Hallmark Abstract Service June Newsletter
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Hallmark Abstract Service
Have you ever been to a closing where the title wasn’t cleared?
If your practice involves residential or commercial real estate transactions, you know that steering clear of any potential stumbling blocks and getting a deal closed is critical! At Hallmark Abstract Service our goal is to ensure, 100% of the time, that the title portion of any transaction will be seamless so that our clients can focus on the other aspects of a deal.
The Hallmark Abstract Newsletter – June 2011 Edition
Hallmark Abstract Service, Jericho, NY, 516.741.4723
More on MERS (Mortgage Electronic Registration System)
The foreclosure saga continues to drag on across the United States. One of the centerpieces of the crisis is a company or database that goes by the acronym of MERS (Mortgage Electronic Registration System).
The MERS database was a way for the mortgage industry and Wall Street to speed the transfer of mortgages from owner to owner which was particularly helpful in the age of mortgage backed securities.
The system bypassed the normal recording methods that have been around since the beginning of real estate transactions.
As is often the case, when the desired outcome is speed and cost avoidance, mistakes happen.
And the mistakes that have come out of MERS and the rest of the foreclosure mess will take years to clean-up.
Read “More on MERS” at The Hallmark Abstract Sentinel here.
New York State Foreclosure Activity
This map provides a look at the foreclosure activity in New York State broken out by region. As the map indicates the hotbed for activity is currently downstate.
Courtesy of RealtyTrac
Advice for your clients who are selling their homes
If you are fortunate enough to be in touch with your client early in the selling process it is important that they try to avoid some of the more common seller mistakes. In the buyers market that we are in, sellers have to put their best foot forward from the start!
- Pricing Your Home Too High
- Not Using Up to Date Information
- Not Utilizing Current Marketing Technology
- Ignoring the Importance of First Impressions
- Not Providing Easy Access for Showings
- Not “Staging” Your Property Correctly
- Not Knowing the Competition
- Believing Your Agent is Not Doing the Job When There Aren’t Any Offers
- Not Re-Evaluating the Marketing Plan
- Errors in Market Timing
- Not Giving the Sales Effort Enough Time
- Taking An Inflexible Position on Financing
- Not Making the Right Kind of Repairs
- Believing That Selling Property is Seasonal
- Not Screening Prospects Adequately
- Believing That You are Not Part of the Marketing Plan
Hallmark Abstract Service
131 Jericho Turnpike, Suite 205
Jericho, New York 11753