Tag Archives: change

Market Conditions

Why does my attorney not want a Cashiers Check?

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We’ve had a recent situation which has brought this to our attention:

 Have you noticed, or been told, that attorneys are less likely to accept cashiers checks, or require that they be delivered 24 to 48 hours in advance of closing? In essence, it has to do with fraud.

 As you know, we are seeing a lot of fraudulent occurrences in real estate these days. Apparently there is the opportunity for a person to withdraw a cashiers check within a certain period of time once it has been issued. In documented cases, people are showing up to settlement with a cashiers check, going through closing, and then withdrawing the check before it can be deposited and approved for payment.

 As a result, attorneys are being advised that they should avoid this type of payment, or require it in advance of settlement, in order to avoid these possible situations. I was also not aware of this change in precedent, but this is what is taking place at the moment. Note that all office policies may be the same.

 Our business is extremely susceptible to fraud because of the high dollar value being transferred. The people committing fraud are exceptionally skilled at it. It is reassuring to know that our attorneys are on top of the latest trends, keeping all of us safer from this abuse.

 Please consider sharing this with your buyer-client early in the contract process.  I trust this will help them understand the situation and be a little more patient with current trends. These are difficult times for all of us; fortunately our attorneys are being cautious in order to protect everyone involved. Something we can all appreciate.

 Please contact me with any questions

 

Market Conditions, Tips and Advice

Have things really changed since I last bought or sold a home

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Dice buy sell

The answer is, most likely, YES.  The average time a home owner stays in their current home ranges from 5-9 years according to the National Association of Realtors (up from 3-5 years during the years prior to 2008). If you have not been in the housing market recently you will experience notable differences with this process. Your Realtor can provide a complete guide to the process of buying or selling a home today.

You will also find market conditions are continually changing. There are certain areas where transactions are fast and furious. Yet there are other locations where housing seems to move more slowly, still catching up with the most recent marketplace nuances, or competing with new construction increases. The good news is that we are experiencing positive changes that will continue to support strong home sales.

Don’t forget, it is still important to have the property looking as good as you can in order to generate interest. Most buyers, not investors, are looking for a turn-key product; a home that doesn’t require a lot of work before of after the move. It is important to remain compelling with your price. Know the value of your house and price it near where you think it is going to sell. Buyers should feel like they will be missing an opportunity if they fail to act.

As always, to better understand changes in the real estate market, start with your most trusted advisor. Or call us for more detailed information regarding your personal housing needs.