Florida breeze.
Whether you're local or tuning in from afar, I’ll bring the Suncoast to you with virtual tours and expert advice. Let’s chat about your dream home and I'll connect you with all the right people to make it happen.
Ready to move to paradise? Drop me a line – I can’t wait to help! 🌴🏡
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Jim (00:00):
Good morning and welcome to Jim sells the Suncoast today.
(00:03):
I am privileged to have BrettHoller with me from express
title.
He has been in this areainstrumental in the area.
Start off the real estate downinto Miami about 14 years ago.
Has moved over title, so he'sable to give perspective on
both.
Brett, welcome.
Thank you
Brett (00:19):
for
Jim (00:19):
having me,
Brett (00:19):
Jim.
Jim (00:20):
I am doing great.
Brett (00:22):
We definitely are and I definitely Want to take one
moment to just say, it's been arough couple months for everyone
But definitely the last fewweeks as well.
So I know i'm blessed andfortunate to be doing.
Okay.
I talked to you prior.
I know you're doing okay, butYou know just a moment for
everyone that's still goingthrough a lot of the chaoticness
(00:43):
and craziness That's It'ssomething but I will say as
someone born and raised inflorida is a very resilient
place and People no matter whatwill never stop wanting to move
here.
Jim (00:53):
Yeah,
Brett (00:53):
You know as devastating as it is.
We always come back and we comeback stronger
Jim (00:58):
you bring up a good point there when I bought my first
house we made the offer and thenwe're like we'll close in, 30
days or 45 days what is going totake so long?
And I know a lot of that is thetitle process we're going to go
through and really talk about Soas a general rule, what role
does a title company play inhome buying and selling?
Brett (01:15):
So basically to, if I were to sum up in one sentence,
what we do, I would say at titlecompany, we're like that Elmer's
glue that holds the dealtogether.
We're the middleman.
Let's start from the beginningin the sense of you are a
realtor that has a new contract.
You are representing a buyer.
And your customer is directingthe title, or perhaps you're a
(01:40):
listing agent and you're sellinga home and the seller is
directing the title.
No matter what, you always needa closing agent to close the
property for you.
Florida is a title state in thesense of you're not required to
work with a attorney.
However, working with anattorney can give you that added
(02:02):
layer of value and protection.
So let's, so starting from thebeginning the title company is
involved right away from the getgo.
The second there's a contractand it's fully executed, that
contract will automatically beby whichever realtor and the
transaction's customer is.
Essentially paying for title,right?
(02:23):
So we call that the directingcustomer.
That realtor would then send usthat new file, let us know, Hey,
I'm so and so with X, Y, Zcompany.
We have a new contract.
My customer is directing titleor paying for title.
Which of course generally means.
That they're paying for theother closing costs as well.
(02:44):
And in that sense, we would thengo ahead and open the file,
which means the process of allthe things that we'll do, which
we'll get into for the file tobe successfully closed.
Starting with, usually there'sa, the clock is ticking on that
initial deposit.
So the first thing a realtorwill usually do is advise their
(03:04):
customer.
We're going under contract andwe've identified we're going to
put down however much thatamount is right.
Sometimes it's 3, 000.
Sometimes it's 100, 000.
Usually the deposit amount iscorrelated to the amount of the
property price.
So what we would do is we wouldsend wire instructions.
(03:28):
through a safe and secureportal.
Our company uses one calledqualia and basically whoever is
sending in the money willreceive those instructions from
us.
And once we receive the wire,the initial deposit, we'll send
out a letter and essentially.
We're now in business, right?
(03:49):
We have money, we have a hardcontract that's signed by
everyone.
And now the process can reallybegin.
So before, anything is evendone, we've already gone through
all those steps.
And I would probably argue themost important step for a title
company which is very importantfor realtors and lenders alike
to know is.
When they send us a contract orsend any title company a
(04:13):
contract, the sooner we haveeveryone's information, the
better, because to your point onwhy did it take, 30 days or 45
days to flip, there's timeswhere as a title company, we
might be waiting two days forsomeone to send us contact
information.
So that could be a two day delayright there,
Jim (04:32):
right?
Brett (04:33):
If we get a contract and most detailed realtors Will send
it to us this way.
They'll send us a contract andthen in that email everyone's
contact information
Jim (04:47):
recap real quick you're like the clearinghouse for all
the information and all theprocesses Going back and forth
through the different groupswhether it's the buyer and the
seller You probably most of thetime have a mortgage under,
maybe not if they're payingcash.
You've got exactly the insurancebroker.
And those are the main players.
So we start with a contract.
If I'm representing the buyer,we make our offer.
(05:08):
They accept it.
My first call is to you, Hey,this is in play Now here's all
the players.
Here's their address or contactand names.
Here's what we're using.
And then you're going to be theone to coordinate to make sure
everybody's hitting theirtargets, their dates their
responsibilities, and then thefollowup on what's going on.
Brett (05:27):
Exactly.
So for example, there are somany different things that could
come up initially when thetransaction is open.
If there's, probate involved, ifthere's any other, tag involved
to that transaction, the soonerwe have that information, the
better, because the titlecompany might need to reach out
for something like a deathcertificate or any document that
(05:49):
we would need to attach to thattransactions to make sure
everything is being done safeand securely and lead fully.
Jim (05:57):
Everything's vetted.
proof.
Brett (06:00):
Exactly.
Jim (06:00):
All right.
So we go through, we've got thisprocess started.
You're handling, we do theescrow deposit.
What are the next You talked alittle bit about it, but really
you're gonna go through andstart verifying that all the
information is true and correct.
And there's no encumbrance orlien that's gonna get in the
way.
Brett (06:16):
Exactly.
So basically once, let's saythere is lender involved, once
we have the deposit and thatinitial, we start working
immediately, right?
But we really dive even deeperonce that initial inspection
period is over because then weknow, okay, these people are
moving through with the process.
We've all seen those deals wherethere's so much work done ahead
(06:38):
of time and then 3 days later.
Oh, there they decided not tomove ahead because whatever the
inspection.
So we do order title right away.
What I mean is we send the fileto our underwriter.
And request in order for titlein order for title means they
know that we have a sale or apurchase going on And we'll be
(06:59):
transferring the ownership forone person or one party to
another party the first thingthat's done is the title search
as well as the municipality insearch So in the title search
they're looking for any cloudsliens, encumbrances, anything on
the actual property from aownership standpoint.
Jim (07:18):
You just mean something that's not right.
Brett (07:20):
Real estate is a very black and white world.
Very few things should ever begray.
Because there's either 1 way oranother, it's not this or kind
of that.
So the municipal search, similarto the title search is.
a search that's done throughwhatever municipality
properties.
And so if it's, if they'relooking for Sarasota County, if
(07:44):
it's a place like, let's say,Northport, you have searches
being done for Sarasota Countyas well as the city of Northport
for things like permits andwhatnot.
So those 2 things that we'reordering.
And we're waiting to get backthat way.
Once a search is done, we knowwe can go ahead and tell that
customer, Hey, we received thelien search back the title
(08:07):
search back There's no issues.
There's nothing out of theordinary.
We can go ahead and proceed withthe purchase.
And during that time, if thisis, let's say a finance
purchase.
The lender is also working intandem with us and keeping us
abreast of everything that'sgoing on whether it's their
initial approval, whetherapproved, but have to get
(08:28):
through this list of 12conditions or whatever the case
being or to your point, maybeit's cash and there is no lender
Jim (08:35):
involved.
Brett (08:35):
But when the lender is involved, this would really be
the time that we're working incollaboration to now get the
deal done as quickly aspossible.
We know that there's nothing onthe property from a title aspect
or from, a local aspect as faras permits, liens, any things
like that that would, Delay thebuyer from moving forward.
Jim (08:55):
That's got to be resolved beforehand before you can
actually close, which is goingto take additional time and
possibly change parametersthrough that.
Once all that's done, now we'repushing a closing When we get
down to that closing, that finalthing, you're there to make sure
everybody is contributing theirpart.
(09:16):
Meaning the mortgage, theybrought the money, the insurance
brought the binder, the peopleshowed up with whatever they
have to final close out.
You've got all the signatures.
You put it all together and thenit's done.
Brett (09:29):
Exactly.
So to your point, being thatglue that holds everything
together as the title company,all these updates that come up
throughout the transaction,whether it's, the inspection
came back clean and they'reready to proceed, or, the buyers
are actually approved and thefile came back from underwriting
from the lender.
And, it's not clear to close,but they're approved.
(09:50):
And we know that.
Jim (09:52):
Barring something unusual, we're going to be good.
Brett (09:55):
So during this whole time, really, what we're
focusing on is getting all thatinformation, compiling it
together and adding it off thefile.
So everything, from the start ofour transaction to the end, we
use, like I said before, asoftware called qualia.
Everything is safe and secure.
It's protecting all thecustomers personal private
information.
(10:16):
It's very easy for everyone toaccess and that's where all of
the documents will go.
So whether it's a titlecommitment from the underwriter
coming back and sayingproperties has free and clear
title, and we're going to goahead and issue a policy at the
closing.
So then they will issue what'scalled a title commitment.
And that's basically like alender saying, we're going to
(10:39):
give you the loan.
That's like the title companysaying, we're going to go ahead
and insure the property.
Jim (10:44):
We've checked everything.
It's all good.
Brett (10:47):
Exactly.
Jim (10:48):
So what are some of the common issues during a title
search?
But what's the common things youmight find?
Brett (10:54):
in a state like Florida people from all over the country
and of all backgrounds and ages,love to move here for the
sunshine.
It's like something they allhave in common.
They're all wanting to get outof the cold.
So you end up with a lot ofpeople here that are selling
homes that are either passeddown from generation to another.
Or, the owner had multiplechildren.
(11:17):
So you see a lot of issues whenit comes to prior ownership as
far as things like probateissues and, not necessarily
having everything done as.
Clean and crystal clear as itshould have been.
And then I would argue anotherthing that we see here too often
is fraud,
Jim (11:37):
right?
Brett (11:38):
So it's very important for everyone to be careful in a
transaction.
And we can get into that alittle bit also.
But it's that we see a lot offraud.
For example, We'll have someoneclaiming to be a seller.
We find out they're not reallythe owner of the property.
We've had that happen a numberof times.
And I would say another hugething, which is not always a
(12:03):
deal maker or breaker.
It just needs to get rectifiedbefore the closing is.
Permits and liens, right?
So many people, the windows theyput in 10 years ago to replace
the old ones, they had aneighbor do it.
They didn't get a permit Is thatillegal?
Yes.
And it needs to be rectifiedbecause the new owner wants to
make sure that what they'rebuying is Safe and secure.
(12:26):
So sometimes these thingsinvolve closing out a permit or
opening up a permit, having anitem inspected and closing it
out then
Jim (12:34):
Right?
Brett (12:34):
So I would say those are a few things that are very
common that would come back.
What's great is that it happensso early in the transaction It's
like a health issue.
You'd rather find out as soon aspossible so that you can do
something about it.
And if the property is notsomething that the customer is
willing to move forward onagain, that would be a great
(12:57):
time for them.
Jim (12:58):
Right
Brett (12:59):
transaction if the issues were too large to rectify
Something like closing out apermit on a carport, for example
the worst thing that couldhappen would be they would tell
you hey, you got to remove thecarport, right?
maybe there was a screen cageput on the lanai And it wasn't
done permanent.
They might make you take thatoff.
Those would be examples ofsomething.
(13:21):
that you could have again in thefuture.
But at least, what you're buyingis safe and secure, and you
ultimately want that titlepolicy signed, sealed and
delivered to everyone.
Because at the end of the day,if there were to be another
issue from a previous owner, orfrom a previous.
Lifetime especially in an arealike this where there's some
(13:43):
very old properties It's yoursafeguard.
Jim (13:47):
So how do you determine?
The insurability of propertytitle and what kind of
insurances are available?
Brett (13:54):
So when it comes to title insurance, you have two main
policies.
You have the owner's policyprotect you from any clouds or
encumbrances on your title.
And then there's also a lender'spolicy.
if you are financing yourproperty.
Regardless of what type of loan,whether it's, FHA or
conventional, you need to have alender's policy it's basically
(14:18):
providing the lender who'sloaning the money to the buyer
to obtain the house.
that safe.
Guard and that assurity andcomfort that the buyers also
receive the buyer has that paperto tell them, this is what you
have to protect you in case ofan emergency.
(14:38):
The lender also has that.
Jim (14:40):
They wanna know they're not gonna be on the hook for some
money down the road.
Brett (14:44):
Exactly.
So it protects everyone.
And then, on a buyer's side, onething is, or associated with
Florida, and especially rightnow with everyone thing going on
as the buyer, you want make sureyou're purchasing a very good
homeowner's policy.
And if you're financing theproperty, you'll have to provide
a homeowner's policy because itwill protect you financially, if
(15:06):
God forbid, something doeshappen to your home.
Of course, it's very wise thatthe lender would require that
too, because if their money ison the hook for your property
for 15, 20, 30 years, they wantto make sure, hey, if a storm
waves through their neighborhoodand they have all this damage,
is strong enough to cover whatwe need for it to be brought
(15:27):
back to the condition it waswhen we loaned them the home?
Jim (15:28):
So that everything's legitimate and documented and
ready to go when you go to sellit.
Brett (15:34):
Exactly.
So that's your generalhomeowner's insurance.
But then, as we know, There'sadditional forms of homeowners
insurance that we're seeing nowbecome more and more common.
With all the storms goingaround, one of the most
important insurance is you canhave insurance.
We live in an area where we havepart of our counties.
in barrier islands.
(15:54):
There's very little protectionaround them.
If you live in any of thoseislands, and your home is
financed, you have a very Heftyflood policy because the lender
is going to require it.
Jim (16:08):
Right?
Brett (16:08):
Whatever policy they have or don't have, of course, that's
up to them.
We have flood zones in Florida,which go all the way down to X
and, it's based on the elevationof how high your property is in
terms of how many feet high itis from sea level.
The farther you go inland fromthose barrier islands.
Your need for flood insurancetraditionally has been less and
(16:31):
less.
For example, you have a lot ofrealtors that will say, and
lenders that will say thingslike, oh, the house doesn't need
flood insurance.
It's not in a flood zone.
It's a misnomer.
We hear that a lot of times fromour because all of Florida
really is a flood zone.
It's just that the risk of yourproperty flooding.
much lower being more inland orbeing so far away from sea or
(16:54):
high above that, it might not bea requirement.
I know for sure, just on apersonal level, after all these
storms, I'm not in a flood zone.
But when I found out the costfor flood insurance, because I'm
not in a flood zone, it's sominimal.
I'm going to go ahead and addthat policy on my renewal
because there's just no reasonnot to.
(17:15):
I'd rather save the money onsomething else.
It's just it's a scary, it's ascary thing to think about.
I would say that those are thefour most important.
Policies.
Jim (17:26):
What is the typical cost associated with the title
insurance and how are theycalculated?
Brett (17:33):
So we have a table that we follow and it goes from.
The property price being, 100all the way up to, anywhere like
20 million and the amount of thepolicy is directly correlated to
the property price.
So the less the property price,the less the policy I just had a
(17:56):
closing a couple weeks ago for acustomer.
on a vacant parcel of land inNorthport.
I want to say the policy was 160or something like that.
Jim (18:08):
Right.
Brett (18:09):
That means that for a 20, 000 purchase now for the life of
ownership of that property forless than 200 plus whatever cost
they had, closed, If there's anyissue that ever occurred at any
time on title, they'll beprotected,
Jim (18:27):
So I was gonna say what then does somebody need to bring
what kind of documentation orpaperwork?
What I as a buyer need to bringto start that title insurance
process
Brett (18:40):
So generally speaking from us we require actually very
little the contract is of coursethe most important thing Once we
have a contract really what weneed from everyone is their
contact information, right?
If the property is beingpurchased from customers that
are financing all of that reallyall those documents, let's say
from things like bank statementsto physical identification
(19:04):
whether it's your driver'slicense or passport or multiple
ids All of that stuff generallygoes first to the lender,
Jim (19:12):
right?
Brett (19:13):
We don't see any of that until the day of the closing.
Jim (19:15):
Okay.
Brett (19:16):
So on the day of the closing, that's when we would go
ahead and make copies of thecustomer's identification.
Whoever is signing is who theysay that they in fact are.
We don't necessarily ask for awhole lot of personal
information from these peopleother than we get a buyer's
input sheet and a seller's inputsheet at the start of the
(19:36):
transaction.
And that goes on when we'rewaiting on the deposit and we're
inputting the contract on ourend with all the terms and
everything into our system.
And that's basically where wewould get that information.
Any information that we didn'talready get in that initial
email from, let's say therealtor or whoever sending us
the file that's where they wouldgo ahead and fill that out.
Jim (19:59):
right?
Brett (20:01):
Usually it's mostly basic information.
They just want to make sure thecontact information matches what
you give them and all of that.
But like I said It's justverifying they are who they say
they are.
the underwriter is doing all ofthat the lender is doing all of
that.
We will find out if something isnot cohesive Throughout the
(20:21):
transaction
Jim (20:22):
so generally speaking for you as a title you need the
contract And then verifyverification of identity really
the mortgage company will takeall their information The
insurance company will get alltheir information
Brett (20:36):
Really?
It depends on the circumstances.
So for example if the buyer'svery communicative and they're
just, going back and forth withtheir lender on everything that
they need, we usually just getupdates.
There's some buyers that are notas available or sellers that are
not as available.
And then what will happen iswhatever vendor it is that we're
dealing with, maybe it's thelender, maybe it's the insurance
(20:57):
company, a lot of times, we'llhear from them and say, Hey have
you been able to reach thebuyers or have you been able to
reach the sellers, the closingscoming up in 10 days, and we're
just wanting to make sureeveryone's on the same page So
it's very common that the titlecompany would come in to reach
out to everyone.
Title seems to be who's reachedout to when there's any issue.
Jim (21:22):
Probably you've got that relationship with each of the
people involved.
So it makes it easy to go stop.
Exactly.
Brett (21:28):
To your point, if a customer is freaking out about
something on a Sunday morningand they really need me to get
in touch with the attorney, orthey really need me to get an
answer for them on a question, Ican get all that done for them.
And that's what's veryimportant.
If they need me to reach out to,another one of the vendors
(21:50):
involved in the transaction, andI have a close relationship with
them and I can get them toanswer the call after hours,
again, that's where the value isbrought in and it's just to your
point, making sure that we'rekeeping everyone on the same
page and keeping everyone movingalong as smooth as possible,
Jim (22:08):
so here's a question in the area, we have a lot of new
construction going on.
Is there any real fundamentaldifference with new construction
versus buying an existing home?
Brett (22:19):
There is.
So when it comes to newconstruction, a lot of the local
and even regional Or nationalbuilders, because there's all
types here.
And as you see, we havecommunities with 24 new homes.
We have communities with 450 newhomes and everything in between.
When you look at larger builderslike Lennar, DR Horton, Taylor
(22:42):
Morrison, those companies allown their own title company.
So for example, if you as arealtor are bringing your
customers to one of thosedevelopments, the first thing
they're going to be offered is.
The right to work with their owntitle company and their own
lender.
Of course, when you have thingslike incentives at play, there
(23:04):
might be incentives for them togo ahead and work with those
people.
Now on the flip side thatdoesn't mean that's what's in
the customer's best interestright sometimes free closing
costs Don't always mean a betterexperience So therefore some
developers will require you touse their closing company but a
(23:26):
lot do not so that's anothermisconception Is that just
because you're buying preconstruction means you have to
work with every one of theirvendors?
That's where I would say, itnever hurts to ask the question.
Jim (23:40):
Right?
Brett (23:40):
So I know, for example, if we get a new development
contract from someone,regardless of the community.
I know that we're going to makesure that the attorneys are
reviewing everything and makingsure that purchasing in this
community is in the customer'sbest interest.
(24:01):
The verbiage on their contractis okay because again, a lot of
these developer contracts,they're not the standard Florida
far bar contract.
A lot of them are working withtheir own purchase agreements,
99 percent of the things you'regoing to have to go ahead and
agree with because it's theircommunity
Jim (24:18):
yeah, there's not anything wrong with that just be aware of
what you're getting into
Brett (24:24):
point
Jim (24:25):
be aware of what I always tell people
Brett (24:27):
it's about the options and making sure whatever is best
for you,
Jim (24:30):
right?
Brett (24:31):
It's never because one is better than the other it's never
be afraid to ask the question.
Because with all that types ofinventory, you have a lot of new
inventory now competing with oldinventory.
And as a realtor, you also justwant to make sure.
you're helping your custo surethat they're happy w So that
(24:53):
starts from picki rightproperty.
Jim (24:56):
handle that as a claim?
Brett (24:59):
So came back from previous ownership as Oh my God,
this never came up, which by theway can happen because people
are human.
Jim (25:08):
Yep.
Brett (25:09):
I would say the first step is call your closing
company.
So if you use the title company,call them.
If you use an attorney, callhim, call her.
It's important to get in touchwith them first.
If you're able to right, if not,you look at your policy and you
call that underwriter company,you call the title insurance
(25:31):
company that provided the policyto you and you just get on the
phone with them and someone willhelp you because that's what
they're there for.
Jim (25:40):
Okay,
Brett (25:40):
None of this is new to them.
And what sounds really scary toa homeowner sometimes might
really be something that's notthe end of the world, right?
Jim (25:51):
But the first thing you want to
Brett (25:52):
I would say either call your closing agent to let them
call for you.
Or if they're not available.
just go ahead and call the titleinsurance company and, get that
conversation started and seewhat the next steps look like.
Jim (26:06):
So what advice would you give for buyers and sellers to
have a smooth title transfer?
Brett (26:13):
I would argue that the most important thing for buyers
and sellers alike isorganization as well as good
communication buying or sellinga home for the duration of that
transaction, which it could be14 days.
It could be 60 days.
It could be a longer closingbecause, the buyers can't close
(26:33):
until On their new home untilthey close on their previous
home or whatever the case maybe, the sellers can't move out
until their new home is ready,but the buyer has to close by a
certain date for their loan,their interest rate locked,
whatever the case being
Jim (26:50):
Know your dates.
Know your time frames.
Know when things are due.
Brett (26:54):
I would argue that organization would be the most
important thing for everyoneinvolved in the transaction to
have because when you deal witha transaction, you're dealing
with timelines.
Everything is due by a certaindate.
The contract will stipulate thatthe inspection period is over by
a certain date.
The money initial deposit is dueby a certain date.
(27:15):
If there's a second deposit,that second deposit is going to
be due by a certain date.
If there's a loan, the financingcontingency ends on a certain
Jim (27:25):
date.
Brett (27:26):
The organization starts from the beginning and it's for
everyone involved.
For example, the realtor.
I would say they should beproviding their customer with a
timeline of when these thingsare due on the lender side.
I would hope that generally theyhave a team of people helping
them.
Usually there's not just alender.
(27:46):
The lender might have aprocessor.
They have their underwritingteam, everyone having all their
information correct and thengetting everyone everything they
need as quickly and timely aspossible.
These are things that make atransaction go smoother.
So another example would be if alender says to a buyer, listen,
(28:06):
we need, 4 months of your bankstatements.
You're a first time homebuyer.
We need a little bit moreinformation,
Jim (28:12):
right?
Brett (28:12):
If you take three days to get those bank statements back
to the lender, that's now threemore days before they can send
it to underwriting, which itcould take another 24, 48 hours,
depending how busy underwritingis to come back and say, okay,
yes we got that.
So the more organized everyonecan stay and the faster they can
(28:33):
get everyone the informationthat they need.
It's possible to close a lotquicker.
I know when I bought my firsthome as the first time home
buyer I took all thatinformation to heart and I was
able to close with a first timehome buyer alone in 24 days, The
longer people wait, the longerthings take.
And when it comes to atransaction, time is not always
(28:56):
on your
Jim (28:57):
side.
Yeah, modern technology can helpwith that with
Brett (29:00):
100%.
It's so easy for you to log intoyour bank app and just save your
statements as a PDF and emailthem.
You can probably do it in Fiveminutes.
So I would say that atransaction can move as quickly
and smoothly as everyoneparticipating it allows for.
(29:20):
The only other thing I reallywant to emphasize is that make
sure whoever you're working withfor your closings is someone
that you feel very comfortablewith and a company that you can
really trust, but as well acompany that's always there for
you because like I mentionedbefore, real estate is a
business that's seven days aweek.
And it doesn't discriminateagainst holidays.
(29:41):
Sometimes a customer wants toput an offer in on, a holiday
weekend, right?
Whatever these things may be,make sure you're working with a
company that makes themselvesavailable for you and makes you
as important to them as yourcustomers are to you.
Jim (29:55):
Awesome.
Brett, thank you so much.
I appreciate you being here.
Thank you so much.
Brett (30:00):
Likewise.
See you soon.
Good morning and welcome to Jim sells the Suncoast today.
(00:03):
I am privileged to have BrettHoller with me from express
title.
He has been in this areainstrumental in the area.
Start off the real estate downinto Miami about 14 years ago.
Has moved over title, so he'sable to give perspective on
both.
Brett, welcome.
Thank you
Brett (00:19):
for
Jim (00:19):
having me,
Brett (00:19):
Jim.
Jim (00:20):
I am doing great.
Brett (00:22):
We definitely are and I definitely Want to take one
moment to just say, it's been arough couple months for everyone
But definitely the last fewweeks as well.
So I know i'm blessed andfortunate to be doing.
Okay.
I talked to you prior.
I know you're doing okay, butYou know just a moment for
everyone that's still goingthrough a lot of the chaoticness
(00:43):
and craziness That's It'ssomething but I will say as
someone born and raised inflorida is a very resilient
place and People no matter whatwill never stop wanting to move
here.
Jim (00:53):
Yeah,
Brett (00:53):
You know as devastating as it is.
We always come back and we comeback stronger
Jim (00:58):
you bring up a good point there when I bought my first
house we made the offer and thenwe're like we'll close in, 30
days or 45 days what is going totake so long?
And I know a lot of that is thetitle process we're going to go
through and really talk about Soas a general rule, what role
does a title company play inhome buying and selling?
Brett (01:15):
So basically to, if I were to sum up in one sentence,
what we do, I would say at titlecompany, we're like that Elmer's
glue that holds the dealtogether.
We're the middleman.
Let's start from the beginningin the sense of you are a
realtor that has a new contract.
You are representing a buyer.
And your customer is directingthe title, or perhaps you're a
(01:40):
listing agent and you're sellinga home and the seller is
directing the title.
No matter what, you always needa closing agent to close the
property for you.
Florida is a title state in thesense of you're not required to
work with a attorney.
However, working with anattorney can give you that added
(02:02):
layer of value and protection.
So let's, so starting from thebeginning the title company is
involved right away from the getgo.
The second there's a contractand it's fully executed, that
contract will automatically beby whichever realtor and the
transaction's customer is.
Essentially paying for title,right?
(02:23):
So we call that the directingcustomer.
That realtor would then send usthat new file, let us know, Hey,
I'm so and so with X, Y, Zcompany.
We have a new contract.
My customer is directing titleor paying for title.
Which of course generally means.
That they're paying for theother closing costs as well.
(02:44):
And in that sense, we would thengo ahead and open the file,
which means the process of allthe things that we'll do, which
we'll get into for the file tobe successfully closed.
Starting with, usually there'sa, the clock is ticking on that
initial deposit.
So the first thing a realtorwill usually do is advise their
(03:04):
customer.
We're going under contract andwe've identified we're going to
put down however much thatamount is right.
Sometimes it's 3, 000.
Sometimes it's 100, 000.
Usually the deposit amount iscorrelated to the amount of the
property price.
So what we would do is we wouldsend wire instructions.
(03:28):
through a safe and secureportal.
Our company uses one calledqualia and basically whoever is
sending in the money willreceive those instructions from
us.
And once we receive the wire,the initial deposit, we'll send
out a letter and essentially.
We're now in business, right?
(03:49):
We have money, we have a hardcontract that's signed by
everyone.
And now the process can reallybegin.
So before, anything is evendone, we've already gone through
all those steps.
And I would probably argue themost important step for a title
company which is very importantfor realtors and lenders alike
to know is.
When they send us a contract orsend any title company a
(04:13):
contract, the sooner we haveeveryone's information, the
better, because to your point onwhy did it take, 30 days or 45
days to flip, there's timeswhere as a title company, we
might be waiting two days forsomeone to send us contact
information.
So that could be a two day delayright there,
Jim (04:32):
right?
Brett (04:33):
If we get a contract and most detailed realtors Will send
it to us this way.
They'll send us a contract andthen in that email everyone's
contact information
Jim (04:47):
recap real quick you're like the clearinghouse for all
the information and all theprocesses Going back and forth
through the different groupswhether it's the buyer and the
seller You probably most of thetime have a mortgage under,
maybe not if they're payingcash.
You've got exactly the insurancebroker.
And those are the main players.
So we start with a contract.
If I'm representing the buyer,we make our offer.
(05:08):
They accept it.
My first call is to you, Hey,this is in play Now here's all
the players.
Here's their address or contactand names.
Here's what we're using.
And then you're going to be theone to coordinate to make sure
everybody's hitting theirtargets, their dates their
responsibilities, and then thefollowup on what's going on.
Brett (05:27):
Exactly.
So for example, there are somany different things that could
come up initially when thetransaction is open.
If there's, probate involved, ifthere's any other, tag involved
to that transaction, the soonerwe have that information, the
better, because the titlecompany might need to reach out
for something like a deathcertificate or any document that
(05:49):
we would need to attach to thattransactions to make sure
everything is being done safeand securely and lead fully.
Jim (05:57):
Everything's vetted.
proof.
Brett (06:00):
Exactly.
Jim (06:00):
All right.
So we go through, we've got thisprocess started.
You're handling, we do theescrow deposit.
What are the next You talked alittle bit about it, but really
you're gonna go through andstart verifying that all the
information is true and correct.
And there's no encumbrance orlien that's gonna get in the
way.
Brett (06:16):
Exactly.
So basically once, let's saythere is lender involved, once
we have the deposit and thatinitial, we start working
immediately, right?
But we really dive even deeperonce that initial inspection
period is over because then weknow, okay, these people are
moving through with the process.
We've all seen those deals wherethere's so much work done ahead
(06:38):
of time and then 3 days later.
Oh, there they decided not tomove ahead because whatever the
inspection.
So we do order title right away.
What I mean is we send the fileto our underwriter.
And request in order for titlein order for title means they
know that we have a sale or apurchase going on And we'll be
(06:59):
transferring the ownership forone person or one party to
another party the first thingthat's done is the title search
as well as the municipality insearch So in the title search
they're looking for any cloudsliens, encumbrances, anything on
the actual property from aownership standpoint.
Jim (07:18):
You just mean something that's not right.
Brett (07:20):
Real estate is a very black and white world.
Very few things should ever begray.
Because there's either 1 way oranother, it's not this or kind
of that.
So the municipal search, similarto the title search is.
a search that's done throughwhatever municipality
properties.
And so if it's, if they'relooking for Sarasota County, if
(07:44):
it's a place like, let's say,Northport, you have searches
being done for Sarasota Countyas well as the city of Northport
for things like permits andwhatnot.
So those 2 things that we'reordering.
And we're waiting to get backthat way.
Once a search is done, we knowwe can go ahead and tell that
customer, Hey, we received thelien search back the title
(08:07):
search back There's no issues.
There's nothing out of theordinary.
We can go ahead and proceed withthe purchase.
And during that time, if thisis, let's say a finance
purchase.
The lender is also working intandem with us and keeping us
abreast of everything that'sgoing on whether it's their
initial approval, whetherapproved, but have to get
(08:28):
through this list of 12conditions or whatever the case
being or to your point, maybeit's cash and there is no lender
Jim (08:35):
involved.
Brett (08:35):
But when the lender is involved, this would really be
the time that we're working incollaboration to now get the
deal done as quickly aspossible.
We know that there's nothing onthe property from a title aspect
or from, a local aspect as faras permits, liens, any things
like that that would, Delay thebuyer from moving forward.
Jim (08:55):
That's got to be resolved beforehand before you can
actually close, which is goingto take additional time and
possibly change parametersthrough that.
Once all that's done, now we'repushing a closing When we get
down to that closing, that finalthing, you're there to make sure
everybody is contributing theirpart.
(09:16):
Meaning the mortgage, theybrought the money, the insurance
brought the binder, the peopleshowed up with whatever they
have to final close out.
You've got all the signatures.
You put it all together and thenit's done.
Brett (09:29):
Exactly.
So to your point, being thatglue that holds everything
together as the title company,all these updates that come up
throughout the transaction,whether it's, the inspection
came back clean and they'reready to proceed, or, the buyers
are actually approved and thefile came back from underwriting
from the lender.
And, it's not clear to close,but they're approved.
(09:50):
And we know that.
Jim (09:52):
Barring something unusual, we're going to be good.
Brett (09:55):
So during this whole time, really, what we're
focusing on is getting all thatinformation, compiling it
together and adding it off thefile.
So everything, from the start ofour transaction to the end, we
use, like I said before, asoftware called qualia.
Everything is safe and secure.
It's protecting all thecustomers personal private
information.
(10:16):
It's very easy for everyone toaccess and that's where all of
the documents will go.
So whether it's a titlecommitment from the underwriter
coming back and sayingproperties has free and clear
title, and we're going to goahead and issue a policy at the
closing.
So then they will issue what'scalled a title commitment.
And that's basically like alender saying, we're going to
(10:39):
give you the loan.
That's like the title companysaying, we're going to go ahead
and insure the property.
Jim (10:44):
We've checked everything.
It's all good.
Brett (10:47):
Exactly.
Jim (10:48):
So what are some of the common issues during a title
search?
But what's the common things youmight find?
Brett (10:54):
in a state like Florida people from all over the country
and of all backgrounds and ages,love to move here for the
sunshine.
It's like something they allhave in common.
They're all wanting to get outof the cold.
So you end up with a lot ofpeople here that are selling
homes that are either passeddown from generation to another.
Or, the owner had multiplechildren.
(11:17):
So you see a lot of issues whenit comes to prior ownership as
far as things like probateissues and, not necessarily
having everything done as.
Clean and crystal clear as itshould have been.
And then I would argue anotherthing that we see here too often
is fraud,
Jim (11:37):
right?
Brett (11:38):
So it's very important for everyone to be careful in a
transaction.
And we can get into that alittle bit also.
But it's that we see a lot offraud.
For example, We'll have someoneclaiming to be a seller.
We find out they're not reallythe owner of the property.
We've had that happen a numberof times.
And I would say another hugething, which is not always a
(12:03):
deal maker or breaker.
It just needs to get rectifiedbefore the closing is.
Permits and liens, right?
So many people, the windows theyput in 10 years ago to replace
the old ones, they had aneighbor do it.
They didn't get a permit Is thatillegal?
Yes.
And it needs to be rectifiedbecause the new owner wants to
make sure that what they'rebuying is Safe and secure.
(12:26):
So sometimes these thingsinvolve closing out a permit or
opening up a permit, having anitem inspected and closing it
out then
Jim (12:34):
Right?
Brett (12:34):
So I would say those are a few things that are very
common that would come back.
What's great is that it happensso early in the transaction It's
like a health issue.
You'd rather find out as soon aspossible so that you can do
something about it.
And if the property is notsomething that the customer is
willing to move forward onagain, that would be a great
(12:57):
time for them.
Jim (12:58):
Right
Brett (12:59):
transaction if the issues were too large to rectify
Something like closing out apermit on a carport, for example
the worst thing that couldhappen would be they would tell
you hey, you got to remove thecarport, right?
maybe there was a screen cageput on the lanai And it wasn't
done permanent.
They might make you take thatoff.
Those would be examples ofsomething.
(13:21):
that you could have again in thefuture.
But at least, what you're buyingis safe and secure, and you
ultimately want that titlepolicy signed, sealed and
delivered to everyone.
Because at the end of the day,if there were to be another
issue from a previous owner, orfrom a previous.
Lifetime especially in an arealike this where there's some
(13:43):
very old properties It's yoursafeguard.
Jim (13:47):
So how do you determine?
The insurability of propertytitle and what kind of
insurances are available?
Brett (13:54):
So when it comes to title insurance, you have two main
policies.
You have the owner's policyprotect you from any clouds or
encumbrances on your title.
And then there's also a lender'spolicy.
if you are financing yourproperty.
Regardless of what type of loan,whether it's, FHA or
conventional, you need to have alender's policy it's basically
(14:18):
providing the lender who'sloaning the money to the buyer
to obtain the house.
that safe.
Guard and that assurity andcomfort that the buyers also
receive the buyer has that paperto tell them, this is what you
have to protect you in case ofan emergency.
(14:38):
The lender also has that.
Jim (14:40):
They wanna know they're not gonna be on the hook for some
money down the road.
Brett (14:44):
Exactly.
So it protects everyone.
And then, on a buyer's side, onething is, or associated with
Florida, and especially rightnow with everyone thing going on
as the buyer, you want make sureyou're purchasing a very good
homeowner's policy.
And if you're financing theproperty, you'll have to provide
a homeowner's policy because itwill protect you financially, if
(15:06):
God forbid, something doeshappen to your home.
Of course, it's very wise thatthe lender would require that
too, because if their money ison the hook for your property
for 15, 20, 30 years, they wantto make sure, hey, if a storm
waves through their neighborhoodand they have all this damage,
is strong enough to cover whatwe need for it to be brought
(15:27):
back to the condition it waswhen we loaned them the home?
Jim (15:28):
So that everything's legitimate and documented and
ready to go when you go to sellit.
Brett (15:34):
Exactly.
So that's your generalhomeowner's insurance.
But then, as we know, There'sadditional forms of homeowners
insurance that we're seeing nowbecome more and more common.
With all the storms goingaround, one of the most
important insurance is you canhave insurance.
We live in an area where we havepart of our counties.
in barrier islands.
(15:54):
There's very little protectionaround them.
If you live in any of thoseislands, and your home is
financed, you have a very Heftyflood policy because the lender
is going to require it.
Jim (16:08):
Right?
Brett (16:08):
Whatever policy they have or don't have, of course, that's
up to them.
We have flood zones in Florida,which go all the way down to X
and, it's based on the elevationof how high your property is in
terms of how many feet high itis from sea level.
The farther you go inland fromthose barrier islands.
Your need for flood insurancetraditionally has been less and
(16:31):
less.
For example, you have a lot ofrealtors that will say, and
lenders that will say thingslike, oh, the house doesn't need
flood insurance.
It's not in a flood zone.
It's a misnomer.
We hear that a lot of times fromour because all of Florida
really is a flood zone.
It's just that the risk of yourproperty flooding.
much lower being more inland orbeing so far away from sea or
(16:54):
high above that, it might not bea requirement.
I know for sure, just on apersonal level, after all these
storms, I'm not in a flood zone.
But when I found out the costfor flood insurance, because I'm
not in a flood zone, it's sominimal.
I'm going to go ahead and addthat policy on my renewal
because there's just no reasonnot to.
(17:15):
I'd rather save the money onsomething else.
It's just it's a scary, it's ascary thing to think about.
I would say that those are thefour most important.
Policies.
Jim (17:26):
What is the typical cost associated with the title
insurance and how are theycalculated?
Brett (17:33):
So we have a table that we follow and it goes from.
The property price being, 100all the way up to, anywhere like
20 million and the amount of thepolicy is directly correlated to
the property price.
So the less the property price,the less the policy I just had a
(17:56):
closing a couple weeks ago for acustomer.
on a vacant parcel of land inNorthport.
I want to say the policy was 160or something like that.
Jim (18:08):
Right.
Brett (18:09):
That means that for a 20, 000 purchase now for the life of
ownership of that property forless than 200 plus whatever cost
they had, closed, If there's anyissue that ever occurred at any
time on title, they'll beprotected,
Jim (18:27):
So I was gonna say what then does somebody need to bring
what kind of documentation orpaperwork?
What I as a buyer need to bringto start that title insurance
process
Brett (18:40):
So generally speaking from us we require actually very
little the contract is of coursethe most important thing Once we
have a contract really what weneed from everyone is their
contact information, right?
If the property is beingpurchased from customers that
are financing all of that reallyall those documents, let's say
from things like bank statementsto physical identification
(19:04):
whether it's your driver'slicense or passport or multiple
ids All of that stuff generallygoes first to the lender,
Jim (19:12):
right?
Brett (19:13):
We don't see any of that until the day of the closing.
Jim (19:15):
Okay.
Brett (19:16):
So on the day of the closing, that's when we would go
ahead and make copies of thecustomer's identification.
Whoever is signing is who theysay that they in fact are.
We don't necessarily ask for awhole lot of personal
information from these peopleother than we get a buyer's
input sheet and a seller's inputsheet at the start of the
(19:36):
transaction.
And that goes on when we'rewaiting on the deposit and we're
inputting the contract on ourend with all the terms and
everything into our system.
And that's basically where wewould get that information.
Any information that we didn'talready get in that initial
email from, let's say therealtor or whoever sending us
the file that's where they wouldgo ahead and fill that out.
Jim (19:59):
right?
Brett (20:01):
Usually it's mostly basic information.
They just want to make sure thecontact information matches what
you give them and all of that.
But like I said It's justverifying they are who they say
they are.
the underwriter is doing all ofthat the lender is doing all of
that.
We will find out if something isnot cohesive Throughout the
(20:21):
transaction
Jim (20:22):
so generally speaking for you as a title you need the
contract And then verifyverification of identity really
the mortgage company will takeall their information The
insurance company will get alltheir information
Brett (20:36):
Really?
It depends on the circumstances.
So for example if the buyer'svery communicative and they're
just, going back and forth withtheir lender on everything that
they need, we usually just getupdates.
There's some buyers that are notas available or sellers that are
not as available.
And then what will happen iswhatever vendor it is that we're
dealing with, maybe it's thelender, maybe it's the insurance
(20:57):
company, a lot of times, we'llhear from them and say, Hey have
you been able to reach thebuyers or have you been able to
reach the sellers, the closingscoming up in 10 days, and we're
just wanting to make sureeveryone's on the same page So
it's very common that the titlecompany would come in to reach
out to everyone.
Title seems to be who's reachedout to when there's any issue.
Jim (21:22):
Probably you've got that relationship with each of the
people involved.
So it makes it easy to go stop.
Exactly.
Brett (21:28):
To your point, if a customer is freaking out about
something on a Sunday morningand they really need me to get
in touch with the attorney, orthey really need me to get an
answer for them on a question, Ican get all that done for them.
And that's what's veryimportant.
If they need me to reach out to,another one of the vendors
(21:50):
involved in the transaction, andI have a close relationship with
them and I can get them toanswer the call after hours,
again, that's where the value isbrought in and it's just to your
point, making sure that we'rekeeping everyone on the same
page and keeping everyone movingalong as smooth as possible,
Jim (22:08):
so here's a question in the area, we have a lot of new
construction going on.
Is there any real fundamentaldifference with new construction
versus buying an existing home?
Brett (22:19):
There is.
So when it comes to newconstruction, a lot of the local
and even regional Or nationalbuilders, because there's all
types here.
And as you see, we havecommunities with 24 new homes.
We have communities with 450 newhomes and everything in between.
When you look at larger builderslike Lennar, DR Horton, Taylor
(22:42):
Morrison, those companies allown their own title company.
So for example, if you as arealtor are bringing your
customers to one of thosedevelopments, the first thing
they're going to be offered is.
The right to work with their owntitle company and their own
lender.
Of course, when you have thingslike incentives at play, there
(23:04):
might be incentives for them togo ahead and work with those
people.
Now on the flip side thatdoesn't mean that's what's in
the customer's best interestright sometimes free closing
costs Don't always mean a betterexperience So therefore some
developers will require you touse their closing company but a
(23:26):
lot do not so that's anothermisconception Is that just
because you're buying preconstruction means you have to
work with every one of theirvendors?
That's where I would say, itnever hurts to ask the question.
Jim (23:40):
Right?
Brett (23:40):
So I know, for example, if we get a new development
contract from someone,regardless of the community.
I know that we're going to makesure that the attorneys are
reviewing everything and makingsure that purchasing in this
community is in the customer'sbest interest.
(24:01):
The verbiage on their contractis okay because again, a lot of
these developer contracts,they're not the standard Florida
far bar contract.
A lot of them are working withtheir own purchase agreements,
99 percent of the things you'regoing to have to go ahead and
agree with because it's theircommunity
Jim (24:18):
yeah, there's not anything wrong with that just be aware of
what you're getting into
Brett (24:24):
point
Jim (24:25):
be aware of what I always tell people
Brett (24:27):
it's about the options and making sure whatever is best
for you,
Jim (24:30):
right?
Brett (24:31):
It's never because one is better than the other it's never
be afraid to ask the question.
Because with all that types ofinventory, you have a lot of new
inventory now competing with oldinventory.
And as a realtor, you also justwant to make sure.
you're helping your custo surethat they're happy w So that
(24:53):
starts from picki rightproperty.
Jim (24:56):
handle that as a claim?
Brett (24:59):
So came back from previous ownership as Oh my God,
this never came up, which by theway can happen because people
are human.
Jim (25:08):
Yep.
Brett (25:09):
I would say the first step is call your closing
company.
So if you use the title company,call them.
If you use an attorney, callhim, call her.
It's important to get in touchwith them first.
If you're able to right, if not,you look at your policy and you
call that underwriter company,you call the title insurance
(25:31):
company that provided the policyto you and you just get on the
phone with them and someone willhelp you because that's what
they're there for.
Jim (25:40):
Okay,
Brett (25:40):
None of this is new to them.
And what sounds really scary toa homeowner sometimes might
really be something that's notthe end of the world, right?
Jim (25:51):
But the first thing you want to
Brett (25:52):
I would say either call your closing agent to let them
call for you.
Or if they're not available.
just go ahead and call the titleinsurance company and, get that
conversation started and seewhat the next steps look like.
Jim (26:06):
So what advice would you give for buyers and sellers to
have a smooth title transfer?
Brett (26:13):
I would argue that the most important thing for buyers
and sellers alike isorganization as well as good
communication buying or sellinga home for the duration of that
transaction, which it could be14 days.
It could be 60 days.
It could be a longer closingbecause, the buyers can't close
(26:33):
until On their new home untilthey close on their previous
home or whatever the case maybe, the sellers can't move out
until their new home is ready,but the buyer has to close by a
certain date for their loan,their interest rate locked,
whatever the case being
Jim (26:50):
Know your dates.
Know your time frames.
Know when things are due.
Brett (26:54):
I would argue that organization would be the most
important thing for everyoneinvolved in the transaction to
have because when you deal witha transaction, you're dealing
with timelines.
Everything is due by a certaindate.
The contract will stipulate thatthe inspection period is over by
a certain date.
The money initial deposit is dueby a certain date.
(27:15):
If there's a second deposit,that second deposit is going to
be due by a certain date.
If there's a loan, the financingcontingency ends on a certain
Jim (27:25):
date.
Brett (27:26):
The organization starts from the beginning and it's for
everyone involved.
For example, the realtor.
I would say they should beproviding their customer with a
timeline of when these thingsare due on the lender side.
I would hope that generally theyhave a team of people helping
them.
Usually there's not just alender.
(27:46):
The lender might have aprocessor.
They have their underwritingteam, everyone having all their
information correct and thengetting everyone everything they
need as quickly and timely aspossible.
These are things that make atransaction go smoother.
So another example would be if alender says to a buyer, listen,
(28:06):
we need, 4 months of your bankstatements.
You're a first time homebuyer.
We need a little bit moreinformation,
Jim (28:12):
right?
Brett (28:12):
If you take three days to get those bank statements back
to the lender, that's now threemore days before they can send
it to underwriting, which itcould take another 24, 48 hours,
depending how busy underwritingis to come back and say, okay,
yes we got that.
So the more organized everyonecan stay and the faster they can
(28:33):
get everyone the informationthat they need.
It's possible to close a lotquicker.
I know when I bought my firsthome as the first time home
buyer I took all thatinformation to heart and I was
able to close with a first timehome buyer alone in 24 days, The
longer people wait, the longerthings take.
And when it comes to atransaction, time is not always
(28:56):
on your
Jim (28:57):
side.
Yeah, modern technology can helpwith that with
Brett (29:00):
100%.
It's so easy for you to log intoyour bank app and just save your
statements as a PDF and emailthem.
You can probably do it in Fiveminutes.
So I would say that atransaction can move as quickly
and smoothly as everyoneparticipating it allows for.
(29:20):
The only other thing I reallywant to emphasize is that make
sure whoever you're working withfor your closings is someone
that you feel very comfortablewith and a company that you can
really trust, but as well acompany that's always there for
you because like I mentionedbefore, real estate is a
business that's seven days aweek.
And it doesn't discriminateagainst holidays.
(29:41):
Sometimes a customer wants toput an offer in on, a holiday
weekend, right?
Whatever these things may be,make sure you're working with a
company that makes themselvesavailable for you and makes you
as important to them as yourcustomers are to you.
Jim (29:55):
Awesome.
Brett, thank you so much.
I appreciate you being here.
Thank you so much.
Brett (30:00):
Likewise.
See you soon.
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