Episode Transcript
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Speaker 1 (00:00):
Welcome to the Business Happy Hour radio show with your
host Frank the Bank Koto, president of Lincoln Lending Group
and he won three mortgage for twenty years right here
in Tampa Bay, joined by his incredible co host Rosa
Bahiti and Senia Akishna, top producing real estate agents with
Mahara and associates. These three bring nearly five decades of
(00:21):
experience in the local real estate market. If you're looking
for real estate or business advice, no matter what your
experience level, the Business Happy Hour team has been there
for you for almost a decade right here on news
radio WFLA. Now, sit back, relax, and get ready for
some serious real estate and business talk with three of
Tampa Bay's top experts. Here's Frank the Bank.
Speaker 2 (00:42):
Hey, Tampa Bay, welcome back to the Business Happy Hour,
your number one show for all things business and entrepreneurial,
and today is no different. We have a great show
for you guys. Today it's just Senia and I, Frank
the Bank CODO Lincoln Lending Group owner and Senya Akishina,
superstar Wheler with Mahara and a sosociates starting the show.
How you doing Senia?
Speaker 3 (01:02):
Hello, Hello, wonderful, good to be here as always.
Speaker 2 (01:05):
All right, it's going to be a great show. Oh
you know, I just realized I need turned down my
volume over here on my Insta. Didn't figure it, didn't
realize that till it was too late. But yeah, it's
gonna be a great show. Cennia brought an amazing guest
for us today. You're still getting an echo in yours
a little bit. I think we might need to turn
it down just to tad on one of ours. And
it's going to be a really good show for you guys. Today.
(01:27):
We have an awesome guest. We a lot of times
on the show. Cinny and Rosa and I always joke
when we say things like man, I wish we had
an attorney to answer that question. And Sinia heard our
call and answered our call. We have David Rankin, the
licensed attorney and the owner of American Patriot Title. How
(01:48):
you doing, David, I'm doing very well.
Speaker 4 (01:50):
Thank you appreciate it all.
Speaker 2 (01:51):
Right, Well, thank you for coming on the show. We
promise it'll be a fun win for you. You'll just
have to follow along. You are a guest host, so
you're welcome to chime in too anything that say and
I are talking about and when Rosa gets in, she's
running just a couple of minutes late. I'm sure she'll
have some questions for you as well. But we've got
some scenarios. Lots of crazy things have been going on.
A nar settlement. Uh, you know, we've been hearing about
(02:13):
land fraud. We just did an auction. We had what
was the other thing, I said, the tax tax? Yeah,
I actually had a tax deed bought out from under
me and I own a mortgage company for twenty years.
So I know you can punch me when we get
off the show here, but I need to learn about
this a little bit. So we're we've got just I
don't I don't know if David's ready for what we're
(02:35):
about to throw at him. But he can also answer
some questions about a title company, and one of the questions,
since we really haven't had a title attorney on here,
I don't think in at least a year, I'm gonna
I'm gonna prep him, but I'm good. A little bit
later in the show, David, I'm gonna ask you just
what the hell is title insurance? And anybody right? Because
if you have a right, do you buyer?
Speaker 3 (02:54):
Sometimes that's actually maybe that's the question we should start with.
Speaker 2 (02:57):
I think that is.
Speaker 3 (02:58):
Very important to our industry and any clothes that we
can do.
Speaker 2 (03:01):
It is and it's just kind of it's one of
those things that you're required to have it. So we're
gonna find out what it is and why you're required
to have it. But before we do that, we're gonna
talk a little bit about the market, because there is
some really exciting stuff going on. Matter of fact, the
FED meetings have already started. If you're watching Instagram right now,
the Feds, right.
Speaker 3 (03:20):
It's the seventeenth.
Speaker 2 (03:21):
I know it's seventeenth, eighteenth. I don't know if we're
going to get an answer today by two o'clock on
what exactly is gonna happen. Well, I'm gonna do the
little Google thing while you're chatting and doing some stats
and I'll see what I can find. But I think
definitely by tomorrow now important to know about the rates.
I just sat and had dinner with a guy on
Saturday night. I was talking about rates and what a
(03:42):
lot of people don't understand. You ever heard the term
it's baked in already or it's kind of already included. Well,
What that means, at least in the rate world, is
that or in the stock market world, is that there's
some news that people are expecting, like like, you know,
they know that let's say Tesla earnings, you know, didn't
do good, They're about to have a report. Well, sometimes
the information is already out there, and so the movement
(04:05):
has already happened in the market, even though the official
announcement hasn't happened. And everybody at least believes rates are
going to be dropped by the Fed for the first
time in almost three years today or tomorrow. So the
market to some degree has already baked this in. And
I think that's why we've been able to advertise for
(04:26):
the last week that we actually have rates in the
high fours right now. A lot of people were not
expecting to see that, especially if you're reading the old
Google machine. Let me, let me see what Google says.
What are you hearing, Sania. When you're out there in
the market right now and you're doing closings, you know,
David may be able to answer to I doubt David
sits down and does the closings himself anymore. But if
you do, I mean, have you seen anything on the rates.
(04:48):
Have you seen what they've been doing by Jance?
Speaker 4 (04:51):
I have not, but I can tell you that tomorrow
afternoon at two o'clock, I think, is when the Fed
announces Yes, whether it's a quarter point or half a point.
Speaker 2 (04:59):
It is you are. I just pulled that up. It
is tomorrow at two o'clock. So if you're on Instagram,
it's tomorrow. If you're listening Sunday morning to our radio show,
then the news is already out there. You're gonna have
to google it. Yeah.
Speaker 3 (05:11):
To your point though, Frank, I mean I get the
news from you, so it's like, yes, this lingering, you
know question, Hey, you know, are they dropping him and
how much? But when the market is anticipating something to
change with the lenders, I mean that typically happens a
little sooner it does. So if you've been waiting for
like the official news, you know, call up your mortgage lender,
right Frank Codo Lincoln Landing, Yeah, and then you know,
(05:35):
find out what the actual rate is and what he
can get you a mortgage for.
Speaker 2 (05:40):
Right now, that's exactly right. And I'll tell you if
you google the thirty year fixed fixed mortgage rates. If
you literally, go to Google right now and just type
in thirty year rates. It's going to tell you the
thirty year fixed conventional is six point nine. Rosa, welcome
to the show.
Speaker 4 (05:54):
Hi.
Speaker 2 (05:54):
She's getting all that nice shirt today. That's cool. She's
very floral, she's getting set up. And the reason I
pick on Rosa real quick quile she's getting her Instagram
on is because we have a client that well, we
may have a client working on it. We're working on it.
We're working on talking to a client, which sometimes, you know,
that's the way it goes, though.
Speaker 5 (06:13):
It takes time sometimes and not everyone is quite ready,
and you don't always want to put the pressure on
them either, so I kind of work around their timeline too.
Speaker 2 (06:22):
Yeah, of course. And Rosa, and just like most real
litters in Senia, they know when the right timeline is right.
So she called me yesterday and she's like, that might
be the right time. But I bring this up, Rosa,
because you and I were chatting about rates yesterday. And
if you do the old Google machine on the rates,
it says the thirty or fix is six fix is
six point nine to two to one on a government
not government, sorry, and a Fanny May loan. So that's so.
Speaker 5 (06:44):
Fanny May is the conforming yes loan, okay, and can
you explain conforming and non conforming?
Speaker 2 (06:50):
Absolutely, Look, she's quizzing me already today. So conforming means
it conforms to Fanny May's guidelines, right, meaning it can
be what's called it's if people use the same term
conforming and conventional, right, Conventional is a Fanny May loan,
Its conforms to their guidelines. Non conforming basically it's kind
(07:10):
of a new word is called non QM non qualified mortgage.
It means it's not qualified for a conventional for conventional
or government financing. When they use the word government, what
they mean is usually FHA, VA or USDA. Those are
the three products that you could say are the government loans.
But then people say, well, conventional loans and Fanny Ma
that's government back too, and they're right, but it's not
(07:32):
exactly ensured the same way like FAHA and VA are
basically insured by the government, so they're all kind of government.
But here's exciting news. Thirty year fixed FHA, according to
the Google Machine, is six point one four thirty year
fixed VA is six point one nine to three. But yesterday,
when Rose and I were chatting and you had a
client that was I think talking to Navy Fat or
one of these other companies. They were telling them mid sixes,
(07:54):
which is lower than what Google says.
Speaker 5 (07:56):
And this is for an investment property that we were
talking about.
Speaker 2 (07:59):
To start the star right, and now we're thinking primary.
But the primary rate, I don't know if I told
you this or not yesterday, we would be looking at
around five six two five wow them on primary.
Speaker 5 (08:09):
So their scores are in the they're strong high sevens,
they're in the high sevens, eight hundreds.
Speaker 2 (08:14):
They're going to get a good rate.
Speaker 5 (08:15):
And they own a home that is paid off, and
so they're like, well, maybe we'll rent that out and
then we'll buy a primary on the water to fit
more of our lifestyle and what we need at this
point in our life.
Speaker 2 (08:24):
I think that's a really good idea for them. Not
only do I think that, but the difference in their
interest rate is going to be about one percent. That's
a question that everybody asks, is you know what's the
difference in investment or primary when it comes to rates. Well,
two things, down payment you have to put down more
down payment on investment, and two the interest rate is
always lower on a primary resident. So we're talking mid
fives compared to mid sixes for investment to primary.
Speaker 5 (08:47):
And then do you need to put that twenty percent
down for that those terms for?
Speaker 2 (08:52):
Oh, great question, that's a really good question. Surprisingly, No, Okay,
you can actually get well, at least with Lincoln Lending you.
I can't answer everybody else, but you don't know about everyone.
Speaker 1 (09:02):
I don't know.
Speaker 2 (09:02):
I just know you shouldn't call them. But you can
put down as little as five percent on a conventional loan.
Now you're going to pay PMI mortgage insurance because you're
only putting down five percent. But I can get somebody
the exact same rate with five percent as I can
with twenty percent.
Speaker 5 (09:16):
Okay.
Speaker 2 (09:17):
Now, if you start going twenty five and thirty percent,
you're going to get even lower. Like we actually locked
somebody at five and a quarter on a thirty year
fixed conventional last week with twenty five percent down.
Speaker 5 (09:26):
What was Do you remember what their monthly mortgage was around?
Speaker 2 (09:29):
Nobody can tell you, right, Okay, that's.
Speaker 5 (09:31):
Sorry to put you on the spot.
Speaker 2 (09:33):
I love it. We use the old TRUSTe mortgage calculator.
It was a five hundred thousand dollars loan amount thirty
or fixed at five point two five cost them. This
is really good twenty seven hundred and sixty one dollars
principle on interest.
Speaker 5 (09:45):
Wow.
Speaker 2 (09:46):
Yeah, And just to give you an example, when we
were at seven and a quarter, that same house would
have cost them thirty four to forty all right.
Speaker 3 (09:53):
So that's prettuge good front.
Speaker 2 (09:56):
Yeah, it's like you know what, seven hundred some dollars,
I mean, that's a that's like another one hundred thousand
dollars in purchase power. There's really more than that. It's
like one hundred and twenty five. So the good news
about the rates government rates FAHNVA. Right now we just
locked four eight seven five with a five point one APR,
and there's another loan it may get locked today at
four point seven five thirty year fixed VA loan. So
(10:19):
if you're a veteran, you guys have the lowest rates
in the entire industry. If you're going FHA just putting
three and a half percent down with even like a
six fifty credit score, you are around five percent. You
might even be at four nine nine. So we were
talking before you walked in about how the rate cut's
going to happen tomorrow at two o'clock. Oh okay, But
the reason we're seeing these rates so low right now
is because the rate cut is expected, so it's baked
(10:42):
in the big question. And I'm going to ask our
guest here, David Rankins, since he chimed in here, he
knew the exact time at the FED meeting, and I
was trying to look it up right when he was
telling me, David, what do you expect? I know it's
a crystal ball thing, but they've been talking there could
either cut a quarter or a half point to the rate.
What's your what is your guess? What do you think
is gonna happen?
Speaker 4 (11:01):
Well, it's like being on sports talk and recorded before
the Sunday games, right the program comes out after Sunday.
My guess would be a half point simply because there's
some concern about the unemployment numbers. There are all kinds
of factors that they consider, but it seems like one
of the one of the predominant factors they're looking at
(11:23):
is the unemployment rates. And the unemployment rates are going up.
The economy's cooling, and the FED one of their primary
directives is to limit unemployment right, and when an employment goes,
numbers go up, they are inclined to be a little
more aggressive.
Speaker 2 (11:42):
YEP, I totally agree with what David said. Matter of fact,
if I was a betting man up until my dinner
on Saturday night, I would have absolutely said a half
a point. This guy at dinner basically looks at me
and goes, Frank, you have to look at statistics. He goes,
they haven't cut more out of half since they're and
then a non emergency situation ever, And I'm like, okay,
but I think it's an emergency. So anyway, quarter and
(12:04):
a half, we're gonna find out. If you're listening Sunday,
you already know the answer. We're gonna take a quick
break here on the Business Happy Hour when we get
backward to do some stats with Senya, and then we're
going to talk to David Rankin, the attorney and owner
of American Patriot Title, and we have some tough questions
for him. So stay tuned to the Business Happy Hour.
Speaker 1 (12:18):
Now we're back with some serious real estate and business
talk with three of Tampa Bay's top experts. Your host
of the Business Happy Hour, Frank the Bank, Kodo Rosa,
Bihiti and Senia Akeishna.
Speaker 2 (12:30):
All right, Tampa Bay, welcome back to the Business Happy Hour.
I hope you guys are having a good morning on
Sunday morning. For all my Instagram viewers, like and share,
like and share, send it out there so everybody can
hear us and see us. We're gonna be talking with
David Rankin, our guest host today. He is an attorney
for many years. He represents real estate agents in bad,
(12:51):
bad situations sometimes and mortgage professionals as well. I didn't
know this, Cinya didn't tell me that I would have
come in here with all kinds of Probably better that
she didn't tell me ahead of time that you represented
a bad mortgage brokers here in there. But we do
have some fun questions we're going to ask you about that.
I'd like to go into our stats real quick with Cinnya.
(13:11):
I'm curious, do we have anything exciting? I know we
will for the year.
Speaker 3 (13:15):
She's always like, maybe, well, but my excitement comes when
I get the new report. Yes, I know, and maybe
maybe next week. But you know what I did though,
is actually went on the National Association of Realtor's website
and I decided to pull them for you know, the
whole country.
Speaker 2 (13:30):
Ooh, we've never done this before.
Speaker 3 (13:32):
We haven't, so I'm like, you know what, this will
be interesting. And in the South, which doesn't cupass, you know, Florida, Georgia, Texas,
you know, all of our southern states. And this is
for the sales price for existing sales volume again year
over year. Right, So let's just go from the two
(13:52):
hundred and fifty to five hundred thousand dollars range in
the South, that is up six percent. Oh, the seven
to fifty thousand price range up seven point nine percent,
seven hundred and fifty two, a million up nineteen point
three percent, and a million plus is up twenty one
point six percent.
Speaker 2 (14:14):
Wow.
Speaker 3 (14:15):
So I mean, I think that's pretty good.
Speaker 4 (14:17):
You know.
Speaker 3 (14:17):
Of course I have our local numbers here. So for
Hillsborough County, we were up in July by about five
point four percent.
Speaker 2 (14:24):
Uh huh.
Speaker 3 (14:25):
Panelas was down one point five percent, but they were
the ones that were you know, so hot and heavy
for so long, right, and Pasco was up six point
four percent. Oh my, so our local MSA were up
about four point five percent. So it just closed sales.
So this is not broken down by that price right,
you know range, but just sales in general.
Speaker 2 (14:45):
Are you are you not blown away a little bit?
I mean maybe David is too about the giant jump
in the really expensive homes up twenty percent in the
higher million dollars.
Speaker 3 (14:56):
That's been actually impressive. I mean it used to be
you know, a lot hard to sell, you know, that
expensive price point, and that's actually that's grown a lot.
Speaker 2 (15:05):
That is I don't know, David, how long have you
been in the business?
Speaker 4 (15:10):
Too many years? I stopped counting.
Speaker 5 (15:13):
You stopped counting after how many three? Thirty?
Speaker 2 (15:17):
Yeah, shoot, I'm at twenty four and yeah, I probably
should stop counting. But that I find that really impressive.
It's almost like I had to sound sound negative, but
it's almost like they're that whole wealth gap thing that
they talk about when things like this happens. It's almost
like COVID created a bigger wealth gap or are they're not.
Speaker 3 (15:38):
Really because I don't think there's a reliant on the rates,
you know what I mean, if you've got that kind
of money, then that could be it.
Speaker 1 (15:44):
Well.
Speaker 5 (15:44):
Also, the loan limits they have been increasing throughout the
past few years, true, so that might be another reason why.
Speaker 2 (15:52):
Rosa hit me with something yesterdays. She's like, I see
Fanny Maids going up to like eight hundred and two
thousand or something. I'm like, Rosa, if you know something
before me, I'm like, I'm quitting. So I had to
look it up real quick, and it is there is
talk that Fanny is going to raise alone limits again.
It would be over eight hundred thousand for a conventional mortgage,
which then usually FAHA and VA follows suit. So that
(16:13):
would be very interesting. Right now you're at seven sixty six,
but that is a good point Rose so that when
they allow people to borrow more money, it opens up
people into a higher price point.
Speaker 3 (16:21):
Yeah right, okay, just one more number. I want to
mention too. So this is for months supply of inventory.
So I know we've been talking about that growing, but
this still shows that, I mean, there's still a shortage
of housing that's available. So in twenty twenty three and
June it was two point nine months supply and July
was three three months. So now this year not a
(16:44):
huge difference. So June was three point eight and July
three point six. And as we talked before, like the
official like you know, equilibrium was like the six months.
So I think that just shows it across the country
there is still that inventory shortage. We do need more
homes on the market.
Speaker 2 (17:00):
We do.
Speaker 5 (17:01):
So where is the supply numbers that you're Is that Hillsborough?
Speaker 3 (17:04):
I'm telling them, yeah, this is actually I pulled this
from the National Association of Realtors website, So this is countrywide.
Speaker 2 (17:12):
Okay, Oh okay.
Speaker 5 (17:13):
So this isn't just our local market.
Speaker 2 (17:15):
It's not.
Speaker 3 (17:15):
But I mean our numbers are close. So in Hillsboro
our month supply is three point four months, Panela's three
point eight and pass go three point four so right
around up.
Speaker 2 (17:24):
A ton of point. Yeah. Yeah, the last time you
did it, I'm gonna put you on the spot. You
probably don't have You don't have the numbers for the North,
do you? Since you said this? You know what I do?
Speaker 3 (17:34):
Oh yo, she has? I actually do. So they break
up the North. It's northeast.
Speaker 2 (17:39):
Okay, let's go northeast. I'm curious because I've heard a
lot of people are moving from there in the last
couple of years. So let's see how that goes.
Speaker 3 (17:45):
Okay, So I guess with the price points, but I
mean they're closed sales six point nine percent up for
that two fifty to five hundred thousand dollars range almost
twenty percent, and the five hundred and seven to fifty
thousand dollars range, and I'll just skip to the one
million or more almost thirty three percent.
Speaker 5 (18:04):
What is this an increase in population? Because I feel
like they're coming here, but it sounds like they're definitely
buying there too.
Speaker 2 (18:11):
That's crazy.
Speaker 3 (18:12):
I think the Northwest and Midwest markets are you know,
doing a little bit better.
Speaker 2 (18:16):
That was Northwest or northeast.
Speaker 3 (18:18):
Northeast, so they don't have a nor they have a
Northeast Midwest.
Speaker 2 (18:22):
Like seventeen people live in the Northwest, like Dakota has
four of them. I think Oregons has like twenty five
of them.
Speaker 3 (18:29):
But overall in the US, so if you take all
of those regions, you know, six point six percent for
the lower bracket, twelve point one percent increase than nineteen percent,
and then twenty six and a half percent increase for
the million dollar plus.
Speaker 2 (18:42):
This is crazy. I use these are probably this is
probably some of the craziest stats you've ever brought to us.
Speaker 5 (18:47):
Yeah, they're great, Thank you, we.
Speaker 2 (18:49):
Are, and we're gonna we'll talk about that next week.
I'm not sure if we do. We have a guest
for next week?
Speaker 5 (18:52):
Do we do?
Speaker 2 (18:53):
We do?
Speaker 3 (18:54):
Yes?
Speaker 2 (18:54):
Who is it? Let's tease that.
Speaker 5 (18:55):
So I'm going to bring him on. He hold on,
I have to pull up his site, all right.
Speaker 2 (19:00):
Pull it up, and then I'm going to start. We're
start drilling David over here and we'll figure out all
kinds of stuff. So remember, our guest today is David Rankin.
He's the attorney and also the owner of American Patriot Title,
the website American Patriot titled dot net. When we probably
do when we get back from the break, Sinnia has
a great question about what the heck is title insurance
that we're going to ask David. We're going to start
(19:21):
there and then we've got a bunch of other awesome stuff. Now,
we do want to mention David is the preferred title
agency for Maharran Associates and has worked with you guys
for a decade. It sounds like is.
Speaker 3 (19:31):
That about well, at least I mean that's when I
started there, and I mean I knew David. That was
one of my first introductions.
Speaker 2 (19:37):
Yeah, that's right. If you're running with Ray, we've got
to be doing something right. He definitely.
Speaker 4 (19:42):
I'm telling you it's been doing something right for it
fifteen twenty years.
Speaker 2 (19:46):
Oh right, Oh yeah, man, I love it. I love it.
So we love Ray and great just a great team
over Maharran Associates. By the way, they need to find
a realtor, what's the best way to do that.
Speaker 3 (19:57):
You go to the Real Deal Tampa dot com or
give us a call at eight one three seven five
five reel.
Speaker 2 (20:03):
That's it. That's it, eight one three seven fivey five reel.
They love that phone number seven five to five reel.
And you can always go to contact Frankdibank dot com.
Fill out a quick form and I will give you
a buzz that's Contactfrankdebank dot com. And when we get
back Rosell tell us who our guest is for next
week and we'll have more with David Rankin from American
Patriot title. Stay tuned to The Business Happy Hour. We'll
be right back.
Speaker 1 (20:23):
Welcome to the Business Happy Hour radio show with your host,
Frankdebank Kodo, president of Lincoln Lending Group and eight one
three Mortgage for twenty years, right here in Tampa Bay,
joined by his incredible co host Rosa Bahiti and Sinia Akishna,
top producing real estate agents with Mahara and Associates. These
three bring nearly five decades of experience in the local
(20:44):
real estate market. If you're looking for real estate or
business advice, no matter what your experience level, the Business
Happy Hour team has been there for you for almost
a decade right here on news radio WFLA. Now, sit back, relax,
and get ready for some serious real estate and business
talk with three of Tampa Bay's top experts. Here's Frank
the Bank.
Speaker 2 (21:05):
Hey Tampa Bay, whoa knock my microphone off?
Speaker 1 (21:07):
Over there?
Speaker 2 (21:08):
Were here liking share in my own show, sending it
out there for all you guys to check out Instagram, Facebook,
check us out. If you're on MySpace, you're on the
wrong spot, Rosa. Your little thing keeps spinning over there.
Speaker 5 (21:18):
Oh, because I have our guest website up for next week,
so I can tell you a little bit about it.
Speaker 2 (21:23):
Well, let's tease it. We apparently we have a guest
next week. So who is it?
Speaker 5 (21:26):
So we have the owner of Ready Care Physical, Occupational
and Aquatic Therapy coming.
Speaker 1 (21:33):
Wow.
Speaker 5 (21:33):
So he owns multiple locations in New York and he
also has a condo here in clear Water, and I
happened to meet him at a coffee shop and talk
with him and his daughter. He's friends with Heather Tapia
that we had on Nice so he was like, I
would love to be on your show. So he's a
very successful business owner and does own a few pieces
(21:54):
of property.
Speaker 2 (21:54):
It sounds like, well, this happens to be the business
happy hour. Yeah, we'll probably figure that out. I get
your camera up there. So, by the way, quick shout
out I did. I was listening to Ryan Gorman show
the other day and he did this. They did this
couple's heart and lung scan thing from this company. I'm
gonna pull it up as I have terrible memories sometimes
I can't remember Craft body scans, thank you, James. And
(22:15):
I went with my wife the other day and we
got a craft body scan. We actually upgraded from the
heart and lung and did full body scans and bought
a package with them as well. So I'm in this
little mode here where I just had my whole body
scan and in five days I'm about to find out
if I'm healthy or if I'm dying.
Speaker 3 (22:32):
So that's good.
Speaker 2 (22:33):
So it's like one of it's like you know, I mean,
nobody probably knows what this is like like back in
the day if you go get an AIDS test, you know,
and then like they're gonna tell you, we'll tell you
in three days, and you're like, oh, these are gonna
be three good days right here. So anyway, that's where
I am right now. We'll let you guys know how
my Craft body scan went next week. But they were
really cool and really awesome, So shout out to Craft
body Scan ladies.
Speaker 3 (22:54):
Okay, well, yes, so I would like to reintroduce mister
David Rankin. Yes, he's a great just you know, friend
and resource for Maharan Associates. So really love just having
you because people run into issues. Agents run into issues,
our clients run into issues, and it's always good to
be able to have that legal advice when those issues
(23:16):
come up.
Speaker 4 (23:16):
Oh yes, issues, issues run into them.
Speaker 3 (23:21):
Yes, I love the sense of humor. You're You're a
fun guy to hang out with, so I'm really glad
you were able to come. But before we get into
I guess what is title insurance? Because you know what
people need to know that I think most do. But
if you've never bought a home, you might be clueless.
Tell us a little bit about your background.
Speaker 4 (23:40):
I am an assuring you've practiced for more than thirty years.
Speaker 3 (23:44):
Are you from here?
Speaker 4 (23:45):
I my father was in the Air Force, so I'm
from a lot of different places. We talked a little
bit earlier about Florida State. I've claimed Tallahassee is my home.
The entire shortened a lot of conversations. People would ask
where you're from, and I would simply say I'm from Tallahassee,
but that would that would shorten the y. I went
(24:06):
to about nine or nine or ten different schools growing up,
so moved around quite a bit.
Speaker 3 (24:11):
Okay, all right, well how did you get into law?
Speaker 5 (24:13):
Oh? Sorry, oh no, that's okay. Why did you move
so much?
Speaker 4 (24:17):
My father was in the Air Force Elitaria. We would
we would just about every spring, we'd get news, Hey
we're moving.
Speaker 3 (24:24):
I had no idea, so hence American Patriot title.
Speaker 4 (24:27):
American Patriot title. And I graduated from high school in Bogota, Columbia.
Oh wow, wow, that just happened to be where we
were at the time.
Speaker 3 (24:35):
Okay, what got you into law? So, I mean, with
that kind of background, you know, I.
Speaker 4 (24:41):
Was I was in a senior year of college, and I,
like a lot of other people, I didn't know what
I wanted to do, and my uncle and brother in
law were attorneys. Seemed seemed interesting, and it also delayed
my parents asking me what was I going to do
with my life? So I went to went to law
school and found found something I enjoyed doing.
Speaker 3 (25:01):
Okay, and you're still doing it. So I'm guessing you're
still enjoying it.
Speaker 4 (25:05):
I am.
Speaker 2 (25:06):
And so you went from being an attorney and all
of a sudden you're like, well, I'm going to do
title right. What the heck is title? Why? Why? I'm
just curious. I'm gonna put you on the spot here, David.
But why does somebody need title on their house? Why
does everybody have to go to your office when they
close a loan and get this title insurance policy?
Speaker 4 (25:26):
Well, you know, the vast majority of the transactions are
are financed, and lenders, of course want some security. I want,
I want to make sure that they're getting getting paid
and they don't want any title issues. So a title issue,
without getting too far into the weeds and our system
of government property sales that kind of kind of business
(25:51):
in order to have a claim on the property. General
rule is you have to record some kind of an instrument,
some kind of a document in the official records. And
so essentially what title work is is a search of
the official records to see what, if any issues, disputes
are the owner has notice of, and to resolve if
(26:12):
there are any kind of outstanding disputes that we have
notice of, if there are any debts or judgments on
the title that have been recorded, then those those are resolved,
so that when you buy a property, you become the
owner that you have. I guess it's one one way
of having even less excitement. Imagine that nobody nobody wants
(26:32):
excitement whether they're the ownership of their property after they've
they've closed.
Speaker 5 (26:36):
So I have a question for buyers, how do they
know what is a like an accredited title company or
what should they look for when shopping for a title
company if they were trying to do a transaction, let's say,
by themselves, and there wasn't maybe a realtor on the
seller side, understand.
Speaker 4 (26:55):
So the general rule is that you cannot be you
cannot operate as a title company unless you're licensed with
the with the state of Florida. Another protection to some
extent is that you have to have a relationship with
a national title insurer, and we have a relationship with
Fidelity National and Chicago Title and uh. The other thing is,
(27:17):
you know, do do research. I mean, there are there
are a lot of title companies that are there. I'm
certainly not going to disparage anybody, but there I think
there's an advantage of having done business with a title
company that's owned by an attorney or has an attorney
on staff, simply because you get you get more uh protection.
(27:38):
In other words, if there if there is an issue, uh,
you don't have to engage an attorney outside the transaction.
You immediately have an attorney available. It's part of the
part of the transaction, and you can quickly have a
conversation with that attorney and get the have an understanding
what the issue is, how it gets resolved, and get
it resolved a little quicker.
Speaker 2 (27:59):
That that. That is so I'm one thing that I
always hear come up. I hope it'll steal one of
your questions.
Speaker 5 (28:03):
You're stealing one of our questions.
Speaker 2 (28:04):
I know I am wire fraud. Yes, that is a
word that keeps coming up in the mortgage side. The
title side, I'm sure, and even the real estate side,
from from scrow deposits to final closing costs. I mean,
people are wiring hundreds of thousands of dollars. And you
actually hear these these horror stories about when people wire
their money to the title company and somebody like kind
(28:28):
of gets in the middle and they give wiring instructions
and all of a sudden, you're four hundred thousand dollars
for your clothing is like in gudalumpor or something like that.
How does that work? What what can we do about
wire from.
Speaker 3 (28:39):
And you did steal?
Speaker 5 (28:40):
My questions?
Speaker 3 (28:40):
This is something that I get a little paranoid about,
especially nowadays because fraud is on the rise.
Speaker 4 (28:47):
So so let me say this. Let me say this
that the concern and there are agents that come to us.
There are people come to us and say, well, we're
not going to wire any any money. We're we just
we know we're going to lose it. It's rare that the
title company loses money by wiring it. If you know
what the proper protocol is, you're aware of what's going on,
you're you've educated yourself, and you follow the protocol, you'll
(29:11):
never lose any money. So what we have to start
with is the fact that there are what I'll call
fraudsters who are sitting on the internet camped out. They
have algorithms and whatever, but they are tuned into real
estate transactions and they know that there are emails being
traded back and forth between buyers their agents, sellers their agents,
(29:31):
and they know it sometime this is going to culminate
in the transfer of a lot of a lot of money.
So what they do is they time their intervention and
what they do a lot of times they substitute themselves
for the title company or the attorney's office. And what
they do is, without being aware of it, you'll see,
if you are looking for it, you'll see an email
(29:54):
that does not exactly match the title. Okay, So what
happens is they say, okay, you need to you need
to wire your money, and then people who are aren't aware,
not looking for this, they'll they'll wire the funds and
the money will be gone. A couple real quick stories.
One is there was a ten to thirty one exchange company.
(30:15):
I represented a buyer whose money was with the ten
thirty one exchange company one hundred and sixty five thousand dollars.
The ten thirty one Exchange Company was hit by one
of these. In other words, somebody came just took the
place of the title company.
Speaker 2 (30:30):
Spoofed the email.
Speaker 4 (30:31):
Yes, and they subsituted themselves for the title company. The
ten thirty one Exchange Company looked at the at the
wiring instructions for this supposed title company. They wired the
funds to the title company and the money was the
money was lost. So another situation, the title company was
(30:53):
supposed to send the proceeds of sale in South Tampa.
That title company was going to do a closing. The
seller and that transaction in the afternoon was coming to
our title company and doing a purchase with that money.
It was three hundred and sixty thousand dollars. The title
company we had, we sent them an email and said, hey,
we on this date, we're going to be here are
(31:14):
our wiring instructions, but we're going to call and we're
going to verbally confirm what are our wiring instructions are.
Speaker 1 (31:24):
Uh.
Speaker 4 (31:25):
My staff called and said, hey, we want to we
want to wire, we want to uh, we want to
confirm what the our wiring instructions are. The person said, hey,
we're we got it all tied up, We're going to
send it. They said, no, no, you can't, you can't
do that. We have to confirm with what they are.
Long story short, they were just about to send and
they within their system had been hacked by a fraudster.
(31:47):
They were about to wire three hundred and sixty thousand
dollars and it would not have been received by us.
It would have been received by a bank, and the
fraudster typically transfers the funds from that initial bank to
overset ease and the money is gone. So the proper
protocol is this. And I know people worry a lot
of a lot of agents, experienced agents who've come to
(32:10):
us and say, well, how you know, how can you
how can you be shows a social here.
Speaker 2 (32:13):
Actually hold that thought because that's a great tease, because
we have to take a quick commercial break, and when
we get back, we're going to tell you what is
the proper protocol to not lose your three hundred and
sixty thousand, one hundred and seventy thousand, or four hundred thousand,
or your million dollars. When you're doing a transaction and
you are unsure if you're sending to the right title company.
David Rankin with American Patriot Title dot Net is going
(32:35):
to tell you the proper protocol as soon as we
get back right here on the Business Happy Hour. Stay tuned.
Speaker 1 (32:39):
Now we're back with some serious real estate and business
talk with three of Tampa Bay's top experts, your host
of the Business Happy Hour, Frank Thebangkodo, Rosa Bihiti and
Senia Akishna.
Speaker 2 (32:51):
All right, Tampa Bay, welcome back to the Business Happy Hour.
This is a great show. When you are Instagram you
get to see everything. You get to see all the
buying behind the scenes. And yes, I did wash my hands. Anyway,
we were in studio with David Rankin, the attorney for
American Thank You, American Patriot Title, the website American Patriot
Title dot net. He has a lot of testimonials on here.
(33:12):
You definitely got to check it out. It's making me
very jealous. Now I know what I have to go
back and do. But Cinia, let's take it back to
the question we were asking David before we had to
take a break.
Speaker 3 (33:21):
Well, yeah, just to wrap it up, because I do
think this is such an important thing and we just
had a closing yesterday and the funds were coming from
a trust and then personal funds from the buyer, so
essentially cash sale. And the buyers were just like, oh,
you know, what are the wiring instructions? And they asked
a few times that every single time, I'm like, you
need to go directly to the title company and confirm
it that way. I don't want to be in any
(33:43):
shape or form involved in conveying those But using a
great title company like American Patriot Title will also help
circumvent these because the girls will remind you, you know
exactly what needs to be done. So please reach out
to David Rankin and his wonderful staff at American Patriot
Title dot Net.
Speaker 2 (34:03):
David is that the best way to avoid the wire
fraud is besides working with the American Patriot Title dot Net.
It's it's actually verifying the wiring instructions.
Speaker 4 (34:12):
Voice voice verify, and the step before that is, uh,
there are these these emails that you get will have
a signature block and they'll have they'll have phone numbers,
and so if you simply call, if you if you don't,
if you just lose your mind for a moment and
you just call the number in the email, and all
you're doing is falling into that that pit. So what
(34:34):
you have to do independent of that email, you have
to verify what you know, go online and uh, you know,
from more than one source. You might might call your agent,
but just from more than one source, verify what what
the actual time the title company's phone number is. Don't
just accept the fact that the one of the email
(34:54):
to you, because that's that's could be from the fraudster.
So independently you verify the phone number. And then you
go a little more old school, you call and voice verify.
You have your you have your wiring instructions, which are
you know, you can find them on the bottom of
your checks. But you have your routing number and your
account number, and you make sure that when you you
(35:18):
voice verify exactly what your routing number and account number
is for the for the title company, and then you
will be certain that the funds will go to where
they're supposed to go. It's the people who don't follow
that protocol who become the victims.
Speaker 3 (35:34):
So again, don't even call the number from a particularly
you know, fraudulent email. Sometimes you never know they look
really good, you know, make sure you are calling the
title company yourself directly it is the actual title company's number,
and then have the conversation with the actual source.
Speaker 4 (35:49):
So actually I talked to an attorney who represented a
ten thirty ten thirty one exchange company. All I do
all day long is real estate transactions wiring large amounts
of money, and they had they had been victimized and
my client's money was lost. And so I asked the
attorney did they did they voice verify? And the attorney said,
(36:10):
you know, David, I knew you were going to ask that,
but they called and they're hitting themselves over their head
now because they called the phone number that was in
the email.
Speaker 2 (36:19):
Yep, yep. And then, trust me, they have somebody on
the other line ready to answer your call and accept
your three hundred and sixty thousand dollars to Pakistan. So
make sure you independently verify. And I love what you say, Sennya,
because we say the same thing. Call the title company
independently google them, you know. And the big thing is
wherever they sent their initial escrow. Hopefully that two or
(36:41):
three thousand dollars got through, and if it did, that's
probably the documentation I would be looking at to re send.
Speaker 5 (36:48):
My money, so and us as realtors, so we will
verify that the escrow has been received. And then that's
one form of verification. And then, like you said, David,
also verifying with us as realtors when we're representing a
buyer or seller, you know, hey, is this the company's number,
and we can also check that, but we don't. We're
(37:09):
not involved in verifying the instructions for the wire transfer either.
Speaker 2 (37:14):
So one thing Lincoln Lending did was we created our
own set of disclosures and the most important one, the
one on top, is a giant, big bold letter that
says wire fraud is real. Read this, and we say
everything that you guys said. They're independently verified. Don't accept emails,
make sure you make two phone calls, and it basically says,
(37:34):
if you don't do this stuff, it is your problem.
Don't be stupid, and we've caught them, just like you.
We have caught people, and I I've also seen people.
We have seen a title company which was not American
Patriot Title and by the way, it's American patriottitle dot net.
We had them get spoofed and they wired money to
a fake lender payoff account two hundred and twenty thousand
(37:57):
dollars gone like Donkey Kong, never came back. Nothing any
committent could do. And boy, let me tell you, they
tried to go after everybody, and in the end it
was it was funny, not funny, but it was the
title company who broke their own rules and did not
call to verify. And it's very sad. And I don't
know if in thee Ando insurance would even save you
in something like that. I'm really not sure, but we
(38:19):
don't have a lot of time left, so I do
want to make sure everybody sees these testimonials. It's got
my friend Bob McDougall on the top left video in
the bottom of his page the testimonials on American Patriot
Title dot net. That's where David wants you to go.
I know you also represent realtors. So if realtors or
mortgage people are in any type of not fraud, but
let's say like complaint situations or something, would they just
(38:40):
call you directly?
Speaker 4 (38:42):
Yes, anytime anybody who's a complaint file A gets their license.
I probably represented three hundred fifty to four hundred brokers
and sales associates in front of the real Estate.
Speaker 5 (38:51):
Commission, nice, what other things do you specialize in? Then
in law so we know if we have a problem
or no problem to call you or not.
Speaker 4 (39:01):
Well, I would say real estate transactions. And then what's
called administrative law, which is any form of license, whether
it's a mortgage broker, dentist, vetn area and anybody files CPAs,
anybody files a complaint against their license, then that's that's
what I do. That's administrative law. It's not you don't
(39:21):
go to the courthouse. It's administrative hearings and you go
in front of the different agencies, real Estate Commission, Florida
Board of Accountancy, those kind of OFR the OFR, yes, yes, OFR.
Just they don't have a sense of humor.
Speaker 2 (39:40):
No, No, I know Greg Oaks pretty well and he's
a he's a nice guy. But they don't have a
sense of humor when when you have a case in
front of you. That's for sure. We got less than
a minute left. What else can I really wanted to
ask about tax deed sales? I mean, can you It's
not enough time probably to get the answer. So I'm
just going to get a video with you real quick afterwards,
and we'll put it on the Instagram social media because
(40:01):
I had a tax d bought out from under me.
I'm so embarrassed to say this. I'll just say it
in front of like forty thousand people. But yeah, so
I got to figure out how that happened and find
out the real rules on it. But maybe we can
just have David back on the show. Yeah, would be great,
and we can ask him some of these legal questions.
Speaker 5 (40:16):
So your handle for Instagram is Frank.
Speaker 2 (40:19):
Oh yeah, it's uh, it's what is it, Frank, Frank
the bank Codo. It is Frank the bank Koto. So
check out that, the ladies the real Deal Tampa dot com.
Speaker 5 (40:28):
And then my Instagram is Rosa Loves Florida, roz.
Speaker 2 (40:30):
A Beautiful and Sanya Well.
Speaker 3 (40:33):
Our phone number is eight one three seven five five reel.
Speaker 2 (40:36):
Beautiful seven five five reel and don't forget American Patriot
Title dot net. Check out the videos and we'll see
you guys next week. Thank you David for coming on.
Speaker 4 (40:43):
Appreciate it.
Speaker 2 (40:43):
You're welcome
Welcome to the Business Happy Hour radio show with your
host Frank the Bank Koto, president of Lincoln Lending Group
and he won three mortgage for twenty years right here
in Tampa Bay, joined by his incredible co host Rosa
Bahiti and Senia Akishna, top producing real estate agents with
Mahara and associates. These three bring nearly five decades of
(00:21):
experience in the local real estate market. If you're looking
for real estate or business advice, no matter what your
experience level, the Business Happy Hour team has been there
for you for almost a decade right here on news
radio WFLA. Now, sit back, relax, and get ready for
some serious real estate and business talk with three of
Tampa Bay's top experts. Here's Frank the Bank.
Speaker 2 (00:42):
Hey, Tampa Bay, welcome back to the Business Happy Hour,
your number one show for all things business and entrepreneurial,
and today is no different. We have a great show
for you guys. Today it's just Senia and I, Frank
the Bank CODO Lincoln Lending Group owner and Senya Akishina,
superstar Wheler with Mahara and a sosociates starting the show.
How you doing Senia?
Speaker 3 (01:02):
Hello, Hello, wonderful, good to be here as always.
Speaker 2 (01:05):
All right, it's going to be a great show. Oh
you know, I just realized I need turned down my
volume over here on my Insta. Didn't figure it, didn't
realize that till it was too late. But yeah, it's
gonna be a great show. Cennia brought an amazing guest
for us today. You're still getting an echo in yours
a little bit. I think we might need to turn
it down just to tad on one of ours. And
it's going to be a really good show for you guys. Today.
(01:27):
We have an awesome guest. We a lot of times
on the show. Cinny and Rosa and I always joke
when we say things like man, I wish we had
an attorney to answer that question. And Sinia heard our
call and answered our call. We have David Rankin, the
licensed attorney and the owner of American Patriot Title. How
(01:48):
you doing, David, I'm doing very well.
Speaker 4 (01:50):
Thank you appreciate it all.
Speaker 2 (01:51):
Right, Well, thank you for coming on the show. We
promise it'll be a fun win for you. You'll just
have to follow along. You are a guest host, so
you're welcome to chime in too anything that say and
I are talking about and when Rosa gets in, she's
running just a couple of minutes late. I'm sure she'll
have some questions for you as well. But we've got
some scenarios. Lots of crazy things have been going on.
A nar settlement. Uh, you know, we've been hearing about
(02:13):
land fraud. We just did an auction. We had what
was the other thing, I said, the tax tax? Yeah,
I actually had a tax deed bought out from under
me and I own a mortgage company for twenty years.
So I know you can punch me when we get
off the show here, but I need to learn about
this a little bit. So we're we've got just I
don't I don't know if David's ready for what we're
(02:35):
about to throw at him. But he can also answer
some questions about a title company, and one of the questions,
since we really haven't had a title attorney on here,
I don't think in at least a year, I'm gonna
I'm gonna prep him, but I'm good. A little bit
later in the show, David, I'm gonna ask you just
what the hell is title insurance? And anybody right? Because
if you have a right, do you buyer?
Speaker 3 (02:54):
Sometimes that's actually maybe that's the question we should start with.
Speaker 2 (02:57):
I think that is.
Speaker 3 (02:58):
Very important to our industry and any clothes that we
can do.
Speaker 2 (03:01):
It is and it's just kind of it's one of
those things that you're required to have it. So we're
gonna find out what it is and why you're required
to have it. But before we do that, we're gonna
talk a little bit about the market, because there is
some really exciting stuff going on. Matter of fact, the
FED meetings have already started. If you're watching Instagram right now,
the Feds, right.
Speaker 3 (03:20):
It's the seventeenth.
Speaker 2 (03:21):
I know it's seventeenth, eighteenth. I don't know if we're
going to get an answer today by two o'clock on
what exactly is gonna happen. Well, I'm gonna do the
little Google thing while you're chatting and doing some stats
and I'll see what I can find. But I think
definitely by tomorrow now important to know about the rates.
I just sat and had dinner with a guy on
Saturday night. I was talking about rates and what a
(03:42):
lot of people don't understand. You ever heard the term
it's baked in already or it's kind of already included. Well,
What that means, at least in the rate world, is
that or in the stock market world, is that there's
some news that people are expecting, like like, you know,
they know that let's say Tesla earnings, you know, didn't
do good, They're about to have a report. Well, sometimes
the information is already out there, and so the movement
(04:05):
has already happened in the market, even though the official
announcement hasn't happened. And everybody at least believes rates are
going to be dropped by the Fed for the first
time in almost three years today or tomorrow. So the
market to some degree has already baked this in. And
I think that's why we've been able to advertise for
(04:26):
the last week that we actually have rates in the
high fours right now. A lot of people were not
expecting to see that, especially if you're reading the old
Google machine. Let me, let me see what Google says.
What are you hearing, Sania. When you're out there in
the market right now and you're doing closings, you know,
David may be able to answer to I doubt David
sits down and does the closings himself anymore. But if
you do, I mean, have you seen anything on the rates.
(04:48):
Have you seen what they've been doing by Jance?
Speaker 4 (04:51):
I have not, but I can tell you that tomorrow
afternoon at two o'clock, I think, is when the Fed
announces Yes, whether it's a quarter point or half a point.
Speaker 2 (04:59):
It is you are. I just pulled that up. It
is tomorrow at two o'clock. So if you're on Instagram,
it's tomorrow. If you're listening Sunday morning to our radio show,
then the news is already out there. You're gonna have
to google it. Yeah.
Speaker 3 (05:11):
To your point though, Frank, I mean I get the
news from you, so it's like, yes, this lingering, you
know question, Hey, you know, are they dropping him and
how much? But when the market is anticipating something to
change with the lenders, I mean that typically happens a
little sooner it does. So if you've been waiting for
like the official news, you know, call up your mortgage lender,
right Frank Codo Lincoln Landing, Yeah, and then you know,
(05:35):
find out what the actual rate is and what he
can get you a mortgage for.
Speaker 2 (05:40):
Right now, that's exactly right. And I'll tell you if
you google the thirty year fixed fixed mortgage rates. If
you literally, go to Google right now and just type
in thirty year rates. It's going to tell you the
thirty year fixed conventional is six point nine. Rosa, welcome
to the show.
Speaker 4 (05:54):
Hi.
Speaker 2 (05:54):
She's getting all that nice shirt today. That's cool. She's
very floral, she's getting set up. And the reason I
pick on Rosa real quick quile she's getting her Instagram
on is because we have a client that well, we
may have a client working on it. We're working on it.
We're working on talking to a client, which sometimes, you know,
that's the way it goes, though.
Speaker 5 (06:13):
It takes time sometimes and not everyone is quite ready,
and you don't always want to put the pressure on
them either, so I kind of work around their timeline too.
Speaker 2 (06:22):
Yeah, of course. And Rosa, and just like most real
litters in Senia, they know when the right timeline is right.
So she called me yesterday and she's like, that might
be the right time. But I bring this up, Rosa,
because you and I were chatting about rates yesterday. And
if you do the old Google machine on the rates,
it says the thirty or fix is six fix is
six point nine to two to one on a government
not government, sorry, and a Fanny May loan. So that's so.
Speaker 5 (06:44):
Fanny May is the conforming yes loan, okay, and can
you explain conforming and non conforming?
Speaker 2 (06:50):
Absolutely, Look, she's quizzing me already today. So conforming means
it conforms to Fanny May's guidelines, right, meaning it can
be what's called it's if people use the same term
conforming and conventional, right, Conventional is a Fanny May loan,
Its conforms to their guidelines. Non conforming basically it's kind
(07:10):
of a new word is called non QM non qualified mortgage.
It means it's not qualified for a conventional for conventional
or government financing. When they use the word government, what
they mean is usually FHA, VA or USDA. Those are
the three products that you could say are the government loans.
But then people say, well, conventional loans and Fanny Ma
that's government back too, and they're right, but it's not
(07:32):
exactly ensured the same way like FAHA and VA are
basically insured by the government, so they're all kind of government.
But here's exciting news. Thirty year fixed FHA, according to
the Google Machine, is six point one four thirty year
fixed VA is six point one nine to three. But yesterday,
when Rose and I were chatting and you had a
client that was I think talking to Navy Fat or
one of these other companies. They were telling them mid sixes,
(07:54):
which is lower than what Google says.
Speaker 5 (07:56):
And this is for an investment property that we were
talking about.
Speaker 2 (07:59):
To start the star right, and now we're thinking primary.
But the primary rate, I don't know if I told
you this or not yesterday, we would be looking at
around five six two five wow them on primary.
Speaker 5 (08:09):
So their scores are in the they're strong high sevens,
they're in the high sevens, eight hundreds.
Speaker 2 (08:14):
They're going to get a good rate.
Speaker 5 (08:15):
And they own a home that is paid off, and
so they're like, well, maybe we'll rent that out and
then we'll buy a primary on the water to fit
more of our lifestyle and what we need at this
point in our life.
Speaker 2 (08:24):
I think that's a really good idea for them. Not
only do I think that, but the difference in their
interest rate is going to be about one percent. That's
a question that everybody asks, is you know what's the
difference in investment or primary when it comes to rates. Well,
two things, down payment you have to put down more
down payment on investment, and two the interest rate is
always lower on a primary resident. So we're talking mid
fives compared to mid sixes for investment to primary.
Speaker 5 (08:47):
And then do you need to put that twenty percent
down for that those terms for?
Speaker 2 (08:52):
Oh, great question, that's a really good question. Surprisingly, No, Okay,
you can actually get well, at least with Lincoln Lending you.
I can't answer everybody else, but you don't know about everyone.
Speaker 1 (09:02):
I don't know.
Speaker 2 (09:02):
I just know you shouldn't call them. But you can
put down as little as five percent on a conventional loan.
Now you're going to pay PMI mortgage insurance because you're
only putting down five percent. But I can get somebody
the exact same rate with five percent as I can
with twenty percent.
Speaker 5 (09:16):
Okay.
Speaker 2 (09:17):
Now, if you start going twenty five and thirty percent,
you're going to get even lower. Like we actually locked
somebody at five and a quarter on a thirty year
fixed conventional last week with twenty five percent down.
Speaker 5 (09:26):
What was Do you remember what their monthly mortgage was around?
Speaker 2 (09:29):
Nobody can tell you, right, Okay, that's.
Speaker 5 (09:31):
Sorry to put you on the spot.
Speaker 2 (09:33):
I love it. We use the old TRUSTe mortgage calculator.
It was a five hundred thousand dollars loan amount thirty
or fixed at five point two five cost them. This
is really good twenty seven hundred and sixty one dollars
principle on interest.
Speaker 5 (09:45):
Wow.
Speaker 2 (09:46):
Yeah, And just to give you an example, when we
were at seven and a quarter, that same house would
have cost them thirty four to forty all right.
Speaker 3 (09:53):
So that's prettuge good front.
Speaker 2 (09:56):
Yeah, it's like you know what, seven hundred some dollars,
I mean, that's a that's like another one hundred thousand
dollars in purchase power. There's really more than that. It's
like one hundred and twenty five. So the good news
about the rates government rates FAHNVA. Right now we just
locked four eight seven five with a five point one APR,
and there's another loan it may get locked today at
four point seven five thirty year fixed VA loan. So
(10:19):
if you're a veteran, you guys have the lowest rates
in the entire industry. If you're going FHA just putting
three and a half percent down with even like a
six fifty credit score, you are around five percent. You
might even be at four nine nine. So we were
talking before you walked in about how the rate cut's
going to happen tomorrow at two o'clock. Oh okay, But
the reason we're seeing these rates so low right now
is because the rate cut is expected, so it's baked
(10:42):
in the big question. And I'm going to ask our
guest here, David Rankins, since he chimed in here, he
knew the exact time at the FED meeting, and I
was trying to look it up right when he was
telling me, David, what do you expect? I know it's
a crystal ball thing, but they've been talking there could
either cut a quarter or a half point to the rate.
What's your what is your guess? What do you think
is gonna happen?
Speaker 4 (11:01):
Well, it's like being on sports talk and recorded before
the Sunday games, right the program comes out after Sunday.
My guess would be a half point simply because there's
some concern about the unemployment numbers. There are all kinds
of factors that they consider, but it seems like one
of the one of the predominant factors they're looking at
(11:23):
is the unemployment rates. And the unemployment rates are going up.
The economy's cooling, and the FED one of their primary
directives is to limit unemployment right, and when an employment goes,
numbers go up, they are inclined to be a little
more aggressive.
Speaker 2 (11:42):
YEP, I totally agree with what David said. Matter of fact,
if I was a betting man up until my dinner
on Saturday night, I would have absolutely said a half
a point. This guy at dinner basically looks at me
and goes, Frank, you have to look at statistics. He goes,
they haven't cut more out of half since they're and
then a non emergency situation ever, And I'm like, okay,
but I think it's an emergency. So anyway, quarter and
(12:04):
a half, we're gonna find out. If you're listening Sunday,
you already know the answer. We're gonna take a quick
break here on the Business Happy Hour when we get
backward to do some stats with Senya, and then we're
going to talk to David Rankin, the attorney and owner
of American Patriot Title, and we have some tough questions
for him. So stay tuned to the Business Happy Hour.
Speaker 1 (12:18):
Now we're back with some serious real estate and business
talk with three of Tampa Bay's top experts. Your host
of the Business Happy Hour, Frank the Bank, Kodo Rosa,
Bihiti and Senia Akeishna.
Speaker 2 (12:30):
All right, Tampa Bay, welcome back to the Business Happy Hour.
I hope you guys are having a good morning on
Sunday morning. For all my Instagram viewers, like and share,
like and share, send it out there so everybody can
hear us and see us. We're gonna be talking with
David Rankin, our guest host today. He is an attorney
for many years. He represents real estate agents in bad,
(12:51):
bad situations sometimes and mortgage professionals as well. I didn't
know this, Cinya didn't tell me that I would have
come in here with all kinds of Probably better that
she didn't tell me ahead of time that you represented
a bad mortgage brokers here in there. But we do
have some fun questions we're going to ask you about that.
I'd like to go into our stats real quick with Cinnya.
(13:11):
I'm curious, do we have anything exciting? I know we
will for the year.
Speaker 3 (13:15):
She's always like, maybe, well, but my excitement comes when
I get the new report. Yes, I know, and maybe
maybe next week. But you know what I did though,
is actually went on the National Association of Realtor's website
and I decided to pull them for you know, the
whole country.
Speaker 2 (13:30):
Ooh, we've never done this before.
Speaker 3 (13:32):
We haven't, so I'm like, you know what, this will
be interesting. And in the South, which doesn't cupass, you know, Florida, Georgia, Texas,
you know, all of our southern states. And this is
for the sales price for existing sales volume again year
over year. Right, So let's just go from the two
(13:52):
hundred and fifty to five hundred thousand dollars range in
the South, that is up six percent. Oh, the seven
to fifty thousand price range up seven point nine percent,
seven hundred and fifty two, a million up nineteen point
three percent, and a million plus is up twenty one
point six percent.
Speaker 2 (14:14):
Wow.
Speaker 3 (14:15):
So I mean, I think that's pretty good.
Speaker 4 (14:17):
You know.
Speaker 3 (14:17):
Of course I have our local numbers here. So for
Hillsborough County, we were up in July by about five
point four percent.
Speaker 2 (14:24):
Uh huh.
Speaker 3 (14:25):
Panelas was down one point five percent, but they were
the ones that were you know, so hot and heavy
for so long, right, and Pasco was up six point
four percent. Oh my, so our local MSA were up
about four point five percent. So it just closed sales.
So this is not broken down by that price right,
you know range, but just sales in general.
Speaker 2 (14:45):
Are you are you not blown away a little bit?
I mean maybe David is too about the giant jump
in the really expensive homes up twenty percent in the
higher million dollars.
Speaker 3 (14:56):
That's been actually impressive. I mean it used to be
you know, a lot hard to sell, you know, that
expensive price point, and that's actually that's grown a lot.
Speaker 2 (15:05):
That is I don't know, David, how long have you
been in the business?
Speaker 4 (15:10):
Too many years? I stopped counting.
Speaker 5 (15:13):
You stopped counting after how many three? Thirty?
Speaker 2 (15:17):
Yeah, shoot, I'm at twenty four and yeah, I probably
should stop counting. But that I find that really impressive.
It's almost like I had to sound sound negative, but
it's almost like they're that whole wealth gap thing that
they talk about when things like this happens. It's almost
like COVID created a bigger wealth gap or are they're not.
Speaker 3 (15:38):
Really because I don't think there's a reliant on the rates,
you know what I mean, if you've got that kind
of money, then that could be it.
Speaker 1 (15:44):
Well.
Speaker 5 (15:44):
Also, the loan limits they have been increasing throughout the
past few years, true, so that might be another reason why.
Speaker 2 (15:52):
Rosa hit me with something yesterdays. She's like, I see
Fanny Maids going up to like eight hundred and two
thousand or something. I'm like, Rosa, if you know something
before me, I'm like, I'm quitting. So I had to
look it up real quick, and it is there is
talk that Fanny is going to raise alone limits again.
It would be over eight hundred thousand for a conventional mortgage,
which then usually FAHA and VA follows suit. So that
(16:13):
would be very interesting. Right now you're at seven sixty six,
but that is a good point Rose so that when
they allow people to borrow more money, it opens up
people into a higher price point.
Speaker 3 (16:21):
Yeah right, okay, just one more number. I want to
mention too. So this is for months supply of inventory.
So I know we've been talking about that growing, but
this still shows that, I mean, there's still a shortage
of housing that's available. So in twenty twenty three and
June it was two point nine months supply and July
was three three months. So now this year not a
(16:44):
huge difference. So June was three point eight and July
three point six. And as we talked before, like the
official like you know, equilibrium was like the six months.
So I think that just shows it across the country
there is still that inventory shortage. We do need more
homes on the market.
Speaker 2 (17:00):
We do.
Speaker 5 (17:01):
So where is the supply numbers that you're Is that Hillsborough?
Speaker 3 (17:04):
I'm telling them, yeah, this is actually I pulled this
from the National Association of Realtors website, So this is countrywide.
Speaker 2 (17:12):
Okay, Oh okay.
Speaker 5 (17:13):
So this isn't just our local market.
Speaker 2 (17:15):
It's not.
Speaker 3 (17:15):
But I mean our numbers are close. So in Hillsboro
our month supply is three point four months, Panela's three
point eight and pass go three point four so right
around up.
Speaker 2 (17:24):
A ton of point. Yeah. Yeah, the last time you
did it, I'm gonna put you on the spot. You
probably don't have You don't have the numbers for the North,
do you? Since you said this? You know what I do?
Speaker 3 (17:34):
Oh yo, she has? I actually do. So they break
up the North. It's northeast.
Speaker 2 (17:39):
Okay, let's go northeast. I'm curious because I've heard a
lot of people are moving from there in the last
couple of years. So let's see how that goes.
Speaker 3 (17:45):
Okay, So I guess with the price points, but I
mean they're closed sales six point nine percent up for
that two fifty to five hundred thousand dollars range almost
twenty percent, and the five hundred and seven to fifty
thousand dollars range, and I'll just skip to the one
million or more almost thirty three percent.
Speaker 5 (18:04):
What is this an increase in population? Because I feel
like they're coming here, but it sounds like they're definitely
buying there too.
Speaker 2 (18:11):
That's crazy.
Speaker 3 (18:12):
I think the Northwest and Midwest markets are you know,
doing a little bit better.
Speaker 2 (18:16):
That was Northwest or northeast.
Speaker 3 (18:18):
Northeast, so they don't have a nor they have a
Northeast Midwest.
Speaker 2 (18:22):
Like seventeen people live in the Northwest, like Dakota has
four of them. I think Oregons has like twenty five
of them.
Speaker 3 (18:29):
But overall in the US, so if you take all
of those regions, you know, six point six percent for
the lower bracket, twelve point one percent increase than nineteen percent,
and then twenty six and a half percent increase for
the million dollar plus.
Speaker 2 (18:42):
This is crazy. I use these are probably this is
probably some of the craziest stats you've ever brought to us.
Speaker 5 (18:47):
Yeah, they're great, Thank you, we.
Speaker 2 (18:49):
Are, and we're gonna we'll talk about that next week.
I'm not sure if we do. We have a guest
for next week?
Speaker 5 (18:52):
Do we do?
Speaker 2 (18:53):
We do?
Speaker 3 (18:54):
Yes?
Speaker 2 (18:54):
Who is it? Let's tease that.
Speaker 5 (18:55):
So I'm going to bring him on. He hold on,
I have to pull up his site, all right.
Speaker 2 (19:00):
Pull it up, and then I'm going to start. We're
start drilling David over here and we'll figure out all
kinds of stuff. So remember, our guest today is David Rankin.
He's the attorney and also the owner of American Patriot Title,
the website American Patriot titled dot net. When we probably
do when we get back from the break, Sinnia has
a great question about what the heck is title insurance
that we're going to ask David. We're going to start
(19:21):
there and then we've got a bunch of other awesome stuff. Now,
we do want to mention David is the preferred title
agency for Maharran Associates and has worked with you guys
for a decade. It sounds like is.
Speaker 3 (19:31):
That about well, at least I mean that's when I
started there, and I mean I knew David. That was
one of my first introductions.
Speaker 2 (19:37):
Yeah, that's right. If you're running with Ray, we've got
to be doing something right. He definitely.
Speaker 4 (19:42):
I'm telling you it's been doing something right for it
fifteen twenty years.
Speaker 2 (19:46):
Oh right, Oh yeah, man, I love it. I love it.
So we love Ray and great just a great team
over Maharran Associates. By the way, they need to find
a realtor, what's the best way to do that.
Speaker 3 (19:57):
You go to the Real Deal Tampa dot com or
give us a call at eight one three seven five
five reel.
Speaker 2 (20:03):
That's it. That's it, eight one three seven fivey five reel.
They love that phone number seven five to five reel.
And you can always go to contact Frankdibank dot com.
Fill out a quick form and I will give you
a buzz that's Contactfrankdebank dot com. And when we get
back Rosell tell us who our guest is for next
week and we'll have more with David Rankin from American
Patriot title. Stay tuned to The Business Happy Hour. We'll
be right back.
Speaker 1 (20:23):
Welcome to the Business Happy Hour radio show with your host,
Frankdebank Kodo, president of Lincoln Lending Group and eight one
three Mortgage for twenty years, right here in Tampa Bay,
joined by his incredible co host Rosa Bahiti and Sinia Akishna,
top producing real estate agents with Mahara and Associates. These
three bring nearly five decades of experience in the local
(20:44):
real estate market. If you're looking for real estate or
business advice, no matter what your experience level, the Business
Happy Hour team has been there for you for almost
a decade right here on news radio WFLA. Now, sit back, relax,
and get ready for some serious real estate and business
talk with three of Tampa Bay's top experts. Here's Frank
the Bank.
Speaker 2 (21:05):
Hey Tampa Bay, whoa knock my microphone off?
Speaker 1 (21:07):
Over there?
Speaker 2 (21:08):
Were here liking share in my own show, sending it
out there for all you guys to check out Instagram, Facebook,
check us out. If you're on MySpace, you're on the
wrong spot, Rosa. Your little thing keeps spinning over there.
Speaker 5 (21:18):
Oh, because I have our guest website up for next week,
so I can tell you a little bit about it.
Speaker 2 (21:23):
Well, let's tease it. We apparently we have a guest
next week. So who is it?
Speaker 5 (21:26):
So we have the owner of Ready Care Physical, Occupational
and Aquatic Therapy coming.
Speaker 1 (21:33):
Wow.
Speaker 5 (21:33):
So he owns multiple locations in New York and he
also has a condo here in clear Water, and I
happened to meet him at a coffee shop and talk
with him and his daughter. He's friends with Heather Tapia
that we had on Nice so he was like, I
would love to be on your show. So he's a
very successful business owner and does own a few pieces
(21:54):
of property.
Speaker 2 (21:54):
It sounds like, well, this happens to be the business
happy hour. Yeah, we'll probably figure that out. I get
your camera up there. So, by the way, quick shout
out I did. I was listening to Ryan Gorman show
the other day and he did this. They did this
couple's heart and lung scan thing from this company. I'm
gonna pull it up as I have terrible memories sometimes
I can't remember Craft body scans, thank you, James. And
(22:15):
I went with my wife the other day and we
got a craft body scan. We actually upgraded from the
heart and lung and did full body scans and bought
a package with them as well. So I'm in this
little mode here where I just had my whole body
scan and in five days I'm about to find out
if I'm healthy or if I'm dying.
Speaker 3 (22:32):
So that's good.
Speaker 2 (22:33):
So it's like one of it's like you know, I mean,
nobody probably knows what this is like like back in
the day if you go get an AIDS test, you know,
and then like they're gonna tell you, we'll tell you
in three days, and you're like, oh, these are gonna
be three good days right here. So anyway, that's where
I am right now. We'll let you guys know how
my Craft body scan went next week. But they were
really cool and really awesome, So shout out to Craft
body Scan ladies.
Speaker 3 (22:54):
Okay, well, yes, so I would like to reintroduce mister
David Rankin. Yes, he's a great just you know, friend
and resource for Maharan Associates. So really love just having
you because people run into issues. Agents run into issues,
our clients run into issues, and it's always good to
be able to have that legal advice when those issues
(23:16):
come up.
Speaker 4 (23:16):
Oh yes, issues, issues run into them.
Speaker 3 (23:21):
Yes, I love the sense of humor. You're You're a
fun guy to hang out with, so I'm really glad
you were able to come. But before we get into
I guess what is title insurance? Because you know what
people need to know that I think most do. But
if you've never bought a home, you might be clueless.
Tell us a little bit about your background.
Speaker 4 (23:40):
I am an assuring you've practiced for more than thirty years.
Speaker 3 (23:44):
Are you from here?
Speaker 4 (23:45):
I my father was in the Air Force, so I'm
from a lot of different places. We talked a little
bit earlier about Florida State. I've claimed Tallahassee is my home.
The entire shortened a lot of conversations. People would ask
where you're from, and I would simply say I'm from Tallahassee,
but that would that would shorten the y. I went
(24:06):
to about nine or nine or ten different schools growing up,
so moved around quite a bit.
Speaker 3 (24:11):
Okay, all right, well how did you get into law?
Speaker 5 (24:13):
Oh? Sorry, oh no, that's okay. Why did you move
so much?
Speaker 4 (24:17):
My father was in the Air Force Elitaria. We would
we would just about every spring, we'd get news, Hey
we're moving.
Speaker 3 (24:24):
I had no idea, so hence American Patriot title.
Speaker 4 (24:27):
American Patriot title. And I graduated from high school in Bogota, Columbia.
Oh wow, wow, that just happened to be where we
were at the time.
Speaker 3 (24:35):
Okay, what got you into law? So, I mean, with
that kind of background, you know, I.
Speaker 4 (24:41):
Was I was in a senior year of college, and I,
like a lot of other people, I didn't know what
I wanted to do, and my uncle and brother in
law were attorneys. Seemed seemed interesting, and it also delayed
my parents asking me what was I going to do
with my life? So I went to went to law
school and found found something I enjoyed doing.
Speaker 3 (25:01):
Okay, and you're still doing it. So I'm guessing you're
still enjoying it.
Speaker 4 (25:05):
I am.
Speaker 2 (25:06):
And so you went from being an attorney and all
of a sudden you're like, well, I'm going to do
title right. What the heck is title? Why? Why? I'm
just curious. I'm gonna put you on the spot here, David.
But why does somebody need title on their house? Why
does everybody have to go to your office when they
close a loan and get this title insurance policy?
Speaker 4 (25:26):
Well, you know, the vast majority of the transactions are
are financed, and lenders, of course want some security. I want,
I want to make sure that they're getting getting paid
and they don't want any title issues. So a title issue,
without getting too far into the weeds and our system
of government property sales that kind of kind of business
(25:51):
in order to have a claim on the property. General
rule is you have to record some kind of an instrument,
some kind of a document in the official records. And
so essentially what title work is is a search of
the official records to see what, if any issues, disputes
are the owner has notice of, and to resolve if
(26:12):
there are any kind of outstanding disputes that we have
notice of, if there are any debts or judgments on
the title that have been recorded, then those those are resolved,
so that when you buy a property, you become the
owner that you have. I guess it's one one way
of having even less excitement. Imagine that nobody nobody wants
(26:32):
excitement whether they're the ownership of their property after they've
they've closed.
Speaker 5 (26:36):
So I have a question for buyers, how do they
know what is a like an accredited title company or
what should they look for when shopping for a title
company if they were trying to do a transaction, let's say,
by themselves, and there wasn't maybe a realtor on the
seller side, understand.
Speaker 4 (26:55):
So the general rule is that you cannot be you
cannot operate as a title company unless you're licensed with
the with the state of Florida. Another protection to some
extent is that you have to have a relationship with
a national title insurer, and we have a relationship with
Fidelity National and Chicago Title and uh. The other thing is,
(27:17):
you know, do do research. I mean, there are there
are a lot of title companies that are there. I'm
certainly not going to disparage anybody, but there I think
there's an advantage of having done business with a title
company that's owned by an attorney or has an attorney
on staff, simply because you get you get more uh protection.
(27:38):
In other words, if there if there is an issue, uh,
you don't have to engage an attorney outside the transaction.
You immediately have an attorney available. It's part of the
part of the transaction, and you can quickly have a
conversation with that attorney and get the have an understanding
what the issue is, how it gets resolved, and get
it resolved a little quicker.
Speaker 2 (27:59):
That that. That is so I'm one thing that I
always hear come up. I hope it'll steal one of
your questions.
Speaker 5 (28:03):
You're stealing one of our questions.
Speaker 2 (28:04):
I know I am wire fraud. Yes, that is a
word that keeps coming up in the mortgage side. The
title side, I'm sure, and even the real estate side,
from from scrow deposits to final closing costs. I mean,
people are wiring hundreds of thousands of dollars. And you
actually hear these these horror stories about when people wire
their money to the title company and somebody like kind
(28:28):
of gets in the middle and they give wiring instructions
and all of a sudden, you're four hundred thousand dollars
for your clothing is like in gudalumpor or something like that.
How does that work? What what can we do about
wire from.
Speaker 3 (28:39):
And you did steal?
Speaker 5 (28:40):
My questions?
Speaker 3 (28:40):
This is something that I get a little paranoid about,
especially nowadays because fraud is on the rise.
Speaker 4 (28:47):
So so let me say this. Let me say this
that the concern and there are agents that come to us.
There are people come to us and say, well, we're
not going to wire any any money. We're we just
we know we're going to lose it. It's rare that the
title company loses money by wiring it. If you know
what the proper protocol is, you're aware of what's going on,
you're you've educated yourself, and you follow the protocol, you'll
(29:11):
never lose any money. So what we have to start
with is the fact that there are what I'll call
fraudsters who are sitting on the internet camped out. They
have algorithms and whatever, but they are tuned into real
estate transactions and they know that there are emails being
traded back and forth between buyers their agents, sellers their agents,
(29:31):
and they know it sometime this is going to culminate
in the transfer of a lot of a lot of money.
So what they do is they time their intervention and
what they do a lot of times they substitute themselves
for the title company or the attorney's office. And what
they do is, without being aware of it, you'll see,
if you are looking for it, you'll see an email
(29:54):
that does not exactly match the title. Okay, So what
happens is they say, okay, you need to you need
to wire your money, and then people who are aren't aware,
not looking for this, they'll they'll wire the funds and
the money will be gone. A couple real quick stories.
One is there was a ten to thirty one exchange company.
(30:15):
I represented a buyer whose money was with the ten
thirty one exchange company one hundred and sixty five thousand dollars.
The ten thirty one Exchange Company was hit by one
of these. In other words, somebody came just took the
place of the title company.
Speaker 2 (30:30):
Spoofed the email.
Speaker 4 (30:31):
Yes, and they subsituted themselves for the title company. The
ten thirty one Exchange Company looked at the at the
wiring instructions for this supposed title company. They wired the
funds to the title company and the money was the
money was lost. So another situation, the title company was
(30:53):
supposed to send the proceeds of sale in South Tampa.
That title company was going to do a closing. The
seller and that transaction in the afternoon was coming to
our title company and doing a purchase with that money.
It was three hundred and sixty thousand dollars. The title
company we had, we sent them an email and said, hey,
we on this date, we're going to be here are
(31:14):
our wiring instructions, but we're going to call and we're
going to verbally confirm what are our wiring instructions are.
Speaker 1 (31:24):
Uh.
Speaker 4 (31:25):
My staff called and said, hey, we want to we
want to wire, we want to uh, we want to
confirm what the our wiring instructions are. The person said, hey,
we're we got it all tied up, We're going to
send it. They said, no, no, you can't, you can't
do that. We have to confirm with what they are.
Long story short, they were just about to send and
they within their system had been hacked by a fraudster.
(31:47):
They were about to wire three hundred and sixty thousand
dollars and it would not have been received by us.
It would have been received by a bank, and the
fraudster typically transfers the funds from that initial bank to
overset ease and the money is gone. So the proper
protocol is this. And I know people worry a lot
of a lot of agents, experienced agents who've come to
(32:10):
us and say, well, how you know, how can you
how can you be shows a social here.
Speaker 2 (32:13):
Actually hold that thought because that's a great tease, because
we have to take a quick commercial break, and when
we get back, we're going to tell you what is
the proper protocol to not lose your three hundred and
sixty thousand, one hundred and seventy thousand, or four hundred thousand,
or your million dollars. When you're doing a transaction and
you are unsure if you're sending to the right title company.
David Rankin with American Patriot Title dot Net is going
(32:35):
to tell you the proper protocol as soon as we
get back right here on the Business Happy Hour. Stay tuned.
Speaker 1 (32:39):
Now we're back with some serious real estate and business
talk with three of Tampa Bay's top experts, your host
of the Business Happy Hour, Frank Thebangkodo, Rosa Bihiti and
Senia Akishna.
Speaker 2 (32:51):
All right, Tampa Bay, welcome back to the Business Happy Hour.
This is a great show. When you are Instagram you
get to see everything. You get to see all the
buying behind the scenes. And yes, I did wash my hands. Anyway,
we were in studio with David Rankin, the attorney for
American Thank You, American Patriot Title, the website American Patriot
Title dot net. He has a lot of testimonials on here.
(33:12):
You definitely got to check it out. It's making me
very jealous. Now I know what I have to go
back and do. But Cinia, let's take it back to
the question we were asking David before we had to
take a break.
Speaker 3 (33:21):
Well, yeah, just to wrap it up, because I do
think this is such an important thing and we just
had a closing yesterday and the funds were coming from
a trust and then personal funds from the buyer, so
essentially cash sale. And the buyers were just like, oh,
you know, what are the wiring instructions? And they asked
a few times that every single time, I'm like, you
need to go directly to the title company and confirm
it that way. I don't want to be in any
(33:43):
shape or form involved in conveying those But using a
great title company like American Patriot Title will also help
circumvent these because the girls will remind you, you know
exactly what needs to be done. So please reach out
to David Rankin and his wonderful staff at American Patriot
Title dot Net.
Speaker 2 (34:03):
David is that the best way to avoid the wire
fraud is besides working with the American Patriot Title dot Net.
It's it's actually verifying the wiring instructions.
Speaker 4 (34:12):
Voice voice verify, and the step before that is, uh,
there are these these emails that you get will have
a signature block and they'll have they'll have phone numbers,
and so if you simply call, if you if you don't,
if you just lose your mind for a moment and
you just call the number in the email, and all
you're doing is falling into that that pit. So what
(34:34):
you have to do independent of that email, you have
to verify what you know, go online and uh, you know,
from more than one source. You might might call your agent,
but just from more than one source, verify what what
the actual time the title company's phone number is. Don't
just accept the fact that the one of the email
(34:54):
to you, because that's that's could be from the fraudster.
So independently you verify the phone number. And then you
go a little more old school, you call and voice verify.
You have your you have your wiring instructions, which are
you know, you can find them on the bottom of
your checks. But you have your routing number and your
account number, and you make sure that when you you
(35:18):
voice verify exactly what your routing number and account number
is for the for the title company, and then you
will be certain that the funds will go to where
they're supposed to go. It's the people who don't follow
that protocol who become the victims.
Speaker 3 (35:34):
So again, don't even call the number from a particularly
you know, fraudulent email. Sometimes you never know they look
really good, you know, make sure you are calling the
title company yourself directly it is the actual title company's number,
and then have the conversation with the actual source.
Speaker 4 (35:49):
So actually I talked to an attorney who represented a
ten thirty ten thirty one exchange company. All I do
all day long is real estate transactions wiring large amounts
of money, and they had they had been victimized and
my client's money was lost. And so I asked the
attorney did they did they voice verify? And the attorney said,
(36:10):
you know, David, I knew you were going to ask that,
but they called and they're hitting themselves over their head
now because they called the phone number that was in
the email.
Speaker 2 (36:19):
Yep, yep. And then, trust me, they have somebody on
the other line ready to answer your call and accept
your three hundred and sixty thousand dollars to Pakistan. So
make sure you independently verify. And I love what you say, Sennya,
because we say the same thing. Call the title company
independently google them, you know. And the big thing is
wherever they sent their initial escrow. Hopefully that two or
(36:41):
three thousand dollars got through, and if it did, that's
probably the documentation I would be looking at to re send.
Speaker 5 (36:48):
My money, so and us as realtors, so we will
verify that the escrow has been received. And then that's
one form of verification. And then, like you said, David,
also verifying with us as realtors when we're representing a
buyer or seller, you know, hey, is this the company's number,
and we can also check that, but we don't. We're
(37:09):
not involved in verifying the instructions for the wire transfer either.
Speaker 2 (37:14):
So one thing Lincoln Lending did was we created our
own set of disclosures and the most important one, the
one on top, is a giant, big bold letter that
says wire fraud is real. Read this, and we say
everything that you guys said. They're independently verified. Don't accept emails,
make sure you make two phone calls, and it basically says,
(37:34):
if you don't do this stuff, it is your problem.
Don't be stupid, and we've caught them, just like you.
We have caught people, and I I've also seen people.
We have seen a title company which was not American
Patriot Title and by the way, it's American patriottitle dot net.
We had them get spoofed and they wired money to
a fake lender payoff account two hundred and twenty thousand
(37:57):
dollars gone like Donkey Kong, never came back. Nothing any
committent could do. And boy, let me tell you, they
tried to go after everybody, and in the end it
was it was funny, not funny, but it was the
title company who broke their own rules and did not
call to verify. And it's very sad. And I don't
know if in thee Ando insurance would even save you
in something like that. I'm really not sure, but we
(38:19):
don't have a lot of time left, so I do
want to make sure everybody sees these testimonials. It's got
my friend Bob McDougall on the top left video in
the bottom of his page the testimonials on American Patriot
Title dot net. That's where David wants you to go.
I know you also represent realtors. So if realtors or
mortgage people are in any type of not fraud, but
let's say like complaint situations or something, would they just
(38:40):
call you directly?
Speaker 4 (38:42):
Yes, anytime anybody who's a complaint file A gets their license.
I probably represented three hundred fifty to four hundred brokers
and sales associates in front of the real Estate.
Speaker 5 (38:51):
Commission, nice, what other things do you specialize in? Then
in law so we know if we have a problem
or no problem to call you or not.
Speaker 4 (39:01):
Well, I would say real estate transactions. And then what's
called administrative law, which is any form of license, whether
it's a mortgage broker, dentist, vetn area and anybody files CPAs,
anybody files a complaint against their license, then that's that's
what I do. That's administrative law. It's not you don't
(39:21):
go to the courthouse. It's administrative hearings and you go
in front of the different agencies, real Estate Commission, Florida
Board of Accountancy, those kind of OFR the OFR, yes, yes, OFR.
Just they don't have a sense of humor.
Speaker 2 (39:40):
No, No, I know Greg Oaks pretty well and he's
a he's a nice guy. But they don't have a
sense of humor when when you have a case in
front of you. That's for sure. We got less than
a minute left. What else can I really wanted to
ask about tax deed sales? I mean, can you It's
not enough time probably to get the answer. So I'm
just going to get a video with you real quick afterwards,
and we'll put it on the Instagram social media because
(40:01):
I had a tax d bought out from under me.
I'm so embarrassed to say this. I'll just say it
in front of like forty thousand people. But yeah, so
I got to figure out how that happened and find
out the real rules on it. But maybe we can
just have David back on the show. Yeah, would be great,
and we can ask him some of these legal questions.
Speaker 5 (40:16):
So your handle for Instagram is Frank.
Speaker 2 (40:19):
Oh yeah, it's uh, it's what is it, Frank, Frank
the bank Codo. It is Frank the bank Koto. So
check out that, the ladies the real Deal Tampa dot com.
Speaker 5 (40:28):
And then my Instagram is Rosa Loves Florida, roz.
Speaker 2 (40:30):
A Beautiful and Sanya Well.
Speaker 3 (40:33):
Our phone number is eight one three seven five five reel.
Speaker 2 (40:36):
Beautiful seven five five reel and don't forget American Patriot
Title dot net. Check out the videos and we'll see
you guys next week. Thank you David for coming on.
Speaker 4 (40:43):
Appreciate it.
Speaker 2 (40:43):
You're welcome
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