July 27th, 2009

It has recently come to our attention that certain lenders are issuing estoppel letters on short sale transactions which contain provisions that may enable the short sale lender to rescind and revoke its agreement to release the mortgage after the closing. The estoppel letter may state that the lender approving the short sale reserves the right to declare the short sale void and refuse to release the mortgage if the lender determines that the property was acquired by means of fraud.

An excerpt from one short sale lender’s estoppel letter reads as follows:

“If the property was acquired by means of fraud, {lender’s name} reserves the right to pursue any and all actions available to it to offset its losses. If it is determined that Seller(s) and/or Buyer(s) participated in any way to the fraud, this short sale will be void, and the Note and Security Instrument will remain in full force and effect.”

Another excerpt from another lender:

“{Lender} has the unlimited right to revoke this short payoff approval within 30 days of receiving purchase documents.”

In other words, if the short sale lender deems any fraud has been perpetrated in the short sale transaction, or possibly an immediate subsequent flip of the property, the short sale lender could refuse to issue a release of the mortgage after the agent has already completed the short sale transaction. And, as you can see from the second excerpt above, some estoppel letters will provide that the short sale lender will review the public records for at least 30 days after the short sale transaction to see if the property was flipped soon after the short sale.

Agents and approved attorneys usually cannot protect themselves from a subsequent flip of the property inasmuch as they would not be in control of whether the buyer will soon resell the property. It is unacceptable for a closing agent to conduct a short sale transaction wherein the lender being paid off reserves the right to back out of its obligation to issue a release of the mortgage after the closing has been completed. Therefore, agents and approved  attorneys have been notified that they are not authorized to close any transaction in which they have received an estoppel letter or other document in which this type of conditional language appears.

You can always count on Signature to bring you the latest alerts and updates on matters affecting real estate transfers.


July 27th, 2009

Effective July 1, 2008, there will be a separate

$25 New Hampshire L-Chip surcharge due at the time of recording on each of the following recorded documents:

Mortgage Discharge
Plan (per set)

This new state fee is for funding The Land and Community Heritage Investment Program. For more information on this new surcharge please refer to N.H. RSA Section 478:17-g, www.gencourt.state.nh.us/rsa/html/XLVIII/478/478-17-g.htm, visit the applicable Registry of Deeds Website http://www.nhdeeds.com/ or speak with your Signature Representative.

Monique Shevlin – Volunteer of the Year

July 27th, 2009

Please join us in congratulating Monique Adjami Shevlin, Vice President of Signature, for being recognized as Volunteer of the Year by The Housing Partnership.

Dick Ingram, Executive Director of The Housing Partnership, presented the award to Monique stating  ‘Monique has been in integral part of delivering first time home buyer education with the Homeward Bound Program (Terry Spires, Director) for several years.  She helps Seacoast residents realize their dream of home ownership by preparing participants for the process of closing on their first home and by providing knowledge and access to resources to program participants.  She is dedicated, knowledgeable and professional. She takes great pride in knowing she has helped so many people realize their dream of home ownership.’

Congratulations, Monique!

Top 10 Ways to be Proactive and Creatively Sell in our Current Market

July 27th, 2009

1. Forget about the business outlook. Be on the outlook for business.

2. Come up with a list of 10 reasons why NOW is the time for buyers to buy and sellers to sell.

3. Write or call your local newspaper and ask them to STOP printing negative market information. They are hurting you, the home sellers, the economy and ultimately themselves.

4. Control your thinking by writing and reading positive affirmations:
I am proud of the fact that I have created a pipeline of buyers ready to buy.
My leadership and research allows my sellers to be realistic on their price.
My creative advertising is a buyer magnet.
I am successful in ANY market.

5.  Short Sales.
· What is a short sale? When a Lender agrees to accept less than the amount owed on the sellers mortgage because there is not enough money generated by the sales to pay off the mortgage in full.
· Ask your Signature Title Representative for the date of our next “Short Sales” Webinar given by Sue Dutcher.

6.  Find a source to European buyers. According to a German Real Estate company entering into Florida, their goal is to provide luxury properties for Europeans flush with Euros and Pounds.

7. Develop a “buyer procedure” that only shows buyers properties they are willing to BUY. Stop the “Kid in the candy store” tour guides.

· Ask your Signature Title Representative when the next Kim Dickey “Building Buyer Commitments” training seminar will be given in your area.

8. Lower home prices should encourage you to create a First Time Home Buyer focus. There seems to be more affordable housing now than in the past five years.

9. Ask every person for referrals. SCRIPT: “My goal is to work 100% by referral. You see right now I spend a lot of my time looking for new business when what I’d rather be doing is working for my clients. My commitment is to ensure my clients get the best price, with the most protection and the least amount of stress. So what I am going to ask you is this: Would you be comfortable giving me referrals as you hear about people looking to buy or sell?

10. Build a Success Network. Now more than ever is the time to join with others in the industry.

Meet once a week to brainstorm, share, motivate, vent, laugh, scream or do the Tarzan yell!
We are in this together.
· Need more motivation? Call your Signature Title Representative

The York Food Pantry and Signature Title

July 27th, 2009

Please join The York Food Pantry and Signature Title  in the “York Food Pantry Clynk Program”, which offers a convenient way for you, your family and/or place of business to participate in supporting the food pantry by collecting returnable beverage bottles/cans at your home and office, and donating to the YFP Clynk Program for what may be one of the most challenging years it has encountered.  The process is simple:
1. Contact Donna at dmreynolds@signaturetitle.com for a designated YFP Clynk bag and label;

2. Gather up all your returnable bottles/cans.

3. Deliver the designated YFP Clynk bag to the local Hannaford’s Clynk office or call and arrangements will be made for pickup.

While the Food Pantry acknowledges the generous support of the individuals and businesses in York, it is continuously searching for donations to meet the growing need.  Therefore, the Clynk program will be a constant endeavor, providing a convenient opportunity for you to participate in supporting the Food Pantry and assisting local residents and families.
The York Community Food Pantry is located behind Fazio’s restaurant on Woodbridge Road and opens for donations from 8 a.m. to 11 a.m. on Thursdays and distributes food on Thursdays from 12:30 p.m. to 3 p.m. Tom and Pat Whalen, the Directors, can be reached at 207.363.4056 or twhalen@maine.rr.com