Tuesday, April 5, 2011
Looking for a lake home in the Upstate?
This beautiful lake home sits on 31 acres, and boasts over 7,000 square feet!
Owner's Title Insurance: What does it do for me?
From the WSJ:
--Hillsborough, Calif.
A. Imagine that you've bought and settled in to this house. One day, a woman knocks on your door and says that she and her husband had split up shortly before he put the house on the market, and that he forged her name on the deed. She says the sale was invalid and that she's still the owner—and she wants you out. You and the woman go to court where she proves that her story is true. She gets the house back, and you are evicted. Meanwhile, the husband has vanished with the money from the sale.
Or imagine that you discover after closing that there are "clouds" against the title, like liens for unpaid contractor bills (called "mechanic's liens"), legal judgments or taxes. Or perhaps you learn that a former owner has a life estate in the property.
Any of these situations could happen to the buyers of any house, even relatively new ones purchased from original owners. That's why most lenders won't fund a mortgage unless the buyer purchases a title insurance policy to protect it (but not you) from losses due to such claims. And that's why I believe that you should have a separate policy, too.
During a title search, a professional examiner searches through public records, either in person or online, looking not just at the chain of ownership but also at other issues that might affect whether title can be cleanly delivered to a future owner, such as undisclosed leases or restrictive covenants that affect how a property can be used. In many cases, should a problem be found, the title company will quietly fix it. Once the title is clean or "marketable," the underwriters will issue a policy that essentially says that it will defend the policyholder's title in court should anyone challenge it.
The lender's policy is attached to the mortgage, so should you refinance, you will have to purchase them another one. The owner's policy is attached to the property, however, so you won't have to buy another one as long as you own the home. Whether the seller or buyer pays for an owner's policy is typically a matter of local custom, but it can be negotiated as part of the purchase. Since costs vary widely, it pays to shop around for the best rate.
To be sure, some people argue that because public records can be searched so easily by computer these days, title insurance is a rip-off. They maintain that because the incidence of claims is so low, the cost, which can top $1,000 in some areas (paid in a one-time premium at closing), is unconscionable. Indeed, citing high costs, Iowa has created its own title guarantee program. Other states have launched investigations into title insurance companies that give kickbacks or other inducements to agents who recommend them.
Despite these problems, I think an owner's title insurance policy is a necessary evil. Sure, it's not very likely that a wronged spouse or a long-lost heir is going to turn up at your doorstep, but if you are unlucky enough to find yourself in that situation, you will be very glad that you have that policy.
Why Buy an Owner's Title Insurance Policy?
By JUNE FLETCHER
Q. I'm buying a home and the lender insists that I buy a title insurance policy before it will give me the loan. Now my real estate agent tells me that I should buy a policy for myself, too. This seems like overkill. The house I'm buying is only five years old, and the sellers are original owners. Is the agent right, and if so, why do I need this insurance?--Hillsborough, Calif.
A. Imagine that you've bought and settled in to this house. One day, a woman knocks on your door and says that she and her husband had split up shortly before he put the house on the market, and that he forged her name on the deed. She says the sale was invalid and that she's still the owner—and she wants you out. You and the woman go to court where she proves that her story is true. She gets the house back, and you are evicted. Meanwhile, the husband has vanished with the money from the sale.
Or imagine that you discover after closing that there are "clouds" against the title, like liens for unpaid contractor bills (called "mechanic's liens"), legal judgments or taxes. Or perhaps you learn that a former owner has a life estate in the property.
Any of these situations could happen to the buyers of any house, even relatively new ones purchased from original owners. That's why most lenders won't fund a mortgage unless the buyer purchases a title insurance policy to protect it (but not you) from losses due to such claims. And that's why I believe that you should have a separate policy, too.
During a title search, a professional examiner searches through public records, either in person or online, looking not just at the chain of ownership but also at other issues that might affect whether title can be cleanly delivered to a future owner, such as undisclosed leases or restrictive covenants that affect how a property can be used. In many cases, should a problem be found, the title company will quietly fix it. Once the title is clean or "marketable," the underwriters will issue a policy that essentially says that it will defend the policyholder's title in court should anyone challenge it.
The lender's policy is attached to the mortgage, so should you refinance, you will have to purchase them another one. The owner's policy is attached to the property, however, so you won't have to buy another one as long as you own the home. Whether the seller or buyer pays for an owner's policy is typically a matter of local custom, but it can be negotiated as part of the purchase. Since costs vary widely, it pays to shop around for the best rate.
To be sure, some people argue that because public records can be searched so easily by computer these days, title insurance is a rip-off. They maintain that because the incidence of claims is so low, the cost, which can top $1,000 in some areas (paid in a one-time premium at closing), is unconscionable. Indeed, citing high costs, Iowa has created its own title guarantee program. Other states have launched investigations into title insurance companies that give kickbacks or other inducements to agents who recommend them.
Despite these problems, I think an owner's title insurance policy is a necessary evil. Sure, it's not very likely that a wronged spouse or a long-lost heir is going to turn up at your doorstep, but if you are unlucky enough to find yourself in that situation, you will be very glad that you have that policy.
Golf's Ultimate lottery prize: Master's Tickets!
*For the first time in Masters History, single day passes are available....but are limited!
AUGUSTA, Ga. -- Feelin' lucky?
For the first time in 47 years, Augusta National next spring will make available a select number of daily tournament tickets through a new program wherein fans can apply online for a shot at what traditionally has ranked as the toughest ducats in sports.
Here's the catch -- it's literally a one-off deal, though it won't likely affect the application appetite much. Unlike annual Masters badge holders, who have weekly tickets that are passed along in the family for generations, the new policy will allow selected applicants to purchase single-day passes only. It's similar to the protocol the club uses for distribution of practice-round tickets for Monday, Tuesday and Wednesday.
Of course, the odds of getting the congratulatory email from the club might not be terrific. The new policy is sure to draw millions of applicants and only a lucky few will be selected via what the club described as a random draw.
The club is moving all of its ticket sales online at Masters.com. Those hoping to win the lottery for a live tournament round must apply by June 30 for next spring's event. Practice round passes have been circulated through a random draw since 1995. The deadline ro register for a chance at securing practice-round tickets is July 30.
"Moving the entire application process to our official tournament website is a safe and convenient way for those wishing to apply for daily practice round tickets," Augusta National chairman Billy Payne said in a statement. "We are also pleased to provide a limited number of tickets for the individual tournament round days, which, up until now, have only been allocated to our series badge holders."
In the lottery draw, the maximum allocation for daily tournament tickets is two for any one day and four for any single day for practice round tickets. Tournament week begins April 2 next year. If picked, tickets for practice rounds are $50 and daily rounds are $75.
When asked for more detail, Payne would not divulge the number of tickets that will be made available for Thursday-Sunday tournament play. The club does not announce attendance figures and did not specifically state how many live-round tickets would be made available. Thus, it's hard to speculate on an applicant's odds of being selected for a live round.
"We have actually cut down on the number of people here over the past few years," Payne said of the attendance. "You could say the practice rounds are a needle in a haystack, because we have always had far more applications [than tickets available]. But still, it's the first time in 47 years [for a chance]."
Half-teasingly asked whether the process would be truly random, Payne said, "Yes, sir."
AUGUSTA, Ga. -- Feelin' lucky?
For the first time in 47 years, Augusta National next spring will make available a select number of daily tournament tickets through a new program wherein fans can apply online for a shot at what traditionally has ranked as the toughest ducats in sports.
Here's the catch -- it's literally a one-off deal, though it won't likely affect the application appetite much. Unlike annual Masters badge holders, who have weekly tickets that are passed along in the family for generations, the new policy will allow selected applicants to purchase single-day passes only. It's similar to the protocol the club uses for distribution of practice-round tickets for Monday, Tuesday and Wednesday.
Of course, the odds of getting the congratulatory email from the club might not be terrific. The new policy is sure to draw millions of applicants and only a lucky few will be selected via what the club described as a random draw.
The club is moving all of its ticket sales online at Masters.com. Those hoping to win the lottery for a live tournament round must apply by June 30 for next spring's event. Practice round passes have been circulated through a random draw since 1995. The deadline ro register for a chance at securing practice-round tickets is July 30.
"Moving the entire application process to our official tournament website is a safe and convenient way for those wishing to apply for daily practice round tickets," Augusta National chairman Billy Payne said in a statement. "We are also pleased to provide a limited number of tickets for the individual tournament round days, which, up until now, have only been allocated to our series badge holders."
In the lottery draw, the maximum allocation for daily tournament tickets is two for any one day and four for any single day for practice round tickets. Tournament week begins April 2 next year. If picked, tickets for practice rounds are $50 and daily rounds are $75.
When asked for more detail, Payne would not divulge the number of tickets that will be made available for Thursday-Sunday tournament play. The club does not announce attendance figures and did not specifically state how many live-round tickets would be made available. Thus, it's hard to speculate on an applicant's odds of being selected for a live round.
"We have actually cut down on the number of people here over the past few years," Payne said of the attendance. "You could say the practice rounds are a needle in a haystack, because we have always had far more applications [than tickets available]. But still, it's the first time in 47 years [for a chance]."
Half-teasingly asked whether the process would be truly random, Payne said, "Yes, sir."
WSJ: Mortgage Rates Tick Up
Mortgage Rates Edge Higher
By DREW FITZGERALD
Mortgage rates ticked up again in the latest week as inflation concerns eased somewhat, according to Freddie Mac's weekly survey of mortgage rates.
The 30-year fixed-rate mortgage averaged 4.86% in the week ended Thursday, up from 4.81% the previous week but down from 5.08% a year earlier.
Mortgage rates generally track U.S. bond yields, which move inversely to prices. Rates have climbed recently, in March hitting the highest point since last April after slumping most of last year when Treasurys rallied amid economic uncertainty.
Freddie Chief Economist Frank Nothaft said low rates "have benefited from relatively benign inflation reports" of late, while distressed property sales continue to pressure house prices.
Rates on 15-year fixed-rate mortgages were 4.09%, up from 4.04% in the previous week but down from 4.39% a year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.70%, up from the prior week's 3.62% but down from 4.10% a year earlier. One-year Treasury-indexed ARMs were 3.26%, up from 3.21% but down from 4.05%, respectively.
To obtain the rates, the mortgages required an average payment of 0.7 point, except for the 1-year Treasury-indexed ARMs, which averaged 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.
Monday, April 4, 2011
Upstate SC golf courses
Spring is in full "swing," get yours on at your local golf course!!
| City | Course | Phone | Photos | $Coupons | Site | Course Specialse |
| Campobello | Links O'Tryon | (864)52LINKS | All 18 | $105/4WD $135/4WE | ||
| Ninety Six | Star Fort | (864)543-2757 | All 18 | $WebSpecial | ||
| Greenville | Bonnie Brae GC | (864)277-9838 | ||||
| Greenville | Verdae Greens | (864)676-1500 | All 18 | |||
| Williamston | Brookstone Meadows | (864)964-9966 | ||||
| Fountain Inn | Carolina Springs GC | (864)862-3551 | ||||
| Tigerville | Cherokee Valley GC | (864)895-6758 | ||||
| Spartanburg | Cotton Creek GC | (864)583-7084 | ||||
| Greenville | Cross Winds G Ctr. | (864)233-6336 | ||||
| Greenville | Donaldson GC | (864)277-8414 | ||||
| Greenville | Hillandale GC | (864)250-1700 | ||||
| Greenwood | Lakeview Golf Club | (864)277-2680 | ||||
| Campobello | Links O'Tryon | (864)52LINKS | All 18 | $WebSpecial | ||
| Spartanburg | Oak Ridge CC | (864)582-7579 | ||||
| Seneca | Oconee CC | (864)882-8037 | ||||
| Spartanburg | Peach Valley GC | (864)583-2244 | ||||
| Pickens | Pickens CC | (864)878-6083 | ||||
| Anderson | Pine Lake GC | (864)296-9960 | ||||
| Duncan | River Falls | (864)433-9192 | Y | |||
| Williamston | Saluda Valley CC | (864)847-7102 | ||||
| Easley | Southern Oaks | (864)859-6698 | ||||
| Ninety Six | Star Fort | (864)543-2757 | All 18 | $WebSpecial | Y | |
| Greenville | Summerset GC | (864)834-4781 | ||||
| Pickens | Table Rock GC | (864)878-2030 | ||||
| Pickens | The Rock at Jocassee | (864)878-2030 | ||||
| Gramling | Village Greens | (864)472-2411 | ||||
| Clemson | Walker GC | (864)656-0236 | ||||
| Greer | Willow Creek GC | (864)848-4999 | 2,5,8,12,16 | Y | ||
| Pendleton | Woodhaven GC | (864)646-9511 |
Friday, April 1, 2011
Foreclosure Friday x2 for 04/01
Absolutely gorgeous home over 4600 square feet! Foreclosure asking $529,000.....let's get a deal!!!! This home is in The Columns at Roper Mountain subdivision. High class!
Greater Greenville
Number of homes currently available: 5670
Number of homes currently under contract "pending": 600
Number of homes that sold (closed) during the month of March: 520!
*The 80 home increase between the number of homes sold last month, and the number of current pending homes is encouraging! Home sales are picking up into the spring months!
Interest rates continue to oscillate around the 5.00% range.
Number of homes currently under contract "pending": 600
Number of homes that sold (closed) during the month of March: 520!
*The 80 home increase between the number of homes sold last month, and the number of current pending homes is encouraging! Home sales are picking up into the spring months!
Interest rates continue to oscillate around the 5.00% range.
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