Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

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Getting "Ready For Showtime" - Part 2

In the previous entry in this series: Getting Ready for Showtime! Part 1 of a series I made a list of the various things to do to get "Ready for Showtime".

 

First up are: Title "Inspection" and Home Warranty

 

Two items to be done immediately and concurrently by your listing broker should be a "Title Inspection" and placing a Seller's Home Warranty on your property.

 

By "Title Inspection" I mean having a Title & Escrow company run the property through their system to see what "clouds" may exist - and I don't mean Active Rain Clouds!

This is referred to as a Preliminary Title Report.

 

While you may think you know what you owe on the property, and can provide a recent loan statement, that won't paint the complete picture. 

 

You may be unaware of pre-payment penalties on the loan(s). 

 

You may be unaware of any Mechanics Liens on the property. 

 

You need to find out ASAP if there are going to be any roadblocks to closing escrow due to title "issues".

 

Case in point:  A client of ours (the widow of Bob M. who ran the car service I used before I retired from the Corporate America 2-3 roundtrips a week out of Phoenix airport) wanted to sell the house Bob had owned for over 30 years. 

 

As far as she knew, the property was free and clear. 

 

A title search revealed a lien of $60,000+ on the property to do with a bond issued to Bob when he owned a travel agency. 

 

The bank involved was no longer in business. 

 

It took 6 weeks for the title agency to get the records found, and confirmation that the lien was in fact cleared long ago! 

 

 

A Seller's Home Warranty protects you during the Listing period and costs ZERO - the Home Warranty companies offer the FREE Seller's Home Warranty in the hope that at Close of Escrow the Buyer or the Seller will purchase a Home Warranty for the benefit of the Buyer. 

 

There is no obligation on the part of anyone to purchase the warranty if they don't want to - although in my opinion it is a big plus to put one in place for the minimal $400 or thereabouts "investment". 

 

In the following entries in this series we'll explore the items on the checklist in Part 1 in greater detail.  Stay tuned! 

 

If you are considering selling a home in the Greater Scottsdale/Phoenix metropolitan area you owe it to yourself to talk with Tony & Suzanne Marriott, Team Leaders of Haven Express @ Keller Williams Arizona Realty!

About the Authors - Updated 2018

If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with Haven Express @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.

Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!

Tony Marriott - Chief Executive Officer - Haven Express @ Keller Williams Arizona Realty

Suzanne Marriott - Chief Learning Officer - Haven Express @ Keller Williams Arizona Realty

Associate Brokers, REALTORS
Haven Express
Keller Williams Arizona Realty

Comments

Tony and Suzanne this is a really good suggestion which can help to correct a surprise like your seller had early on.  The last thing a seller needs is to have a surprise like that spring up just before closing.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 3 years ago

I like your Ready for Showtime series. I look forward to more.

Posted by Jill Sackler, LI South Shore Real Estate - Broker Associate (Charles Rutenberg Realty Inc. 516-575-7500) about 3 years ago

Tony & Suzanne, usually we find the usual stuff on the title commitment, but every once in a while something weird pops up.  

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) about 3 years ago

Thanks for the confirmation George Souto - always good to hear from you!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (Haven Express @ Keller Williams Arizona Realty) about 3 years ago

Thanks Jill Sackler - there will be more this week!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (Haven Express @ Keller Williams Arizona Realty) about 3 years ago

Agreed Joan Cox - we plan for the "unusual" and hope for the "usual"!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (Haven Express @ Keller Williams Arizona Realty) about 3 years ago

What a great post. Hopefully it will be featured because in my opinion, you deserve to be featured. 

What an awful story about the lien on the property that complicated things but thankfully got resolved. Thank goodness Tony and Suzanne Marriott, Associate Brokers really know the business and are experienced so that things don't fall apart for all the wrong reasons.

Kudos to Tony & Suzanne!

Posted by Patricia Feager, MBA, CRS, GRI,MRP, Selling Homes Changing Lives (DFW FINE PROPERTIES) about 3 years ago

Thank you for the kind words Patricia Feager  - and thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (Haven Express @ Keller Williams Arizona Realty) about 3 years ago

      Several title companies and title attorneys in Tallahassee will run a "preliminary check" at no cost.   Do it!

Posted by Fred Griffin, on leave of absence from ActiveRain, Licensed Florida Real Estate Broker (Fred Griffin Real Estate) about 3 years ago

Same here Fred Griffin - and thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (Haven Express @ Keller Williams Arizona Realty) about 3 years ago

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