Colony Title Group, Ltd.

Rates have moderated and are currently at or under 4% for a 30 year fixed mortgage. Given the Fed’s comments and the European economic issues I don’t think anyone is predicting anything other than subtle movements up and down for the next few months. As I indicated in last month’s newsletter FHA streamlines with more attractive premiums are going to be in effect June 12. If you have an FHA loan with a rate of 4.75% or higher, that was closed prior to June of 2009, you should talk to one of our lenders, as you could reduce your loan payment without coming out of pocket.

This is the time of year for tax sales. When the property has unpaid real estate taxes from June of 2011, the jurisdiction where the property lies has an auction. The successful bidder must pay the taxes to the city and receives in turn a tax certificate. In order to redeem the property and reclaim it, the owner must pay the bidder the tax plus interest at 18% (in Baltimore City, but it can vary) and any attorney fees the bidder has incurred. The attorney fees and title charges are capped by state statute; nonetheless it becomes costly to redeem your property.  Most investors who purchase at tax sales are interested in properties that the owners will ultimately redeem, so the investor can get 18% on his/her money.  However once the statutory waiting period has passed, the investor may initiate a court proceeding to foreclose the right of redemption. If the property owner does not step forward and pay the taxes, interest and attorney and court costs, the investor can in fact become the owner of the property by court order.  They will then get a deed signed by the City or County official and become the owner of the property for the bid price plus costs.

If you are contemplating a foray into the tax sale realm, do some research and if you still have questions, give us a call. Tax sales are not for the faint of heart.

We want to be your title company and real estate law firm. For additional information, please contact Tee Tillman at 410.884.1160 ext. 3007 or visit ColonyTitle.com today!

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

You can also follow Colony Title on Facebook, Twitter, and LinkedIn.

Colony Title Group, Ltd. Founder Tee Tillman has been hosting this tennis tournament for the last 27 years, raising over $100,000 for the R Adams Cowley Shock Trauma Center.

This year’s tournament will take place on Friday, June 1^st, with the Women’s Tournament beginning at 9:30am and the Men’s Tournament set to start at 1:00pm.

How the Tennis Tournament Works

• The entry fee is $100.00, with all the proceeds going to Shock Trauma.
• Participants, typically ranging in skill level range from 3.0 to 5.0, play 5 rounds (8 games each), with their worst score being eliminated.
• The top 8 play in the finals.
• Winners receive 100.00 gift certificates to Princeton Sports, while runners up get 50 gift certificates.

For additional information, please contact Tee Tillman at 410.884.1160 ext. 3007 or visit ColonyTitle.com today!

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

You can also follow Colony Title on Facebook, Twitter, and LinkedIn.

As we have told you before, you have the right to choose your own title company, under Section 9 of the Real Estate Settlement Procedures Act (RESPA). And while that is all fine and dandy, it does you no good in actually finding a quality title insurance company.

Where do you begin?

Where do you look?

How can you be sure you are choosing a reliable title insurance company?

Choosing a Maryland Title Insurance Company

1. Do not let the seller, Realtor, or bank try and persuade you to choose their title company. As we have already said, you have the right to choose whatever title insurance company you want.
2. There are many title companies that possibly work exclusively with 1 real estate company, one lender or one homebuilder. While this is by no means a bad thing, some title companies take advantage of this relationship. So be careful.
3. While title insurance fees in most states are regulated by the States Department of Insurance, ancillary fees charged by title companies often times can create a significant difference from one company to the next. So shop around.
4. Compare the services different title companies offer. That, compared with the varying prices, should give you a good idea of what title company will give you the best overall deal.
5. Has the title agent worked in the industry for a while? Remember, experience matters when dealing with commercial deals, short sales, refinances, 1031 exchanges, bank owned properties, REOs, Seller Financed properties, Installment Sales, and more!
6.  Trust Colony Title Associates!

Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.

If you have questions, the Maryland real estate insurance experts at Colony Title Associates can be reached by calling 410 884-1160 or visit ColonyTitle.com today!

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

You can also follow Colony Title on Facebook, Twitter, and LinkedIn.

Sources:

How do I choose a Title Company?

Currently, 79% of all credit reports contain at least one error. And of this 79%, one in four credit reports have an error big enough to keep you from obtaining a loan. So what does your credit score look like? Do you even know?

It is important to know your credit score and frequently obtain a credit report. This way to can fix any abnormalities or errors as they occur. Additional tips for maintaining a good credit score include:

1. Review Your Credit Report: Look for incorrect information such as address, social security number, birth date, etc. This is especially important if you have a common name or if you are a Jr. or Sr.
2. Credit Cards: It is a good idea to keep your credit card balances at less than 30% of your credit limit.
3. Set up Payment Reminders: Making your credit payments on time is one of the biggest contributing factors to your credit score.
4. Pay Bills on Time: Delinquent payments, even if only a few days late, can have a major negative impact on your credit score.
5. Respond Quickly: If you are contacted by a collection agency, you have 30 days to resolve the problem or pay the bill before the blemish appears on your credit report.

If you have questions, the Maryland real estate insurance experts at Colony Title Associates can be reached by calling 410 884-1160 or visit ColonyTitle.com today!

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.

You can also follow Colony Title on Facebook, Twitter, and LinkedIn.

Sources:

Good Credit Important in Today’s Economy